Decentralised Finance (DeFi) project COVER and its lending affiliate RULER have closed down after the unexpected departure of the protocol’s development team, causing a significant drop in the value of both tokens.
In the announcement by COVER community manager DeFi Ted, there was no mention as to why the development team decided to pack up:
The decision to do this did not come easy and is a final decision the remaining team made after reviewing the path forward after the core developers suddenly left the projects.
DeFi Ted, COVER community manager
It was decided that the remaining treasury funds would be split among the token holders and that they will no longer continue with the RULER & COVER token or contracts, meaning the user interface will remain shut down.
The DeFi insurance agreement Cover and the lending platform Ruler announced the closure and will use the treasury funds to compensate token holders pic.twitter.com/tlcbSVGuih
Compensation will be distributed as per block number 13162680, though founding members won’t be among the holders being compensated.
Tokens Take a Dive
COVER’s token has fallen US$45 since Ted’s announcement, from US$269 to $224. As uncertainty from the news grips token holders, daily trading volume has soared from US$3.5 million to $19 million. The price of both protocols’ tokens dove on the news, RULER also crashing from $10.68 to $1.37, according to CoinMarketCap.
RULER & COVER protocol will shutdown after the core developers suddenly left the projects.
The remaining treasury funds be evenly dispersed to token holders.
After the news RULER price decreased by 93% and COVER price decreased by 20%.
After it fell victim to an infinite minting hack in December 2020 which left its customers markedly uncovered by its insurance policies, there has been speculation about the protocol’s safety. At least the white hat hackers returned the 4350 ETH they stole, attaching to the transaction the message, “Next time, take care of your own shit.”
Both DeFi and their insurance platforms are targets for hackers looking to exploit volatilities on platforms holding large volumes of assets. Earlier this year, Nexus Mutual was also targeted by an attack.
What is DeFi Insurance and Why Do People Want It?
By locking up tokens on COVER as collateral, users received tokens that would cover them in case a DeFi protocol they invested in was hacked, rug-pulled or exploited. The value of these tokens depended on the degree of risk of the smart contract.
According to fintech company Yield, “DeFi insurance aims to protect users from losses in return for a specific premium based on the size of their holding and which platform they are holding it with. “
A DeFi insurance policy instead relies on its community of users to dictate premiums and orchestrate payouts, where traditional finance relies on a multinational insurer.
Tech giant Microsoft has had its patent granted by the US Patent and Trademark Office (USPTO) for a new system allowing users to create crypto tokens that will be interoperable with all chains.
On August 24, a US patent was granted to Microsoft for developing a “ledger-independent token service”. The end result will be a “software service that enables users (individuals, organisations, automated agents/applications, etc) to create, transact with, and manage tokens across multiple different distributed ledger networks/platforms in a common way”.
Microsoft won a U.S. patent for software it says can help users develop blockchain applications by making it easier and more efficient to create #crypto tokens for different distributed ledgers. pic.twitter.com/45tcnnQEud
Bank of America, one of the largest financial institutions in the US, announced earlier this month that it had received 227 patent approvals in the first half of 2021, 8 percent of which were blockchain-related.
Microsoft’s Token Creation System
In the case of the MS patent, the technology will allow the user to choose one or more token templates where each fits a type of physical or digital asset. The tokens have a set of one or more attributes and one or more control functions associated with each type.
The computer system receives from the user the selected token template and then creates the token on the distributed ledger network. In other words, it could allow anyone to create their own token without having to write smart contract code, but by using predefined and parametrisable smart contract templates available on different blockchains.
As well as creating their own tokens, users could upload their smart contracts between different blockchains, letting the system do all the technical work. Under the MS patent, the creation of these cross-chain tokens can be managed with a single user interface, making it much more user-friendly to adopt the technology.
Will It Be Available to the Public?
Despite the patent being granted to Microsoft, it’s not a sure thing that this technology will be publicly available as it has not been explicitly stated it would be made into an actual product.
The goal is to make token development more efficient for business use cases that involve surpassing the limits of a single blockchain. Companies that wish to enter the blockchain industry or make use of blockchain technologies can use this kind of system without needing the skills and savvy to create such a technically advanced layer for a business.
Microsoft has been actively involved in blockchain-related development in recent years, filing a wide number of patent applications related to the cryptocurrency industry with Hyperledger and the Enterprise Ethereum Alliance. It also recently developed a blockchain-based anti-piracy system.
