The S&P 500 and Dow had a successful start of the week on Monday due to the U.S. reopening its
On Sunday, Bitcoin surpassed $50,000, reaching a 3-month-high. The cryptocurrency has yet again caught the rebound momentum after having experienced a sell-off.
Now, the market sentiment has changed again. Since mid-July, cryptocurrencies have been on the rise again. The positive push comes after a few important announcements.
Coinbase Acquiring Cryptocurrencies
Last week, one of the largest crypto exchanges in the world, Coinbase, said it would invest $500 million towards a diverse portfolio of crypto assets. The board of directors additionally approved allocating 10% of all profits into the same portfolio moving forward.
Coinbase will become the first publicly traded company to hold a variety of crypto assets on its balance sheet. Reportedly, in addition to Bitcoin, the company will also hold Ethereum, Proof of Stake assets, DeFi tokens, and many more.
In a company blog post, Coinbase said, “We believe in the cryptoeconomy, a future where economic transactions — buying, selling, spending, earning — will be based on crypto assets. Our products strive to make that vision a reality by making crypto trusted and easy to use for customers around the world.”
PayPal Launching a Cryptocurrencies Platform
On Monday, popular payments provider PayPal announced that it is launching its cryptocurrencies service in the UK. This marks the company’s first international expansion of PayPal crypto product since it launched in the US the previous year.
“It has been doing really well in the US,” explained Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto and digital currencies. “We expect it’s going to do well in the UK.”
PayPal’s crypto service lets customers buy, sell, and hold Bitcoin, Bitcoin Cash, Ether, or Litecoin. Besides that, users will also be able to track real-time crypto prices and have access to educational content.
This move puts PayPal in direct competition with UK fintech firm, Revolut. Neither of the platforms support moving crypto assets to third party wallets; however, Revolut is experimenting with a feature that allows users to withdraw Bitcoin into their own personal Revolut wallet.
Cryptocurrencies come with a heap of concerns regarding price volatility, consumer protection, illegal transactions, money laundering, and many others. However, this isn’t stopping them from slowly but steadily penetrating the mainstream. Facebook, Tesla, and Mastercard are only but a few of the companies that have made strides towards embracing the cryptoeconomy.
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