Blockchain and Cryptocurrency: 5 Major Developments In The Last Week

Blockchain-and-cryptocurrency

The increased participation of institutes and governments in the blockchain and cryptocurrency market has been long predicted by analysts. Michael Novogratz, the founder of Galaxy Digital, recently states his views now how the upcoming bull movement in the crypto market is anticipated to be lead by institutional investors.

Last week the blockchain and cryptocurrency market witnessed increased participation of major firms. An expected tide of announcements since Facebook’s Libra was introduced. This has kept investors using investment platforms and the likes on high alert for new opportunities.

Some of these stories are:

1. PwC Luxembourg to begin accepting payments in Bitcoin
PwC announced the decision of accepting payments in Bitcoin (BTC) from 1st October. As stated by the firm, it is to fulfill their commitments to clients’ needs along with supporting the expanding crypto industry.

2. Japanese Financial Services Agency grants LVC with cryptocurrency exchange license
LVC Corporation has been granted with the cryptocurrency exchange license by the Japanese Financial Services Agency. Japan has demonstrated active participation in adopting cryptocurrency with government officials and top executives getting involved as well.

3. HSBC started using blockchain to issue a letter of credit
As of 2nd September, HSBC successfully completed the very first letter of credit transaction for yuan dominated payment on the blockchain.

4. National cryptocurrency to be adopted for the Marshall Islands
David Paul, Minister In-Assistance to the President and Environment of the Marshall Islands, released information introducing the upcoming national cryptocurrency, called as the Marshallese sovereign SOV.

The government wants the Marshallese monetary policy to become less dependent on the U.S. dollar. They have decided to release a national digital currency as the government understands that a centralized structure isn’t practical for a small country.

5. Samsung in the spotlight for cryptocurrency-enabled smartphone
Wall Street Journal released a report on 5th September revealing about the upcoming Galaxy Note 10 from Samsung that will feature a crypto wallet with free coins. WSJ was also informed about how Kakao Corp. is going to issue KLAY, its cryptocurrency directly to Samsung users.

The growth of the approach of cryptocurrency and blockchain on a widely used smartphone has the required potential to include more people in the crypto market and simplify the utilization of the digital currency by the inexperienced public.