Prices Jump As California Begins Crypto Adoption Process

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One of the largest economies in the world has officially started the process of adopting blockchain and digital asset technologies.

The US state of California is the fifth largest economy in the world, with a gross domestic product (GDP) higher than the UK and behind only China, Japan and Germany.

It is also home to Silicon Valley and the headquarters of the majority of the world’s biggest tech companies, including Google, Facebook, Microsoft, and Apple.

Its Governor Gavin Newsom has signed a blockchain executive order to begin examining how to adopt cryptocurrency and other digital asset technologies into its economy and services “while protecting California consumers.”

This follows President Joe Biden’s recent call for state agencies to follow the federal government in developing regulations on digital currencies.

“California is a global innovation hub, and we’re setting the state up for success with this emerging technology — driving responsible innovation, protecting consumers, and leveraging this technology for the public good.” , Governor Newsom said.

“Too often, government lags behind technological advancements, so we’re getting a head start on this, laying the groundwork for consumers and businesses to thrive.”

The order will aim to create a transparent and consistent business environment for companies operating in the blockchain; create a regulatory approach to crypto assets, exploring and establishing public service use cases; and creating research and labor streams.

Crypto data provider hails “astonishing” institutional adoption

A digital asset data provider has raised $30 million in Series B funding.

Amberdata provides information on blockchain, cryptocurrency markets and decentralized finance to financial institutions.

According to CEO Shawn Douglass, the company’s revenue is growing rapidly as these institutions embrace crypto at scale.

“The rate of institutional adoption of crypto is truly staggering,” he said. “We have seen our revenues double in the first quarter of this year, with the world’s largest financial institutions coming to us for the critical data they need for research, trading, risk, analysis, reporting and compliance when accessing digital assets.

“Amberdata is poised for massive growth and this funding will allow us to accelerate the expansion of our global go-to-market business, scale our state-of-the-art data infrastructure and strengthen our customer success team from world class.

“It will also allow us to accelerate new product initiatives, including expanding DeFi depth and coverage, developing digital asset indices, and market intelligence and risk analytics applications. .”

The funding round was led by Knollwood Investment Advisory. Susquehanna International Group, Nasdaq Ventures, NAB Ventures, Chicago Trading Company, Nexo, Coinbase and Innovius participated in the capital raise alongside existing investors Citi, Franklin Templeton, Aspenwood Ventures, Rovida Kruptos Assets and Boldstart Ventures.

Cryptocurrency Shorts

Luxury fashion brand Gucci will test cryptocurrency payments in its US stores, with payments made via a link containing a QR code that allows them to execute payment from their crypto wallet.

London-listed Pluto Digital has launched its Yield Optimization Platform (YOP), which is designed to allow people to earn passive income on their crypto.

Crypto exchange Coinbase has opened the beta version of its non-fungible token market to the public.

France’s financial authority has approved Binance’s registration as a digital asset service provider, with the exchange now planning to expand its operations in the country.

Yuga Labs, the company behind the Bored Ape Yacht Club NFTs, has refunded $265,000 in Ethereum transaction fees to those who tried and failed to buy Otherdeed plots in its Otherside metaverse.

Payments company Ramp has partnered with self-custodial cryptocurrency software platform Exodus, allowing the latter’s customers to purchase cryptocurrency within the app.

Holders of the Shiba Inu meme coin can now use it to purchase land in the Shiba VR metaverse.

Crypto prices

The aggregate market capitalization of over 19,200 coins is $1.8 trillion, an increase of 4.4% in the last 24 hours.

Bitcoin market leader – ta original cryptocurrency created by the mysterious Satoshi Nakamoto – gained 3% for $39,600 at time of writing (7am UK). BTC is slightly increased in a week.

Ethereum, the second most valuable crypto coin – created as an announcementcentralized network for smart contracts on the blockchain – climbed 4% to $3,000. ETH is up 2% in a week.

Binance Coin is a cryptocurrency created by popular crypto exchange Binance to help it become the infrastructure service provider for the entire blockchain ecosystem. Its BNB token added 4% to $401, leaving it up 3% over seven days.

Solana is a blockchain designed to make decentralized finance accessible at scale – and capable of processing 50,000 transactions per second. Its SOL token jumped 8% towards $94 – enough to see it back above XRP and Terra in the market cap valuation chart – but is down 6% from a week ago.

Ripple’s XRP token, a payment settlement asset exchange and remittance system, acts as a bridge for transfers between other currencies. XRP added 6% to 64.5 cents, leaving it 1% lower on seven days.

Terra, described as a programmable currency for the internet, gained 2% to $86. Its LUNA payment token is 4% lower than its price a week ago.

Cardano is an open-source network facilitating dApps that sees itself as an updated version of Ethereum. Its ADA token, designed to allow owners to participate in the operation of the network, jumped 11% to 87vs. It is up 3% over the week.

Avalanche, a lightning-fast verifiable platform for institutions, businesses and governments, came out of nowhere months ago to break into the top 10 currencies. His The AVAX token climbed 12% to $67, but was down 3% in one week.

The Meme DOGE coin was created as a satire on the hype surrounding cryptocurrencies, but is now a major player in the space. DOGE added 4% to 13.5c, leaving 3% lower in a week.

Polkadot was founded by the Swiss-based Web3 Foundation as an open-source project to develop a decentralized web. Its DOT token, which aims to securely connect blockchains, soared 7% at $16.25 but is 4% lower than its price a week ago.

To see how the valuations of major coins have changed lately – and for a roundup of recent developments in cryptocurrency news – click here.

For valuations of the top 250 coins by market cap, plus 24-hour price change and volume traded, see below.

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Prices Jump As California Begins Crypto Adoption Process


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