You may not know exactly what it is, but chances are you’ve heard of cryptocurrency by now—”a digital or virtual currency secured by cryptography and based on a network that is distributed across a large number of computers,” according to Investopedia. Types of cryptocurrency include Bitcoin, Ethereum (ETH), USD Coin (USDC) and others. Or you may have followed the recent news regarding the bankruptcy of FTX, a major cryptocurrency exchange. Prosecutors in New York and the U.S. Securities and Exchange Commission are examining the firm’s collapse, which unleashed a new wave of financial stress in the cryptocurrency industry, reports The Wall Street Journal. Despite FTX’s meltdown, cryptocurrency remains a growing presence in the mainstream economy, said Quentin Vassas, vice president of payroll and benefits with Remote, which recently introduced crypto payroll. Since July, Vassas shared, “all workers employed in the U.S. through the Remote platform, including Remote employees themselves, have the option to have part of their paycheck paid in the cryptocurrency of their choice through a partnership with Coinbase.” Cryptocurrency has gained traction in the retail world, getting a big boost in 2021 when Elon Musk announced that he would accept cryptocurrency as payment for Tesla vehicles. Since then, major players including Microsoft, Starbucks, Whole Foods and others have followed suit.
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