This week in Crypto
Crypto News of week 5-11/7
Hello, it’s us at Bholdus again. We hope that you had a great week! Today, let us dive into all the happenings last week concerning the crypto market. It’s crypto time!
Vietnam - Singapore started negotiations on Digital Trade Agreement
Vietnam, a country that has not legalized the use of crypto currency, yet still has the second most users of the medium, and Singapore, one of the most crypto friendly countries in the world, has begun negotiations on a Digital Trade Agreement. This new agreement may have big implications for both countries, especially Vietnam, a country whose government has been very skeptical of crypto currency until now. However, with the rapid rise of blockchain technology, and its increasing user base in Vietnam, the Ministry of Finance has created a special research team to look into the promising crypto currency. Bholdus will have a more detailed look at this promising agreement, so stay tuned!
Philippines and Vietnam are considering crypto friendly regulations
Last week, the Philippines Stock Exchange (PSE) made inquiries to bring crypto assets under its purview, stating that crypto is an asset class that can no longer be ignored, and it would be much safer for users to trade those assets there than in foreign exchanges. Meanwhile, following the Ministry of Finance’s special task force to study crypto in March, the State Bank of Vietnam was asked to research and implement a pilot program on blockchain-based cryptocurrency. This could be a huge development for investors in these countries in the near future.
Square is developing a Bitcoin Wallet
Jack Dorsey, CEO of Twitter and Square’s co-founder, has answered speculations last week that Square is indeed making a hardware Bitcoin wallet. Hardware lead Jesse Dorogusker also confirmed this via Twitter. The details of this wallet, including launch date, is still not yet specified. Square users are already able to sell and buy Bitcoin via its cash app.
NFTs is flying high
Non-fungible tokens (NFTs) have seen solid growth this year, with investors showing much more interest. Their sales have reached over $2.5 billion for the first half of 2021, an increase of more than $13 million. Since December 2020, transaction volume has also increased by 25%. This is exciting news for NFTs in general, and remember that at Bholdus, our BHO tokens can be used for NFTs as well. Stay tuned for more updates from us!
Crypto-sports sponsorships double strikes
For those of you into sports, especially wrestling and F1 racing, here is some exciting news for you. Crypto.com, a popular platform, has finished two multi-million dollar deals with the UFC (Ultimate Fighting Championship) and Formula 1, worth $175 million and $100 million respectively. In the recently ended UEFA Euro 2020 (congrats to Italy on being the champions!), football and crypto enthusiasts couldn’t have missed the WazirX promotions. These kinds of deals show a growing and promising partnership between sports and crypto currencies. Who knows, maybe one day you can see Bholdus and BHO on some billboards for these events!
And that was all the exciting news from last week. Stay tuned with Bholdus to get more news on the markets. See you next time!