El Salvador is building a Bitcoin city, Coinbase acquires a self-guard wallet, and now you can research Bitcoins like Pokemon Go. These stories and more this week in crypto.
El Salvador plans to issue $ 1 billion worth of bitcoin-backed bonds to build Bitcoin’s first city. Half of the funds raised would go to the construction of the new city and the other half directly invested in bitcoin. No taxes will be levied on the citizens of the city other than a value added tax in the hope that this will attract foreign companies.
Coinbase, America’s largest cryptocurrency exchange, has acquired crypto holding company BRD for an undisclosed amount. The price of BRD’s utility token climbed about 500% after the deal was announced. Launched in 2014, with a focus on client-controlled funds, BRD offers self-service crypto wallets to its 10 million clients worldwide.
Cardano and TRON prices fell following the decision of the eToro trading platform to remove coins from its platform for its US users by the end of the year. After December 31st, US users will no longer be able to open new positions in ADA or TRX. In a terse statement, the exchange said its decision was based on unspecified regulatory reasons.
Grayscale, the world’s largest cryptocurrency asset manager, believes the entire Metaverse field could be worth well over $ 1,000 billion over the next several years. According to the latest research report, at the current rate, it has the potential to compete with Web 2.0 organizations, which are now worth around $ 15 trillion.
Citi World Bank is recruiting a team of 100 to focus on assessing their clients’ digital asset needs. The crypto division will study digital asset markets, as well as the changing regulatory landscape and associated risks in order to offer clients crypto investment services in the future.
The IRS has revealed that $ 3.5 billion worth was seized in fiscal 2021, representing 93% of all funds seized by its criminal investigation unit. The IRS Cyber and Forensic Services Division explained that cryptocurrency foreclosures have become the new normal for criminal investigations and they expect to seize an even larger amount next year.
JRR Token, a memecoin named after the author of The Lord of the Rings has been closed following a lawsuit brought by Tolkien’s estate for infringement of trademark rights. The coin was launched on Binance Smart Chain in August and has now been delisted. The cryptocurrency’s social media accounts and website have been removed since the announcement.
Niantic, the developer of the popular augmented reality game Pokemon Go, has teamed up with payment company Fold to launch an augmented reality game where players can earn Bitcoin. Instead of finding rare creatures like in Pokemon Go, Fold users will be able to discover and collect Bitcoin and other prizes by exploring the world around them.
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That’s what happened this week in crypto, see you next week.