The Senate Committee on Banking and Financial Institutions in California, United States, has approved a bill to define digital assets within the state. Meanwhile, MicroStrategy is seeing its first fruits with the rise of Bitcoin and investment levels in the company. These news and more in this practical summary so that you are always informed with the most recent events that occur within the crypto world.
📍In the United States, the state of California continues to move forward with the new project of law for digital assets. Now the California State Senate Banking and Financial Institutions Committee approved the new project, which seeks to define and give space to the cryptocurrencies, , token usage and other digital assets within current financial systems. The announcement was recently made by the Committee, which confirmed the approval of the bill. This proposal seeks to measure what the impact of the use and management of digital assets will be for users within the state of California, as well as change the way in which regulators address issues related to cryptocurrencies.
📍The rise in the value of Bitcoin carries microstrategy to see the first fruits of its investment. Initially, the major business intelligence firm argued that moving 50% of its $500 million cash hoard into Bitcoin was a move to protect its investors and clients from future dollar devaluation, as well as reflecting the company's firm belief that Bitcoin is a safe store of value and an attractive investment asset with broad potential for long-term appreciation.
When MicroStrategy made the purchase, the price of Bitcoin was around $11.500 USD per unit, now the cryptocurrency has a value of $11.850 USD, an increase of over $3,4 million in the company’s treasury. This action also led to the company increasing its market value by over $100 million, after investors applauded MicroStrategy’s decision to incorporate BTC into its portfolio.
📍Grayscale, a cryptocurrency and digital asset investment company, was the author of a campaign advertising campaign that sought to promote Bitcoin through American television networks. Now, according to the company's CEO, Barry SilbertThe campaign was a huge success, raising over $217 million in BTC in just one week. Silbert notes that investors and contributors massively embraced the hype, successfully raising over 14 BTC.
📍In Spain, the adoption of technology continues blockchain to improve the processes of companies, organizations and other entities in various sectors. On that occasion, Dr. Ismael Santiago, from the University of Seville, announced the launch of the first financial futures and synthetics market on olive oil. This is a project that is being developed under the supervision of Dr. Santiago, DeFi OPUIM y Crypto Plaza, one of the largest Spanish communities dedicated to blockchain development, DeFi and digital assets. The new marketplace is expected to go live during the DeFi Madrid Hackathon event, which will take place in early October of this year.
📍Walmart, a multinational warehouse and retail corporation, is implementing a new program that rewards the loyalty of its consumers. In partnership with the platform Stormx, Walmart users and consumers will be able to receive cash rewards in cryptocurrency, every time they make purchases in the thousands of stores that the corporation has around the world. The program promises to reward users from 4% to 14% cashback on all of their purchases.
📍In South Korea, four of the country's largest banks announced that they will provide financial services with cryptocurrencies and digital assets. According to in the media local, Woori bank y Shinhan Bank, two of the largest banks in Korea, say that due to the growing interest of users in cryptocurrencies, they will begin to operate with these digital assets. This initiative is joined by NH Nonghyup Bank y Kookmin Bank, which together with the previous two add up to more than 1,2 trillion dollars in assets. It is important to note that South Korea is making significant progress in the adoption of cryptocurrencies and blockchain technology.
Continue reading: MicroStrategy acquired more than $250 million worth of Bitcoin
