tldr of the week

TL;DR of the week December 3rd

Welcome to our second installment of TL;DR, where we cover some of the biggest news for the week. TL;DR is to help people that do not have as much time to read the news to get the gist of the current state of the cryptocurrency market. If you find this helpful, please check out our other outlets. Let us get right into it.

Investment by Venture Capital Companies into Crypto on the rise

The New York Times reported that the amount of money that went into cryptocurrency companies this year was over $27 billion. $27 billion is more invested in crypto companies than the previous ten years combined. Making 2021 the year of crypto investment.

Croatia’s Largest Food Retailer Now Accepts Cryptocurrencies

Croatia’s largest food retailer “Konzum” now accepts crypto online, hopefully soon accepted in brick and mortar too. To understand the scale of Konzum, they are comparable to Croatia’s Walmart. They have roughly 650,000 customers daily and have stores in multiple countries. This business is probably one of the largest businesses to accept crypto in Europe so far. An interesting study shows the effects of accepting crypto and attracting new customers.

Source: Konzum

Crypto.com Purchases Two Trading Platforms

Crypto.com bought The Small Exchange and Nadex. We’ve seen Crypto.com sponsorships popping up all over the place recently, notably F1 and UFC. The aim of Crypto.com when acquiring these companies is to bring more trading tools to their main platform. Definitely interesting to see how they implement the tools into their platform.

Bank of America Shows Interest in Crypto for Metaverse

A few days ago, Bank of America’s strategist said that the metaverse is a massive opportunity for crypto. We’ve seen a few crypto projects like “holoride” (more on them later) already start to build their project aiming to combine the virtual reality market and crypto. It’s a great sign to see that one of the world’s largest banks shows interest in the crypto market.

Facebook Lifts Crypto Ban

Crypto ads have not been allowed on Facebook since January 2018. This week Facebook reverted its stance on banning crypto advertisements. It seems like Facebook is now welcoming cryptocurrency advertisements because it understands that it could play a huge role in their Metaverse project. As stated above in the Bank of America summary, there is a lot of potential for the implementation of crypto into the Metaverse.

“holoride”

holoride is a project focusing on bringing virtual reality to passengers of cars. Audi primarily backs this company, but they also have various other supporting companies worth noting. Recently they finished an ICO of the RIDE token and planned to release the outline of how they will be developing their entire infrastructure on the Elrond Network Q1 of 2022, and they expect the platform will be released in Q4 2022.

Source: holoride.com

Bitcoin Hashrate Back To Pre China Ban Levels

Since China’s ban on crypto mining during the summer of 2021, the hash rate of Bitcoin mining has steadily climbed back up to the pre-ban numbers. Since the ban by China, the United States has drastically increased its hash rate, making it look like it almost doubled its hash rate. Alongside the United States, Russia and Kazakhstan have also drastically increased their hash rates.

Source: Bitcoin Magazine