💵 Today's Crypto Updates: March 4th 📈

Today's Crypto Updates:

1. Poll Shows People Want An Amazon Cryptocurrency, Starbucks Hints Of A Blockchain App
2. Chinese Retail Giant To Use Blockchain To Track Beef, Prove Food Safety
3. VC Investments In Blockchain Companies On Track To Exceed 2017’s Numbers
4. PayPal Seeks Faster Crypto Payments Tech

Summary Of Today's News:

Amazon and Starbucks cryptocurrencies? Blockchain to track beef? VC investments in blockchain tech rising. PayPal patenting new cryptocurrency tech. Read all about it below!

1. Poll Shows People Want An Amazon Cryptocurrency, Starbucks Hints Of A Blockchain App

Source: https://cointelegraph.com/news/poll-shows-people-want-an-amazon-cryptocurrency-starbucks-hints-of-a-blockchain-app

Key Highlights:

• "Online retailer Amazon this week received feedback that its hypothetical creation of an “Amazon Coin” would be positively received, while Starbucks, another large traditional consumer company, spoke of plans to use Blockchain on the Starbucks app, also hinting of the possibility of creating their own currency for the app’s use."

Crypto Phil's Take:

I think the real story here is that big, well known companies are starting to seriously look into blockchain technology. And this is good news for cryptocurrencies going forward simply because they are built atop this technology.

2. Chinese Retail Giant To Use Blockchain To Track Beef, Prove Food Safety

Source: https://cointelegraph.com/news/chinese-retail-giant-to-use-blockchain-to-track-beef-prove-food-safety

Key Highlights:

• "The Chinese e-commerce giant JD.com is implementing Blockchain to track the supply chain of its meat sales"

• “In China, counterfeit goods often “slip under the radar”. In August 2016, 319 pigs contaminated by prohibited drugs, including salbutamol and clenbuterol, were discovered in southeast China. Blockchain technology provides a solution in boosting consumer confidence, as it allows to verify the origin of the meat in seconds.”

Crypto Phil's Take:

This is a pretty similar headline to the first bit of news I covered today. It's another big example of a well known company using blockchain technology to improve it's business. Again, this is good for cryptocurrencies simply because it proves the value of the underlying technology.

3. VC Investments In Blockchain Companies On Track To Exceed 2017’s Numbers

Source: https://cointelegraph.com/news/vc-investments-in-blockchain-companies-on-track-to-exceed-2017s-numbers

Key Highlights:

• "The amount of venture capital fundraising for Blockchain-based companies so far in 2018 has already reached more than 40 percent of last year’s total"

• "By looking at a graph of all of the venture investments this year in “Blockchain and Blockchain-Adjacent Startups,” excluding ICOs, Crunchbase found that the spikes and drops of Bitcoin’s price since Jan. 2018 had not prevented venture investment from steadily increasing."

Crypto Phil's Take:

I'm happy to see the trend increasing. It shows that more and more money is flowing into blockchain technology and that we're likely to see cryptocurrencies grow even further in 2018.

4. PayPal Seeks Faster Crypto Payments Tech

Source: https://www.coindesk.com/paypal-eyes-instant-crypto-payments-tech/

• "PayPal is eyeing a way to boost the speed of cryptocurrency payments, a newly-released patent filing shows."

• "The aim of the concept is to narrow the amount of time it takes for payments to go through between a consumer and a merchant, avoiding the process of sending a transaction and waiting for it to be included in the next block on the network."

Crypto Phil's Take:

It's good to see a big payments company take interest in cryptocurrencies, even if there are several cryptocurrencies out there that seek to make PayPal obsolete. However, to me, it just shows that PayPal thinks cryptocurrencies are not something to be ignored in the future.

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