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Crypto Emerging Itself From A Wave Of Obstacles

Crypto Companies
Cryptocurrency Emerging

May 29, 2020

  1. $103 Million Bailout Rejected for Crypto Companies Affected by Coronavirus
  2. Russia’s Biggest Bank Is Buying 5,000 Crypto Mining ATMs!
  3. Samsung Places a Double Down On Bitcoin!
  4. Arica Utilizing Crypto To Path Its Way To A Economic Recovery

$103 Million Bailout Rejected for Crypto Companies Affected by Coronavirus

Covid19
Image Source: Cottonbro,Pexel

Switzerland’s government has rejected a 100 million franc ($103 million) bailout for local cryptocurrency companies battered by the coronavirus economy, local media reported. As a whole, the “Crypto Valley” had more than 800 companies with over 4,000 employees.

While startups are generally threatened by the Covid-19 impact on the economy, Cypto Valley’s loss of venture capital constitutes an underlying condition. The once-flourishing Swiss cryptocurrency industry is struggling to survive following the withdrawal of private equity investors. 

Zug finance director Heinz Taennler requested the special funding package in April. The package proposal was then rejected as the majority of the government officials were reportedly not too enthused about the future of the crypto industry.

Source: Bitcoin.com | Image Source: 

Russia’s Biggest Bank Is Buying 5,000 Crypto Mining ATMs!

Bitcoin ATM
Image Source: CNN

Russia’s largest bank, Sberbank, has called for tenders to provide 4,917 ATMs with a built-in graphic card capable of supporting “blockchain operations”. It operates 14,200 branches and 77,000 ATMs across the country. Sberbank is Russia’s oldest and largest bank and holds almost 44% of all personal deposits in the country. He is known to be a big proponent of new technology, including blockchain. Cointelegraph spoke with two experts who said the most obvious use case for a blockchain optimized graphics card is mining cryptocurrency.

Source: Cointelegraph | Image Source: 

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Samsung Places a Double Down On Bitcoin!

Bitcoin Samsung
Image Source: MOHI SYED,Pexels

Samsung has become an early leader in smartphone bitcoin and cryptocurrency support after introducing the Blockchain Keystore last year—a move that could boost ailing bitcoin and crypto adoption.Samsung’s Blockchain Wallet will add support for users of U.S. bitcoin and crypto exchange Gemini in North America, it has been revealed.

Users of Samsung’s crypto wallet, which allows self custody of bitcoin and crypto directly on newer Samsung Galaxy models, will be able to buy and sell bitcoin and a small selection of other cryptocurrencies via the Gemini exchange. They will also be able to view Gemini account balances and transfer their bitcoin and crypto into a higher security cold storage account.

“Crypto is not just a technology, it is a movement,” said Gemini chief executive Tyler Winklevoss, who, along with his twin brother, has campaigned for Wall Street adoption of bitcoin and crypto.

Source: Forbes | Image Source: 

Africa On the Road to an Economic Recovery Through Crypto Adoption? 

Africa Economy
Image Source: Dazzle Jam,Pexel

While Nigeria has long dominated the continent’s trade volume, the report found that South Africa has the highest percent of cryptocurrency ownership or use among internet users in Africa with 13%, followed by Nigeria with 11%. South Africa now ranks fifth for crypto adoption among connected citizens worldwide.

During the past week South Africa was seen to have  posted its second-strongest weekly volume on peer-to-peer Bitcoin (BTC) marketplace Localbitcoins, with nearly $1.65 million worth of BTC changing hands.

The increase in trading volume across the continent has also seen P2P volume from Sub Saharan Africa beat out Latin America for the first time. Nigerian P2P trade is rallying to record highs, producing $9.2 million in combined weekly trade.

Source: DigiFinex | Image Source:

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