The crypto market didn’t have a great weekend, but two key global events make for a cheery Monday. Tesla finally made Dogecoin an official on-site mode of payment with the Hollywood Supercharger being the first charging station to accept DOGE. And Sequoia Capital announced a crypto-focused fund valued at $600 Million to drive adoption across verticals.
Let’s trace the events, in-depth.
Tesla Accepts Doge
After egging Mcdonalds on to accept DOGE from customers, Elon Musk has now decided to make a start himself by bringing about the refreshing change in his own backyard. As CEO of Tesla, Musk confirmed that the Supercharger, a charging station for electric vehicles, in Hollywood will start accepting Dogecoin as a form of payment.
Tesla accepting DOGE makes the Hollywood Supercharger the first of its kind. Still, the reveal doesn’t come across as unexpected. Elon Musk has always advocated crypto-based payments, so he has now simply taken a step forward to actually make it happen.
Even though the Supercharger becomes Tesla’s first physical outlet to accept Dogecoin for merchandise, food, and drinks, the company has been supporting online remittances for quite some time now.
Despite being supportive of Bitcoin, Musk quotes, “The transaction value of Bitcoin is low, and the cost per transaction is high. At least at a space level, it is suitable as a store of value. But fundamentally, Bitcoin is not a good substitute for transactional money.” This statement, made in a recent interview by Musk, set the premise for Dogecoin’s payments nod.
Earlier today, though, there was confusion as many believed that Tesla’s new Santa Monica Supercharging Station would accept Dogecoin. However, Ryan Zohoury, founder of Tesla Console, clarified that the tweet chain concerns the Hollywood Supercharger for now.
No Confusion Over Sequoia Capital’s Pro-Crypto Stance
While there was confusion regarding Dogecoin’s payment-specific evolution, the second event concerning Sequoia Capital and its pro-crypto stance is definite. On Thursday, 17 February, venture capital firm Sequoia Capital unveiled its plan to start a crypto-focused sub-fund valued at almost $600 million.
The announcement marks a shift, as the company’s former stance was to not set up a sector-specific fund, much less one concerning crypto. According to the firm, the ideated fund will focus on liquid tokens and complement the company’s “commitment to crypto”.
As per the Sequoia spokesperson, “[The] Sequoia Crypto Fund complements our broader commitment to crypto. Our goal with this fund is to participate more actively in protocols, better support token-only projects, and learn by doing [it] ourselves. We remain committed to working collaboratively with the crypto community, including providing ongoing support for open-source research.”
The teaser suggests that the Sequoia Capital crypto fund will work hand-in-hand with its Expansion and Ecosystem Funds. And the focus will be on a wide range of era-defining technologies, including crypto.
The Crypto Future Looks Brighter than Ever
With Tesla accepting Dogecoin and Sequoia Capital changing its 50-year view on crypto-focused sub-funds, the future looks nothing but upbeat. One change makes life easier for customers, while the other opens doors for sizable crypto investments across verticals.
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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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