Discover the top news in crypto for the week!
Crypto goes beyond its investment use case to help citizens in the Afghan crisis, while some experts see digital assets as a potential replacement of FIAT currencies in the future. At the same time, institutions are adopting more crypto assets and even joining the tokenization and digital collectibles trend. Find out the top 5 crypto news of this week.
Blockchain companies go remote.
These companies are doubling down on remote hiring, increasing their talent pool in key technologies, while traditional institutions maintain less flexible office policies.
The adoption of a remote-first policy goes hand in hand with crypto’s philosophy of openness, and enables companies to hire more qualified talent.
Coinbase to add $500 million of crypto to its treasury.
Coinbase announced that it would add $500 million worth of cryptocurrencies to its treasury while also allocating 10% of its net income to a portfolio of digital assets, in a pioneering move to increase crypto exposure in reserves.
Analysts agree this move signifies Coinbase’s commitment to cryptocurrency, with CFO Alesia Haas expressing that Coinbase wants to lead by example in enabling crypto adoption and utility.
Circle’s USDC to have 100% reserves in cash.
Circle, the company behind USDC, announced it would start backing its stablecoin issuance with 100% cash and short-term US securities.
USDC is currently the 2nd largest stablecoin in the market, and this decision will bring more transparency to the sector, especially considering the importance of stablecoins for most crypto investors.
Stablecoins also play a significant role in creating many interest-earning vehicles, besides being a key entry point for crypto investments.
Visa joins the NFT train, betting on digital collectibles.
Payment network, Visa, announced that it has purchased a “CryptoPunk”, a digital avatar from one of the most famous NFT collections, joining the tokenization and digital collectibles trends.
The company bought the NFT for $150,000 in Ethereum, amid the belief that “NFTs will play an important role in the future of retail, social media, entertainment, and commerce.”
“To help our clients and partners participate, we need a firsthand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT.”, says Visa’s Head of Crypto, Cuy Sheffield..
Crypto used by Afghans amid uncertainty.
CNBC reports that Afghans are using their crypto wallets while fleeing the country amid the lack of functioning financial institutions and services available.
Afghans are using crypto to circumvent the current financial challenges, with Bitcoin and Ethereum playing a role as a store of value in the country.
A recent report by Chainalysis also shows that Afghanistan ranks as the 20th country with the highest crypto adoption worldwide.
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