Weekly Crypto New Roundup | December 15th 2020
Italian Banks Love Crypto
Italian banks are making bigger moves on Crypto. Italian bank “Banca Generali” is getting ready to offer crypto services to their clients in 2021. The bank has partnered with fintech company Coinio to offer crypto custody and purchasing services. The bank, however, does not plan to launch a trading exchange but rather partner with Coinio as a wallet provider. This move is Bullish for crypto in Europe as more people set out to own the asset with the safety and protection of their banking partner. The closed-loop solution will also resolve any Anti-Money laundering or Counter-Terrorism Financing problems that banks have related to crypto in the past. Read here.
Bitcoin could be Used as a Government Spending Backstop
Senator and Bitcoin proponent Cynthia Lummis has appeared on the “What Bitcoin Did” podcast with some great insights on her beliefs around bitcoin. Cynthia commented that “If we reach the point where we have overspent so much, that things start crashing down, the black swan event occurs… there is a backstop available to every government in the world, and that backstop is Bitcoin.” The acknowledgment over government overspending as a major problem as well as the creation of new fiat currency through quantitive easing (QE) is fueling Bitcoin as a long term store of value. Read here.
MakerDAO still the DeFi King
MakerDAO still the king of Defi with 17% dominance of the £14.78 billion Defi market. MakerDAO was the first mover into the Defi space much like bitcoin to crypto. The way that MakerDAO has continued to not only innovate through its community but also grow has seen it survive the 2020 crypto covid crash and come out the otherwise. MakerDAO’s minted stablecoin DAI has seen a 15x growth with it’s collateralized & decentralised assets backing its value. Dai continues to attract investors away from other centralized stable coins like USDT and USDC as the Defi space continues to expand. Read here.