🇸🇻 Bitcoin Adoption is Gaining Momentum in El Salvador

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Bitcoin Adoption is Gaining Momentum in El Salvador

Salvadoran President Nayib Bukele has shown through his tweets that mainstream BTC adoption in the country is gaining momentum.

In support of his claim, President Bukele has shared two facts. The first one says that people are converting way more USD to buy BTC than what they are withdrawing from the Chivo ATMs.

President Bukele has asked independent media outlets to confirm this claim on-ground by visiting the Chivo ATMs. It would be relevant to mention here that Chivo is El Salvador’s in-house wallet service.

Also, El Salvador now has more Bitcoin ATMs than the United Kingdom after deploying 205 ATMs. These ATMs facilitate local Bitcoin transactions and help in BTC-to-USD conversions.

The second fact cited by President Bukele has to do with the number of remittances. On October 16th alone, El Salvador witnessed 24,076 remittances that added more than $3 million.

El Salvador’s government’s incentivizing initiatives have played a key role in ramping up BTC adoption. These initiatives include fuel subsidies and tax exemptions.

Fintech Startup N26 Raises $900 Million at a $9 Billion Valuation

The startup N26, based out of Berlin, serves as a digital bank with seven million clients across 25 countries.

Apart from raising a significant volume of funds, N26 has also witnessed a big jump in valuation between its Series D and Series E funding rounds.

During Series D, the company was valued at $3.5 billion. By the time it reached Series E, the company reached a $9 billion valuation.

The Point Ventures and Coatue Management have led the Series E round, with participation from the Dragoneer Investment Group and some of its other existing investors.

N26 offers bank accounts and debit cards that can be controlled from a mobile application.

The process cuts down heavily on the lengthy paperwork and document submission process that one has to follow in a bank.

N26 is free from such hassles. The users get a bank account with proper account numbers and a virtual card that one can add to Apple Pay and Google Pay.

There are other offerings as well, including phone and electronics insurance, credit products, overdraft capabilities, and more.

The funding will work as a big boost for N26 to line up for an IPO. The company also has plans to increase its employee base to 1,000 as early as possible.

Wealthiest 10% Owns 89% of All US Stocks

The wealthiest 10% of all Americans owns nearly 90% of all US stocks. It is a record that sees wealth inequality in the equities market reaching its all-time high.

The concentration of wealth — at the very top of the pyramid — has become even more pronounced since the outbreak of the Covid-19 pandemic.

The pandemic has seen the bottom 90% adding $1.2 trillion to its wealth base, while the top 1% gained more than $6.5 trillion.

This increasing concentration of wealth has emerged all the more as a peculiar phenomenon as millions of new investors have entered the stock market during the pandemic as first-timers.

The trading application Robinhood alone added more than 10 million new accounts. Despite the growing number of new investors, the sharing of wealth has not been equitable.

Most of these new joiners have small account sizes and, therefore, smaller is their gain when the value of the stocks rise.

At the top of the pyramid, investors have millions invested in stocks for a longer period. It translates into a greater accumulation of wealth when the stocks rise.

Facebook to Add 10,000 Employees to the EU

Over the next five years, Facebook will create 10,000 jobs in the European Union. The countries in focus include Germany, France, Italy, Spain, Poland, the Netherlands and Ireland.

The intention is to expedite the process of building a comprehensive digital ecosystem or digital world, much popular these days as the “metaverse”. The recruitment will look at picking up highly skilled engineers.

Facebook has already taken a step towards its Metaverse program with a collaboration application for people to hold meetings in virtual reality.

Gradually it will move into building its aspirational digital world where multiple people would be interacting within a 3-Dimensional environment.

AROUND THE WEB

🛑 No Crypto Mining in NY: Several organizations, businesses, and labor groups have asked New York State Governor Kathy Hochul to deny permits for converting the city’s old fossil-fuel power plants into locations for crypto mining facilities.

💰 Deel Raises $425 Million: Deel, a San Francisco-based startup with services around payroll and compliance tools for remotely hired employees, has raised $425 million at a valuation of $5.5 billion.

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