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Wednesday, December 1, 2021

Crypto News: Buy Stocks with Bitcoin


Another week and another stalwart institution are buying up Bitcoin. You know it’s big news when the institution doing the buying is more than 150years old! On top of Bitcoin buying, we’ve got lots of other great news for you this week. Speaking of old, classic game maker Atari is back and it turns out they’re big into the blockchain, the EOS network is expanding their horizon, and stocks can now be traded with.

Crypto 24 hrs a day. Thanks for joining us and stick around as we dive into the details on this week’s Exodus Crypto News. Crypto exchange Bittrex has announced that they’re going to allow their customers to purchase stock shares with crypto. For example, ares. According to Bittrex they’ll begin by supportingshares from big tech companies like Facebook, Tesla, Apple and Google to name a few.

This is pretty big news since until now there’s never really been a way to buy stocks with Bitcoin. Although, to be fair these aren’t really traditional stocks from the traditional markets.

What Bittrexis actually offering are tokenized stocks. There are a few advantages that these tokenized stocks have over the traditional stock market. Firstly, tokenized stocks can trade 24/7. They don’t stop trading because business hours have ended a holiday has shut down the markets. Second, tokenized stocks offer fractional ownership.

Just like you can buy a fraction of a Bitcoin, you can buy a fraction of a Tesla or Apple share if it is a token. So this is all pretty cool since it marks the beginning of the tokenization revolution. Although nobody can predict the future, it’s probably fairly uncontroversial to say that within 5 or 10 years, all company shares will trade as tokens versus traditional stocks.

There are just so many benefits to this a tokenization system that it’s hard to imagine it won’t get universally implemented at some point. If you see a bright future here for trading stocks with crypto let us know in the comments below and don’t forget to smash the like and subscribe buttons while you’re there.

The Massachusetts Mutual Life Insurance Company, or commonly known as MassMutual for short, has announced that they bought $100 million worth of Bitcoin for their investment account. At this point, the news isn’t as surprising as it would have been a few months ago. Here in the crypto community were getting used to large institutions buying Bitcoinas a store of value.

That being said, there are still a couple of interesting things about this particular purchase, we think are worth covering. First off, podcast host and Bitcoin investor Chris Dark pointed out that $100 million is just 0.04% of MassMutual’s Assets UnderManagement.

In order to even reach a 1% Bitcoinallocation, MassMutual would have had to buy $2.5 billion worth of Bitcoin! This just goes to show how much institutional money there is out there, and how much BTCinstitutions could potentially buy once they really start entering the crypto market.

Travis Kling, the founder of the crypto fundIkigai, had this to say about the purchase. Imagine being a macro hedge fund not involved in BTC and you get beat to the trade by a firm that’s older than the lightbulb. MassMutual was founded in 1851, almost160 years before Bitcoin was invented, and yet they’re now invested in BTC.

If TravisKling is right, this could really be the extra push needed to get other institutional buyers into space. If MassMutual can do it, anyone can! The Canadian dollar stablecoin QCADhas announced that the crypto will be moving to the Algorand platform.

According to the Algorand team, this will enable QCADto to be used for micropayments as well as regular purchases since Algorand has significantly faster confirmation speeds than decentralized platforms like Bitcoin and Ethereum.In fact, we actually talked about this possibility not too long ago in an article on the Exodus blog.

Similar to Bitcoin or Monero, Algorand is designed to be used as a payment cryptocurrency. As a decentralized network with fast settlement speeds, Algorand could potentially be good crypto to buy the proverbial cup of coffee with. So this prediction is playing out pretty well. Because Algorand is a very fast blockchain you can actually have transactions that are fast enough to enable real-time payments.

For example, if a grocery store in Canada started accepting the QCAD stablecoin, you could pay with itand the transaction would clear in just a few seconds. The same thing for using QCAD to make an online purchase, the transaction would confirm seconds just like a credit card payment does.

It will be interesting to track the progress of the QCAD stablecoin, especially whether merchants start accepting it. In addition to QCAD, USDT and USDC also recently began operating on the Algorand chain. You’ve probably already heard of wrapped Bitcoin, or WBTC, If you haven’t, click the link up therefor an overview from the Exodus Blog.

WBTC has gained a lot of popularity in the DeFi ecosystem and now the EOSnetwork is attempting something similar except that instead of wrapping Bitcoin, EOSFinex is going to be wrapping ERC20 tokens.

First off, EOSFinex is a non-custodial exchange built on top of EOS with the support of Bitfinex.The exchange is going to bring 15 wrapped tokens to EOS, most of them governance tokens from some of the most popular DeFi protocols Ethereum.

Some examples include Uniswap, Maker, DAI, Link, Aave and about ten other tokens as well. What this shows is how dominant Ethereums DeFiecosystem is. EOS is supposedly an Ethereumkiller, yet an EOS based exchange is integratingEthereum assets onto its own blockchain.

The hope is that by having these wrapped tokens, EOSFinex can increase its liquidity and get more traders to use the platform. Just because a company has been around for a while doesn’t mean it can’t adopt new technologies. Atari, the classic game’s developer, recently launched the Atari token which is designed to be used as an in-game currency.

The Atari token uses the ERC20 standard and runs on top of the Ethereum blockchain, which means that it will be interoperable with Defi protocols like Uniswap and Compound. The hope is that gamers will use the currency in some of the games that Atari is currently building.

For example, the token will be integrated into Karma the Game of Destiny, as well as a few betting games. The key piece of technology behind the token is the Atari VCS console. This new gaming console is designed with native support for the token to make the experience of using the new currency as easy as possible.

As a bonus for you collectors, Atari is also interested in non-fungible tokens. The company has plans to launch NFT collectable art pieces that are derived from some of their popular games. Then there’s a partnership with the blockchain gaming protocolEnjin.

This partnership will let developers create classic atari branded games like Pong and Asteroidthat can be played on the VCS console. This is a really cool story of a classic company recognizing the benefits of blockchain and using it to create a better experience for their users.

In a way its not that much different than MassMutual, which is hoping that bitcoin will help the company to protect its balance sheet against inflation and other shocks to the traditional financial system. Nic Carter has called the widespread adoption of crypto a most peaceful revolution.

That’s what we’re seeing this week, as legacy institutions step into crypto and the community welcomes them to the party. If you liked this video, smash that like button and subscribe to the channel for more crypto videos every week from Exodus. Cheers to blockchain and until next time, HODL on!.

Read More: Bitcoin, Ethereum, EOS: Is the Future of Finance Decentralized? | Crypto DeFiance 2019

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