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 23rd to 30th
1. Chivo wallet reaches 2.5 million users in El Salvador
Last week, we reported about the quick adoption of the official BTC wallet of the El Salvador Government, Chivo. El Salvador’s president Nayib Bukele recently shared some statistics on Twitter, showing that Chivo has now reached 2.5 million users. This represents 1/3 of the population in El Salvador, further proving the point that the adoption of Bitcoin as legal tender has been a successful project. For comparison, it is estimated that 70% of the population in El Salvador doesn’t have bank accounts, so the rapid adoption of BTC proves the “banking the unbanked” thesis.
2. The Brooklyn Nets will be sponsored by a crypto company
The Brooklyn Nets announced that they will be sponsored by Webull. Webull is a trading app that allows users to buy and trade stocks and cryptocurrency. The deal was announced on social media by the Brooklyn Nets. The sponsorship will be a patch sponsorship, meaning the Webull logo will be on the player’s jerseys. The deal is reportedly worth $50 million. After the Philadelphia 76ers, the Brooklyn Nets are now also sponsored by a cryptocurrency company, further helping crypto become mainstream.
3. The first-ever Canadian ETF combining Bitcoin and Ethereum has launched
Investment company Everest has announced that it has launched the first-ever multi-currency ETF. This ETF will hold both Bitcoin and Ethereum. ETF stands for Exchange Traded Funds and is comprised of a group of investments versus one single investment. This is done to minimize the investment risk. Crypto ETFs represent a big step towards major acceptance of crypto, especially in the finance world.
4. Singer 3LAU launches NFT-song; fans will own 50% of the song revenue forever
Singer 3LAU, who has been a pioneer in the NFT space, especially regarding music royalties, has once again launched a new project. He announced that he will be launching his new single “Worst Case” as the first fan-owned song ever. The first 333 fans to participate in the project will own 50% of the streaming revenue the song generates in perpetuity.
5. Twitter launches Bitcoin tipping option through the Lightning Network
Twitter has announced that they are expanding the tipping options by integrating Lightning Network. This means that users can tip their favorite creators with Bitcoin. Twitter has become the first major social network to fully embrace this sort of feature, and with Jack Dorsey’s announced ambition to make Twitter a crypto-friendly platform, it can be expected that more similar features will be added that help introduces crypto to hundreds of millions of users around the world.