Discover the top news in crypto for the week!
More hedge funds are investing in crypto despite the recent market decline. Meanwhile, Brazil is taking a more friendly approach to digital assets while crypto is booming in Southeast Asia. Find out the top 5 crypto news of this week.
Why institutions are eyeing blockchain’s biggest technological upgrade
One of the biggest shifts in blockchain history will happen soon, with Ethereum changing its consensus from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The last testnet - Ropsten - was successful according to developers and the broader ecosystem, increasing the enthusiasm for the full merge later this year. Meanwhile, staked amounts in Ethereum have grown by over 25 percent since April, with 400,000 unique validators and over 74,000 depositors. Read more
PwC survey sees more hedge funds investing in crypto, in spite of volatility
A new survey by PwC found that hedge funds are investing more in digital assets this year than in 2021. PwC estimates there are over 300 crypto-focused hedge funds worldwide, while 38 percent of hedge funds surveyed have invested in crypto, up from 21 percent in 2021.
Around two-thirds of funds plan to invest in crypto by the end of the year, while the crypto weight on portfolios is still relatively low. Read more
Brazilian proposal would make crypto payments legal and protect private keys
A new bill in Brazil will change the country’s approach to digital assets, making it a more friendly destination, set to increase adoption. The new proposal would make cryptocurrencies legal for several purposes, including as a payment form and investment asset. The bill would also offer investors more protection over their private keys in scenarios where courts may want to freeze funds. Read more
In Southeast Asia, a booming crypto scene
Southeast Asia is becoming a surging crypto scene, with more than 600 crypto and blockchain companies headquartered there. Beyond new crypto companies, VC interest in Southeast Asia is booming, with almost $1 billion invested in 2022, ahead of its 2021 record of $1.45 billion. Despite China and Singapore having super-developed crypto hubs, there are several opportunities for digital asset services in Asia, with a large portion of the population unbanked. Read more
Farfetch to accept crypto payments
Farfetch announced it would support crypto payments on its platform while enabling boutique partners to integrate with crypto. The company will support BTC, ETH, and BNB, while first launching this option for its top private clients and then in the US and Europe by the end of 2022. Farfetch is the latest luxury outlet going the crypto route after brands like Gucci and Balenciaga recently announced support for crypto payments.
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