Microsoft may play a significant part in the future of blockchain by using this patent, perhaps becoming one of the protagonists of the cryptocurrency revolution, which for now is still in its relative infancy.
Decentralised Finance (DeFi) is a blockchain-based form of finance that does not rely on central financial intermediaries (such as brokerages, exchanges, or banks) to offer traditional financial instruments: instead, DeFi utilises smart contracts on blockchains, Ethereum being the most commonly used.
Recently, new chains have emerged to offer users an alternative to Ethereum, which has become notoriously expensive to use, especially in times when the network becomes heavily congested, resulting in gas wars and extraordinarily high transaction fees.
These new decentralised applications (known as ” DApps”) run on a distributed computing system. DApps have been popularised by distributed ledger technologies to allow easy transfer and swapping of crypto assets.
Here is a list of the Top 10 DeFi Swap Token Apps:
UniSwap
Pink unicorn-branded UniSwap is perhaps the most popular DeFi protocol used to exchange cryptocurrencies. The protocol facilitates automated transactions between ERC-20 tokens on the Ethereum blockchain through the use of smart contracts. Uniswap empowers developers, liquidity providers and traders to participate in a financial marketplace that is open and accessible to all. UniSwap V3 was released in May and boasts the most flexible and efficient automated market maker (AMM) ever designed. $UNI is the native token of the Uniswap protocol. Holders of UNI are entitled to governance rights and voting privileges on changes to the protocol, while liquidity providers can receive UNI tokens for their contributions. With its user-friendly interface, UniSwap makes it easy to swap DeFi tokens.
SushiSwap
SushiSwap (SUSHI) is a fork of UniSwap. Unlike Uniswap, which follows Automated Market Makers (AMM), SushiSwap is a user-oriented platform where users provide liquidity in lieu of rewards. It is an auditedDecentralised Exchange (DEX) and DeFi protocol described as “Uniswap meets Yield Farming” with SUSHI tokenomics. The protocol’s native token SUSHI is used to govern the platform. SUSHI holders also receive a portion of SushiSwap’s trading fees. SushiSwap is funded by an anonymous group that goes by the name Chef Nomi.
QuickSwap
QuickSwap is a fork of Uniswap that runs on the Polygon network (formerly Matic Network), a Layer-2 scaling solution for Ethereum. Polygon has lower transaction fees compared to the Ethereum mainnet, enabling QuickSwap to facilitate token swaps at a lower cost relative to exchanges like Uniswap.
1inchNetwork
1inch is an Aggregation Protocol Network that unites decentralised protocols whose synergy enables the fastest, most lucrative and protected operations in the DeFi space. The platform has 540K+ users and a total volume of $70 billion+. It facilitates cost-efficient and secure atomic transactions by utilising a wide range of protocols and performing argument validation and execution verification. The governance and utility token for the platform is self-titled 1INCH. The 1inch Liquidity Protocol is a next-generation automated market maker that protects users from front-running attacks and offers capital efficiency to liquidity providers. The 1inch Limit Order Protocol is perhaps the best feature of this DApp, allowing users to enjoy the most innovative and flexible limit order functionality in DeFi. Its implementation of the Chi gastoken makes transactions on 1inch up to 42% cheaper than swapping tokens on Ethereum. Chi tokenised gas that is pegged to the Ethereum network’s gas price, but the difference is that Chi is used on 1inch and Curve while GasToken is used across the entire Ethereum network.
AirSwap
AirSwap is a peer-to-peer network. A simple combination of web protocols and smart contracts powers its RFQ (request-for-quote) style protocol. There are two kinds of liquidity providers on AirSwap: those running their own HTTP servers to provide liquidity, and those managing on-chain delegates that swap on their behalf. Each swap is between two parties, a signer and a sender. The signer is the party that creates and cryptographically signs an order, and the sender is the party that sends the order to the Ethereum blockchain for settlement.
HoneySwap
HoneySwap is a permissionless decentralised exchange (DEX) based on Ethereum, built on xDai Layer 2 scalability infrastructure. The xDai Chain enables users to experience fast and secure transactions with incredibly low fees. By utilising xDai chain for transactions, Honeyswap allows users to trade any ERC20 token and experience fast and secure transactions with incredibly low fees.
BakerySwap
BakerySwap is an automated market maker and non-fungible token (NFT) marketplace that runs on the Binance Smart Chain. It is powered by BakeryToken (BAKE). BakerySwap is the all-in-one DeFi platform that provides both AMM and NFT Marketplace solutions in one place. Users can exchange tokens, provide liquidity, participate in liquidity farming, and also mint NFTs and trade them.
