Category: NFT Investment

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California Governor Signs Executive Order Encouraging Bitcoin, Cryptocurrency Business

The governor of California signed an executive order to drive innovation for bitcoin and other cryptocurrency-based businesses with transparent regulation.

California Governor Gavin Newsom today signed an executive order creating a regulatory framework for companies operating in bitcoin and other cryptocurrencies.

The EO combines a multitude of established regulatory agencies to define regulatory practices through a public process based on stakeholder feedback.

The order also initiates the creation of a career path and educational opportunities for those looking to enter the cryptocurrency space.

California Governor Gavin Newsom today signed an executive order (EO) creating the legal framework for companies working in bitcoin and other cryptocurrencies, according to a press release from the governor’s office.

The EO states that one of its top priorities is “GovOps will explore opportunities to implement blockchain technologies to meet emerging and public service needs.”

If the state is looking to determine whether a company is a good fit for a particular vendor’s needs, the state will look at each company’s specific use cases and determine whether or not to accept vendors based on factors such as environmental impact and relevance.

Members of the Governor’s Council for Postsecondary Education are expected to create a research and work environment to strengthen cryptocurrency innovation designed to expose students to new opportunities in the space. The aim is to develop a pathway for the workforce and generate pathways for continuing education “to ensure a flow of talent”.

The EO sets several state priorities in creating this regulatory framework, but one in particular is creating a consistent and transparent business environment for any company operating in bitcoin or the broader cryptocurrency ecosystem.

The order signifies the creation of a stakeholder feedback system run by the Governor’s Office of Economic and Business Development (GO-Biz) and the Agency for Business, Consumer Services and Housing (BCSH) and the Department of Financial Protection and Innovation. (DFPI). The purpose of this coalition is to harmonize state and federal authorities for regulatory action.

These regulatory agencies will work together gathering feedback on how to properly operate in the space, gathering data from a wide range of stakeholders, including companies inside and outside California, lower economic communities unaffected by technological growth, experts, venture capital firms and many others. .

DFPI is ready to engage in a public development process towards comprehensive regulation under the direction of federal guidelines. The DFPI is expected to solicit public comment on regulation under the California Consumer Financial Protection Act (CCFPL), while making a voluntary request from companies already working in the space about their financial products. The Governor seeks open and transparent regulatory practices that lead to innovative practices that promote a healthy economy.

“California is a global hub of innovation and we are setting the state up for success with this emerging technology by spurring responsible innovation, protecting consumers and leveraging this technology for the public good,” said Governor Newsom.

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Collection of fine South African wines sold as NFTs

South African fine wine collections were recently sold as non-fungible tokens (NFTs) with one lot selling for $79,000. Immediately after the auction, two lots were paid for with bitcoin.

Many exceed estimates

Collections of fine wines made by some of South Africa’s top producers have been sold as non-fungible tokens (NFTs) in what has been described as a first for the country’s wine industry. At the auction, which was run by art auction house Strauss & Co, some lots, such as Klein Constantia’s Vin de Constance vertical collection from 1986-2027, sold for $79,000 (R1,251,800).

Other lots that exceeded estimated prices include winemaker Meerlust’s “50-year-old vertical of the famous Rubicon,” which sold for $68,000. Vilafonté Series C 2003-2027 raised over $36,000 while Mullineux Olerasay 1-20 would have raised $20,000. Kanonkop Paul Sauer’s 2000-2025 collection sold for $16,000.

Protecting South Africa’s Fine Wine Heritage

Speaking after the sale, Roland Peens, fine wine specialist at Strauss & Co, said:

This is a huge step towards securing South Africa's fine wine heritage! These pristine old bottles are now safe on the blockchain for future transactions and fun. We believe this new technology is the most powerful way to package and market vintage wines, especially when provenance is so vital.

A statement issued after the sale said that while each collection is an NFT, the individual bottles will also be “minted” as NFTs and “can be withdrawn or exchanged at any time on any NFT platform worldwide.” Immediately after the sale, two lots were paid for with bitcoin, the statement added.

Meanwhile, the release revealed that a total of $6,000 was raised simultaneously for charities that are critical to the South African wine industry.

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Coinbase wants to make a $3 billion acquisition of Turkish cryptocurrency exchange

Major US crypto exchange Coinbase is in talks to buy BtcTurk, a Turkey-based digital asset trading platform.

In a new report, Turkish publication Webrazzi says that Coinbase could buy BtcTurk for $3.2 billion.

Negotiations are at an advanced stage and the two companies have already signed a term of commitment. At over $3 billion, the acquisition is about a tenth of the current market capitalization of the US cryptocurrency exchange.

BtcTurk was started in July 2013 by Kerem Tibuk, according to the Crunchbase business database.

Cryptocurrency tracking platform CoinMarketCap ranks the Turkish exchange at position 70, with a score of 4.6 out of ten. Coinbase, on the other hand, is second only to Binance with an exchange score of 8.3.

