In a first, Goldman Sachs takes Bitcoin as collateral
This week’s top 5 stories curated to catch up with the crypto world.
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In this article, we’ve put together a list of the top 5 crypto stories of this week that will help you stay in tune with the crypto ecosystem.
Algorand scores a goal
Algorand, a proof-of-stake (PoS) blockchain protocol, has entered into an agreement with world football governing body FIFA as an official blockchain partner. Under the agreement, Algorand will be a regional supporter for North America and an official sponsor of the Women’s World Cup in Australia and New Zealand next year. FIFA will receive assistance from Algorand to develop its virtual asset strategy and Algorand will have the opportunity for promotions and media exposure through FIFA. ALGO, the token that powers Algorand, surged more than 20% after news broke of the partnership.
Binance invests in Twitter
Global crypto exchange Binance participated in the $44 billion acquisition of Twitter led by Musk according to the United States Securities and Exchanges Commission. Binance is one of 18 co-investors in the acquisition alongside major crypto industry players like Sequoia Capital Fund and Fidelity Management and Research Company. Interestingly, Elon Musk had a little argument on Twitter with the CEO of Binance regarding some of the issues faced by investors in the exchange. Given Twitter’s popularity among crypto enthusiasts, Binance is looking to capitalize on Musk’s move through this acquisition.
Goldman Sachs seizes digital gold
Goldman Sachs, an investment firm with over $2.5 trillion in assets under management (AUM), issued a Bitcoin-backed loan to US-based crypto exchange Coinbase bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The loan was secured by a portion of Coinbase’s total holdings of 4,487 Bitcoins. The loan requires Coinbase to top up its Bitcoin collateral if prices fall too low. While Bitcoin-backed loans are common in DeFi protocols, Goldman’s offer shows the willingness of TradFi institutions to test new technologies.
Argentinian banks offer BTC
Argentina’s largest private bank, Banco Galicia, has decided to offer its clients different types of crypto assets such as Bitcoin, Ethereum, USD Coin and XRP. According to the bank, “Banco Galicia is launching an innovative new service for its customers, offering the purchase, sale and custody of cryptocurrencies in a simple, secure and unique place”. One of the main reasons crypto is popular in Argentina is that the country has one of the highest inflation rates (50% YoY) in the world.
Gucci accepts Bitcoin
Gucci, a high-end Italian fashion brand, has announced its decision to accept crypto-asset payments by the end of May for US customers, with plans to expand to all of its stores in North America. Gucci would accept 12 crypto assets, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin and five US dollar stablecoins. Customers paying with crypto in-store at select pilot locations will receive an email with a QR code to pay through their digital asset wallet.
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Warning: This article was written by Giottos Crypto Exchange in a paid partnership with The News Minute. Investments in crypto-assets or cryptocurrency are subject to market risks such as volatility and have no guaranteed return. Please do your own research before investing and seek independent legal/financial advice if you are unsure about investments.