Crypto Weekly Update #11 - 06/05/2021
Visa announced in the past that they would be partnering up with Tala in order to allow greater and easier access to cryptocurrencies for a wider range of consumers living in lesser developed parts of the world. The stablecoin USDC will be the first cryptocurrency to be part of this new emerging markets strategy, since USDC is supported on the Ethereum, Algorand, Stellar and Solana blockchains. The partnership will give Tala the ability to issue Visa cards linked to their smart wallet, which will enable consumers to spend their USDC balance at any of the 70 million Visa merchants available worldwide. It is clear that Visa are embracing the cryptocurrency space in general, and this news is extremely positive towards integrating cryptocurrencies into everyday life for the average consumer.
Recent reports also suggest that Goldman Sachs will begin to offer Bitcoin derivatives for Wall St executives. They will apparently lessen the risk for investors by buying and selling Bitcoin futures in block trades on the CME, Chicago Mercantile Exchange. GS's Asia-Pacific head of digital assets Max Minton was quoted saying, "Institutional demand continues to grow significantly in this space, and being able to work with partners like Cumberland will help us expand our capabilities,". According to CEO David Solomon, the banking giant was also keeping a close eye on digital currencies amid the increasing demand for exposure to cryptocurrencies from their clients and investors. Similar to Visa, this is further proof that there will be a lasting impact from this bull run on the large institutions in the world.
Ethereum. That's all. The past week ETH has been on a crazy rise, up 67% in the past 4 weeks and 28% in the past week alone. This can be attributed to the boom in DeFi and the NFT space, as well as the Berlin hard fork in April. The next few months promise to be exciting as we head towards ETH 2.0 and the implementation of EIP-1559 which will hopefully allow ETH to flourish and appreciate in value properly. There is also chat on the socials about the infamous "flippening", where Ethereum will overtake Bitcoin as the dominant cryptocurrency in the space. Definitely premature in my opinion, but it's not as unlikely as it was a couple of weeks ago!
Smartlands Network launched their new platform over at https://smartlands.app/ last Friday. What's interesting is that on Wednesday the first listings were released, 4 of them in total, 2 in Kyiv and 2 in Odesa. For a relatively young project, it's promising to see this amount of tokenised real estate already on the platform! For most token holders, we now await the official wallet where you'll be able to hold and stake SLT from the fees generated by the tokenised property on the platform.
Weekly Change: +17.26%
Monthly Change: +36.65%
All Time Change: +160.68%
With the market pumping in the last few weeks, I feel it's definitely best to hold fire on adding to the portfolio. Despite the pump, I am still 20% down on my Litentry position, so I may add to that if a good buying opportunity arises.