BtcTurk manages only a fraction of Coinbase’s trading volumes: roughly $183 million in the last 24 hours versus the US crypto exchange’s more than $2 billion.

Reports of Coinbase’s efforts to acquire BtcTurk coincide with the US crypto exchange’s announcement that it was recruiting a country director for Turkey who would be responsible for driving the growth of the business.

Less than 12 months ago, Coinbase CEO Brian Armstrong said the US crypto exchange’s goal was to expand internationally and “increase the reach of cryptocurrencies by enabling secure and easy-to-use on-ramps across all markets.” countries in which we can operate”.

Earlier this month, Coinbase debuted cryptocurrency trading on its platform in India, where it was already an investor in two of the country’s largest digital asset exchanges: CoinDCX and CoinSwitch Kuber.

Earlier this year, Coinbase acquired futures exchange FairX for an undisclosed amount. Coinbase’s other recent acquisition was crypto security firm Unbound Security, which was completed in December 2021.

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Amazon is not ready to accept crypto payments

Amazon has come up with some pretty disappointing news for crypto fans. The company seems to have come and gone through time when it comes to accepting cryptocurrency payments, and now it looks like the company is not ready to move in that direction.

Amazon Kills All Hopes of Cryptocurrency Payments

Amazon is one of the biggest, if not the biggest, retailers in the world. The online sales giant initially started out as a place to buy books, but now it looks like you can buy whatever you want via the company’s website. All you need is login information and a valid payment method, and you’re good to go.

But the fact that it is not ready or even willing to accept cryptocurrencies really undermines the power of the industry we love and respect so much, especially as it is one of the many companies that do not allow cryptocurrencies to function in their original capacity. . While there are many companies that do this, the fact that Amazon is so big hurts even more.

Initially, bitcoin and its cryptographic partners were designed to serve as payment methods for goods and services. It is easy to forget this, as BTC and many other digital currencies have taken on speculative auras in previous years. They are seen as ways to get rich overnight if you play your cards right. They are also, in many ways, seen as hedging tools; things that keep wealth steady and steady during times of economic turmoil.

However, they were originally built as a means of bypassing fiat currencies, checks, and credit cards. Unfortunately, this did not happen because they are often subject to high volatility, making their prices difficult to predict. They can go up and down at any time and therefore many stores are reluctant to say “yes” to cryptocurrency payments for fear of losing profits. To some extent, we cannot blame them.

Consider the following scenario: a person walks into a store and buys $50 worth of goods with bitcoin. For one reason or another, the store does not exchange currency for fiat and spend 24 hours. In that period, the price of bitcoin drops and that $50 becomes $40. The customer keeps everything they bought, but in the end the store lost money. Is this a fair situation? Not everyone thinks so.

Perhaps NFTs are a good entry into the crypto space

Amazon CEO Andy Jassy explained that while the company does not currently accept cryptocurrencies, executives may enter the world of non-fungible tokens (NFTs) in the future. He commented:

We are probably nowhere near adding cryptocurrencies as a payment mechanism in our retail business, but I think over time you will see cryptocurrencies get bigger.
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Fidelity Launches Multi-Level Learning Center in Metaverse

Fidelity Investments, a leading financial services company with $11.3 trillion in assets under management, entered the metaverse with the opening of an eight-story learning center and the launch of a metaverse exchange-traded fund (ETF). Fidelity Stack features “a multi-level layout complete with a lobby, dance floor, and rooftop garden for users to explore on foot, or even by teleportation.”

Fidelity enters the metaverse

Fidelity Investments on Thursday announced the grand opening of “The Fidelity Stack,” which the exchange described as its “first immersive metaverse experience designed to offer a new way to learn the basics of investing.” Fidelity is one of the largest financial services companies; it currently has $11.3 trillion in assets under management.

Fidelity Stack is an eight-story building in the metaverse where visitors can learn about different ways to invest. An entire floor is dedicated to providing information on the Fidelity Metaverse ETF (FMET), the company’s new exchange-traded fund focused on metaverse investments. Fidelity explained:

Built in Decentraland, the Fidelity Stack features a multi-level layout complete with a lobby, dance floor, and rooftop garden for users to explore on foot, or even by teleportation.

“In Invest Quest on The Fidelity Stack, users are challenged to walk the building learning the basics of ETF investing while collecting ‘orbs’ along the way,” the ad continues.

Decentraland is an Ethereum-based metaverse open to the public in January 2020. In February, global investment bank JPMorgan chose Decentraland as the metaverse platform to open its lounge.

Kathryn Condon, director of marketing channels and emerging platforms at Fidelity, commented:

The way we relate to each other and our money is changing rapidly, whether it is due to the rise of blockchain technology or the development of a new digital universe. Our foray into the metaverse was designed with that in mind.

Last month, Citi predicted that the metaverse could be a $13 trillion opportunity with five billion users by 2030. Global investment banks Goldman Sachs and Morgan Stanley believe the metaverse is a $100,000.8 trillion opportunity.