Crypto is Expanding to The Traditional Finance Market and What It Means for Klaytn

The Canadian blockchain mining company — Bitfarms, was listed on NASDAQ last week.

Bitfarms is a publicly traded Bitcoin mining company which is currently powering approximately 1% of the Bitcoin network with greater than 99% green hydroelectricity. The Company announced yesterday that it became DTC eligible thus enabling public companies to deposit securities through the largest security repository in the world, holding over thirty-five trillion dollars worth of securities.

Following the Coinbase Exchange’s listing on the NASDAQ stock exchange, an increasing number of crypto companies are exhibiting interest in forging links with the traditional market. It is expected that this development will continue to happen in the future.

The listing on Coinbase represents a significant milestone in the crypto market as Coinbase holds a forefront, being the largest crypto exchange in the US. This listing shows that the crypto market in general has grown significantly over the past few years.

Events such as these, mean that expansion is to be expected from the crypto market in the following years, which is highly hoped for by the crypto enthusiasts. Furthermore, listings will help accelerate the expansion as people outside of crypto will be more likely to invest in projects or systems that have earned the trust of the older financial entities they have been using habitually for years. We believe these listings add huge benefits for cryptocurrency as it will help it achieve higher levels of trust across a wider and more diverse sector of the community.

Klaytn has also been preparing to connect to the financial entities of tradition in the market, by placing at the forefront its DeFi and NFT services. Klaytn has been actively providing the Crypto-finance market with the Klip and Kaikas wallets and also Klayswap. Last week, we gladly announced that Klip had reached over 1 million users. Lastly, as we have been launching new features such as Definix which is a staking and a yield farming platform which is integrated with Klatytn, and we are planning to continue doing so for the foreseeable future.

We are proud to say that we are taking important steps to connecting the crypto market to the real world.

For more information about Definix, please check the following website: https://klaytn.definix.com/

Also, you can find the latest news and updates on our social media channels. Don’t forget to check them out!

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© Klaytn Foundation 2022. All rights reserved.