Welcome to the new edition of “The Past Week in Crypto Adoption," a weekly recap of companies, institutions, organizations, and individuals who are beginning to adopt crypto as a payment/work platform. With the crypto industry becoming more and more dynamic, this weekly report is meant to help you stay in the loop. The last few days saw crypto becoming more mainstream, implemented by some of the world’s most prominent organizations across different industries.
The Past Week In Crypto Adoption News: September 15th to 22nd
1. AMC will accept Bitcoin, Ethereum, Litecoin and Bitcoin Cash
Movie theater chain AMC will accept crypto as payment for tickets. This was announced by the company's CEO, Adam Aron. The change is expected to go into effect by the end of 2021. AMC is one of the biggest movie theater chains in the world, therefore this represents another major milestone for crypto.
2. Philadelphia 76ers will be sponsored by Crypto.com
The Philadelphia 76ers announced that they will be sponsored by crypto.com. Crypto.com is a cryptocurrency exchange that has sponsorships in Formula 1, Canadian Hockey League, Paris Saint Germain, the UFC and now in the NBA—specifically with the Philadelphia 76ers.The deal was announced on social media, and is worth a reported $10 million.
3. PayPal UK will enable customers to buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash
PayPal, one of the world’s biggest finance apps, will now allow its users who live in the United Kingdom to buy, hold and sell cryptocurrencies. This was announced by PayPal itself on social media, along with instructional videos. Users will be able to buy as little as 1 Pound worth of cryptocurrency. This move from PayPal marks a new phase of adoption from financial institutions, and is likely to increase mainstream adoption to new levels.
4. Robinhood is debuting its crypto wallet in early 2022
Stock and crypto trading app Robinhood is debuting its crypto wallet in 2022. The company announced its new product/feature on its blog. Christine Brown, the company’s Chief Operating Officer, stated: “We’ll be giving people from the waitlist access first, and then we’ll have general availability out to 100$ by early 2022.” Robinhood is one of the biggest trading apps in the world, so a crypto wallet with its brand name will most likely be an added value for its users, but also the crypto market in general.
5. El Salvador's Bitcoin wallet has reached 1.1 million users, 17% of the population
Chivo, El Salvador’s BTC wallet, has reached 1.1 million users. This was announced by the President of El Salvador, Nayib Bukele. This number represents 17% of the total population in the country. What makes this even more impressive is the fact that 70% of the population is unbanked, so the fact that Chivo has managed this level of success so quickly shows that there is potential for a large number of daily BTC users.