Welcome to TL;DR of the week for December 17th. TL;DR is our weekly summary of the state of the crypto market, allowing you to gauge the state of the market quickly.
Wells Fargo and HSBC to use Blockchain Tech
Transferring money across borders can be tedious even for banks, leading to increased transfer times and disputes about the currency’s value at the time. Wells Fargo and HSBC will be using blockchain technology to remedy this issue. Blockchain technology will allow for multiple settlements in a day, with payments taking as little as three minutes. These banks will use Blockchain technology for the US dollar, Canadian dollar, British pound, and Euro transactions. It’s still not 100% clear how they will implement it, but it’s nice to see the old join the new.
Myanmar Government Approves Crypto as Official Currency
Myanmar has been under military rule since 2021. There have been attempts to raise funds to overthrow the military government by the people. The National Unity Government (NUG), which comprises groups that oppose the military government, has recently accepted crypto as a legitimate currency. Currently, they will only accept USD Tether ($USDT). NUG chose USDT because of its stability as opposed to other cryptos.
WhatsApp + Crypto
Stephane Kasriel, the leader of “Novi” has announced that WhatsApp will be using Novi to transfer cryptocurrencies to other users. This feature will currently be restricted to a finite amount of users strictly in the United States. It sounds somewhat like they’re going to be building something similar to WeChat, where you can chat with others and even use them to transfer money. In WhatsApp’s case, it will be crypto.
Meta owns Whatsapp, and there is lots of speculation in terms of cryptos involvement in the Metaverse. This update might be one of the first stepping stones that Meta will take to implement crypto into their current products to facilitate familiarity with crypto in their customers.
Investors Turning to Crypto as Inflation Rises
It’s not shocking that people will go for a deflationary asset when inflation rises. However, it seems like many people are turning to crypto as a deflationary asset rather than gold. Since COVID, inflation across the globe rose to combat people not being able to work when in quarantine. However, it has also led to people’s money becoming worth less than before COVID, drastically less. It’s interesting to see that inflation is causing possibly blind adoption of crypto.
IOTA x Shimmer x Assembly
IOTA seems to be crypto many people seem to ignore. However, it can be one of the best in the future. On the 15th of this week, IOTA released a blog post outlining the role that Shimmer and Assembly will play in the IOTA ecosystem. It is a fascinating read, however long. Since this is a TL;DR, here we go, Shimmer will be the test net for IOTA 2.0, and Assembly will be the network that IOTA will use for smart contracts. Due to the nature of IOTA, it will also all be feeless, making it one of the best networks for smart contracts.
PayPal for crypto raises $52.7m in Series A
Ramp is a UK-based start-up that started by raising $10m and won UK’s Financial Conduct Authority’s approval, which is enormous for crypto to get approval from any financial authority. They essentially want to make crypto more accessible by taking all of the tedious parts of crypto out of the equation with their product. So essentially, it will be a non-custodial wallet that’s super easy to use.
This platform is just an exciting project we noticed on Twitter. We’ve yet to see any cross-chain swappers with this many interconnected chains. Just an interesting project, maybe this will be a massive project in the future.
Nexon now accepts Crypto
Nexon is a company known for over 100 titles that are particularly popular in Asia, is now accepting crypto. Nexon will be using BitPay to process the transactions. The cryptos accepted are Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Dogecoin. Nexon, back in April, also bought a large sum of Bitcoin, probably in anticipation of this implementation or as a long-term investment.
Clover Finance Wins Polkadots Parachain #5
Every week Polkadot has been holding auctions for the opportunity to be included on their Polkadot network. The most recent winner of the auction is Clover Finance. They already exist on the Ethereum blockchain, but now they will also exist on the Polkadot ecosystem. Their goal is to connect Ethereum and Polkadot chains and many more for cross-chain operations and multi-chain DeFi.
Ethereum Launches First PoS Testnet
The Kintsugi testnet is now live. This chain seems to be the first PoS test net for Ethereum. We’ve recently seen Ethereum deploy a difficulty bomb in an attempt to encourage miners of Ethereum to move towards staking in the future.