Ether achieved its highest capitalization in May when it reached its highest values after exceeding USD 4,000. The use of cryptocurrencies by lending companies shows that this payment method continues to grow.
A new report from Coinbase revealed that commercial interest in Ether (ETH) grew dramatically during the first half of 2021. The second cryptocurrency outperformed Bitcoin in that period.
The Coinbase new semi-annual report suggests that the growth in Bitcoin trading operations is lower than that in Ether transactions. The document indicates that the latter rose by more than 1,400% in the last six months. In the case of Bitcoin, it increased by around 489% and achieved a market capitalization of about USD 2,100,000 million.
Although Bitcoin moved most of the capital within the exchange, the increase in Ether trading volume allowed capitalizing about USD 92,000 million in the first half.
Besides, the highest capitalization of Ether occurred in May, when the cryptocurrency recorded the highest values after exceeding USD 4,000 per unit. That contrasts to what Bitcoin showed, as the highest trading volume occurred during the first months of 2021.
A Lender Used Bitcoin as Collateral to Refinance a Home Loan
Glen Oaks Escrow, an independent escrow of Southern California, did its first property refinancing with a Bitcoin-backed loan. Its CEO Joe Curtis said that the use of cryptocurrencies shows that this payment method continues growing. He explained that it depends on the person who uses them and how they use them.
Curtis highlighted that the lender and not the home buyer used BTC in a real estate transaction. That reveals the potential of this technology to remain more prominent, even if people consider it new to the industry.
Regarding another cryptocurrency-related real estate novelty, a Dogecoin fan from Utah offered a 10% discount on his property if the buyer pays with DOGE.
Ghanaian Vice President Says Africa Should Adopt Bitcoin and Other Cryptocurrencies
Vice President of Ghana, Dr. Mahamudu Bawumia, believes African governments should adopt Bitcoin and other cryptocurrencies to trade more effectively.
According to Ghanaweb, Bawumia argued that trade between African countries requires a centralized single payment system. Currently, transporting goods across African borders is expensive and slow, but he believes a digital payment system would solve these problems.
Dr. Bawumia said that digitization has also become one of the most consistent policies of the Nana Akufo-Addo government.
The scourge of the COVID-19 pandemic hit and forced many economies into partial and total quarantines. That situation reinforced the need for the countries of the world to pursue digitization.
Earlier this year, the Bank of Ghana (BoG) revealed that it is developing a central bank digital currency (CBDC). Dr. Bawumia highlighted its intention and believes it will bring credibility to the country in the digital world.
In a Research Note, Bank of America Considers CBDCs Are More Effective Than Cash
In a recent research article, Bank of America (BoA) classified central bank digital currencies as a much more effective payment system than cash.
The bank based in Charlotte, North Carolina, is the second-largest in the United States by total assets. They said that CBDCs could completely replace cash in the distant future.
The report comes amid growing interest in the use of this type of asset among central banks. A report from blockchain platform Bison Trails reveals that around 80% of central banks explore use cases involving CBDC. Besides, it indicates that 40% of those institutions are already testing proof-of-concept programs.
By Alexander Salazar
