“The arrangement comes by way of Zap, the bitcoin startup founded by Jack Mallers. Zap’s Strike product enables traditional paychecks to be converted into BTC. Technically speaking, Okung is still being paid in fiat. Behind the scenes, however, Strike receives a direct deposit from his team, the Carolina Panthers, and then swaps dollars for bitcoin. That bitcoin is then sent to a cold storage wallet held by Okung.
His $13 million yearly salary is being split 50-50 between bitcoin and fiat.
Mallers said other pro athletes, including unnamed members of the Brooklyn Nets basketball team and baseball’s New York Yankees, have also begun onboarding to the program. Mallers said the NFL and NFL Players Association had to be involved to get approval. It is unclear if such approvals are also required for the National Basketball Association and Major League Baseball.
Okung said he has long been frustrated with the lack of economic power professional athletes – particularly Black athletes – currently hold. Okung views bitcoin as a means of regaining financial independence and has launched an advocacy project in that vein.”
“In the next year, Ethereum will solidify its place as the future substrate of the global digital economy by underwriting the world’s contracts.
The digitization of the contract is the digitization of the global economy, which has been valued at an estimated $270 trillion (compared to the $18 trillion market cap of gold that bitcoin stands to capture). Ethereum has the opportunity to upgrade entire economies, not just one asset class.
In 2021, we will see phase 1 of Ethereum 2.0 go live, drastically improving scalability.
Total DeFi locked will exceed $150 billion and 2021 will be the year of DeFi cross-chain bridges.
With Ethereum as the base layer, we will see an explosion of layer 2 solutions that will augment the Ethereum mainnet with unique features: scalability, privacy, interoperability and more.”
“The New York Department of Financial Services has issued a trust charter to GMO-Z.com Trust Company, allowing it to “issue, administer and redeem” Japanese yen (JPY)- and U.S. dollar-pegged stablecoins in New York.
GMO is a Tokyo-based internet conglomerate and said it is the world’s largest online FX trading platform.
We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe-haven asset.”
“Litecoin, a Bitcoin spinoff, is now the fourth-largest cryptocurrency by market capitalization. This isn’t due to hype around Litecoin—the coin fell in price by 10% today to $121—but rather that XRP has fared even worse. XRP fell in price by a further 40% today.
XRP’s market cap would have to fall by a further $2.8 billion to fall behind Bitcoin Cash, another Bitcoin spinoff that compromises decentralization in favor of speed and cheap transactions.”
“Canadian augmented reality (AR) company NexTech AR is jumping on the crypto bandwagon with plans to use its treasury funds to buy $2 million of bitcoin for “capital diversification.” Gappelberg said the investment reflects his belief that bitcoin is a long-term store of value with more long-term appreciation potential than holding cash.
Our investment in bitcoin is part of our new capital diversification and allocation strategy with the intent to maximize long-term value for our shareholders.”
“The update will add a host of new features to its options marketplace, including cash settlement for options without the need to exchange underlying assets, the ability for yield-earning assets to be used as collateral for options, and margin improvements for options.
We changed our system from physical settlement to cash settlement.”