Short the Bankers, Traditional Institutions Are Embracing Crypto

When Facebook announced its plan to build Libra cryptocurrency in June 2019, mixed reactions trailed the entry of the social media giant into the cryptocurrency space. On the one hand, many crypto enthusiasts saw Facebook’s entry as proof that cryptocurrency is the future of money. On the other hand, some crypto fans were worried that Facebook’s recent skirmishes with regulators could cause collateral damage to the crypto industry if Facebook becomes the poster boy of crypto.Irrespective of the reactions, Facebook’s entrance into the crypto space suggests that cryptocurrencies have metamorphosed from being a futurist niche into a mainstream idea. The fact that Facebook also managed to sign up the likes of VISA, MasterCard, eBay, Spotify, Andreessen Horowitz, PayPal, and Vodafone among others heralds the mass-market adoption of cryptocurrency.Unfortunately, PayPalannounced its withdrawalfrom the Libra Association as it chooses to focus instead on its “existing mission and business priorities”. There are also indications that MasterCard and VISA and MasterCard might also bereconsidering their involvementwith Libra as its regulatory battle appears to be endless.Libra, however, says it isn’t worried about such exits as it has a long list ofmore than 1,500 institutionsthat are enthusiastic about participating in the project.It is refreshing to see Facebook being optimistic about the odds of Libra’s survival. Beyond Facebook and Libra, this piece explores how other institutions are embracing cryptocurrency and its underlying blockchain technology.Top educational institutions are now offering crypto/Blockchain coursesA Coinbase reporton higher education powered by Qriously has asserted that 56% of the top 50 Universities in the world are not offering at least one course in cryptocurrency or Blockchain technology. In 2018, only 42% of the profiled universities offered such courses; hence, there’s a 25% year-over-year increase in standardization of crypto education. Some of the leading universities offering cryptocurrency and Blockchain courses include Stanford, which offers 10 crypto and Blockchain courses. Others on the list include Cornell, MIT, University of California – Berkeley and Columbia University.Interestingly, crypto and Blockchain courses are taught as a cross-functional discipline across the computer science, finance, engineering, humanities, management, and data science departments. Also, computer science professor Cesare Fracassi, who leads the BlocWhen Facebook announced its plan to build Libra cryptocurrency in June 2019, mixed reactions trailed the entry of the social media giant into the cryptocurrency space. On the one hand, many crypto enthusiasts saw Facebook’s entry as proof that cryptocurrency is the future of money. On the other hand, some crypto fans were worried that Facebook’s recent skirmishes with regulators could cause collateral damage to the crypto industry if Facebook becomes the poster boy of crypto.Irrespective of the reactions, Facebook’s entrance into the crypto space suggests that cryptocurrencies have metamorphosed from being a futurist niche into a mainstream idea. The fact that Facebook also managed to sign up the likes of VISA, MasterCard, eBay, Spotify, Andreessen Horowitz, PayPal, and Vodafone among others heralds the mass-market adoption of cryptocurrency.Unfortunately, PayPalannounced its withdrawalfrom the Libra Association as it chooses to focus instead on its “existing mission and business priorities”. There are also indications that MasterCard and VISA and MasterCard might also bereconsidering their involvementwith Libra as its regulatory battle appears to be endless.Libra, however, says it isn’t worried about such exits as it has a long list ofmore than 1,500 institutionsthat are enthusiastic about participating in the project.It is refreshing to see Facebook being optimistic about the odds of Libra’s survival. Beyond Facebook and Libra, this piece explores how other institutions are embracing cryptocurrency and its underlying blockchain technology.Top educational institutions are now offering crypto/Blockchain coursesA Coinbase reporton higher education powered by Qriously has asserted that 56% of the top 50 Universities in the world are not offering at least one course in cryptocurrency or Blockchain technology. In 2018, only 42% of the profiled universities offered such courses; hence, there’s a 25% year-over-year increase in standardization of crypto education. Some of the leading universities offering cryptocurrency and Blockchain courses include Stanford, which offers 10 crypto and Blockchain courses. Others on the list include Cornell, MIT, University of California – Berkeley and Columbia University.Interestingly, crypto and Blockchain courses are taught as a cross-functional discipline across the computer science, finance, engineering, humanities, management, and data science departments. Also, computer science professor Cesare Fracassi, who leads the BlocRead More