Crypto Corner Episode 619: Stocks discussed: (NasdaqGS: EQOS)
El Salvador Announces Crypto Wallet with Free $30 in BTC Upon Sign-up, Athena Bitcoin to Install 1,500 Bitcoin ATMs in El Salvador, Robinhood IPO Delayed, and EQONEX Exceeds $5B in 30-Day Volume
Point Roberts, WA and Delta, BC - June 25, 2021 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving cryptocurrency stocks and the crypto market.
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Crypto Corner Episode 619: Stocks discussed: (NasdaqGS: EQOS)
Stocks discussed: (NasdaqGS:EQOS)
BNN Bloomberg reports that El Salvador, which earlier this month voted to adopt Bitcoin (BTC) as a legal tender, has announced a free $30 worth of Bitcoin to any citizen who signs up for a digital wallet. El Salvador President Nayib Bukele's government plans to create its own Bitcoin wallet called Chivo, slang for "cool" in the country, for which citizens will download and register "as a user with their phone number and ID number." The wallet will be available in September, and the law recognizing Bitcoin as legal tender will also come into effect on September 7. Bukele explained:
"Why create this law? Because Bitcoin has a $600 billion market capitalization globally and if we do this, investors and tourists who own Bitcoin will come to the country and benefit Salvadorans and the economy."
Crypto ATM operator Athena Bitcoin plans to invest over $1 million to gradually install roughly 1,500 ATMs, hire staff and open an office to carry out operations in El Salvador, effective in September, according to a report from Reuters. Matias Goldenhorn, Athena's Latin America director, said El Salvador's President Bukele:
"...presented us with a tough challenge of 1,500 ATMs, we will go for that, but in phases. We are a private company and we want to ensure that our development in the country is sustainable."
Bloomberg reports that trading app Robinhood has had its IPO plans, originally intended for this month, delayed by concerns, particularly surrounding its cryptocurrency business, from the U.S. Securities and Exchange Commission (SEC). An unnamed source said that "a listing might come this summer," but that "the popular trading app's plans could also slip into the fall."
EQONEX Group (NasdaqGS:EQOS), formerly Diginex Limited, has announced that the total spot and derivative trading volumes on its cryptocurrency exchange, EQONEX, exceeded $5 billion over the past 30 days. Richard Byworth, CEO of EQONEX Group, commented:
"Our exchange has not only demonstrated rapid volume growth over recent months, but has also quickly embarked on a path to revenue after less than twelve months since its public launch into a competitive landscape. We have devoted substantial time and resources towards bootstrapping our volumes to a level where we could begin generating revenue. Reaching US$5 billion in 30-day volumes just 12 days after crossing US$4 billion, is significant given Bitcoin has traded within a narrow range during this period."
Sam Mowers, Investorideas
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