What Happened in the Crypto Industry & NOBI Over The Last Week?

Hi NOBI’s! We are finally in mid-October. This past week, the crypto industry was rocked by a lot of exciting news. One of them comes from Google which will officially accept crypto payments for Google Clouds services. In addition, there is also news from Indonesia, where the number of crypto investors risen 43% from last year. Then, what else? Let’s take a look at what’s new and interesting we have for you!

1. Bitcoin ATM Installations in Europe Reach An All-Time High of 1,459

Despite the fact that the market is now in a decline, Europe managed to set an all-time high for the number of Bitcoin ATMs. As of last October 12, the total had risen to 1,459. This peak happened as the European Union was preparing to approve a broad-scale MiCA (Markets in Crypto-Assets) regulation.

According to data, ATM installation growth in Europe has reached 5% year-to-date and 10% year-over-year. Meanwhile, in the same period last year, the number of ATMs in this area was still around 1,324.

2. World’s Largest Custodian Bank BNY Mellon Launches Crypto Custody Service

BNY Mellon, the oldest bank in the United States, has become the first major bank in the country to begin offering storage services for digital assets including crypto, by launching a digital storage platform on October 11.  The service will be useful for safeguarding the users’ ownership of crypto assets such as Bitcoin (BTC) and Ether (ETH).

Earlier this fall, BNY Mellon also has received approval from a New York financial authority institution to offer crypto asset storage services.

3. Crypto Investors in Indonesia Hit 16.1 Million, 43% Increase from Last Year

Up until August 2022, Commodity Futures Trading Regulatory Agency (Bappebti) released the most recent data on Indonesian cryptocurrency investors. According to Bappebti official statement, 16.1 million people had invested in cryptocurrencies in Indonesia as of the end of August 2022.

Meanwhile, at the end of 2021, there were only 11.2 million people who had invested in crypto assets. In other words, the 2022 figure reflects an increase of roughly 43.75% between January-August 2022 period.

4. European Union Finalizes Crypto Bill, Fresh Air for Investors?

Recently, the European Union has completed the full text of the Markets in Crypto-Assets (MiCA) law. Officially, the text is still open to comment.

Reporting from CoinDesk, Monday (10/10), MiCA, once passed into law, will require crypto asset issuers to issue a white paper containing a technical road map, in order for the platform to register with the authorities. Meanwhile, stablecoin issuers are required to hold capital and be managed carefully. Of course, this kind of regulation will make it easier for investors to invest in crypto more wisely and safely.

5. Bullish! Google Will Accept Crypto Payments for Cloud Services from Early 2023

In the midst of the current bearish market condition, a breath of fresh air has emerged which is quite shocking for the crypto industry. The technology giant from the United States, Google, will officially accept payments using crypto assets for its Google Clouds service, which will begin early next year.

The deal was announced at the Google Cloud Next conference on Tuesday (11/10). This breakthrough has the potential to be a huge success in luring cutting-edge companies from various industries to Google. Moreover, Google’s main rivals currently do not allow their customers to pay for products/services using digital currency. Through this innovation, Google is optimistic that its company will continue to be at the forefront of this fast-growing and highly competitive industry.

That wraps up for Crypto This Week. We’ll see you at the next one!

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