Daily Crypto Update 11/10/21
In today's letter:
📚Apple CEO Tim Cook has crypto
📚Phantom wallet to launch a mobile app
📚Ripple to create Bitcoin and Ethereum hub
📚Apple CEO Tim Cook has crypto
Yesterday at the New York Times DealBook Online Summit, CEO of Apple Tim Cook said that he personally owns crypto. “I think it’s reasonable to own it as part of a diversified portfolio,” he stated, adding that his investment is not financial advice.
Despite his choice, Cook confirmed that Apple doesn’t hold any digital assets and has no intention of adding any to its balance sheet. However, as a head of the second most valuable company in the world, Cook’s crypto position is important for many businesses.
Even if it seems like Apple is not looking into crypto as a hedge against inflation, many companies, the most notable of which is MicroStrategy, already accumulated a small portion of Bitcoin.
📚Phantom wallet to launch a mobile app
Phantom, a popular wallet, that allows users to make transactions among Solana’s ecosystem, just announced its bright plans to launch a mobile version of its wallet. It is expected that the app will be available in January.
The news is significant because the mobile application will make it much easier for everybody to transact - buy, sell or hold any of Solana’s tokens. Recently SOL skyrocketed and hit a new ATH at $260 but it is worth noting that the DeFi on Solana is growing faster than expected. According to data aggregator DeFiLlama, Solana’s DeFi has over $15B total value locked. Additionally, Phantom allows users to trade and create NFTs.
Phantom is a euivavelnet to MetaMask, the Ethereum wallet which makes it possible to interact with DeFi protocols and lend, borrow, stake your crypto assets.
📚Ripple to create Bitcoin and Ethereum hub
The company behind XRP is working on new innovations. The new service, Ripple Liquidity Hub, which will come to life at the beginning of the next year, will allow users to buy and sell not only XRP but also Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, and Litecoin.
But the Ripple team is even more motivated and will work on crypto staking and investment services as well as other DeFi products. "After [clients] buy and hold Ethereum, it's only logical they will want the next generations of services," said the executive director Asheesh Birla.