Bear Market is not deterring giant companies from betting on crypto

There has been little movement in crypto over the weekend after last week’s selloff. The broader market remains 65% off its November 2021 peak as the bears remain in control.

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

Crypto YouTuber Lark Davis summarized the latest developments in the crypto world on March 5th.

Businesses hungry for crypto

In one of the top ten companies to enter the crypto thread, Davis started 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.

The credit giant MasterCard is also interested in 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 company 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 solution provider Polygon on its Instagram NFT marketplace. Furthermore, Polygon also partnered with Nike for a virtual clothing platform called the Swoosh.

E-commerce giant Amazon has integrated Avalanche into its web services platform that will 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 make a lot 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 traded flat on the day at $22,415, while Ethereum held steady at $1,565.

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