Big Companies Are Venturing Into Crypto Despite Bear Market
The crypto realm has been shrouded in clouds of bad news and fears over the last year, with little to no meaningful movement in market prices since its fall from grace in 2022. From afar, it all seems quiet, and almost eerily so.
Beneath the surface, a lot is going on. The world of crypto has been undergoing a lot of scrutiny, learning, and reconfiguring over these past few months — proof that believers and industry leaders have not abandoned their missions.
But it’s not just insiders either, big name companies across the board are still devoting a lot of time and resources to the concept of crypto, and the proof is in the numbers.
Companies standing with crypto
- BlackRock: Investors have long-awaited a Bitcoin spot ETF to get approved by the SEC The agency has denied over a dozen Bitcoin spot ETFs from launching and has approved only futures-based Bitcoin ETFs to date. But this hasn’t stopped the world’s largest asset manager, BlackRock. It introduced a Bitcoin trust that offers spot price exposure to their private, U.S.-based, institutional clients, a move made after inking a partnership with Coinbase.
- Tech giants: Meta has partnered up with Polygon to work on its Instagram NFT marketplace despite this niche’s drastic downturn. Amazon has begun integrating Avalanche into its web services platform, and Microsoft has teamed up with the web3 connoisseur Ankr.
- Credit cards: Visa and Mastercard account for about 84.4% of all credit card transactions, and these giants are keen on crypto too. Mastercard recently partnered up with Immverse to allow crypto payments through web3 wallets where MasterCard is accepted, and Visa is taking things a step further by minting a crypto debit card that it plans to debut in 40 countries.
What this means for the market
Although interest and activity aren’t always indicative of success, affirmative actions like investments being made by established companies with deep pockets show that the demand for crypto and its purpose remains strong.
While there may still be a lot of uncertainty ahead, regulations to sort through, and ongoing adjustments to be made (like crypto infrastructure enforcements), the fact of the matter is that at its core, crypto likely still has a strong foothold in the future of finance.
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