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Last week Paypal acquired Curv, a crypto-security company that makes digital wallets more secure and easy to use. This is one of many moves by big fintech companies indicating cryptocurrency and digital assets are here to stay.
Paypal has also announced plans to expand their crypto products abroad and to let users buy and sell items using crypto. In short: digital assets are gaining trust.
Whether you already love crypto or want to understand what’s going on, we’re going to be focusing on it a lot in the coming weeks. (Exciting things on the horizon.)
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Money is evolving
Remember when the internet boomed, everyone started using email, and suddenly sending a piece of physical mail seemed archaic? A similar thing is happening with crypto.
Decentralized digital currencies like Bitcoin are soaring in popularity. Ethereum and other projects are set to revolutionize financial transactions as part of the DeFi (decentralized finance) movement.
Before crypto, the concept of money was, “I give you this dollar bill and you give me something back.” With the rise of crypto, it’s clear that currency is becoming a much more active asset.
Now when we see individuals buying NFTs for millions of dollars, it’s important to remember that they’re putting their money into the Еtherium network. The thinking is changing from “millions of dollars” to “assets in Ethereum and earning yield in a growing economy.”
While it may still seem crazy that the future of money could look less like USD in our bank accounts and more like a diverse digital wallet of assets, the trend is moving in that direction.
Tesla recently purchased $1.5B worth of Bitcoin, Microstrategy acquired more than $1B in BTC, Square bought more than $150M worth, and Meito just announced a $40M buy. Visa and Mastercard are planning to allow Bitcoin to be used for purchases on their networks.
So where does that leave the rest of us navigating the cryptosphere? Crypto enthusiasts are still buying crypto and NFTs are still rising in popularity.
A reminder to anyone considering buying digital assets: never invest or spend money that you can’t lose. Crypto isn’t a get-rich-quick scheme and the best way for the average person to buy it is in tiny buys every week to average out the volatility of the market.
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Investing in the next wave of crypto and digital asset startups
Digital asset and blockchain startups are thriving in this environment. Here’s a look at all the crypto-related deals currently on our platform and our partner NextSeed:
• Leave a digital legacy. Clocr is an all-in-one digital legacy planning platform. They have three pending patents, including one in security, and are paving the way for the future of digital assets (including crypto). They have recent mentions in Forbes, Entrepreneur, and Techconnect.
• Build with the blockchain. DigiBuild is using blockchain technology to increase transparency and improve efficiency in the construction industry. They’re solving for the industry’s most significant pain points—risk mitigation, supply chain management, and inefficient payment processing. With 30 of the largest companies in construction as customers or beta users, they’re launching their platform in 2021.
• Don’t forget your (crypto) taxes. NODE40 makes software that simplifies paying crypto taxes (“Quickbooks for crypto”). With over 40M taxpayers reporting owning or trading cryptocurrencies, their powerful accounting software processes complex data from multiple sources, with a focus on accuracy and auditability.
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Launched this week
Tempo
Gaming’s interactive experience company
Lynx City
Eco-friendly micro-mobility options supporting local wildlife
Irrigreen
Revolutionary smart sprinkler system that saves water
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