Cryptocurrency popularity continues to grow by the day worldwide, as people and authorities come to terms with how the new spectacle is changing the way people live and various operations. Likewise, cryptocurrency mainstream adoption is no longer a question of whether, but when. Russia has already set the pace on what cryptocurrency can be used for, even as debates continue around the country on whether crypto are legal entities.
WAVES Token For Loan Collateral
Even as the world comes to terms with the Kremlin unveiling what it terms an effective coronavirus vaccine, the country is yet again on the map this time on the use of cryptocurrency in the mainstream financial sector. A bank in the country has gone on record as the first-ever mainstream financial institution to issue a loan to a local businessman with a cryptocurrency token being used as collateral.
The businessman reportedly took a loan using the WAVES token as collateral even as the nation’s regulation regarding digital currency remains vague, as is the case in other parts of the world. The transaction went through even as some lawyers raised questions as to whether such transactions were legal.
WAVE’s founder, Alexander Ivanov, has already confirmed the transaction carried out by Expobank, headquartered in the Czech Republic, but with operations in Russia. While the transaction is welcome to most people who hold cryptocurrencies, some fear that the lack of clear legal regulations and necessary organizational infrastructure could prevent large institutional players from engaging in such transactions highly needed to accelerate mainstream adoption.
Amid the concerns, WAVES is moving to accelerate mass crypto adoption in the country. The blockchain-based company has already partnered Tron, to enhance adoption in the decentralized finance sector. The push comes on the native WAVES token enjoying one of the biggest bull runs in recent history. The token is up by more than 80% for the year, having already touched highs of $1.
BitMex Vietnam Investment
Russia is not the only country where cryptocurrencies are becoming increasingly popular amid a surge in platforms that enhance their handling. BitMex exchange operator 100X Group through its investment arm 100x Ventures has confirmed a $1.5 million investment on the Vietnam crypto exchange VCC Exchange.
The investment comes hot on the heels of BitMex CEO Arthur Hayes, reiterating that the Vietnam crypto market is poised to grow rapidly in the long run. The investment affirms the cryptocurrency exchange push for growth opportunities in Vietnam, seen as one of the fastest-growing markets.
Likewise, the $1.5 million capital injection will enable the local fiat-to-crypto trading platform to enhance product development and enhance its marketing activities. VCC Exchange is in the process of launching a peer-to-peer trading platform as it also plans to unveil a futures trading platform in the near future.
The launch of a P2P platform should allow the company to address a huge market need in the country. The platform will also go a long way in bolstering the exchange average trading volume by as much as 500%.