This Week In Crypto | 19 - 26 October

null

Dacxi

Oct 25, 2021

5 MIN

Institutional Investors Hold a Record $72.3 Billion Worth of Digital Assets 

Facebook Test Pilots Novi Crypto Wallet in the United States & Nicaragua 

Animoca Raises $65M at a Valuation of $2.2 Billion 

Houston Firefighters' Relief and Retirement Fund Buys $4 Million Worth of Bitcoin & Ethereum

Walmart Adds 200 Bitcoin Kiosks to its Stores

 

Another interesting week in the cryptoverse. Bullish activity in the crypto industry has led to an increase in the institutional holdings of digital assets, which stood at $72.3 billion by end of the week on October 17. A global social media giant has finally launched its crypto wallet in the US & Nicaragua under the pilot program. 

Animoca's latest funding of $65 million proves how attractive the NFT & blockchain space is for the who's who of the corporate world. On the other hand, the Houston-based pension fund for firefighters has allocated 0.6% of their funds to invest in Bitcoin & Ethereum. Walmart, one of the most valuable companies in the world, has finally shown its interest in the digital asset space by agreeing to install 200 Bitcoin kiosks at its stores in the United States.

 

Institutional Investors Hold a Record $72.3 Billion Worth of Digital Assets 

The crypto market is bullish again. Accordingly, institutional activity has increased in the crypto market again as investors are allocating more funds accordingly. 

As per the latest CoinShares report, the institutional activity is considerably higher than last week as institutional investors have increased their exposure to Bitcoin & other popular altcoins.

The total crypto assets under institutional managers stood at $72.3 billion by October 17. Compared to the figures in March and May this year, the crypto assets in October are significantly higher. 

In March 2021, the institutional crypto holdings were worth $57 billion, and in May, the figure stood at $71.6 billion.

The total inflows in the digital asset space from institutional players last week was $80 million. Bitcoin attracted $70 million in institutional investment, the highest among all cryptocurrencies. 

The favorites were Polkadot (DOT) and Cardano (ADA) as institutional investors added $3.6 million and $2.7 million of these assets respectively. What may come as a shock to many, Ether (ETH) recorded minor outflows worth $1 million.

 

Facebook Test Pilots Novi Crypto Wallet in the United States & Nicaragua 

In a move that many in the crypto industry were eagerly waiting for, Facebook has launched the pilot program for its Novi crypto wallet in the US & Nicaragua.

Facebook's crypto wallet app was available for downloads to a small number of users in both countries from Tuesday. 

The app is available for download on both iPhone and Android phones. Anyone who wishes to add money to their wallet can do so by using a debit card. 

Under the pilot program, Pax Dollar or USDP will be used to send and receive money. Pax Dollar (USDP) is Paxos' USD-backed stablecoin. 

Pax Dollar's “important regulatory and consumer protection attributes" were major reasons for which Facebook had selected it for the pilot program.

As USDP is 100% backed by dollar reserves,  Novi users can withdraw their funds easily in local currency. 

 

Animoca Raises $65M at a Valuation of $2.2 Billion 

Hong Kong-based Animoca Brands, a leading blockchain-based game, NFT, and virtual property developer, nabs $65 million in funding & effectively doubled its valuation to $2.2 billion. 

In the previous funding round, Animoca Brands raised $138.88 million at a $1 billion valuation and became a crypto unicorn in June.

The likes of Sequoia China, Ubisoft Entertainment, Liberty City Ventures, Dragonfly Capital, among others participated in the funding round.  As per the announcement, Animoca Brands issued 43.8 million newly issued shares at AU$2 per share. 

 

Houston Firefighters' Relief and Retirement Fund Buys $4 Million Worth of Bitcoin & Ethereum 

Bloomberg reported on Thursday that Houston Firefighters' Relief and Retirement Fund, a Houston-based firefighters' pension fund, bought $25 million worth of Bitcoin (BTC) & Ether (ETH) through New York Digital Investment Group, or NYDIG. 

As the pension fund holds over $4.1 billion in total assets, its investment in digital assets accounts for roughly 0.6% of its entire portfolio. While speaking on pension fund's decision to purchase cryptocurrencies, their CEO Ajit Singh, said: 

“We have been studying this as an asset class to add to our investment portfolio for quite some time." He added further, "It became an asset class we could not ignore anymore.”

 

Walmart Adds 200 Bitcoin Kiosks to its Stores

Under the partnership with Coinstar and Coinme, Walmart will install 200 Bitcoin (BTC) ATMs across its stores in the United States.

The pilot program has begun with only 200 kiosks. But, the companies involved in this partnership envision installing up to 8000 Bitcoin ATMs throughout the United States.

The United States hosts the highest number of Bitcoin ATMs with over 25000 ATMs in the United States available in service stations and grocery stores, as per Coin ATM Radar.