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Web2 giants playing catch-up on cryptocurrency – Axios

The internet oligarchs, referred to now as Web2, are playing catch-up with cryptocurrencies — tentatively tiptoeing into the kiddie pool with waders on — floaties, too.
Why it matters: These companies have huge networks and if one of them finds a way for crypto to complement their business, they could switch on millions of new users with the stroke of a digital pen.
What they're saying: "The market size is too big to ignore now," Electric Capital managing partner Avichal Garg, an alum of both Facebook and Google, told Axios. "Everyone under 30 is doing this so, to stay relevant, they have to."
Details: Twitter made a special emoji for #bitcoin forever ago. Recently, it has offered a tipping function in bitcoin. Plus, users who want to show off a favorite NFT can verify they own it.
For the simple stuff, users can buy and hold bitcoin on Cash app (which earned it $46 million in profit for Q4 2021). On Paypal they can buy bitcoin, bitcoin cash, ether and litecoin.
Twitter told Axios that there will be more to come.
Yes, but: It's not all been sparkles and light on the old-fashioned web.
The most epic crypto flameout in Web2 award — without a question — goes to the company now known as Meta, which launched Libra, changed it to Diem, and then finally sold it for parts in February.
Bottom line: Old companies always have a tough time with the new thing, but it's nice to see them try.


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