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In this article we will look at some more bullish crypto news that were announced in the previous weeks. We will look at Walmart and some more institutional adoption news. Furthermore, we will take a look at the new partnership that Facebook did with Coinbase. Some of these news made me very happy, so it might be worth reading!
Besides Bitcoin’s ETF listing, another bullish announcement that happened last week was Walmart’s plans to install 8000 Bitcoin ATMs as part of a pro crypto pilot program. The first of these Bitcoin ATMs were installed over the past weekend as reported by coindesk. Instead of bringing new hardware, Walmart is leveraging existing hardware available to its customers. These are specifically coinstar machines that let you trade coins for bills or gift cards. Here, the company behind coinstar is working on making it possible to buy BTC using cash at its machines. There is a big but. If you want to do this, it requires KYC.
This announcement caught many people by surprise although it was kind of expected given the fact that Walmart was looking to hire crypto product lead back in August. This pilot project also underscores just how high retail demand for crypto is in the United States.
But there is even more FOMO happening at the institutional level. On the same day BTC hit ints all time high. PIMCO announced that it was looking to increase its exposure to the crypto space. PIMCO is one of the biggest asset managers in the world with over two trillion dollars’ worth of assets under management. They are especially looking into the DeFi space of crypto and looking to invest more in the future.
Meanwhile in Spain, private banks are waiting for clarification from the Spanish central bank on what information they need to provide to offer crypto custody to their clients. Earlier this year, the Spanish Central Bank said that it would create a registration form for any banks that are ready to invest in crypto but the registration portal has yet to open. Apparently, now some of the big banks are done with waiting and are pushing their compliance departments to find a way for them to offer crypto services in a compliant manner.
If you want some more evidence how intense the Crypto-FOMO is at the institutional level, look no further than Facebook’s recent partnership with Coinbase. For those of you who don’t know: Facebook has been trying to get its own crypto project of the ground for years. They tried to rebrand their original Coin “Libra” as Diem after getting put into place by regulators. That is what turned their plans into developing a digital dollar in the United States. In this regard Diem is struggling too and this is why Facebook is trying to take an alternative root with its crypto strategy. Facebook’s crypto wallet is called Novi. This wallet is technically the entity that has partnered with Coinbase to pilot crypto payments. This news lead many Senators in the U.S. to pressure Facebook to pull the plug on the partnership immediately.
I don’t think that this will change anything that Facebook is planning currently. Not only is Facebook intensifying to hire more people to create a virtual world and with it their own metaverse. They are also planning on changing their name which they will reveal on Thursday.
These developments are truly bullish for crypto. Given the fact that most of the institutions are still sidelined when it comes to the crypto market it is very likely that soon the barriers will break. When we see this mass adoption happening it is only a matter of time when crypto will become main stream. Personally, I can not wait to see this happening. What about you, do you think we will see a crypto mass adoption soon?