Well, folks, it’s been a big week for cryptocurrency on a global scale. The success of the launch of Coinbase’s public offering was described by the New York Times as a ‘coming out party’ for cryptocurrency. Finally, they said, crypto has hit the mainstream.
The public offering, which was structured as a direct public offering (DPO), was certainly a hugely important movement for crypto. However, while it may have been crypto’s ‘coming out party’, the DPO was arguably only the latest in a series of crypto’s movements into the mainstream cultural and financial worlds.
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Just within the last several months, the crypto world has seen Tesla, Square and many others add Bitcoin to its balance sheet; it has seen Visa announce plans to settle transactions on the Ethereum blockchain. Paypal has announced that users can pay merchants in cryptocurrency. Additionally, the US government gave a federal banking charter to cryptocurrency custody firm, Anchorage in January.
“This week has been nothing but a bonanza of activity in the space on all fronts,” said Aaron Rafferty, Chief Executive of R.F. Capital, in an email to Finance Magnates.
“Large institutions including Microstrategy, Paypal, Fidelity, the Rothschilds and Walmart have [indicated that they will be making] further additions of Bitcoin to their already extensive balance sheets,” he said. “Ripple’s XRP has seen significant price action as well nearly cusping $2 with news of a recent legal win. Gary Gensler was…