Balancer
Balancer is an automated portfolio manager and trading platform offering investors portfolios that generate yield and rebalance automatically. Balancer turns the concept of an index fund on its head: instead of paying fees to portfolio managers to rebalance your portfolio, you collect fees from traders who rebalance your portfolio by following arbitrage opportunities.
Aave
Aave is an open-source, non-custodial decentralised lending protocol that allows users to earn interest on deposits and borrow digital assets. Users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an over collateralised (perpetually) or under collateralised (one-block liquidity) fashion. Aave offers simplified and decentralised access to a wide range of digital assets and interoperability with multiple DeFi platforms. The protocol features Flash Loans to users enabling them to borrow instantly and easily, no collateral needed, provided that the liquidity is returned to the pool within one transaction block. Stakeholders can actively contribute as part of the community to the Aave Protocol and its governance.
ShibaSwap
ShibaSwap was recently launched by the Shiba Inu team – SHIB, LEASH, and BONE – to create a decentralised cryptocurrency exchange platform, the next evolution in DeFi platforms. ShibaSwap gives users the ability to DIG (provide liquidity), BURY (stake), and SWAP tokens to gain WOOFReturns through a sophisticated and innovative passive income reward system. The ShibaSwap platform allows the ShibArmy to access upcoming NFTs and additional tools, such as portfolio trackers, to make navigating the crypto world simple and intuitive.
Pancake Swap
PancakeSwap is one of the leading decentralized exchanges on Binance Smart Chain, with some of the highest trading volumes in the market. Unlike centralized exchanges like Binance or Coinbase, PancakeSwap doesn’t hold your funds when you trade. The pancake DAPP can run on mobile applications with integrations crypto wallets such as Trust Wallet allowing you to swap your tokens seamlessly.
Audius, a music streaming platform based on the Ethereum and Solana blockchains, has partnered with popular Chinese video-sharing and social media app TikTok to create TikTok Sounds.
📢 Announcing the Audius TikTok integration! 📢
You can now share your tracks directly from Audius to TikTok!
Follow and tag us in your videos using an Audius track for a chance to win 50 $AUDIO.
Audius is the first streaming platform to allow direct sharing to TikTok, a coup for a music site that only recently crossed the five million users threshold.
The decentralised service is driven by the Ethereum-based $AUDIO token, which users can stake in the Audius platform to participate in governance decisions, as well as earn rewards for securing the network. $AUDIO is also given out as rewards for top artists and active users, and token staking unlocks advanced features too, such as displaying NFT collectibles on the site.
Within 24 hours of the announcement, the $AUDIO price spiked over 200 percent (see chart below).
AUDIO Token Price Surge – Source: Tradingview.com
The partnership aims to streamline TikTok’s current music upload and selection process. Audius users can simply upload tracks and share them to TikTok, a process said to take less than a minute.
Roneil Rumburg and Forrest Browning, the platform’s founders, say they followed up on personal contacts at TikTok to facilitate the integration.
We’re proud to be one of the earliest launch partners for TikTok Sounds and to give the artists on Audius a chance to increase their exposure.
Forrest Browning, Audius co-founder
Founded in 2018, Audius is the largest decentralised consumer blockchain application and boasts a roster of over 100,000 music artists. Last month, it announced a partnership with the Solana Creator Fund to attract new artists to its platform.
TikTok Claims 750m of its US Users Find New Artists on the Platform
Like TikTok, Audius does not pay royalties to artists but provides them with a platform to engage with fans and attract new listeners. TikTok, with over 1 billion monthly users, claims that 75 percent of its US users find new artists via TikTok videos.
The partnership with Audius is a surprising move for TikTok given the app’s decision last month to ban cryptocurrency-based promotional content as well as “the promotion of all financial services and products”.
For its part, Audius claims its integration with TikTok is more about the music rather than spreading the word on cryptocurrency or decentralised finance. According to Browning, roughly 95 percent of Audius users “have no idea that blockchain is even involved”.
The TikTok sharing feature went live on August 16 for all Audius users.
Popular meme cryptocurrency Dogecoin (DOGE) has made it to the English Premier League. Stake.com, a cryptocurrency sports betting platform, has reportedly sealed a sponsorship deal with Watford FC, which will see the club’s players wear a Dogecoin logo on their sleeves.
