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This week in Web3: Growing acceptance of cryptocurrencies
The state of cryptocurrencies, much like the cryptocurrency market, remains promising – albeit volatile – into 2024.
While many observers may have believed that the cryptocurrency sector would simply disappear after a wild start to the 2020s that saw it enter the mainstream and then implode; the incarceration of both FTXs Sam Bankman Fried and that of Binance Changpeng Zhao paradoxically led to the opposite.
The number of cryptocurrency, blockchain or Web3-related initiatives announced by Fortune 100 companies increased 39% year over year and reached a record high in the first quarter of 2024, according to a Wednesday (June 12) report. relationship from Coinbase.
US presidential candidate Donald Trump on Thursday (June 7) presented himself as a “crypto president” during a fundraiser in San Francisco last week.
And Binance’s Zhao is now the richer individual spend time in a US federal prison.
However, in the last 13 years of cryptocurrency history, 785 cryptocurrency thefts have occurred, for a total of 785 cryptocurrency thefts. $19 billion of stolen digital assets and serves as a reminder that the sector still has something to mature if it wants to shake the current perception of being a haven for illicit and unregulated activities.
PYMNTS is tracking the latest initiatives driving the blockchain economy. Here’s your must-read pulse check on top Web3 news this week.
To know more: Last week on Web3: Cross-border payments, cryptocurrency investments, user education
Growing the mainstream utility of Crypto
MoonPay announced this Wednesday (June 12) that users in both the UK and the European Union can now buy cryptocurrencies using PayPal, indicating a growing trend of onboarding traditional users as the use of digital assets grows in popularity.
To facilitate onboarding into the digital asset ecosystem, the blockchain company Solana laboratories Bond, a customer engagement platform for brands, debuted.
“Leveraging blockchain technology, Bond enables global brands to create personalized, transparent and engaging digital experiences that deepen customer connections and drive long-term loyalty,” the company said Wednesday.
Also announced on Wednesday Figure Technological solutions launched a blockchain-based multi-seller and multi-buyer market for private credit loans. Dubbed “Figure Connect,” the marketplace brings the company’s capital markets buyers to its lending partners.
Elsewhere in the world, Ripple wants to support the innovation of XRP Register in Japan and South Korea. The blockchain and cryptocurrency business solutions company announced the launch of XRPL Japan and Korea Fund in a press release on Tuesday (June 11). The fund is designed to “provide support to a number of robust initiatives to drive innovation on the XRP ledger in both countries.”
To leverage the benefits of blockchain technology, cross-border payments remain a great place to start. When making cross-border payments, companies need to take a strategic approach, which is why PYMNTS examined five fundamental pillars to any actionable roadmap for businesses committed to leveraging cryptocurrencies for cross-border trade.
By using decentralized ledgers, blockchain claims to facilitate faster, more secure and less expensive transactions. The change is particularly beneficial for companies that operate across multiple markets, as it allows for faster settlement times and reduced fees, thus improving overall operational efficiency.
The reference point of the European Union Cryptocurrency Markets Act (MiCA) stablecoin regulations will go into effect at the end of June, which is why PYMNTS explained how it complies with that framework critic for stablecoin issuers, custodians, trading exchanges, crypto-asset consultancies and cryptocurrency portfolio managers.
More here: VC investments in cryptocurrencies reach $2.4 billion after long decline
The cryptocurrency market remains dynamic
In the world of cryptocurrencies, the only certainty has always been uncertainty, even today.
Digital Asset Market Bakkt is reported considering putting itself up for sale, according to a report on Friday (June 7), with sources reporting that Bakkt – which has a market value of about $300 million as of Friday – has been working with a financial advisor to evaluate strategic options, including a possible breakage.
Last month, Bakkt said yes laying off 28 workersor 13% of non-call center staff, also announcing that Charles Goodroe will step down as Bakkt’s chief accounting officer.
But while some cryptocurrency firms are still reeling from the effects of the industry’s collapse in 2022, others are considering acquisitions and expansions. For example, Robinhood Markets said last week it would acquire the cryptocurrency exchange Bitstamp in a $200 million deal.
At the same time, Robinhood faces challenges, like the recent one Wells Notice by the Securities and Exchange Commission (SEC), a sign of impending enforcement action against the company, raising concerns about the future of Robinhood’s cryptocurrency trading arm.
Elsewhere, cryptocurrency exchange Kraken is reportedly considering seeking more than $100 million in a final funding round before launching a possible initial public offering (IPO).
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