Elon Musk’s Twitter takeover boosts Dogecoin,
FTX could launch a stablecoin
and Ozzy Osbourne rocks the Metaverse.
These stories and more this week in crypto.
Hi, I’m Nate Martin from 99Bitcoins.com,
and here’s what’s happened this week in crypto.
As Elon Musk completed his $44 billion acquisition of Twitter,
Binance confirmed a $500M investment
and plans to help with blockchain development
on the social media app.
Elon Musk’s favorite cryptocurrency, Dogecoin,
surged 35% as the deal reached completion.
It is currently rumored that Twitter is working on a wallet prototype
that supports crypto deposits and withdrawals.
The CEO of the popular exchange, FTX
asserted that the firm is working on launching its own stablecoin.
Sam Bankman-Fried said the exchange knows how to create a stablecoin
and is very likely to do so soon
and is looking for a partner before the launch.
SBF also confirmed previous reports
that FTX is looking to raise more funds for new acquisitions.
Global financial services, Visa, Paypal and Western Union,
have all recently filed new trademark applications covering cryptocurrencies.
An excerpt from Paypal’s application specifies downloadable software
for sending and receiving digital currencies,
Western Union’s trademark application submitted on the same day
has references for crypto services.
And Visa’s application covers a wide range of crypto products,
including its own crypto wallet.
Apple clarified its rules
on cryptocurrencies and non-fungible tokens
laying out what apps are allowed to do with these technologies.
The guidelines say that while apps may sell NFTs and related services,
any of those sales must use Apple’s in-app payment mechanism,
where Apple takes up to a 30% cut of in-app payments.
Digital banking app, Revolut,
is offering crypto-linked cards to customers
so they can spend their crypto in online and in-person purchases.
The new ‘spend from crypto’ feature
is specifically designed to let cardholders
use their cryptocurrency balance to pay for everyday purchases.
As the UK struggles with political and economic unrest,
the new Prime Minister appears to be a crypto enthusiast.
Rishi Sunak was behind the announcement
in April of this year of the British government’s plan
to make the country a global crypto asset technology hub.
Critics, however, are concerned
about Sunak’s support for the development of Central Bank Digital Currencies.
The Monetary Authority of Singapore (MAS)
has put forward draft regulations
that aim to restrict crypto trading for retail investors,
while also boosting the development of stablecoins.
The statement describes stablecoins as a credible medium of exchange.
The MAS has indicated that it plans to expand the regulatory framework
in order to ensure the sector’s stability.
Google Cloud is launching its own node-hosting service for Web3 developers.
Ethereum will be the first blockchain supported by the new service,
named Blockchain Node Engine,
enabling developers to provision fully managed Ethereum nodes
with secure blockchain access
while making the process easier, faster, and more secure.
Rock legend Ozzy Osbourne’s Ozzfest festival is coming to the metaverse.
The hard rock music festival which ran annually until 2018
will return to take place in Decentraland with a line-up of over 100 acts.
This is the first rock music festival to enter the metaverse
which is free to attend
but owners of Ozzy’s Cryptobatz NFT collection will get
VIP access and merchandise.
That’s what’s happened this week in crypto,
see you next week.
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