Every week we find for you the most important cryptocurrency and blockchain news. After all, whoever owns the information succeeds in the market.
Today, we will talk about 24 million Americans entering the cryptocurrency market, NFT passports, the new investment boom in India, and large funds getting interested in the market.
Soon about 24 million Americans will be able to buy cryptocurrencies directly from their bank. Thanks to the deal between major payment system developer NCR and fintech company NYDIG, 650 banks will be able to provide customers with access to cryptocurrencies. Moreover, banks will not have to build a separate infrastructure for storing assets. Their partners will handle it.
“We believe in the benefits cryptocurrency brings and its strategic implementation,” said an NCR spokesperson.
Wells Fargo, Morgan Stanley, Goldman Sachs, JPMorgan, Citibank, and hundreds of other banks are already preparing their own cryptocurrency offers. On the one hand, it will be quite difficult for them to compete with exchanges that have much higher offers. For example, Coinbase recently launched USDC deposits at 4% per annum. This is several times higher than bank rates. On the other hand, the ability to buy digital assets from a bank may interest many conservatives who do not trust exchanges.
San Marino will start issuing vaccination passports in the form of NFTs. Both Sammarineses and foreigners who have been vaccinated in San Marino can obtain them. To receive this document, you just need to submit a paper or electronic application.
The passport contains two QR codes. One is for verification in the EU. The other is valid all over the world. According to the developers, the use of NFT makes the certificate more reliable and reduces the risk of counterfeiting.
It is always exciting to watch the record sales that artists deliver with the help of NFTs. However, technology is not limited to art and can solve a wide variety of problems. The San Marino experience is just the first step.
Despite serious pressure from the authorities and the central bank, Indian investors still believe in cryptocurrencies. Moreover, they keep buying digital assets. According to Chainanalysis, over the year, Indian investments in cryptocurrencies have grown from $900 million to $6 billion.
Interestingly, it is Indians under 35 who are primarily interested in cryptocurrencies. Older generations still prefer buying gold.
The Indian government has long been treating cryptocurrencies with hostility. Nevertheless, the facts show that the pressure does not interfere with the market growth. Restrictions set by the government mean especially little to the young and ambitious.
The Financial Times reports that the British fund Marshall Wace is preparing to invest in digital assets. The fund is primarily interested in blockchain projects, cryptocurrency payment systems, and stablecoins. It’s worth mentioning that Marshall Wace manages $55 billion in assets.
George Soros’s Open Society Foundations has also shown interest in investing in cryptocurrencies. The management team has already conducted market research and is preparing for the first investment.
For most of its history, cryptocurrencies have been of interest only to private investors and traders. Nevertheless, many institutional investors have entered the market this year. This changes not only the dynamics of the goal but also the status of cryptocurrencies in the opinion of governments and international agencies.