Crypto Institutions Are Gaining Momentum: The Big Players Are Interested
Crypto Institutions Gaining Significant Momentum
Crypto institutions are gaining notable traction as major financial players show increased interest in the cryptocurrency sector. A little over a year after the collapse of the crypto banks Silvergate and Signature, significant developments are emerging in the industry. PayPal has boldly utilized its proprietary stablecoin to pay auditors Ernst & Young LLP, leveraging a hub provided by SAP.
Visas Efforts to Bridge the Gap
Additionally, Visa is helping to bridge existing fiat currencies with blockchains through its Visa Tokenized Asset Platform (VTAP). This shift signifies a crucial pivot for traditional financial institutions towards embracing cryptocurrencies.
A lot has transpired since the bank collapses, leading to the emergence of a Bitcoin ETF, rising political activity from crypto advocates, and a fluctuating cycle of Bitcoin prices. PayPal and Visa likely initiated these projects some time ago, aiming to hedge on stability in the crypto landscape while showing a keen focus on stablecoins.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.