In 2021, cryptocurrencies such as Bitcoin and Ethereum captured the attention of investors worldwide with a historic rally. However, their performance in recent times has been lackluster, leaving many speculators eagerly awaiting a resurgence of the bull run. Despite the challenges, significant industry players like Goldman Sachs, Microsoft, and others are investing in technologies to mainstream cryptocurrency trading. This article explores the latest developments in the crypto space and the initiatives taken by these giants to propel cryptocurrencies into the mainstream.
Microsoft and Goldman Sachs Lead the Way:
Leading the charge, Microsoft’s general manager of artificial intelligence and emerging technologies, Rashmi Misra, expressed excitement about the Canton Network blockchain project. Microsoft aims to leverage the power of AI and cloud technology to improve user experiences and drive developer adoption in the financial community. Joined by Goldman Sachs, Deloitte, S&P Global, Moody’s, and other notable entities, they have thrown their weight behind the Canton Network. Scheduled for a July testing rollout, this innovative blockchain platform addresses critical cryptocurrency issues like privacy deficits, data control, cross-chain compatibility, and scalability.
Mainstream Adoption by Financial Powerhouses:
In a significant move, Fidelity and BlackRock, two global financial powerhouses, independently announced their entry into the cryptocurrency landscape. Fidelity launched its crypto trading platform, offering commission-free Bitcoin and Ethereum transactions to its vast user base of 37 million. BlackRock also expressed interest in cryptocurrencies, signalling a growing acceptance within the traditional financial sector.
Microsoft’s Ongoing Crypto Initiatives:
Microsoft continues to make strides in the crypto space. It is reportedly developing a built-in Ethereum crypto wallet for its Edge browser, simplifying the process of sending and receiving cryptocurrencies and NFTs for users. While Bitcoin was temporarily removed as a payment option in 2021 due to volatility and risk, Microsoft still allows users to fund their accounts using BTC, highlighting their ongoing support for cryptocurrencies.:
Despite the recent lacklustre performance of Bitcoin, Ethereum, and other cryptocurrencies, the industry is witnessing a growing wave of support and investment from major players. The Canton Network, backed by Microsoft and Goldman Sachs, holds promise in addressing crucial issues plaguing the crypto space. Moreover, the entry of financial giants like Fidelity and BlackRock into the cryptocurrency landscape underscores the growing mainstream adoption. As technology continues to evolve and adapt to the needs of the financial industry, the future of cryptocurrencies appears brighter than ever before. Stay tuned for the exciting developments that lie ahead as cryptocurrencies continue their journey toward mainstream acceptance.