This week with the bill on bitcoin as a legal tender in El Salvador passing the congress, the third-highest funding round in blockchain history and Microstrategy buying more bitcoin worth hundreds of millions of dollars. And with a quick view on bitcoin for charity and NFT at the US Space Force.
Bitcoin becomes a legal tender in El Salvador
Last week at the Bitcoin 2021 conference El Salvador’s president Nayib Bukele announced a law to accept bitcoin as legal tender in the Middle American country. This week the law passed the congress with an overwhelming majority of 64 of 82 votes. It marks a major step for blockchain-based currencies and is a historic moment for bitcoin. Within the next weeks, Salvadorans will be able to receive their wages in bitcoin, pay taxes or other goods and hold bitcoin at bank accounts. Bukele also emphasized the potential of bitcoin for remittances sent back to El Salvador by emigrants. The government hopes for an increasing amount of international investments, tourism, and innovation. With a view on the international debate on the energy-intensive mining process, El Salvador plans to offer bitcoin miners the usage of renewable energy from the country’s volcanoes. What a great step! So which country is going to be next?!
Major Series C funding for blockchain startups
2021 in general has seen many incredible investment rounds. With the IPO of Coinbase in May, one of the biggest IPO in years was crypto-based. But Coinbase is just the beginning. There are numerous promising blockchain and crypto startups with high valuations and high-class ventures from around the world investing. This week another $694 million dollars were raised by two crypto companies: Ledger, a hardware wallet maker completed the third largest funding round in blockchain history with a $380 series C funding. Ledger provides users with the highest possible security for storing digital assets in a hardware wallet instead of at an exchange. Ledger already sold more than 3 million of those wallets in 190 countries, basically covering the whole world. Next to Ledger, the Ethereum competitor Solana raised $314 million dollars in a private token sale. The money is supposed to be used to create a venture investing arm, expand the number of decentralized applications, aiming to bring more people to the blockchain, eventually reaching a billion global users at some point.
Do you want to find out how to use a hardware wallet and store your cryptocurrencies safely? Then watch this video.
Microstrategy announced to buy more bitcoin
Microstrategy has been a pioneer in the bitcoin treasury. The CEO Michael Saylor is a famous advocate for blockchain-based currency and does groundbreaking work on convincing leading CEOs to exploit the potential of bitcoin. Microstrategy is already one of the few global groups with gigantic bitcoin treasuries and it seems like it’s still at the beginning. After announcing another purchase worth $488 million dollars from the proceeds of a private offering, Microstrategy also announced in a filing for the US SEC on the same day, that the plan to launch a securities offering that would allow to sell up to $1 billion of its Class A stocks over time. In the filing, Microstrategy says that they intend to use the proceeds “for general corporate purposes, including the acquisition of Bitcoin.”
And more exciting news from around the world:
- $1,3 million worth of bitcoin were donated to The Bitcoin Water Trust, a blockchain based charity announced at Bitcoin 2021
- The US Space Force will launch an AR-enabled NFT to honor Neil Armstrong, the first man on the moon
It was a great week for blockchain technology. Follow us for more exciting news and be part of the blockchain revolution by joining our BLOCKCHANCE EUROPE 2021 conference in Hamburg in December 2021. You can get tickets here.