This Week in Cryptocurrency — #011
Famous boxer enters the cryptocurrency ring, Venezuela mandates Petrocoin payments and Yale backs Blockchain fund
Overview
This week, the crypto-space has proven once again that it can onboard some of the world’s biggest names, as world famous boxer Manny Pacquiao will launch his own crypto token, the “PAC.” Governments are also making noise this week, as citizens of Venezuela are now obligated to pay passport fees exclusively in the state-back crypto coin, “Petro.” Lastly, world renowned university Yale invested in a massive crypto fund. It’s safe to say that this week in crypto has been quite exciting!
Manny Pacquiao backs new cryptocurrency
There’s nothing new about famous celebrities backing crypto projects. From Floyd Mayweather backing Stoxx last year, to Paris Hilton endorsing LydianCoin, many big names have joined the crypto craze. This week, Manny Pacquiao, a famous professional boxer from the Philippines, joined in on the cryptocurrency bonanza as well. The cryptocurrency, dubbed “PAC,” will be promoted at a live event in Manila. The token will be launched through a service called “GCOX” that signs celebrities to their platform and helps them to launch their own custom tokens. Manny will be the first celebrity token launch on the GCOX platform. Celebrity backing and media influence are always great for an industry, especially for the up-and-coming crypto world. Manny Pacquiao and the PAC coin will only help elevate the space to new heights.
Manny Pacquiao’s New Cryptocurrency — Crypto Daily™
Venezuela forces citizens to pay up in Petrocoin
As of October 5th, citizens of Venezuela must only use government-issued cryptocurrency, the Petrocoin, to pay for new and renewed passports. Each new passport will cost 2 Petros and each extension will cost 1 Petro. Each Petro is equivalent to $60 USD. The passport fee structure is troubling to many Venezuelans, since the new fee is four times the monthly minimum wage in the country. The Venezuelan government originally issued the coin as a means to combat the inflation of their national currency and has now a method of payment for citizens.
Venezuela Mandates Passport Fees Must Be Paid in Controversial Cryptocurrency Petro
Yale invests in cryptocurrency fund
Yale, a world-renowned university, is officially taking part in investing in a cryptocurrency fund. The massive fund, named “Paradigm,” is headed by prominent names in venture capital and cryptocurrency worlds. Namely, Coinbase co-founder Fred Ehrsam, Charles Noyes from Pantera capital, and once-partner from Sequoia Capital, Matt Huang. The fund will be used to invest in cryptocurrencies and Blockchain technology. This is the first time that Yale has invested in cryptocurrencies to such an extent. However, given its track record of investing in various different asset classes, hedge funds, venture capital funding and bonds, it’s no surprise that this prestigious institution is now setting its sights on the cryptocurrency market.
Yale University Investing in $400 Million Cryptocurrency Fund — Ethereum World News
Conclusion
This week, the cryptocurrency space has seen many great developments, from famous boxer Manny Pacquiao endorsing his own crypto coin to Yale investing in a large cryptocurrency fund both great examples that there are always new, prominent players entering the Blockchain space. Governments also continued to enter the fray this week, with the Venezuelan federal government forcing it citizens to pay passport fees in Petro coin.
Thanks for reading and be sure to check back next week for more stories and news about the crypto space.
Interesting links to other news stories
- Gemini offers crypto insurance product.
- WSJCoin: The Wall Street Journal launches their own cryptocurrency.
- Electroneum — World’s first KYC-compliant crypto
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