Cryptocurrency Weekly News – Latest Updates

There are a lot of crypto related events that happen daily in the world. This article will cover the most intriguing ones that happened during the past couple of days. COVID – 19 has affected everything, including the crypto world. That’s exactly why there are tons of news about cryptocurrencies that are connected to the world’s biggest problem at the moment. We have picked some of the most exciting and most recent news for this article.

Welcome to Cryptocurrency Weekly News
Welcome to Cryptocurrency Weekly News

The world is trying to move on after the COVID-19 crisis and the same goes for crypto. Sure, the pandemic is still going but most industries are slowly opening up. Major bitcoin news are happening with every day. For that reason, we have picked the most important recent information on the matter. First, we will talk about the crypto activity that was recently sighted in Nigeria. Next, we have to mention the news about a major South Korean Bank that will join the bitcoin custody business. Last but not least, we have to mention the crypto news that’s coming out of China. Apparantly, more than 10,000 new blockchain companies emerged in China recently. Keep reading to find out the newest information on cryptocurrency.

Nigerian Crypto Activity

Nigeria, the biggest source of Bitcoin (BTC) trading volume in Africa, is apparently one of the fastest-growing crypto markets in the world, according to a new report. According to a new study by major crypto wallet, Nigeria has seen the largest influx of activity on its wallet app since April 2020. The report says that Nigeria has been the best performing country on its platform over the past three months. The report notes a 60% increase in usage of’s web wallet in the region since April.

In the study, also pointed out that Nigeria has been the top country searching for Bitcoin on Google. According to data from Google Trends, Nigeria is leading in terms of Bitcoin interest over the past 90 days to date. The country is followed by a couple of other regions in Africa, as well as Switzerland and Austria. While Nigeria is the best performing country on in recent months, Peru has been the most active country over the course of July. According to data, Peru, India, and Indonesia are the top three countries according to the level of influx of total wallet transactions during that month.

Other trending regions include Cote D’Ivoire, Japan, Philippines, Venezuela, Bangladesh, and Bulgaria, the report notes. In April 2020, Nigeria became the 8th country in Africa to host a Bitcoin ATM despite the apparent legal uncertainty in the region.

South Korean Bank became a part of the Bitcoin Custody Business

KB Kookmin Bank, one of the largest banks in South Korea, has partnered with blockchain venture fund, Hashed, and crypto trading platform, Cumberland Korea, to establish “strategic technology cooperation” on the custody of digital assets. The companies belonging to the partnership state that their inception into the crypto custody business is a response to regulatory changes. These changes encouraged them to look into new business models. Specifically the ones that rely on blockchain technology. Simon Kim, CEO of the Seoul and San Francisco-based firm, Hashed, stated:

“Combining our insight in the blockchain industry and providing both technical and commercial consultations will inevitably open new doors to consumers as well as to the country in ushering the new era of digital transformation.”

This announcement is no surprise because of the competition in the sector. KB Kookmin Bank is simply trying to outdo their rivals NongHyup. They are known as NH Bank and they made a similar claim back in July. NH Bank revealed their plan to join crypto custodial services as well. However, their idea was to focus only on institutional investors. The Bank of Korea  chose to establish a “Digital Innovation department”. They aim to do this through organizational reform. Their plan is supposed to come in play in the second half of this year.

10,000 New Blockchain Companies Emerge in China

Blockchain and crypto data platform LongHash revealed on August 8 in a tweet that China’s blockchain sector has grown substantially despite the pandemic this year. According to LongHash, over 10,000 blockchain companies appeared between January and July.  The report also shows the current number of blockchain-related companies in China is on track to surpass 2017’s total figure. LongHash said 2020 could also pass 2018’s total of 18,500 and for a new all-time high. It took just 7 months to open over 10,000 companies in this sector. In comparison, the best year to date was 2018 when about 18,000 new companies were born. If things continue in this direction, 2020 will ultimately bring more than 20,000 new blockchain companies.

The figures show that there are 84,410 registered companies and, of these, 29,340 are in operation. The Guangdong Province in Southeast China has the highest number of blockchain startups with Yunnan Province in the southwest coming in second. 

However, the majority of the blockchain companies registered with only a small capital.  It shows the maximum registered capital was 5,000 yuan, which is about $717. Meanwhile, only a few of them registered with over 50,000 yuan, about $7,175. The Chinese government is implementing blockchain to try and bring more efficient government services. China’s central bank also got $4.7 million in funding for its blockchain trade platform in the next three years. The country approved 224 blockchain projects from major companies, including JD, Walmart, China, and Baidu.

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