23 April, 2024

Major Institutions Venture into Crypto in 2022

29 Nov, 2022

22 Nov, 2023

The number of people getting into the crypto industry has always been on the rise. But 2022 became the year when major institutions started getting involved in the Cryptoverse. From Meta to Intel, these institutions continue to expand their presence in the crypto industry.

Starting in January, CashApp began offering lightning network access to users. Twitter launched NFT integrations, and Robinhood started crypto wallet testing.

In February, KPMG Canada added BTC/ETH to the balance sheet, Twitter added ETH tipping, GameStop and ImmutableX launched a $100 million gaming fund. ConocoPhillips launched a Bitcoin mining operation, whereas BNY Mellon and Chainalysis started tracking and analyzing crypto products.

Intel launched a crypto mining initiative, JPMorgan began research on the Quantum Key Distribution blockchain network, Sling collaborated with BitPay for crypto payments, and Rakuten launched its NFT trading platform in the month of February only.

March was much more illustrious as CVS Health filed trademark applications for NFTs and VR. State Street and Copper started offering digital asset custody. JPMorgan and TRM began using compliance tech to secure blockchain.

Billboard and Universal launched an NFT-based project. Tencent filed a patent for Metaverse concerts. Misfits Gaming partnered with Tezos, and Baidu announced the launch of the NFT platform, all in the month of March.

In April, Fidelity enabled 401K accounts to hold BTC. Robinhood integrated the Bitcoin Lightning Network, Tesla, Blockstream, and Block launched a solar-powered Bitcoin mining facility in Texas. Stripe began enabling USDC payments.

May was eventful with new collaborations and Terra’s collapse. Meta partnered with Polygon to integrate NFTs, Instagram initiated support for NFTs on Ethereum, Solana, Flow, and Polygon chains. Cloudflare started staking Ethereum, and LGT Bank decided to offer crypto.

If we look around June, we can see Chipotle partnered with Flexa to accept crypto payments in US stores. Apple partnered with Block to integrate Square payments with ‘Tap to Pay’ on iPhone. Checkoutcom started offering merchants instant fiat-to-stablecoin conversion.

That’s not it for June. PayPal enabled the transfer of BTC, ETH, BCH, and LTC to external wallets. lCitadel and Virtu Financial started building a crypto trading marketplace, and American Express launched a product allowing users to earn crypto rewards.

Meanwhile, in July, GameStop released a public-beta NFT marketplace. Dubai’s crown prince laid-out the region’s most ambitious “Metaverse Strategy.” BNP Paribas and Metaco partnered to custody crypto.

Tiffany & Co. announced the sale of 250 pendants for CryptoPunk NFT holders. PayPal now offers crypto support, and F1 filed a crypto trademark for the 2023 Las Vegas Strip Circuit Grand Prix in August.

In September, Nasdaq announced a crypto custody service. T-Mobile and Helium signed a five-year agreement. Charles Schwab, Citadel, and Fidelity announced the crypto exchange EDX Markets. Swift and Symbiont announced a corporate data blockchain pilot.

October saw many significant collaborations from major corporations. Google Cloud partnered with Coinbase to allow web3 companies to make crypto payments, McDonald’s started to accept Tether and Bitcoin in the Swiss town of Lugano, and Mastercard partnered with Paxos to provide crypto trading capabilities to banks.

Mastercard even collaborated with Ciphertrace to detect and prevent fraud. Fidelity added an Ethereum Index Fund. Finally, J.P.Morgan and Visa teamed up to streamline cross-border payments using Link and B2B Connect.

Finally, in November, Arweave, and Meta decided to archive creators’ digital collectibles.

J.P. Morgan and Singapore’s Central Bank made its first-ever DeFi transaction. Sony ventures into NFTs, whereas blockchain for gaming, and Nike partnered with Polygon to launch a new “digital wearables” platform.

Let us wait and see how the month of December will turn out for the crypto industry!!



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