Welcome to the new edition of “The Past Week in Crypto News," 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 News: September 30th to October 6th
1. Visa announces plan to build “universal payments channel” on Ethereum
Visa has announced its plan to build a Layer 2 network that will act as a connecting bridge between stable coins and central banks. This is a continuation of the process of Crypto/Ethereum adoption from Visa after they first made headlines for entering the NFT space. Visa plans to build the blockchain equivalent of having a bank draw funds and make it possible to pay for something with a credit/debit card when you are in a foreign country.
2. Twitter is working on a new NFT verification feature
After adding the Bitcoin Lightning Network to its “Tip” feature, Twitter is now working on a new feature. Announced by a Twitter software engineer through a video, it seems that this new feature would allow Twitter users to connect numerous wallets to their accounts. This would make it possible for “Profile Picture NFTs” to be easily verifiable and would comprise one more step towards making cryptocurrencies and NFTs mainstream.
3. TikTok enters the NFT space with its first NFT influencer collection
TikTok, the social media app with over 1 billion monthly users, has entered the NFT/Crypto space. TikTok announced the launch on its website. Some of the influencers who will launch NFTs are Lil Nas X, Grimes, Gary Vaynerchuk and more. These NFTs will be dropped weekly. With 1 billion monthly users and a young demographic, this launch is certainly going to help NFTs and web 3.0, in general, become more widely adopted.
4. The first volcano-powered Bitcoin has been officially mined
Besides adopting Bitcoin as legal tender, El Salvador also announced its plans to mine Bitcoin using geothermal energy generated by volcanoes. This plan seems to have officially begun being executed in practice, as El Salvador’s President Nayib Bukele announced. Bukele stated that this project is still being improved as time goes by, but that it has officially started.
5. Société Générale, one of France’s largest banks, is using its Ethereum based bonds as collateral for a DAI loan application
Société Générale (SocGen) has applied for a loan from MakerDAO, asking that its Ethereum-based tokens will be accepted as collateral. SocGen is asking for a $20 million loan. This was announced by MakerDao in its forum. This could be a historical agreement because it represents a large traditional financial institution collaborating with a large De-Fi (Decentralized Finance) institution on a significant transaction.
Here's a quick blurb from the forum:
Dear MakerDAO Community,
We submit to you, on behalf of European investment firm Societe Generale-Forge, this MIP6 application for discussion and approval of Security Tokens refinancing. This first experiment at the crossroads between regulated and open source initiatives, as described below, is intended to refinance a Covered Bond Token that has been issued last year on the Ethereum public blockchain. We let you take into consideration all the details, and we look forward to receiving your feedback. Thank you.
Read the full post here.