Mainstream Crypto Adoption Continues as ADA and DOT Strengthen

Cryptocurrency News Week of 4/25/21

Taking a look at some of the top cryptocurrency news stories for week of 4/25/21, Venmo and WeWork add crypto support while Cardano and Polkadot strengthen their networks.

Venmo Crypto Support

Paypal’s Venmo app will now allow its 70 million customers to buy, hold and sell cryptocurrency. The roll out started last week and it’s going to be available to all customers in the near future. Users of the app can currently choose from Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

This means every single user of Venmo will soon be able to buy sell and trade cryptocurrency in as little as one dollar increments. This on-boards millions and millions of people to automatically have a cryptocurrency wallet right on their cell phone, making it easier for everyday users to access the space.

While 77 million Venmo users getting access to cryptocurrency will be big, it may not directly affect the price in the short term but over time as people see Bitcoin and Ethereum appreciate in value and on the app they have a choice to keep a balance in cash or in crypto, chances are a large percentage of these users would say I’ll keep my balance in Bitcoin.

Fees begin at a flat $0.50 for every transaction under twenty five dollars then span a range beginning at 2.3% under $100 and drops to 1.5% for transactions over $1000. This is not the best in comparison to Coinbase Pro or Binance but with Venmo, users get the ease of use and security more so than the cheapest fees.

WeWork Accepts Crypto Payments

Publicly traded company WeWork is now accepting payments for its services in Bitcoin and will actually hold the crypto it receives on its balance sheet, indicating they are now not only believers but they’re putting their money where their mouth is.

WeWork will start accepting Bitcoin and other cryptocurrencies through crypto payments provider Bitpay, which gives companies the option to never touch the cryptocurrency or they can cash these crypto payments immediately into fiat. Major exchange Coinbase will be the first customer to pay for its WeWork membership in crypto.

ADA and DOT Staking Dominance Increases

ADA and DOT extend their staked capitalization of dominance, meaning these two alt coins are pulling ahead of the pack when it comes to their community and how many people choose to stake coins the secure the network.

According to the data from StakingRewards, Cardano is currently the top blockchain in terms of stake value with roughly $26.4B worth of ADA allocated to secure and support the network. With Cardano’s entire market cap being taken into consideration, that means around 73% of the ADA circulating supply is being staked, showing support for the network.

Staking Rewards estimates that Cardano stakers are earning an annual reward of about 7.22%, so Cardano is number one. The second largest crypto asset by staked value is polka dot with $22.7B worth of DOT locked and represents about 64% of its circulating supply being staked, with the average annual staking reward for dot holders estimated to be more than 13%. This is a fundamental green flag for both networks.

Ubisoft Joins Tezos Ecosystem

Gaming giant Ubisoft has joined the Tezos ecosystem as a corporate validator meaning that the company behind Assassin’s Creed and Far Cry will help the Tezos blockchain bake new blocks.

The company will help the ecosystem by validating transactions and producing new blocks this is akin to being a miner in proof-of-work blockchains such as Bitcoin, although Tezos itself is using a proof-of-stake consensus algorithm. This would be just equivalent to Nintendo saying as a company we are going to start mining Bitcoin because we believe in Bitcoin.

Ubisoft is signaling that they believe in Tezos and plan to continue its experiments with the liquid proof of stake technology and research how it could affect the future of gaming, so maybe down the road we’ll start to see some Ubisoft gaming NFT’s on Tezos.

Former Top US Regulator Joins Binance US

Brian Brooks, who was the former currency comptroller under President Trump, is set to become the CEO of Binance US crypto exchange. According to the announcement on Tuesday, Brooks will replace the current CEO Catherine Coley, effective May 1st 2021.

Before his time working for the US as the currency comptroller, Brooks was formerly the head of the Coinbase legal team. Brooks has emerged as a prominent figure in the crypto industry due to his continued efforts to provide regulatory clarity for crypto.

In an interview with the Wall Street Journal, Brooks said that his priorities at Binance US would include making the exchange a strong competitor to Coinbase, as well as reinforcing its commitment to regulatory compliance.