Analysts have long predicted that the increased participation of governments and institutional actors in blockchain technology and in the cryptocurrency space shows how the respective industries are maturing. The founder of the Galaxy Digital commercial cryptobank, Michael Novogratz, said recently that the next rise of the cryptocurrency bull market will be driven by institutional investors.
Last week we saw several stories of large companies that became more involved in blockchain technology and cryptocurrencies, signaling greater acceptance and adoption of digital assets and their underlying blockchain technology.
1. PwC Luxembourg will start accepting payments in Bitcoin
The Luxembourg branch of the four major audit firms PwC announced that it will begin accepting payments in Bitcoin (BTC) starting October 1. The company claims that its decision to open up to crypto payments is part of a commitment to customer needs, as well as to support the growing cryptocurrency industry.
2. The Japanese regulatory body grants a cryptocurrency exchange license to the LINE subsidiary
Japan's financial surveillance agency, the Financial Services Agency, granted a cryptocurrency exchange license to LVC Corporation, the digital assets and blockchain technology division of Japanese messaging giant LINE. Japan has shown a progressive attitude towards cryptocurrencies, with senior executives and government officials involved in space formation.
3. HSBC uses a blockchain platform to issue letters of credit
On September 2, banking and financial services giant HSBC completed the first transaction of letters of credit denominated in yuan on a blockchain. The company used the Voltron platform powered by the R3 blockchain company Corda, for a cross-border transaction, in which the electronics manufacturer MTC Electronics exported a shipment of LCD products to its main company.
Blockchain technology is gaining ground in the financial services industries, as it can reduce transaction times and costs, and provide more secure and transparent information on contracts and financing.
4. National cryptocurrency in the Marshall Islands
The Minister of Assistance to the President and Environment of the Marshall Islands, David Paul, recently published an essay describing the nature of the country's future digital digital currency, the sovereign of the Marshall Islands (SOV). With the issuance of SOV, the government wants the monetary policy of the Marshall Islands to be more independent, since it currently uses the US dollar.
The government has decided to base the digital currency on a blockchain protocol because it does not believe that a centralized structure is suitable for a small nation of 50,000 inhabitants spread over more than 1,000 Pacific islands.
This example of blockchain adoption shows how technology can solve real economic problems, even at the national level.
5. Reports of a Samsung cryptocurrency enabled phone
A Wall Street Journal (WSJ) report of September 5 indicates that the latest version of Samsung's Galaxy Note 10 will include a feature with a free cryptocurrency wallet and coins. Sources familiar with the matter told WSJ that South Korean tech giant Kakao Corp. will issue its KLAY cryptocurrency directly affiliated with Samsung smartphone users.
The expansion of cryptocurrency capabilities in a wide-circulation telephone has the potential to attract more people to the cryptocurrency space and simplify the use of digital assets by the uninitiated.