Lately, many large companies have been investing in cryptocurrencies. Some have invested in bitcoin, some have added cryptocurrencies. Here are prime examples.
Tesla In early February, it became known that the electric car manufacturer Tesla had invested $ 1.5 billion in bitcoin. The company sent a letter to the US Securities and Exchange Commission (SEC), in which it announced that it intends to start accepting cryptocurrency as payment in the near future.
SynBiotic SE, which is listed on the Düsseldorf Stock Exchange, announced that it was the first publicly traded company in Germany to begin converting some of its free liquidity to Bitcoin. SynBiotic CEO Lars Müller emphasized that bitcoin is the complete opposite of traditional currencies, since the emission is limited to 21 million coins. He also noted the decentralization of the cryptocurrency and the security of the blockchain from unauthorized access. Mueller said: “For this reason, we have more confidence in bitcoin in the long run than in euros or dollars, where the central institution, under the influence of politicians, can increase the money supply immeasurably.”
CME Group On February 8, ether futures appeared on the Chicago Mercantile Exchange (CME). One contract is equivalent to 50 ETH. Companies providing liquidity for futures include BlockFi, Galaxy, Genesis, CoinShares, and the New York Digital Investment Group. Following the results of the very first trading session, the volume of Ethereum futures trading amounted to 388 contracts or more than $ 30 million. Open interest (OI) for the new instrument amounted to 228 contracts ($ 20.2 million).
Payment giant Visa announced the release of its own system (API) for the purchase of cryptocurrencies, which will be integrated by banks. The product launch is scheduled for late 2021. The first user of the service will be digital bank First Boulevard. Mastercard Payment giant Mastercard will start working with several cryptocurrencies in 2021 as part of its international payment system. Raj Damodaran, Executive Vice President of Digital Assets, Blockchain Technology and Partnerships at Mastercard, said the company has no plans to support all existing cryptocurrencies as many of them do not yet meet its requirements. Damodaran noted that, first of all, we are talking about supporting stablecoins.
Mastercard believes that cryptocurrencies need to provide stability so that people can use them for day-to-day transactions rather than investments.
Morgan Stanley Counterpoint Global, part of the financial conglomerate Morgan Stanley, is preparing to invest in cryptocurrency. For this, the investment division with assets under management for $ 150 billion is awaiting approval from management and regulators. At the beginning of this year, Morgan Stanley tokenized shares were traded on the Currency.com crypto exchange at $ 67. On January 20, they reached a local peak of $ 77, after which they declined. Now the asset price is $ 74.
Bank of New York Mellon The oldest US bank, BNY Mellon, will start storing and operating cryptocurrencies. The company is developing a platform that will allow cryptocurrency transactions in the same way as it happens with traditional assets. It is assumed that cryptocurrency services will become available to the bank’s clients this year. BNY Mellon has formed a team that will explore the possibilities of integrating digital assets into all areas of the bank’s activities. Regelman believes that within a maximum of five years, cryptocurrencies will be fully embedded in the traditional Wall Street infrastructure.
Twitter CEO Jack Dorsey and rapper Jay-Z will transfer 500 bitcoins ($ 23.6 million) to a special fund that will expand the use of the first cryptocurrency. Now investors are looking for developers. The task is to turn bitcoin into the currency of the Internet.
