In the latest crypto news, we have the CTO of Coinbase named Balaji Srinivasan, with his confident statement that crypto is entering the tech mainstream. The technical officer at Coinbase and prominent venture capital investor said:
“Sundar Pichai & Sergey Brin’s sons are both mining crypto; Facebook is doing blockchain; Square open sourced some nice cold storage code; Microsoft, Amazon, Google Cloud all have blockchain efforts; crypto is entering the tech mainstream.”
If we dump the fact that crypto has corrected by 73% from its all time highs, we can see that since early 2018, the cryptocurrency market, Bitcoin and blockchain sector have both shown significant progress in terms of institutializing an emerging asset class, improving the market structure as well as strengthening the underlying technologies of cryptocurrencies.
The awareness for blockchain is also increasing. As a data processing technology, the blockchain enables the segregation and storage of data in a series of blocks in a peer-to-peer process. To better understand the need for this technology and its nature, a lot of institutions, tech conglomerates and enthusiasts started to mine cryptocurrencies that support major blockchain networks.
Recently, we reported that the co-founder of Google, Sergey Brin and the CEO of the company, Sundar Pichai, stated that their sons have been mining ETH which is Ethereum’s blockchain protocol’s cryptocurrency.
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Investment App Abra To Sell Crypto In 6,000+ 7-Elevens In Philippines
“Now Abra users in the Philippines can quickly and easily add pesos into Abra and use that to invest in cryptocurrencies or popular stocks like Google, Amazon, Facebook, etc., which opens up a world of new possibilities to build wealth.”The investment app Abra was in the news back in February as well. Then, it said that it was launching a new service which allowed customers to invest in fractions of stocks of NASDAQ-listed firms. The app also supports 30+ cryptocurrencies and 50+ fiat currencies. According to the general manager at ECPay, this partnership “widens the product and service offerings of ECPay to its Collection Partners like 7-Eleven, NCCC Department Stores and Supermarkets, LCC Malls and other Remittance, Pawnshop partners." For those of you who don't know or are not following our altcoin news, the Philippines adheres to the Cagayan Economic Zone Authority (CEZA) which unveils a comprehensive set of new rules that govern cryptocurrencies. All of this was made in a bid to effectively regulate and protect investors. Under the rules, all Digital Asset Token Offering (DATO) regulations must have proper offering documents with pertinent details on the issuer, project and accompanying advice and certification of experts and DA Agents.
Wells Fargo Tokenizes Cash But Avoids Calling It A Cryptocurrency
“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”Wells Fargo tokenizes by using the possibility of transitioning to a new internal database. One of the former senior blockchain and crypto strategists at EY previously commented:
“I’m genuinely curious as to the definitional difference, and then the supposed improvements. How many people can explain how this solution is technically different than what banks have always done? […] They’ve just changed their database.”This is not the first rodeo for the ecosystem and this year since many stakeholders in the space including the non-profit groups explained the characteristics of JPMorgan’s JPM Coin which was a project permissioned and closed-source. JPMorgan is also looking as Wells Fargo to innovate in the blockchain arena as reported in the altcoin news previously. The central banks are getting in on the action as well since the Bank of Russia is also working on a blockchain-powered digital currency while the People’s Bank of China aims to launch its own cryptocurrency as well.
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