The University of Cambridge estimates that the number of global digital-asset users has increased by 189% since 2018.
In its new global crypto-asset research findings, the Cambridge Center for Alternative Finance (CCAF) revealed up to “101 million unique crypto-asset users across 191 million accounts opened at service providers in Q3 [of] 2020.”
The Cambridge Center for Alternative Finance disclosed that the sharp surge may be due to both an increase in the number of existing accounts, as well as a heightened ability to connect individuals to those accounts.
Though staking in the digital asset sector is primarily driven by retail investors, the CCAF’s report also finds that a growing number of European and American institutional investors wish to expose their portfolios to crypto assets.
According to the September report, BTC remains the most commonly available crypto asset across service providers.
However, Ethereum has quickly grown inaccessibility, to become the second most supported token followed by Litecoin, Bitcoin Cash, and Ripple
- While firms continue to serve users from their regions of operations, North American, Middle Eastern, and African companies appear to have a more geographically diversified clientele.
- Service providers in both regions report that 42% of their customers are from other regions – primarily in Europe for MEA firms and Latin America for North American ones.
- Service providers operationally headquartered in North America and Europe indicate that business and institutional clients make up 30% of their customers.
- This figure is much lower for APAC and Latin American firms at 16% and 10% respectively.
- The composition of business and institutional clientele differs from region to region. While North American and European firms primarily serve crypto asset hedge funds and traditional institutional investors, Middle Eastern and African service providers that cater to non-retail clients focus on online merchants (50%).
#EndSARS: Feminist Coalition raise Cryptos worth $126,000
Feminist Coalition has raised about 9.9 Bitcoins and other cash donations totaling N77.19 million for the #EndSARS movement.
Feminist Coalition, a non-governmental organization originally created to push for gender equality in Nigeria, has become the forerunner of support for the #EndSARS protests. They joined millions of other Nigerian youths across the country to call for police reforms and have raised about 9.9 Bitcoins and other cash donations totaling N77.19 million.
Bitcoin, at the time of this report, traded at $12,887.81 with a daily volume of $27 Billion. BTC price is up 1.1% in the last 24 hours. This means the value of their crypto donation has now reached $126,720.
The funds have been largely disbursed to support the protests with hospital bills for injured protesters, food, water, first aid supplies, and more.
October 21st, 2020. pic.twitter.com/UCPquA4Vbc
— feministcoalition (@feminist_co) October 21, 2020
Why this matters
- The donations are used in providing medical and legal bills for some Nigerians arrested in recent days, and most importantly to hire private security guards in protecting them against armed gangs, who of late have tried to discredit the theme of the peaceful protests.
- Another critical reason many Nigerian millennials use crypto amid protest for police reforms is that the #EndSARS protests in principle are decentralized. There is no known centralized authority coordinating the protest and the much advantage cryptos have over fiat currencies is that they are decentralized finance assets, meaning funds can’t be controlled, blocked, or disengaged by any central authority.
- Also, crypto donations are very secure, and privacy concerns kept at a minimal level, on the basis you don’t disclose your personal details when making such transfers.
The Feminist Coalition is a group of young Nigerian feminists formed in July 2020, with a vision of a country where equality for all people is a reality in our laws and a mission to champion equality for women in Nigerian society.
Its core focus is on education, financial freedom, and representation in public office.
Explore Data on the Nairametrics Research Website
Tether opens up 300,000,000 USDT
Tether’s Treasury minted a whopping 300 million USDT.
Tether, the most valuable stable coin by market value, has become a household name in the fast-changing crypto market.
The latest development is that Tether treasury minted a whopping 300 million USDT, as seen on Whale Alert, an advanced blockchain tracker and analytic firm.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 300,000,000 #USDT (299,180,785 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) October 21, 2020
At the time of this report, Tether traded at $0.999746, with a daily trading volume of $33,341,910,985. USDT price is flat in the last 24 hours. It has a circulating supply of 16 Billion coins and a max supply of 10.2 Billion coins.
To show how fast the third most valuable crypto by market value has become relevant, data from Glassnode, an on-chain analytics provider, showed Tether transaction volume increased by around 20% over the past 30 days, to reach that new cumulative milestone.
What you should know
Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.
Nairametrics had earlier outlined a report on the organic growth of Tether’s market capitalization, as one of the major reasons for the gain Bitcoin (BTC) is presently having in the mid-term. Interest in digital links to the dollar represents the need to handle and store value in the world’s reserve currency, without an intermediary.
Paypal to offer Cryptos by early 2021
This offering was made possible through a partnership with Paxos Trust Company
PayPal Holdings, Inc. on Tuesday announced it will be providing its users the opportunity to buy, hold and sell cryptos directly from their PayPal account by early next year.
It also hinted at a strategy to significantly boost its crypto’s utility capability by making it readily available as a funding source for purchases at its 26 million clients globally.
In a press statement seen by Nairametrics, Dan Schulman, president, and CEO, PayPal, gave key insights on why the global payment company was going crypto; “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of ;
- financial inclusion and access,
- resilience of the payments system
- and the ability for governments to disburse funds to citizens quickly.”
“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.
Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”
This offering was made possible through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.
PayPal was also granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS), In a statement credited to Linda A. Lacewell, superintendent, NYDFS, she said; “NYDFS’ approval today follows our June 2020 announcement for a new framework for a conditional Bitlicense to encourage, promote, and assist interested institutions to have a well-regulated way to access the New York virtual currency marketplace in a way that is both timely and protective of New York consumers, through partnerships with New York authorized virtual currency firms.”
She continued, “NYDFS will continue to encourage and support financial service providers to operate, grow, remain and expand in New York and work with innovators to enable them to germinate and test their ideas, for a dynamic and forward-looking financial services sector, especially as we work to build New York back better in the midst of this pandemic.”