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Popular Portuguese Tech Publication Starts Investing in Cryptocurrencies

Last Updated March 4, 2021 5:07 PM
Francisco Memoria
Last Updated March 4, 2021 5:07 PM

A popular Portuguese tech publication, Pplware, recently started investing  in cryptocurrency, after asking its readers for feedback on which tokens it should buy.

The publication made its move now, as it argues the ecosystem is now more stable than what it was in late 2017, when most cryptocurrencies hit a new all-time high, and subsequently started dropping.

Pplware, one of the most popular tech-related publications in the country, revealed that it’ll invest in cryptocurrencies on a weekly basis, and started this week’s investments with a €30 ($35.9) budget. It’s planning on sharing its experience with its audience, while helping its readers learn how to invest in cryptocurrencies.

In an article announcing its move, it explained its goals (roughly translated):

“The objective, of course, will be the investment’s possible profitability, to understand the technologies that support this still largely unknown reality.”

The publication’s team used Coinbase to buy Bitcoin using Euros. The €30 it invested got them 0.0037 BTC, bought at €7,710.53 per coin. The funds were then sent to Binance, the world’s largest cryptocurrency exchange. Pplware split its BTC and bought two cryptocurrencies, ICON and Cardano.:

“Based on our research and reader feedback, we found it profitable to invest in Cardano (ADA) and ICON (ICX). They are decentralized third-generation cryptocurrencies, Blockchain 3.0, with good arguments to increase their value and be relevant in the future.”

The investment got the publication 44 ADA tokens, and 3.84 ICX. The funds weren’t then transferred out of the cryptocurrency exchange, as the publication argued it would sell them within a short period of time, and wanted to avoid paying additional fees.

The move comes at a time in which the Portuguese parliament is set to discuss cryptocurrency payments, with the goal of adopting a new legal framework for crypto payments services, while guaranteeing users’ safety using these services.

Cryptocurrency adoption is seemingly being pushed around the globe. As recently covered, a Singaporean startup developing “smart banknotes” for bitcoin launched sales of physical bitcoin banknotes in a major mall in order to drive adoption.

Last month, CCN.com reported that retailer adoption of bitcoin is growing in the Us and Canada, despite the price fall cryptocurrencies were then enduring. Since then, most cryptocurrencies have recovered. As press time, bitcoin is trading at $9,888, according to CCN.com’s price index.