Tuesday, May 24th 2022

Crypto Three Things (5/24)

Commentary

“If you've always done it that way, it is probably wrong” ― Charles Kettering

1) Fed survey shows Americans are increasingly open to crypto. The Fed’s annual report measuring the financial state of U.S. consumers shines a light on confidence in digital assets – of 11,000 people surveyed, 12% bought/used cryptocurrency in 2021. While transactional use of cryptocurrencies was low compared to investment purposes, 27% of those that used it as payment did not have a credit card. Today, crypto is still used primarily as an investment vehicle in developed nations, but the penetration of the unbanked shouldn’t be ignored.

2) GameStop launches a self-custodial crypto wallet. The beta version, now live, allows gamers to store crypto and NFTs securely. GameStop partners with Loopring to leverage an Ethereum layer-2 scaling protocol called ZK-rollup that allows cheaper and faster transactions. The company also recently announced its plan to launch an NFT marketplace by the end of July. As GameStop attempts to reinvent itself into more than a brick-and-mortar retailer, they are making a huge bet that current and future customers – want more crypto.

3) BNP Paribas joins JPMorgan’s blockchain platform to transact digital tokens. The French bank will use the JPMorgan-powered platform, Onyx, for short-term fixed-income trading. Most of the tokens used, represent a digital version of a treasury; banks can lend out these assets for short periods without them leaving their balance sheets. Over $300B worth of transactions have taken place since its December 2020 launch; yet another signal of mainstream finance leveraging the blockchain, this time for handling trading operations in a quick and efficient way.

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