Crypto News | 13 July 2021 Update

This-Week-In-Crypto-13-7-21




Dacxi
Corporate


12 July, 2021 | 5 MIN

Wyoming Becomes the First US State to Legally Recognize a DAO

With $2.5 Billion in Sales, NFTs set a Record Volume of Trade in the First Half of 2021

Crypto.com Becomes Official Sponsor of UFC in a $175 Million Deal

Circle, Known for its Stablecoin USDC, will go Public at $4.5 Billion Later This Year 

Steve Wozniak, Apple Co-founder, Considers Bitcoin Better Than Gold

Welcome to another exciting update about what is going on in the global crypto industry. Let's start with Wyoming, one of the US states, which set an example by becoming the first state in the country to legally recognize a DAO. Moving onto NFTs, they proved to be the hottest segment in the crypto space this year, with sales worth $2.5 billion in the first half of 2021.

Crypto.com continues to sign sponsorship deals with global brands. This time, they became the official sponsor of UFC. There is another exciting news for the entire crypto community. One more popular cryptocurrency company, Circle, is going public later this year at a $4.5 billion valuation. It is the same company, which is behind USD Coin or USDC, the second most popular stablecoin globally. Next comes Apple co-founder Steve Wozniak, who praised Bitcoin in a virtual Latin American event by calling it better than Gold. He has a valid point!

Wyoming Becomes the First US State to Legally Recognize a DAO

Once again, Wyoming establishes itself as a crypto-friendly state by legally recognizing the United States' first decentralized autonomous organization. 

The DAO to receive legal recognition in Wyoming is the American CryptoFed DAO, recently established on July 1st, 2021. They aim to launch two tokens that would be fully immune to any kind of inflation or deflation.

The CEO of the American CryptoFed, Marian Orr, praised Wyoming for being the most crypto-friendly state in the United States. She said:

“Wyoming is the leading digital assets jurisdiction in the USA, and now with this DAO law, Wyoming is arguably the top blockchain jurisdiction in the world. What this means is that creating a true digital currency with mass acceptance is now possible.”

American CryptoFed DAO got a notice from the office of Wyoming Secretary of State regarding the legal recognition on Tuesday.

As for the organization behind the American CryptoFed DAO, it was launched by mSHIFT, a mobile banking solutions provider. 

With $2.5 Billion in Sales, NFTs set a Record Volume of Trade in the First Half of 2021

Non-fungible tokens or NFTs are the highlights of 2021, similar to how decentralized finance was the highlight of 2020. The statistics also prove it. As per DappRadar, NFT sales crossed $2.5 billion within the first six months in 2021. 

When comparing the NFT sales from the first half of 2020 with sales in the first half of this year, we see a growth of over 180 times. Isn't that amazing? After all, the NFT sales in the first half of 2020 were mere $13.7 million.

By June, many in the crypto industry claimed that the interest in NFTs had fizzled after a considerable drop in NFT sales. Yet, NFT space continues to make headlines regularly, with players like OpenSea, posting record sales figures month after month. 

Reuters reported that OpenSea, a leading marketplace, saw NFT sales worth $150 million in June. It is more than 1000% of the NFT sales recorded in the first half of 2021.

Crypto.com Becomes Official Sponsor of UFC in a $175 Million Deal

Crypto.com, one of the world's largest cryptocurrency exchanges, continues to build exciting partnerships with global brands. Recently, they have become the official sponsor of Ultimate Fighting Championship, one of the top-most brands in the martial arts space globally.

On Wednesday, the news about Crypto.com agreeing to a fight-kit partnership with UFC became public after UFC’s official announcement. Neither UFC nor Crypto.com has disclosed any financial details about their partnership, but CNBC reported that the sponsorship deal is for ten years and is worth $175 million.

Under their partnership, athletes competing in the tournament along with the training staff will wear fight kits and clothing with crypto.com branding. With this sponsorship deal, Crypto.com has become the official "Cryptocurrency Platform Partner." It is UFC’s new sponsorship category.

Circle, Known for its Stablecoin USDC, will go Public at $4.5 Billion Later This Year 

On Thursday, a Goldman Sachs-backed fintech company, Circle, announced that they are planning to go public later this year at a $4.5 billion valuation.  

Before they go public, Circle and Concord will be acquired by an Irish holding company, and then, it will be listed on New York Stock Exchange (NYSE) as a publicly-traded company. Its ticker symbol will be CRCL.

Even after the acquisition of Circle by the special purpose investment vehicle Concord Acquisition Corp, Circle's existing shareholders will continue to hold 86% of the newly formed company. 

Circle has also announced that institutional investors have agreed for private investment in the public equity financing of $415 million in the company. It includes Third Point, Marshall Wales, Fidelity Management & Research Co, and ARK Investment Management's actively managed accounts.

Steve Wozniak, Apple Co-founder, Considers Bitcoin Better Than Gold

Apple co-founder Steve Wozniak considers Bitcoin a miracle. He also believes that it is far better than gold. A couple of years back, Steve said that “Bitcoin is the only digital gold.” But despite his positive outlook about Bitcoin, he hasn't invested in the world's largest cryptocurrency by market cap yet. His exact words were:

“Gold is limited, and you have to look for it. Bitcoin is the most amazing mathematical miracle. I do not invest in Bitcoin, but I believe it’s here to stay.”

It was during the Talent Land Digital 2021, a technology & innovation-focused Latin American virtual event when Steve repeatedly called Bitcoin a miracle of technology and a unique mathematical formula. 

El Sol de México, a local news agency, reported on Thursday that Steve has also said that Bitcoin is far better than gold. His reason was that when it comes to the difficulty of obtaining them, mining Bitcoin blocks is far easier than locating and mining gold. 



Dacxi is proud to support people on a path to prosperity with crypto. If you would like to find out more then please join us at dacxi.com. We’re here to help.