February News Recap: PayPal Establishes Crypto Advisory Council, Global Crypto Markets Plunge and More
The month of February saw global crypto - and even stock - markets plunge amidst political tensions. Though the market is still experiencing bearish sentiments, crypto adoption remains high. From crypto-focused research projects to major banks entering the Metaverse, here’s your monthly round-up of the crypto and blockchain news to know.
1. Global Crypto Markets Plunge Amidst the Russia-Ukraine Crisis
Global crypto and stock markets plunged after Russian President Vladimir Putin announced that his army would conduct a “special military operation” in Ukraine. The crypto market cap has reportedly dropped 8.25% to $1.58 trillion as of 24 February 2022.
2. PayPal Establishes Advisory Council for Crypto and Blockchain
PayPal has formed a team of industry experts to act as advisors on crypto, blockchain and digital currencies to support its current and future products as well as its goal of creating a more inclusive digital financial ecosystem. Previously, PayPal announced in October 2020 that it would be allowing customers based in the USA to purchase cryptocurrencies through the platform, later expanding this offering to include crypto payments at a number of its global merchants.
3. Ebay is Reportedly Adding a Crypto Payment Option
The e-commerce platform is said to be working on integrating crypto payment options as part of its aim to become the go-to marketplace for millennials and gen Zs, given their rising interests in crypto. Additionally, the platform is also reportedly looking to transition to new payments modes.
4. Cambridge University Launches Crypto-Focused project
Cambridge University is reportedly teaming up with some of the world’s biggest financial institutions and private firms to launch a new crypto-focused research project. The Cambridge Center for Alternative Finance (read: CCAF) has launched the research initiative to collate insights on the growing digital asset space. Known as the Cambridge Digital Assets Programme, the project is a public-private collaboration with 16 companies such as Bank for International Settlements Innovation Hub, Goldman Sachs, and International Monetary Fund.
5. JP Morgan Becomes First Major Bank to Enter the Metaverse
JP Morgan has reportedly entered the Metaverse and is said to be the first major bank to do so. The financial giant has opened a lounge in Decentraland - a virtual world based on blockchain technology. In the metaverse, avatars can listen in on experts' discussions on the crypto market and visit the lounge, which is situated in Decentraland’s Metajuku Mall. Known as the Onyx Lounge - which was named after the bank’s in-house blockchain payments system - was unveiled together with a report from the bank detailing the types of business opportunities firms can expect to find in the metaverse.
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Stay tuned for our crypto news and updates as we discuss the monthly highlights in the crypto and blockchain space!