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OTC Supply DMCC

OTC’s Weekly Retrospect 03/05–07/05/2021

Every Friday we take a look back over the week’s biggest Bitcoin and Digital Asset stories making waves in the cryptosphere.

Major news stories this week;

  1. A potentially giant step towards mainstream adoption this week was the news that hundreds of banks across America are bringing Bitcoin and virtual asset services to potentially millions of customers. According to NYDIG, a vast number of U.S. customers will soon be able to buy, hold and sell bitcoin through their existing bank accounts.
  2. Dutch bank ING Bank has been focusing on the risks and market opportunities posed by the ever expanding decentralized finance (DeFi) space, with ING’s lead blockchain specialist Herve Francois going as far as to say that, “DeFi could be more disruptive than Bitcoin to the financial sector.
  3. Visa’s CEO Al Kelly outlined five key priorities as VISA looks to make moves in the digital asset space. Chief priority is, “enabling consumers to make a purchase of these currencies or bitcoin”. Other priorities include working with leading platforms and wallet providers, enabling financial institutions to offer virtual assets to their customers, upgrading existing VISA infrastructure and finally working with central banks.
  4. Online retail giant Ebay has announced it is warming up to the idea of accepting payments in crypto currencies in the future. The news also stated that Ebay is looking into “a number of ways” of how customers can buy and sell NFT’s (Non-Fungible Tokens) on its platform as well.
  5. Leading cryptocurrency-focused financial services company run Bitcoin bull Michael Novogratz, has made a deal to purchase BitGo, the virtual space’s premier digital asset custodian. Both companies have agreed to terms of the deal and Galaxy Digital hopes the acquisition will enhance institutional investors’ overall crypto experience.
  6. Mastercard published the results of its global survey which looked in people’s attitudes towards cryptocurrency and mass adoption. The results show a clear connection between the pandemic in accelerating use of digital payment methods, including cryptocurrencies. Unsurprisingly, 67% of millennials were revealed as crypto forward in their thinking compared to a year ago, with 77% of millennial respondents saying they would like to educate themselves more on the topic.
  7. One of SouthEast Asia’s largest banks, DBS reported that trade volumes on its exchange have grown 10 fold in the previous year, to roughly $30 to $40 million US dollars. DBS is also working with fellow bank JPMorgan on a blockchain based settlement platform, expected to launched in the second quarter 2021.

And that’s you up to date with another busy week of Bitcoin and virtual asset news! As always… Happy Friday!

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