Global News: 🌍
FTX launches $2 billion venture fund: The world’s third largest crypto exchange by volume FTX, launched a $2 billion venture fund. Amy Wu, the business unit leader of the fund said that the goal of the fund is to “accelerate the adoption of blockchain technology”. This news further confirms the bullish outlook investors have on the crypto market. As we mentioned in a previous edition of Kalam Crypto, venture capital funds flooded the market in 2021 with $25.1 billion, a 719% year over year increase compared to 2020. Looks like the funding trend will continue into 2022.
Jack Dorsey doubles down on Bitcoin: This week, Block announced that they are developing an “open” mining system. The goal is to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining. Earlier in the week, Jack spearheaded the launch of the “Bitcoin Legal Defense Fund”, a non-profit entity that will aim to assist developers with legal disputes that might interrupt their work. After leaving Twitter, we suspected that Jack would focus his efforts on Bitcoin, and he is certainly delivering.
Regional News: 📍
Crypto adoption is growing: A report by Triple A estimates that around 3.9% of the world owns cryptocurrencies, which is the same percentage of internet users in 1999! Regionally Morocco led the way with 2.4% adoption rate, followed by Egypt 1.75%, UAE 1.54%, KSA 1.3%, Jordan 1.27%, Kuwait 1.12%, Tunisia 1.04% and Lebanon at 1%. Bahrain, Oman, Iraq and Qatar each have just a little less than 1 percent of their population as crypto owners.This indicates we are still in the early stages of crypto adoption! When your family or friends say that “it’s too late now, I wish I had invested sooner”, tell them about these adoption rates. We are in the early stages of crypto!
Keep an eye on: 👀
Here’s some quick stories to keep an eye on:
The City of Rio de Janeiro in Brazil will allocate 1% of the city’s reserves to Bitcoin. Linked in said that crypto job posts increased by 400% in 2021Walmart submitted seven patent filings indicating that it plans to create its own cryptocurrency and NFT collection