December 2, 2020 The top stories in bitcoin, crypto and more – all in one place, delivered daily By Daniel Kuhn If you were forwarded this newsletter and would like to receive it, sign up here.
Top shelf Hi all, thought we’d try something different in today’s edition of Blockchain Bites. Yesterday and today saw a flurry of news that seemed disparate and unconnected but may actually tell a bigger story about changing institutional attitudes to bitcoin and crypto, generally.
PayPal and BlackRock executives both said that digital assets could have a much larger role in the global financial system. Meanwhile, NYDIG continues to build out crypto-focused investment funds targeting high-net worth individuals.
True to crypto’s roots, adoption won’t only be spearheaded by the billionaire class. Recently, a crowdfunding initiative for a simple crypto app became the most subscribed raise on a U.K. funding platform. Plus, there are now more “active entities” on Bitcoin than ever.
Despite positive news for the spate of adoption, there are still risks in a growing, and relatively young, industry. MicroSoft found cryptojacking to be a credible risk for nation-states, and at least some are concerned about what a potential Bitcoin network upgrade could mean for user privacy.
‘Global asset class’ Schulman says Deep pockets USDC card Visa will support the issuance of a USDC stablecoin credit card, which could go live in 2021. According to a Wednesday report, Visa adding support for the digital currency developed by Circle Internet Financial. This means some 60 million merchants can start integrating USDC software into their platforms to send and receive USDC payments. While Visa itself won’t custody any USDC, Circle will be working with Visa to help select Visa credit card issuers get set up. Eventually, Visa’s network will support a credit card that lets businesses send and receive USDC.
Crypto commitments Hong Kong-based Crypto.com has secured an Australian Financial Service License through its acquisition of a firm called The Card Group Pty Ltd. No details on the acquisition were provided, though with a working regulatory arrangement Crypto.com plans to launch a debit card in Australia. "We are committed to accelerating the world’s transition to cryptocurrency. Working within the regulatory frameworks of the markets we operate in is a key pillar of achieving our mission," said Kris Marszalek, Crypto.com CEO. Crypto crowdfund Bitcoin use Privacy scare? Monero decoy Introducing Valid Points, a CoinDesk Newsletter CoinDesk is staking 32 ETH in Ethereum's historic upgrade, and research analyst Christine Kim and tech reporter Will Foxley are breaking down Ethereum 2.0 and its sweeping impacts on crypto markets, weekly. Using data direct from CoinDesk’s own Eth 2 validator node, Valid Points features original insights about what the future of Ethereum looks like for industry stakeholders and investors.
Learn why CoinDesk staked 32 ETH in the new blockchain protocol and follow our journey and insights by subscribing to Valid Points here.
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Quick bites
Market intel XRP rips XRP ended November up 169%, making it the top performing digital asset, according to the CoinDesk 20. The asset, most known for its use in Ripple’s payments ecosystem, is now up 225% in 2020 compared to bitcoin’s 165% gain. XRP has a market capitalization of $21.4 billion, a fraction of bitcoin’s roughly $350 billion. “Ripple appears to offer exposure in their portfolio, and a quick Google search may result in some users believing XRP is cheap and likely to become a product banks utilize for cross-border settlement,” Brian Mosoff, CEO of the publicly traded Canadian investment fund Ether Capital, said.
Looking Back, Moving Forward: Crypto’s Most Influential in 2020 Each year since 2014, CoinDesk has identified the crypto community's “most influential” members. The community needed influencers to spread awareness, build confidence and set precedents for the digital currency industry to reach its full potential.
These evangelists broke through all the white noise and ushered in a new wave of enthusiasts into the space. To recognize their contributions, CoinDesk launched its “Most Influential” franchise to highlight individuals who moved the needle.
Over two days, Dec. 7-8, a special CoinDesk Live series looks back to the first list and takes stock of the industry’s progress, and zooms forward to reveal CoinDesks' seventh Most Influential list to recognize the latest pioneers who helped take the industry forward.
Watch CoinDesk Live: Most Influential 2020 on CoinDesk.com, YouTube and Twitter, Dec. 7-8.
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