Watford FC to Play with Dogecoin
As The Athleticreported on August 14, the betting platform has signed a £700,000 (almost US$1 million) agreement with the football club. The sponsorship deal is expected to last throughout 2021-22, meaning Watford players will wear the Dogecoin logo for the rest of the EPL season, which kicked off last week.
In addition to the Dogecoin sponsorship, Stake.com will give away US$2 million worth of DOGE, as per the report. This is bullish for Doge fans, as it creates heightened awareness for the much-derided meme cryptocurrency.
Dogecoin saw an uptick in price amid the announcement, and is currently trading at US$0.3386 – a 38.5 percent increase over the past seven days.
The crypto and sports industries are increasingly getting along, thanks to the concept of non-fungible tokens (NFTs) and fan tokens, and sponsorship. This marks the second time Watford FC has secured a crypto-related sponsorship deal. Players wore a Bitcoin logo during the 2019-20 season under a sponsorship deal with Sportsbet.io.
In a recent blog post, EPL club Aston Villa announced it would launch a fan token in partnership with Chiliz, a blockchain-based sports tokenisation platform. Among other benefits, holders of $AVL will get a chance to participate in the club’s votes every season.
A Californian judge has upheld a legal claim by a cryptocurrency investor who exploited a coding flaw on the ICON decentralised network to amass 14 million ICX tokens worth almost US$17 million.
Staker Mark Shin filed a lawsuit against ICON for interfering with his property rights after the blockchain network discovered the error in its protocol and froze access to Shin’s ICX tokens.
In an order issued on August 9, US Federal District Judge William H. Orrick denied ICON’s attempt to dismiss the complaint, finding that Shin had “a plausible claim” – allowing the lawsuit to proceed.
DeFi Case Raises Novel Legal Issues
Shin amassed his huge stash of ICON’s native tokens by repeatedly exploiting a bug whereby the protocol added 25,000 newly minted ICX tokens to his account every time he initiated a redelegating process (transferring staked tokens between network nodes).
The judge said that while it was disputable whether common law property rights should apply to digital assets, Shin had made a case for his ownership of the tokens. As Judge Orrick stated:
Shin plausibly asserts that he has a stronger claim to possession of and title to the ICX tokens than ICON because he minted, created, and staked a claim to the ICX tokens on the blockchain.
Judge William H. Orrick
Denial of the motion to dismiss does not resolve the legitimacy of Shin’s ownership of the tokens.
Exploitation and Hacks on Blockchain Platforms
A number of decentralised platforms have been compromised of late. Just this week Poly Network was the victim of the biggest DeFi heist in history, losing over US$600 million in a white-hat hack, though a portion of the funds have since been returned.
Last month, an unforeseen bug on Thorchain exposed the network to an attack that drained US$4.9 million worth of Ethereum from the protocol. Also in July, decentralised NFT platform Bondly Finance’s token crashed in value after an alleged exploit, although many suspect it was an exit scam.
Lionel Messi’s departure from Barcelona to a rumoured new destination at Paris Saint-Germain has caused PSG Fan Token to surge almost 62 percent, while its volume ballooned 500 percent.
Argentine Messi, widely acknowledged as the world’s greatest footballer, is reportedly in talks with the French club and is on the verge of signing a contract.
Paris Saint-Germain is a possibility, yes. At the moment nothing is confirmed, I received a lot of calls after the Barcelona statement. We’re talking about it.
Lionel Messi
The PSG fan token ($PSG), listed on the blockchain-led ERC-20 platform of the Ethereum network, is a proof of membership for the Paris-based football club. The token, available for trade in a limited number, also provides holders with the club’s governance rights.
$PSG, ranked 406th on CoinMarketCap, is trading at US$51.59 with a 24-hour trading volume of US$786 million against its current market cap of $66 million. It has a maximum supply of 20 million tokens, with 100 per cent of coins currently in circulation.
Price Still Up 20 Percent After Retracement
The price moved from US$29 to over $44 in 24 hours after the Messi news broke. It has since retraced slightly but is still up more than 20 percent.
PSD USDT token price
Messi’s contract with Barcelona expired on June 30, at which time he became a free agent for the club. Although both parties agreed to a five-year contract extension, La Liga’s salary cap rules preclude a renewal.
I gave everything for this club from the first day I arrived to the last. I never imagined having to say goodbye as I didn’t think about it. What’s clear is I did everything possible, and they [Barcelona] couldn’t do it because of La Liga.
Lionel Messi
Multiple sources suggest Messi is moving to France to join former Barcelona teammate Neymar da Silva Santos at Paris Saint-Germain.
