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America's Oldest Bank Will Support Bitcoin - CRYPTO FRIDAY
Hey DEFI TIMES community,
America's oldest bank, BNY Mellon, announced that it would store Bitcoin on behalf of its clients. The bank will store and transfer Bitcoin and other digital currencies.
This is absolutely bullish news because the bank made clear that this was mainly due to Bitcoin finally becoming mainstream. BNY Mellon is one of the first banks to adopt Bitcoin. The majority of Mellon's customers asked the bank to support digital assets in the future, which shows the overwhelming demand for cryptocurrencies right now.
There is another thing to consider: Many large asset managers (pension funds, endowments, and insurance companies) use BNY Mellon for custody of their assets. This news could lower the barrier for these institutions to invest in digital assets.
All in all, this news will accelerate institutional mass adoption. Mellon was founded in 1869, which makes it the oldest bank in America.
The bank is not only going to offer custody services. They also decided to transfer or issue digital assets. Some people argue that they are going to build a full-service digital asset bank over the coming years.
We are clearly in a bull market. Expect news like this to occur on a weekly basis.
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FED publishes report about DeFi
The St. Louis Fed, one of the boards of The Federal Reserve, published a research paper on DeFi. The paper, by University of Basel Professor Fabian Schar, provides a framework for understanding and analyzing DeFi.
Synthetix Adds $sTESLA
The Synthetix Spartan council has voted for adding sTesla synth to the Synthetix protocol, which will be the first time Synthetix supports a real-world stock. This was probably a reaction to Tesla buying $1.5 billion worth of Bitcoin.
Matic rebrands to Polygon
Matic is one of the most important sidechain solutions on the Ethereum blockchain, and it announced that they would rebrand to Polygon. The new layer two aggregation SDK will allow multiple technologies at the same time. In a recent blog post on CoinDesk, they stated:
Polygon will support multiple layer 2 solutions such as Optimistic Rollups, zkRollups, and Validium, effectively making it an L2 aggregator. This approach, implemented via Polygon's modular SDK, will enable projects to select the scaling solution that best suits their needs rather than being bound by any one option.
Aave liquidity incentives
Parafi capital has proposed liquidity incentives for the Aave protocol, distributing 500 staked Aave to liquidity providers. Aave doesn't support yield farming, but if this proposal goes through, we can expect the Aave pools' liquidity to explode!
All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.
Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.