Bear Market Doesn’t Deter Giant Companies From Venturing in Crypto

There has been little movement in crypto over the weekend following the selloff last week. The broader market remains 65% down from its peak level in November 2021 as the bears remain in control.

However, several prominent corporations have made moves into the sector recently, indicating confidence that things will turn bullish again at some stage.

Crypto YouTuber Lark Davis summarized the latest developments in the corporate world of crypto on Mar. 5.

Don’t let the bear market fool you.

Corporate #crypto adoption is happening. Some big players are making some serious moves.

A 🧵👇🏼 of the 10 biggest companies getting into the crypto game.

— Lark Davis (@TheCryptoLark) March 5, 2023

Corporations Hungry For Crypto

In a top ten companies getting into crypto thread, Davis began with BlackRock. The ten trillion dollar asset manager has launched a private spot BTC fund, he noted. Furthermore, BlackRock has partnered with Coinbase to offer crypto trading services.

Credit giant MasterCard is also keen on digital assets. In February, it partnered with Australian crypto firm Immverse to enable crypto payments from Web3 wallets where MasterCard is accepted.

Rival credit card firm Visa is also doubling down on crypto with its own debit card offerings. It plans to offer the crypto card in 40 countries through a partnership with Wirex.

Meta is working with Ethereum layer-2 solutions provider Polygon on its Instagram NFT marketplace. Furthermore, Polygon also partnered with Nike for a virtual apparel platform called Swoosh.

E-commerce giant Amazon has integrated Avalanche into its web services platform which should allow developers to launch Avalanche nodes on Amazon Web Services (AWS).

Microsoft has teamed up with Web3 infrastructure provider Ankr. The software giant will offer a node service to its clients through the Azure cloud marketplace, Davis pointed out.

These are just a handful of examples of corporate giants building during the bear market, with Davis concluding:

“They say bear markets are for building. Well this bear market is interesting because of the hard hitting companies that are doing much of it. So get ready.”

Market Outlook

Crypto markets have remained sideways this weekend with very little volume or movement. The total capitalization is flat on the day at $1.07 trillion as BTC and ETH remain immobile at the time of writing.

Bitcoin was trading flat on the day at $22,415, while Ethereum remained at $1,565.

Altcoins, including Ripple’s XRP, Dogecoin, Polygon, Litecoin, and Avalanche, had dropped a couple of percent on the day, however.