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Industry Milestones and Regulatory Updates for Cryptocurrency in 2021 and Beyond

The Cryptocurrency Industry's Most Recent Developments, the crypto economy has reached key milestones in the last six months, propelling the digital asset's record ascent, and the market is projected to maintain pace even when rallies finish. Despite the fact that we are only halfway through the year, there have been a lot of notable advancements in the realm of cryptocurrencies.

Venmo started on April 20, 2021, that it will add cryptocurrency compatibility to its platform, following a lengthy number of organizations that have recently begun to recognize and accept virtual currencies.

Square Inc., Fidelity, and Coinbase are launching The Crypto Council for Innovation, which will serve as the industry's voice and "convey cryptocurrencies' benefits," as revealed in the first week of April 2021.

Goldman Sachs announced the availability of Bitcoin funds to its rich clients the same week, accelerating institutional adoption of the virtual currency. Through a new Digital Assets Group under its private wealth management business, the investment bank will soon be able to assist wealthy customers in investing in bitcoin.

Paypal stated on March 30, 2021 that it had begun enabling U.S.· Use its bitcoin holdings to pay for goods and services at millions of online merchants across the world. As a result, clients who have virtual currencies in their PayPal digital wallets will be able to use them to make purchases at checkout. This check-out function complements PayPal's cryptocurrency buying, selling, and holding service, which debuted in October of last year. Visa announced in late March 2021 that it will allow users to settle transactions on its payment network using the cryptocurrency USD coin, a stable cryptocurrency whose value is fixed directly to the US dollar. The payments network will collaborate with the Crypto.com platform and Anchorage, a digital-asset bank, as part of a trial initiative.

On March 18, 2021, Bank of New York Mellon, one of the world's top custodian banks, said that would provide clients with Bitcoin and other cryptocurrency custody services. BNY Mellon intends to employ Fireblock's technology in conjunction with its ambition to act as a custodian for digital assets on behalf of its institutional investors. Morgan Stanley is the first major U.S. bank to allow rich clients access to Bitcoin money, as stated on March 17, 2021. The investment bank will provide access to three funds that will allow investors with an "extreme risk tolerance" to purchase Bitcoin.

JPMorgan revealed the same week that it is looking into Bitcoin and cryptocurrency clearinghouse possibilities, highlighting the need. Square Inc., an American digital payments company, is another company after Tesla, which began to embrace the world’s biggest cryptocurrency, Bitcoin, with its investments. Square announced in February 2021, that it is investing $170 million more in Bitcoin, in addition to a $50 million Bitcoin purchase in October 2020.

According to SEC filings, Blackrock added Bitcoin futures as a prospective investment for two of its funds in January 2021. BlackRock Strategic Income Opportunities and BlackRock Global Allocation Fund are the two funds. For the past few years, major trading apps like Revolut and Robinhood have made Bitcoin and other popular cryptocurrencies available to their customers.

 

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