Recent figures reveal that bitcoin has grown 25% faster than the internet did in its early stages and investment in the digital currency is set to reach $800 million this year.
International Business Times UK explore data compiled by PricewaterhouseCoopers and CoinDesk which highlighted that bitcoin investment will double year on year from 2014, and this figure includes the $116 million raised by cryptocurrency startup 21 Inc.
Alongside this, spending on bitcoin has overtaken what was spent on the internet and Marc Andreessen from Andreessen Horowitz explains that this is because both can be described as fringe technology. “In 1994, as a venture capital firm, it would have been a good idea to take the internet seriously and it would have been a good idea to invest in a cross-section of companies,” Andreessen says.
As well as 21 Inc, IB Times UK mentions other notable investments such as $28 million in Ripple Labs, $50 million in Circle and $75 million in Coinbase meaning that this is the second year that bitcoin has surpassed internet spending.
The report also states that the reason why bitcoin is becoming more and more popular is because its stability ensures its use as a currency. However, merchant interest in bitcoin remains at 50%, according to IB Times UK.
On-Demand Treasury Management Solutions continue to gain increased adoption in the US and EMEA regions.
Deutsche Bank plans to partner with fintechs that have complementary business models, rather than buying out tech start-ups and competing in the market, bank executives said at press briefing this week. They also discussed future strategies for the technology, securities and payments spaces.
From music festivals to motor racing, events and festivals are an integral part of the move to a cashless society, reports SIX Payment Services.
The US Commodity Futures Trading Commission approved LedgerX as the first regulated clearing house for derivatives contracts settling in digital currencies.