With the pandemic severely hurting ticket sales in the past two years, sports teams and franchises need new ways to generate new revenue. Several exchange platforms have been perfectly capitalizing on this opportunity presented to them, making deals for millions to hundreds of millions of dollars. Crypto.com, a large exchange platform with more than 90 coins listed, has been one of the main companies focusing on partnering with big names in sports. They made a $175 million, 10 year deal, which also happens to be UFC’s biggest sponsorship to date. Fighters wear merchandise with the website name “Crypto.com” made very visible and you can also see the website name written…
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Crypto users break 100 million worldwide
A sharp increase to 106 million from the 66 million found in a study last May by Crypto.com can be attributed to PayPal, DeFi, and institutional investors
According to Crypto.com, this growth is largely driven by strong Bitcoin adoption which was a 15.7% increase. Other factors that seem to have driven the sharp upturn in adoption include the huge growth of decentralized finance (DeFi) since last summer, PayPal’s decision to enable customers to hold bitcoin, and the massive institutional adoption of cryptocurrencies by mainstream companies and highly regarded investors like Stanley Druckenmiller.
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EU blasts German regulators over the failure of crypto debit card issuer Wirecard
The high flying fintech collapsed this summer after an audit revealed massive fraud, including more than $2.2 billion missing from its accounts
A major issuer of cryptocurrency debit cards since 2018, payments processor Wirecard starting coming apart in mid-June, when the Financial Times reported that its shares had fallen by more than 60% after the firm’s auditors warned that €1.9 billion (nearly $2.23 billion) was missing from its accounts. Before going into bankruptcy in late June, the fintech firm had been a big success, with operations far beyond the crypto business earning it a place on Germany’s prestigious Dax 30 stock index.
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As DeFi skyrockets, Euro financial institutions are taking an interest
Fully 86% of traditional firms are implementing or at least considering blockchain-based decentralized finance technology, says Boston Consulting Group
Noting that the value locked into DeFi has grown a massive 1,500%, to $8 billion, a new study by Crypto.com and Boston Consulting Group concluded that the “ability to borrow funds, take out loans, deposit funds into a savings account, or trade complex financial products, all without asking anyone for permission is gaining traction.”
