This week has been an eventful week for the cryptocurrency market and Blockchain industry.
It’s been 10 years since the market crash of 2008 and a lot has changed. The development of Bitcoin and the subsequent market is attributed to the Great Recession of 2008.
Despite all the red that the cryptocurrency has seen this week, there have been a lot of good developments across the world that could potentially be really big wins for the cryptocurrency market, community and industry.
Here is what happened this week.
Morgan Stanley’s Bitcoin Swap Product
Morgan Stanley, another huge traditional financial institution, is joining the Bitcoin bandwagon with its new Bitcoin Swap product. The product that Morgan Stanley is developing quietly will allow customers to interact with the market indirectly while regulations come into play.
This step is to further what the CEO said a couple of weeks ago on a press release. He said that banks and other financial institutions need to technically prepare for the mass adoption of the technology because change is coming.
CitiBank Enters the Crypto Field
The cryptocurrency community is abuzz with news of another huge financial institution entering the field. CitiBank has apparently developed a new product that is called Digital Asset Receipt. That as the name suggests will be just that, for when banks and institutions become crypto savvy.
Indian Government Approves Blockchain Research
In an executive cabinet meeting, presided by Prime Minister Narendra Modi, India has approved a Blockchain research grant. The project is aimed to increase understanding of the technology and allow India to go deeper into the potential of the technology.
The research is said to be carried out by top financial and technical industrialists and government bodies in the country.
Bitcoin Now Accepted by Car Dealers
With the Bitcoin fever on the rise, there are a lot of retail dealers and distributors that have started accepting Bitcoin and a lot of top altcoins.
The most recent to join this group is the premium car brand Rolls-Royce.
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