CRYPTOCURRENCY MARKET ANALYSIS

Key Developments

• In February 2022, Intel Corporation, a leading semiconductor company, announced plans to launch an energy-efficient blockchain accelerator chip later in the year to support the growing demand for cryptocurrency mining. The chip will be optimized to run the SHA-256 algorithm used in Bitcoin mining and will offer over 1000x better performance per watt compared to GPUs. Early customers include Argo Blockchain, Block Inc. (formerly Square), and Griid Infrastructure, demonstrating Intel Corporation's commitment to providing sustainable blockchain solutions to the market.
• In January 2022, Robinhood, a leading financial services and trading platform, announced the launch of the beta version of its highly anticipated cryptocurrency wallet feature. The new wallet functionality will allow Robinhood's customers to securely deposit, withdraw, and transact with cryptocurrencies like Bitcoin, Ethereum, and Dogecoin directly through the Robinhood mobile app, expanding the platform's capabilities beyond just trading digital assets.
• In August 2021, researchers at Los Alamos National Laboratory, a leading U.S. Department of Energy research facility, developed an artificial intelligence-powered system to detect unauthorized cryptocurrency mining activities on the lab's research computing infrastructure. This system helps the lab protect the integrity and availability of its high-performance computing resources, which are critical for advancing scientific research across fields like national security, energy, and climate.
• In November 2021, Mastercard, a leading global payments technology company, announced that it would allow its network of banks and merchants to enable their customers to buy, sell, and hold select cryptocurrencies directly through digital wallets. Mastercard also revealed plans to integrate cryptocurrency rewards and cashback into its loyalty programs, further expanding the use of digital assets within its payment’s ecosystem.
• In March 2021, Open ware Inc., a leading financial technology software company, launched its OpenDAX3 cryptocurrency exchange platform featuring an Exchange Liquidity Network (ELN) to provide enhanced trading services for cryptocurrencies, digital assets, and security tokens. OpenDAX3 is designed to offer improved exchange capabilities and liquidity to facilitate seamless trading of digital financial instruments.
• In October 2020, the Central Bank of The Bahamas, the nation's monetary authority, launched the Sand Dollar, becoming the first central bank to issue a CBDC nationwide. The Sand Dollar aims to promote financial inclusion by providing all Bahamians with access to digital payments and financial services, while also enhancing the security and resilience of the country's payments system.