This week in the world of cryptocurrencies saw significant developments, from the impact of crypto on the upcoming US elections to progressive blockchain initiatives in Nigeria and Nubank's moves to stabilize its assets.
Crypto Influence on US Elections
The upcoming 2024 US Presidential Election could see cryptocurrencies playing a crucial role. According to a recent survey conducted by crypto exchange Gemini with 6,000 adults across the US, more than one in five respondents who own crypto said that a candidate's stance on crypto would influence their vote. Over a third (37%) stated that it would have a significant impact on their decision.
Blockchain Initiatives in Nigeria
Nigeria is making substantial strides in blockchain innovation thanks to the Algorand Foundation. Following the 2023 launch of the National Blockchain Policy aimed at driving tech adoption, the foundation has held workshops in Plateau State and trained over 50 blockchain skills developers. In addition, they are engaging the community through music festivals and NFT workshops.
Nubank's Stabilization Strategy
Brazil's Nubank has halted trading its native token, Nucoin, to prevent market fluctuations. Users holding sufficient Nucoins can exchange them for Bitcoin or USD Coin until December 9. After this date, unreclaimed tokens will continue to offer in-app perks. This decision has raised eyebrows, especially as Nubank faces scrutiny over its financial stability with a growing portfolio of non-performing loans.
These events demonstrate how cryptocurrency and blockchain continue to significantly influence the world, from US elections to innovations in Nigeria and company strategies like Nubank's. The development of these technologies promises many new challenges and opportunities.
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