Last week in review: Bitcoin goes blockbuster
Football legend Lionel Messi is set to kick for crypto at Paris Saint Germain, bitcoin is going box office thanks to cinema giant AMC, and insurance giant Metromile has become the latest Nasdaq company to put their bitcoin to work.
Has adoption reached a fever pitch for the year, or is this only the beginning? Here are our picks of the biggest headlines to come from last week.
Bitcoin goes blockbuster
- AMC, the US cinema chain behind Odeon theatres, says customers will soon be able to buy movie tickets with bitcoin.
- Aron also said that brushing up on blockchain and other pillars of cryptocurrency has given him “the confidence” to add bitcoin as a payment option.
- Pundits suggest AMC could be making a play to appeal to young amateur traders, many of whom have bought AMC shares over the last six months in the wake of the GameStop short squeeze.
- With bitcoin coming to a theatre near you, can we say “watch this space?”
Singapore latest to regulate crypto
- DBS Vickers (DBSV), the brokerage arm of Singapore’s DBS Bank, has received approval “in principle” from the Monetary Authority of Singapore to start offering crypto services to asset managers and companies.
- It comes three years after the city-state passed its payment act, which requires all digital payment service providers to obtain licenses in order to operate.
- DBSV has noted that once it receives its license, it will be able to directly support managers and companies through its digital exchange, known as DBS Digital Exchange.
- This puts DBVS among the first few financial institutions to receive approval from the Monetary Authority of Singapore.
Metromile invests in bitcoin and shares crypto vision
- Metromile, a Nasdaq-listed auto insurance company, has invested $1 million in bitcoin.
- The investment is part of a long-term plan that will see Metromile “become the first insurance company to allow policyholders the option to pay for insurance and receive payment for eligible claims in either bitcoin or dollars.”
- As the adoption of cryptocurrency grows rapidly worldwide, the San Francisco-based company says it is becoming clear that the decentralisation of finance has the potential to shift consumer behaviour and financial infrastructure.
- “We believe that allowing cryptocurrency payment is fully aligned with our commitment to innovation, equitability, and promoting financial resilience,” said Metromile in a Q1 letter to shareholders.
- Lionel Messi’s transfer from FC Barcelona to Paris Saint Germain made global headlines this week, and the Argentine is set to receive a payment in cryptocurrency fan tokens as part of his “welcome package.”
- Crypto fan tokens are like other cryptocurrencies, but are instead issued by a sports franchise.
- Tokens like PSG’s can be used as a means for fans to interact with their favourite clubs through online polls and by sharing inspirational messages on captain’s armbands.
- Although no figures were disclosed, this is considered to be a milestone moment for football and its relationship with digital assets.