Token Set to Break US$100 Barrier
$PSG is expected to break the US$100 mark when Messi officially joins Paris Saint-Germain. Since its release in June 2020, the token has risen over 821 percent and yielded 855 percent returns in the past year.
PSG tokens are available for trade on Binance, Gate.io, Paribu, Upbit and HitBTC. It is exchangeable through Tether (USDT), Binance’s stablecoin (BUSD), Bitcoin (BTC), Chiliz (CHZ) and Trias (TRY).
Last week, it was announced that a Messi-themed NFT collection dubbed “The Messiverse” will be available from August 20 on blockchain platform Ethernity Chain (ERN).
Approximately 3.3 million Australians own cryptocurrencies according to a recent report, with this number expected to double into 2022. The growth of blockchain technology has allowed for the development of new coins, each providing a unique utility or value. Let’s take a look at the most popular cryptocurrencies (also known as “altcoins”) for Australia this year.
For a coin to make this list we have used our website crypto news data, which includes page views on crypto information pages, crypto news landing pages, website search data and news frequency data. We have excluded Bitcoin (BTC) from the list as it’s not considered an altcoin.
Disclaimer: Before you continue reading, please note that these coins are listed as data only and should not be taken as a recommendation to buy and not investment advice. The data is provided for educational and informational purposes only. PLEASE NOTE: The most popular altcoins do not mean they are the best altcoins to buy.
Most Popular Altcoins in Australia 2021
1. Ripple (XRP)
2. Cardano (ADA)
3. Chainlink (LINK)
4. Dogecoin (DOGE)
5. Ethereum (ETH)
6. Theta (THETA)
7. Wink (WIN)
8. Tron (TRX)
8. Uniswap (UNI)
9. Shiba Inu (SHIB)
10. BitTorrent (BTT)
Data Analysis
Crypto Information Pages
The 2021 website page views indicate that Ripple XRP is one of the most popular digital assets in Australia with 9% of the total relative crypto page views. XRP is the native token used on the XRP ledger used primarily as a method of payment on the ledger. This was closely followed by BTC and ETH and newcomer SHIB. THETA has the longest page view duration at 4 minutes 42 seconds.
Crypto Info Page Views in Australia 2021 Table
Crypto News Landing Pages
If we also take a look at the crypto news landing page views, we can see Ripple XRP leading the way by a fair margin with 33.03% of the total news landing page views. It’s followed (not closely) by ADA with 7.71%, LINK with 7.61%, then (surprisingly) by Wink WIN token at 7.21%. Other notables in this list are Bittorrent BTT, Dent DENT and Digibyte DGB. LINK has the longest page view duration by a mile at 3 minutes 46 seconds.
Crypto News Landing Page Views in Australia 2021 Table
Crypto Search Data
Taking a look at the website searches for cryptos we can see XRP also leading this data with 5.87% of the total searches. Other notables are Wink WIN with 2.51%, ADA with 1.91%, and both Monetha MTH and RAMP with 1.76%.
Crypto Search Volume Australia 2021 Table
News Frequency Data
Searching for unique news articles and for the symbol and name, for symbols the variations ” ETH “, “ETH)” and “ETH.” were used to arrive at a total. It’s also worth mentioning that coins like “Ripple” and “Polygon” are regular words which may skew the frequencies. The same applies to coin symbols such as “UNI” and “LINK”.
From the news mention data, we can see the clear altcoin winner is ETH, and then the pack follows with XRP, LTC and BCH.
Cryptocurrency
News Mentions (Name)
News Mentions (Symbol)
Bitcoin (BTC)
39,185
24,210
Ethereum (ETH)
18,045
9,680
Ripple (XRP)
3,508
3,813
Litecoin (LTC)
2,970
1,453
Bitcoin Cash (BCH)
2,447
2,215
Uniswap (UNI)
2,317
558
Chainlink (LINK)
2,193
3,204
Dogecoin (DOGE)
2,155
2,388
Cardano (ADA)
2,003
2,176
Polkadot (DOT)
1,695
1,652
Stellar (XLM)
1,078
659
Binance Coin (BNB)
1,053
1,366
TRON (TRX)
725
592
Bitcoin SV (BSV)
570
623
Solana (SOL)
446
179
THETA (THETA)
218
218
SHIBA INU (SHIB)
294
60
Chiliz (CHZ)
133
97
Altcoin News Frequency Volume Australia 2021 Table
Conclusions
From the data we can draw the conclusion that Ripple XRP is the most popular digital currency in Australia. Obviously, this is based on a small subset of data and doesn’t include factors such as social media, buy and sell trading volumes, market capitalization, and the crypto market industry. The decentralized finance space is continuing to evolve and we will likely see more altcoins competing for the top spot as time goes on.
