On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Investment banking and asset management firm JMP Securities says that “The crypto economy is entering the mainstream,” emphasizing that crypto “adoption and early use cases have established ‘escape velocity.” However, the firm’s analysts noted that “the industry is still in its formative stage.”
‘The Crypto Economy Is Entering the Mainstream’
JMP Securities recently published a research note that discusses cryptocurrency adoption. Noting that “The crypto economy is entering the mainstream,” the analysts wrote:
The crypto market has come a long way in its short existence, and we believe both adoption and early use cases have established ‘escape velocity,’ whereby binary arguments about its fate are all but off the table at this point.
The analysts further explained that “The industry is far from perfect today, scams do exist, regulation is undeveloped, and the industry needs more education given technical aspects of the space that make adoption and usage not always intuitive.”
Nonetheless, they believe that the industry’s potential “warrants continued investment and development,” adding, “We anticipate many of the current perceived negatives in the space will continue to improve with further maturation and time.”
They added that in the early days of bitcoin, “the crypto ecosystem was unproven and uncertain.” However, they elaborated: “Today, we believe that negative view has been substantially de-risked with adoption acceleration and expanding utility strengthening the foundation, already looking more like a relatively established network, despite what we view to be the early innings of an exponential longer-term growth cycle.”
The analysts also see the Nasdaq-listed crypto exchange Coibnase as “a flagbearer in the development of the broader crypto economy.” They concluded:
Despite the exponential scaling of adoption, we think the industry is still in its formative stage, and as use cases for crypto rapidly expand, we see tremendous upside for the companies (like Coinbase) that provide infrastructure to support this growth.
Do you agree with JMP Securities? Let us know in the comments section below.
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