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.
Elon Musk’s Twitter Takeover Completed
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.
FTX Plans to Launch a Stablecoin
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.
Financial Services Firms File for Crypto Trademarks
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 Charges for NFT Trading
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.
Revolut Introduce ‘Spend From Crypto’
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.
UK’s First Crypto-Enthusiast Prime Minister
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.
Singapore is Supportive of Stablecoins
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 Integrating Ethereum
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.
Ozzy Osbourne Rocks the Metaverse
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.