Multiple US Financial services firms announce launching various initiatives regarding cryptocurrency, while crypto firms pursue LATAM Market, launch cold storage and DAO Products.
The establishment of a Crypto Advisory Practice was announced by a major U.S. financial services firm which will leverage the firm's work with more than 60 crypto platforms and assist financial institutions to evaluate crypto opportunities, create concrete strategies, and pilot the latest user experiences and innovations like crypto rewards programs and CBDC-integrated consumer wallets. In a related development, along with other major U.S. financial services firms, the same financial services firm invested in a 60 million dollars Series B funding round of TRM Labs, a blockchain analytics and intelligence firm focused on detecting cryptocurrency-related fraud. Another major US financial services firm also announced that five new cryptocurrency and digital asset firms have joined its Start Path Crypto startup engagement program. Ava Labs, Envel, Kash, LVL, and NiftyKey are the five new startups that have joined this program.
Expansion of crypto derivatives offerings with the introduction of Micro Ether futures was announced by the world's largest financial derivatives exchange, which will be subject to regulatory review. For a range of market participants, Micro Ether futures will provide an efficient, cost-effective way to hedge their spot ether price risk or more nimbly execute ether trading strategies, according to a press release. Furthermore, a major U.S. financial services provider's institutional cryptocurrency custody and service arm announced plans to launch a wide range of institutional-focused products by collaborating with a cryptocurrency exchange. Another noteworthy item was about a major U.S. technology firm opening a pilot program to a limited number of people in the United States, letting users access its messaging app to exchange cryptocurrency via its newly debuted cryptocurrency wallet.
Several announcements about cryptocurrency initiatives in the Latin American market have been made in recent weeks. Firstly, Latin America's largest in terms of market volume, Brazilian e-commerce corporation announced that it is incorporating a new blockchain infrastructure to allow Brazilian users to buy, sell, and hold cryptocurrencies. Users of the company's digital wallet will be able to buy and sell bitcoin, ether, and the stablecoin Pax dollar (USDP) after December, 2021. In the next announcement, a major cryptocurrency exchange in the United States announced a new partnership with a Colombian bank. The collaboration will allow bank customers to trade bitcoin, ether, litecoin, and Bitcoin Cash through the US crypto exchange. Thirdly, a U.S. fintech firm announced an agreement between a Latin American crypto exchange and the Stellar Development Foundation to develop a cross-border payment service for businesses. The service which is aimed at small and medium-sized businesses will use the Stellar blockchain, with the goal of allowing Mexican businesses to pay for goods and services in pesos while their counterparts in the United States receive payments in dollars.
In other news, a popular cryptocurrency cold storage hardware wallet provider announced the launch of a new crypto debit card in collaboration with a major U.S. financial services firm. Furthermore, the integrations with two major cryptocurrency exchanges in the United States were announced by a hardware wallet provider. Separately, a cryptocurrency consulting firm in the United States recently announced the launch of its new governance aggregator and voting platform for distributed autonomous organizations (DAOs). Given the difficulty of DAO participation processes in the past, the company hopes that its new platform will make it easier to participate in and track DAO governance.
In other news, a major US beer company announced that it would commemorate the first beer can, which was sold in 1936, by launching a series of 1,936 NFTs built on the Ethereum blockchain. Thirty-six NFTs are designated as Gold NFTs and cost 999 dollars while the remaining Core NFTs cost 499 dollars. According to the company, it is excited to welcome buyers to the best beer community in the metaverse. Recently a cryptocurrency financial services company, Blockchain.com, announced the launch of its NFT marketplace, which will allow users to browse, buy, sell, and store NFTs on Blockchain.com wallets. According to the announcement, while the existing NFT market is undeniably new and exciting, it can also be far too complicated and unintuitive. Further, Blockchain.com also stated that its own marketplace solves the issues and makes handling NFTs as available and easy as dealing with cryptocurrencies.
Chainalysis, a blockchain data platform, published its 2021 NFT Market Report. According to the report, at least 26.9 billion dollars in cryptocurrency will have been sent to Ethereum smart contracts associated with NFT marketplaces and collections by 2021. The report goes on to look at the rising value of NFT investments, track the most popular NFT collections through various transactions and marketplaces, and analyze web traffic data to see where the majority of NFT users are located. The report also discusses factors that aid in the retention and resale of NFT value, such as the creation and reward of a cohesive community for NFT collections.