Welcome to the Uphold Update. Weekly top stories all about what's happening in the crypto market, digital money, and at Uphold.
The crypto market moves fast and at Uphold we know how important it is for our users to stay on the pulse of shifting trends and market changes. In the last week, cryptocurrency was everywhere--even at the Olympics!
Here’s a recap of what happened last week:
Uphold Expands: Buys Cortex MCP
We’re very excited to announce that Uphold has bought Cortex MCP, a mobile payments startup! Our goal with this new acquisition is to apply Cortex's mobile wallet tech to our online services. With Cortex MCP, Uphold will support "a new closed-loop payment platform expansion," with a focus on Central America and South America.
Bitcoin Dips Again
Bitcoin fell for a second-straight day to its lowest price in a week below $10,000, according to CoinDesk's bitcoin price index. Experts have suggested the lower price may be due to more investors selling and "a bit of resistance at the 10k to 11k price point," says Nick Kirk, quantitative developer and data scientist at Cypher Capital. Bitcoin broke above $11,000 for the first time since late January earlier this week, helped by better regulatory sentiment out of South Korea.
Is Cash Now A Payment of the Past?
Debit cards are set to overtake cash as the most frequently used payment method in the UK later this year with digital payments on due course to take the lead. In 2006, 62% of all payments in the UK were made using cash; in 2016 the use of cash had fallen to 40%. By 2026, it is predicted cash will be used for just 21%,
Not only that, but the total amount of money withdrawn at ATMs has fallen steeply in the last few years; in 2016, people withdrew more than £6bn less than they did in 2015. It’s no secret, digital payments are the future of payments in the UK and around the world.
The Olympics Luge Team Goes For Bitcoin
The US. luge team is accepting cryptocurrency donations to help fund their Olympic costs. They’ve already received about $25 worth of bitcoin donations after its star athlete won a silver medal last week. How did they get the idea to include bitcoin? Ty Danco, a former 1980 luge Olympian and now an angel investor, pushed the idea for accepting bitcoin, and became a seed investor of sorts by making the first donation with the virtual token.