Prices Jump As California Begins Crypto Adoption Process


One of the largest economies in the world has officially started adopting blockchain and digital asset technologies.

The US state of California is the fifth largest economy in the world, with a gross domestic product (GDP) higher than the UK and only behind China, Japan and Germany.

It is also home to Silicon Valley and the headquarters of most of the world’s largest technology companies, including Google, Facebook, Microsoft and Apple.

Governor Gavin Newsom has signed a blockchain executive order to explore how to apply cryptocurrency and other digital asset technologies to his economy and services “while protecting Californian consumers.”

This follows President Joe Biden’s recent call for government agencies to follow the federal government’s lead in developing digital currency regulations.

“California is a global innovation hub, and we are gearing the state for success with this emerging technology – driving responsible innovation, protecting consumers and leveraging this technology for the common good,” said Governor Newsom.

“Too often, government lags behind technology advances, so we have a head start on this and are laying the foundation for consumers and businesses to thrive.”

The order aims to create a transparent and consistent business environment for companies operating in the blockchain; creating a regulatory approach to crypto assets, researching and identifying use cases for public services; and creating research and labor flows.

Crypto Data Provider Applauds “Astounding” Institutional Adoption

A digital asset data provider has raised $30 million in Series B financing.

Amberdata provides information about blockchain, cryptocurrency markets and decentralized finance to financial institutions.

According to CEO Shawn Douglass, the company’s revenue is growing rapidly as these institutions embrace crypto on a large scale.

“The speed of institutional adoption of crypto is really staggering,” he said. “We’ve seen our revenues double in the first quarter of this year as the world’s largest financial institutions turn to us for the critical data they need for research, trading, risk, analysis, reporting and compliance in obtaining access to digital assets.

“Amberdata is poised for massive growth and this funding will enable us to accelerate the expansion of our global go-to-market business, scale our state-of-the-art data infrastructure and strengthen our world-class customer success team.

“It also enables us to accelerate new product initiatives, including expanding DeFi’s depth and coverage, developing digital asset indices, and market intelligence and risk analysis applications.”

The financing round was led by Knollwood Investment Advisory. Susquehanna International Group, Nasdaq Ventures, NAB Ventures, Chicago Trading Company, Nexo, Coinbase and Innovius participated in the capital increase alongside existing investors Citi, Franklin Templeton, Aspenwood Ventures, Rovida Kruptos Assets and Boldstart Ventures.

Cryptocurrency Shorts

Luxury fashion brand Gucci will test cryptocurrency payments in its US stores, with payments made via a link with a QR code that will allow them to make payments from their crypto wallet.

London-listed Pluto Digital has launched its Yield Optimization Platform (YOP), which is designed to enable people to earn passive income from their crypto.

Crypto exchange Coinbase has opened the beta version of its non-fungible token market to the public.

France’s financial authority has approved Binance’s registration as a digital asset service provider, and the exchange is now planning to expand its business in the country.

Yuga Labs, the company behind the Bored Ape Yacht Club NFTs, has refunded $265,000 in Ethereum transaction fees to those who tried and failed to purchase Otherdeed lots in the Otherside metaverse.

Payments company Ramp has partnered with Exodus, the self-storing cryptocurrency software platform Exodus, allowing the latter’s customers to purchase cryptocurrencies within the app.

Holders of the Shiba Inu meme coin can now use it to purchase land in the Shiba VR Metaverse.

Crypto Prices

The total market cap of over 19,200 coins is $1.8 trillion, up 4.4% in the past 24 hours.

Bitcoin Market Leader – tan original cryptocurrency created by the mysterious Satoshi Nakamoto – earned 3% for $39,600 at the time of writing (7am UK). BTC is increased slightly in a week.

Ethereum, the Second Most Valuable Cryptocurrency – Made as Announcementcentralized smart contract network on the blockchain – climbed 4% to $3,000. ETH is up 2% in a week.

Binance Coin is a cryptocurrency created by the popular crypto exchange Binance to help it become the infrastructure service provider for the entire blockchain ecosystem. The BNB token added 4% to $401, pushing it up 3% in seven days.

Solana is a blockchain designed to make decentralized finance widely accessible – and capable of processing 50,000 transactions per second. Its SOL token rose 8% towards $94 – enough to see it back above XRP and Terra in the market cap valuation chart – but is down 6% from a week ago.

Ripple’s XRP Token, a payment arrangement asset exchange and remittance system, acts as a bridge for transfers between other currencies. XRP added 6% to 64.5 cents, holding it down 1% in seven days.

Terra, described as a programmable currency for the Internet, gained 2% to $86. His LUNA payment token is 4% lower than the price a week ago.

Cardano is an open-source network that facilitates dApps and sees itself as an updated version of Ethereum. The ADA token, designed to enable owners to participate in the operation of the network, increased by 11% to 87against It is up 3% during the week.

Avalanche, a blazingly verifiable platform for institutions, businesses and governments, came out of nowhere months ago to break into the top 10 currencies. To be The AVAX token climbed 12% to $67 but fell 3% in one week.

The Meme DOGE coin was created as a satire on the hype surrounding cryptocurrencies but is now a major player in the space. DOGE added 4% to 13.5c, leaving 3% less in a week.

Polkadot was founded by the Swiss-based Web3 Foundation as an open-source project to develop a decentralized web. The DOT token, which aims to securely connect blockchains, rose 7% at $16.25 but is 4% lower than the price a week ago.

To see how the valuations of major coins have changed lately – and for an overview of recent developments in cryptocurrency news – click here.

For valuations of the top 250 coins by market cap, plus 24-hour price change and volume traded, see below.

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