Weekly Market Update: The Rising Tide of Crypto Adoption

government crypto adoption

Worldwide crypto adoption has continued to gain strength over the last couple of weeks along with the numbers of blockchains introducing new capabilities. Several nations are exploring regulations over cryptocurrency.  Wealth managers are eyeing the investment possibilities offered by digital assets. All of these are signs that the trends toward digital asset adoption are continuing.

Ethereum blockchain competitor Cardano has formed a deal with Dish Network to provide digital identity services to Dish Network customers. In addition, Cardano has partnered with Chainlink to help develop smart contracts for DeFi apps. 

Peru is the latest sovereign nation to display significant adoption of cryptocurrency. The Peruvian sol (PEN) is the new stablecoin of Peru, built on the Stellar Lumens blockchain network and pegged to Peru’s official fiat currency and . The so-called “digital sol” is issued by Anclap, a Latin American stablecoin issuer. Anclap expects other Latin American stablecoins to launch later this year. 

A new survey conducted by Nickel Digital Asset Management, interviewed 100 wealth managers and institutional investors of which 62% indicated that they expect to invest in cryptocurrencies for the first time within the next year. 

As mentioned in a previous newsletter, fractional real estate ownership through NFTs is a materializing concept. Buyers can now own payload space assets in the form of NFTs on Lunar Outpost’s M1 MAAP rover which will be launching to the moon in late 2022. NFTs are making it easier for anyone to partake in the ownership of space assets.

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By Ivan Dimov