When bitcoin broke into the scene a decade ago, only a handful of folks had an idea of what indeed bitcoin and the general crypto meant. Now, it’s not even the question of what cryptocurrency is but rather will cryptocurrency replace fiat?
The cryptocurrency market started with merely bitcoin as the only crypto, but going by now, the number is indeed uncountable, and still, others are being introduced. Moreover, several other technologies have come up along the way, making cryptocurrency a sought-after technology in the globe as things stand.
Indeed, it is quite surprising that what a difference ten years can make in the crypto space. However, if you thought ten years could only make a difference in the crypto space, then you haven’t learned the difference a week can now make.
Here’s a highlight showing how fast the crypto industry is spreading every week. The week has seen several developments taking place starting with:
Square’s Cash App Adds Bitcoin Deposits
Square, a San Francisco-based payments company, added bitcoin deposits to its Cash App. That means that the Cash App users will have the opportunity to deposit bitcoins from other external wallets into the app’s bitcoin address.
Previously, the app offered to purchase, selling as well as transacting bitcoin (BTC) to various addresses. The deposits have got a limit of $10,000 worth of bitcoin for seven days. Furthermore, the transfers are likely to take several hours for confirmation on the blockchain.
Approval of LedgerX to Offer Physically Settled Bitcoin Futures
It’s also this week that another significant boost in the industry was announced- the Commodity Futures Trading Commission (CFTC) approved the application of LedgerX to offer now physically settled bitcoin futures.
In this case here, physically settled futures, the buyer will receive underlying commodity when the contract expires, unlike the fiat equivalent.
Combined, it looks like things are going pretty well for bitcoin right now right-left and center. The approve that first appeared in November 2018, now means that LedgerX can list derivative contracts for bitcoins that include both options and futures as well as offer them to institutional and retail clients.
Henry Kravis Made First Crypto Investment
Who would have even attempted to predict that? It’s this week that we saw billionaire investor Henry Kravis take a shot into cryptocurrencies.
Kravis became the most recent titan of finance to dip a toe into the fast-growing world of crypto assets. The KKR & CO co-founder just invested in a cryptocurrency fund of ParaFi Capital.
Interestingly, ParaFi Capital was set up by a former employee of KKR & Co Ben Forman merely a year ago. Kravis is not the first bold-faced name to have defied mainstream skepticism and dip their billions into the world of virtual currencies.
Others who have already moved in include Louis Bacon, Alan Howard, and Peter Thiel. All points to the fact that the crypto world is on the verge of mass adoption when such names have decided to join the winning team.
Bitwise and Amun Launch Crypto ETP
This week also, Swiss-based firm Amun AG, in partnership with Bitwise, launched an exchange-traded product (ETP) on SIX stock exchange promising to offer diversified, liquid exposure to the nascent digital market.
The index is meant to track performance for various cryptos across the globe (except the US) hence providing exposure to the market.
Gemini Expands to Chicago
Expanding offices means the demand is only getting high, and now one of the leading cryptocurrency exchange Gemini announced this week the opening of an office in Chicago. Bitcoin is on the upward move, and the opening of the office by Gemini clearly indicates that investors are as well on the move doing what they do best.
The office simply offers a safe as well as a reliable platform for investors to buy, sell, and also store their cryptos in a controlled manner.
Samourai Wallet releases CoinJoin
When it comes to cryptocurrency, privacy is essential. To lure more folks into crypto, now, a privacy-focused bitcoin wallet, Samourai wallet, this week also released a beta version of a CoinJoin service, Whirlpool.
The added feature simply makes tracking the sender or the recipient info difficult during the transactions by use of CoinJoin anonymization process.
Therefore, so much has just happened in a week with all developments only facilitating the spread and adoption of cryptos. For now, it can be said that the path of cryptos looks congested and growing with no signs of stopping.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.