Cryptocurrency news overview: August

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News Overview: August

 

At Hodl, every month we create an overview of the most important news in the cryptocurrency industry. Below you will find the most important news items from the previous month:

Dutch football clubs massively adopt cryptocurrency

 

This month was filled with news about cryptocurrency and football partnerships. Many football clubs have embraced a dedicated cryptocurrency partner. Blox, a Dutch crypto investment app has partnered with Ajax and Club Brugge. Anycoin Direct has a unique sponsorship deal with PSV, which gets paid in bitcoin. Knaken has partnered up with Sparta, Ajax, and Feyenoord and Bitcoin Meester has partnered with AZ. Thus, all major clubs in the Netherlands now have a dedicated cryptocurrency partner. Is this adoption of the masses?

 

Biggest hack in Decentralized Finance ends in a fizzle

 

Earlier this month a major hack on the Poly Network took place. The Poly Network is a protocol that connects several blockchains and makes them interoperable. Due to a bug in one of the smart contracts a hacker was able to capture over $600 million in cryptocurrencies. After some toilsome communication, the hacker turned out to be a white-hat hacker and returned the assets to the Poly Network.

 

Cuba follows El Salvador and looks at cryptocurrencies as legal tender

 

Following the adoption of Bitcoin as legal tender in El Salvador, a motion to regulate and accept the use of cryptocurrencies as legal tender has now also begun in Cuba. The Cuban central bank came out with an official statement in which it made it clear that it sees cryptocurrencies as a way to bypass US economic sanctions. More and more countries in the region that rely largely on remittances (family members transferring money from abroad) are looking at cryptocurrencies to get around the high transfer fees of services like Western Union.

 

Visa buys NFT for $150,000

 

NFT’s are becoming increasingly popular. An NFT is a unique digital token that records the ownership of an object on the blockchain. Visa has joined the NFT hype and purchased a Cryptopunk for over $150,000. Visa’s Head of Crypto, Cuy Sheffield, said they want to buy more NFT’s in the future and embrace this new form of commerce.

 

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