30 percent of Salvadorans use the Chivo wallet, Coinbase wants to pay out crypto wages, Cardano announces a partnership with Chainlink, China threatens the crypto exodus and Chainalysis says: “Europe is the largest crypto economy in the world”.
Another exciting week in the crypto space is drawing to a close. The most important events around BTC and Co. in a compact overview.
El Salvador: crypto law unfolds
The BTC law in El Salvador continues to have an effect. After the go-ahead for the state “Chivo” wallet, the crypto app is very popular. Around a third of the population has now registered – around 2.1 million. That shared President Bukele Twitter with. This means that after just under three weeks, the number of Chivo users is higher than that of any Salvadoran bank. If you put the numbers in relation to the population of the Latin American country, around 30 percent of citizens use the state wallet.
In addition, the president published new pictures of the planned volcano-operated mining facility on Wednesday. Bukele announced in June 2021 that it wanted to mine BTC in the country. Volcanic heat is to be used as the primary energy source by means of geothermal power plants. Now the President posted “Volcanode”, which gives every reason to believe that the project is no longer just theory, but also practice.
Coinbase offers crypto wages to employees
Coinbase will soon enable US companies to deposit their employees’ paychecks directly into accounts at the crypto exchange. Announced in a blog post on Monday Coinbase Senior Director of Product Prakash Hariramani offered this option. This allows employees to use their paychecks to purchase cryptocurrencies with no transaction fees. For their part, companies can also set up direct payments via a supported payroll company in the Coinbase app or via a company’s HR department.
Cardano: partnership with Chainlink and new information about stablecoin “Djed”
On this year’s Cardano Summit announced the company behind the crypto project, IOHK, a new strategic partnership with Chainlink. As part of the cooperation, Chainlink’s Oracle network will be implemented in Cardano’s systems. This supports developers in creating smart contracts for decentralized financial applications (DeFi). With the blockchain project, these have only been possible since the launch of the “Alonzo” hard fork.
Apart from the announcement of the partnership with Chainlink, Cardano provided new information regarding its own stablecoin project “Djed”. Charles Hoskinson, Head of Cardano, and Shahaf Bar-Geffen, CEO of the COTI Group, shared their plans at the Cardano Summit. The value of “Djed” is kept stable through an algorithmic design. This uses the smart contract design on the ETH competitor’s blockchain to keep the price as close as possible to USD 1.
More and more crypto companies are turning their backs on China
Chinese providers are drawing the first consequences from the nationwide tightening of crypto in Beijing. A number of companies announced this week that they would leave the Middle Kingdom. Unsurprisingly, with the law passed on September 24, the government finally stripped them of their business foundation. You can find out which companies are involved here.
In addition, China continues to take rigorous action against crypto mining. This week we received news from the Land of Dawn that authorities in Inner Mongolia Province had confiscated 10,000 mining equipment. According to media reports, it is said to have been an illegal mining facility near the city of Bayan Nur.
Chainalysis report: “Europe is the largest crypto economy in the world”
Europe is the largest crypto business location in the world. This is the conclusion of the US analysis firm Chainalysis in a recent report. More precisely, these are the so-called CNWE states, i.e. countries from Central, Northern and Western Europe. The development was mainly driven by institutional investors and other “whales” with the entry into the DeFi sector. According to this, the sector has received over $ 1 trillion in transactions since July 2020 and now accounts for around 25 percent of global activity. The CNWE countries are thus able to displace the previous leader in East Asia from pole position.