If you’re looking to get started with crypto assets, then you can check out these guides to help:
Binance’s NFT marketplace is collaborating with the Hermitage Museum in Saint Petersburg, Russia, to create tokenised collectibles based on the works of renowned artists including Leonardo da Vinci, Claude Monet and Vincent van Gogh.
Binance announced on July 27 that it will make and distribute non-fungible tokens (NFTs) in concert with the museum by the end of August. The auction will be accessible to all Binance users.
Among the iconic works in the NFT collection are da Vinci’s Madonna Litta, fellow Italian artist Giorgione’s Judith, Dutch master van Gogh’s Lilac Bush, Composition VI by Russian painter Wassily Kandinsky and French impressionist Monet’s A Corner of the Garden at Montgeron.
Two NFT Copies for Each Artwork
The Hermitage announced that each artwork will have two NFT copies. The first will be retained by the museum, while the second will be auctioned off. All proceeds from auction sales will be transferred to the State Hermitage Museum.
According to Mikhail Piotrovsky, general director of the Hermitage, tokenising these masterpieces will “revolutionise” access to the museum’s collections.
New technologies, in particular blockchain, have opened a new chapter in the development of the art market, led by the ownership and the guarantee of this ownership.
Mikhail Piotrovsky, general director, State Hermitage Museum
Another Step Towards Digitalisation
Helen Hai, head of Binance NFT, says the project highlights the value of blockchain technology and NFTs as the world moves toward digitalisation.
Recognition of blockchain technology and NFTs by one of the largest museums in the world is another step towards global digitalisation … Together, we are making history.
Helen Hai, head, Binance NFT
Last month, Hobart’s Museum of Art & Philosophy launched Australia’s first NFT gallery in the Tasmanian capital. Just weeks later, multimedia artist Dave Court became the first in his field to stage a physical NFT exhibition in his home state of South Australia, and one of the first in the southern hemisphere.
Digital retail behemoth Amazon will reportedly accept BTC as payment by the end of 2021. The possibility of a native token also seems to be on the cards. A job posting on Amazon’s website has sparked speculation of a big move into the crypto space.
Update July 28: Amazon have dismissed the rumours stating: “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true … We remain focused on exploring what this could look like for customers shopping on Amazon.”
According to reports from an Amazon insider, the company will “definitely” be accepting BTC as payment by the end of this year with the possibility of a native token existing.
Amazon posted a job advertisement over the weekend for a “Digital Currency and Blockchain Product Lead” and wants someone who can “innovate within payments and financial system” to head up this position.
Not the First Time Amazon Has Advertised in the Crypto Field
The ad confirms recent speculation that the company will move to accept BTC and other cryptocurrencies as payment methods. An insider spoke to London business news publication City A.M. and gave a brief outline of Amazon’s plans for integrating crypto and blockchain technology.
This is not the first time that Amazon has posted a job offer in the crypto field. Twitter was abuzz with the news and this tongue in cheek job application stood out from the crowd.
According to the insider, Amazon will accept BTC payments by the end of 2021 and is not just going through the motions to set up crypto payments. The plan is an integral part of how Amazon will operate in the future.
Plans to move into crypto will start with BTC, but the company is keen to add other big cryptocurrencies once secure and fast methods of BTC payment have been established.
Should all go well with BTC, the company will then move on to accept Ethereum, Cardano, and BTC Cash before then bringing on about eight more of the world’s most popular cryptocurrencies.
The plan for adopting crypto reportedly comes from the very top of Amazon, Bezos himself.
Amazon Set to Launch Its Own Token
The involvement of a gigantic player such as Amazon will likely drive up the price of BTC and other larger alt coins. And Amazon’s plans for crypto do not stop here. It is reported that when all proposed crypto plans are integrated, the final move will be to create its own native token, reportedly by 2022.
The insider reported that after a year of experiencing crypto as a payment method, a move to tokenisation will take place.
This then becomes a multi-level infrastructure where you can pay for goods and services or earn tokens in a loyalty scheme. There’s little more to it, for now, but you can guarantee the Bitcoin plan will be monitored closely as opportunities with Amazon’s own version of a crypto will be explored.
