- As per Altcoin Daily, Ethereum and VeChain are among those set to go mainstream after partnerships with Amazon Web Services and Norsk Hydro respectively.
- PayPal is also going full-on into cryptocurrencies with the purchase of custody firm Curv as Sony research center joins the Theta Network.
This month, investors must keep a close eye on five developments that are taking cryptocurrencies mainstream. According to Altcoin Daily, these developments could spark price spikes that could reap huge profits for investors.
The first and arguably the most significant is that Amazon Web Services has integrated Ethereum onto its Amazon Managed Blockchain. The integration will solve challenges such as data unreliability due to out-of-sync nodes and data storage scaling concerns. AWS customers will now be able to provision Ethereum nodes in minutes and connect to the Ethereum network.
“Ethereum doesn’t need Amazon, but Amazon needs Ethereum if they want to stay relevant,” Austin Arnold told his 541,000 subscribers.
Arnold is also bullish on VeChain after its recent partnership with one of the world’s largest aluminum companies. The blockchain-as-a-service network joined hands with Norwegian firm Norsk Hydro, a company with annual revenues above $12 billion. As CNF reported, Hydro partnered with DNV GL to leverage VeChain to enable customers to verify the validity and authenticity of product data with an environmental profile.
“A Small but significant step for VeChain that could very much lead to a big step if they [Hydro] opt in fully,” Arnold believes.
PayPal eyes Curv as Sony joins Theta
PayPal has been doubling up its interest in the cryptocurrency industry. In the latest development, the payments company is said to be interested in purchasing cryptocurrency custody firm Curv. According to sources with knowledge on the matter, PayPal is bidding half a billion dollars for the startup.
PayPal has reportedly been eying the cryptocurrency custody field for some time now. It was in talks with BitGo, one of the leaders in the field, but the deal fell through.
This could be big in my opinion as a fundamental green flag for the space, and by the way, the altcoins that PayPal supports. Big green flag for them as well.
Next on Arnold’s watchlist is the Theta Network which recently welcomed Sony as a validator node. Sony’s R&D Center in Belgium will seek to further enhance “the global experience for users of the Theta Network.”
Besides Sony, Google, Samsung, Binance, Blockchain Ventures, and gumi are also Theta Governance Council members. So the big players are actually already on the council of Theta Network.
Last on Arnold’s list is Hex Trust, a custody service that is now targeting the fast-rising NFT space. The firm launched ‘NFT Safe’ custody for non-fungible tokens recently. In doing so, it became the first licensed global custodian to provide NFT custody for investors.
Arnold believes that is the start of a new wave of companies offering NFT custody. “This space in cryptocurrencies is really moving fast,” he concluded.