Date: 08/23/2021
“We think NFTs will play an important role in the future of retail, social media, entertainment and commerce.” — Cuy Sheffield, Visa’s head of crypto
Weekly News Report:
1. PayPal is extending its crypto service to the U.K., allowing customers to buy, sell and hold four different cryptocurrencies on its platform. The rollout is the first expansion of PayPal’s crypto offering outside the U.S.
2. Stablecoin USDC will be 100% backed by cash and short-term U.S. Treasurys by September, developer Circle announced. Circle revealed last month that only 61% of tokens were backed by “cash and cash equivalents,” referring to cash and money-market funds.
3. Visa bought a female CryptoPunk 7610 on Aug. 19 for around $150,000, taking a step into NFTs as it seeks to learn more about the burgeoning market.
4. FTX.US, the U.S. affiliate of crypto exchange FTX, has signed a $17.5 million, 10-year agreement with Cal Athletics, the athletic department of the University of California, Berkeley, for the naming rights to the field at California Memorial Stadium. The field will be known as the “FTX Field” at the California Memorial Stadium and is FTX.US’ first college-related cryptocurrency naming rights sponsorship.
5. Bitcoin mining company Riot Blockchain reported that revenues grew to a record $34.3 million in the second quarter, up from just $1.9 million in the year-ago quarter. Net income came in at 22 cents per share versus a loss of 31 cents a share in the second quarter of 2020.
6. Crypto funds saw $21 million of net inflows last week as digital-asset markets rallied, pushing the total assets under management (AUM) to $57.3 billion, the highest since May, a new report shows.
7. Publishing platform Substack now accepts Bitcoin payments. Substack has more than 500,000 paid subscribers, but Bitcoin payments will first be available to “a select group of crypto-focused publications.”
8. Iran will once again allow Bitcoin and crypto miners to operate in the country from the last week of September. Authorized Bitcoin miners will be able to resume their operations after the electricity preservation policy during the hot summer months.
9. According to Deloitte’s “2021 Global Blockchain Survey,” 81% of the financial services industry (FSI) executives believe that blockchain technology is “broadly scalable” and has achieved mainstream adoption.
10. El Salvador President Nayib Bukele confirmed that the use of BTC as legal tender will not be mandatory. El Salvador’s finance minister, Alejandro Zelaya, said that the use of bitcoin and digital wallets in El Salvador will be “totally optional,” and businesses that do not accept the cryptocurrency will not be penalized.
11. Bitcoin on a longest weekly winning run in 9 months ahead of Jackson Hole symposium. The dollar may depreciate after Friday’s event, triggering renewed inflows into bitcoin and equities.
12. Bitcoin is once again trading above the $50,000 price tag, hitting the mark for the first time in over three months. Bitcoin’s year-to-date returns now stand at 71.4%.
13. Upbit is the first Korean exchange to register with authorities before the September deadline. Crypto exchanges that don’t register by Sept. 24 face being shut down in South Korea.
14. Residents of a little-known Missouri town could become the first in the US to dole out cryptocurrency to its residents. That dream could become a reality if the Mayor of Cool Valley, Jayson Stewart, has his way. Cool Valley Mayor Jayson Stewart has petitioned to give each resident up to $1,000 in Bitcoin.
