Close ✕
KPMG, one of the Big Four accounting firms, is currently examining how cutting-edge technology can alter its business model. Soon, it may be holding executive meetings and closing multimillion dollar deals with clients in the Metaverse. This clearly shows how Business-to-business will propel the Metaverse explosion. KPMG's James Mabbott stated recently that the company sees tremendous potential in the technology.
The CEO of USD Coin issuer, Circle claims that despite the present industry crisis, the idea that crypto offer greater transparency than traditional finance is still valid. Jeremy Allaire claims that the blockchain-based decentralized system that sprang from the 2008 financial crisis continues to have use cases in a recent interview on Yahoo Finance Live, believing that it is time to move forward because the crypto market has turned into a speculative one.
Input Output Global (IOG) has invested $4.5 million in a research hub at the University of Edinburgh after making comparable investments at Stanford and Carnegie Mellon. Input Output Global already has a working partnership with the institution, and in the School of Informatics, it previously developed a Blockchain Technology Lab. Additionally, it comes after Stanford University's funding and establishment of the Blockchain Research Hub in August.
One of the ASEAN nations with the fastest growing economies has real-time cross-border payments available thanks to Ripple partner Tranglo. The business had previously said its end-of-August expansion will be into the UAE and the opening of a payment corridor there. Tranglo hopes to strengthen its position in the cross-border transfer market by introducing new and pertinent tech. Tranglo sees opportunities not just in Malaysia but also the Asia-Pacific region.
According to a story published recently, despite the continuous market unrest, New York Mayor Eric Adams continues to believe in crypto. Since the FTX exchange failed, Bitcoin and other cryptocurrencies have experienced severe crises. But still, crypto, in Adams' opinion, represents an incredible opportunity. The 62-year-old congressman called "shortsighted" those who assert that recent down markets inhibit crypto's growth.
Russia and Cuba, who are both subject to sanctions, are looking into alternative methods of making cross-border payments, such as crypto. Moscow is already working on a system for crypto payments that will allow it to get around the financial sanctions imposed as a result of its invasion of Ukraine. In light of the restrictions imposed on both countries, the governments of Russia and Cuba wants to use Russian rubles and crypto to promote bilateral collaboration.
With a flawless fork from the mainnet and the addition of "finality" to VeChainThor, the VeChain Foundation has declared what it refers to as "a new era" as the concluding phase of PoA 2.0. The VeChain mainnet has also created the first finalized block, which is a significant development for the blockchain. The team claimed that VeChain will now offer the ideal platform for sustainability, both in terms of energy consumption and actual change.
Trust Wallet released its browser extension on November 14; it is presently accessible in Opera and Google Chrome. Across all EVM chains and Solana, the plugin enables users to store, send, and receive cryptocurrency. Trust Wallet is expanding as a result of FTX's demise and the wider bank run on crypto exchanges. The startup cooperated with Binance Pay and Coinbase Pay, whose users may now transfer their funds directly to a Trust Wallet account.
The CEO of Ripple recently claimed in a tweet that the ongoing crisis may actually make the crypto industry stronger though failure of the FTX exchange has kept the bitcoin market in a precarious position. The industry must continue to prioritize trust and transparency if this is to take place, having the executive discussed the use of crypto, macroeconomic variables affecting the sector, and other important topics at Ripple's annual Swell conference.
Bybit and Huobi have joined the group of significant crypto exchanges that have made their proof of reserves available to the public. Major crypto exchanges have been publishing proof of the reserves of which Bybit, having largest holdings in USDT, BTC, ETH and USDC and Huobi have reportedly also made their proof of reserves available. These discoveries occur as withdrawals are suspended by exchange after exchange.
Bitcoin's Open Interest has surged by $1.8 billion as its price broke the $27,000 mark, indicating a strong influx of investor interest. Open Interest tracks the total value of Bitcoin futures contracts open on derivative exchanges, with rising figures signifying increased market activity and potential volatility. The recent jump from $11.04 billion to $12.81 billion suggests heightened trading and leveraged positions. The future direction of Bitcoin's price remains uncertain, with the surge potentially fueled by shorts covering positions or longs hoping for further gains. The funding rate suggests a balanced mix of long and short positions.
Morgan Creek Capital founder Mark Yusko predicts a bright future for Bitcoin (BTC) as institutional capital worth hundreds of billions is expected to enter the market. Yusko points to Bitcoin's historical trend of adding a zero to its price following each halving event, with the next one slated for April 2024. He anticipates a 1.5x increase from the current all-time high, potentially reaching $100,000. Additionally, Yusko believes Bitcoin exchange-traded funds (ETFs) will be approved by late 2023 or early 2024, leading to a substantial influx of capital into the cryptocurrency.
Citigroup has unveiled Citi Token Services, a permissioned blockchain platform designed for institutional clients, offering access to tokenized deposits, cross-border payments, and automated trade finance around the clock. This move aligns with Citigroup's goal of creating a 24-7, on-chain, programmable financial system. The partnership with Maersk enables instant payments through smart contracts, benefiting companies with numerous vendors. Citi Token Services also aids corporate treasurers in managing global liquidity more efficiently. Meanwhile, JPMorgan is reportedly still in the early stages of exploring a similar private blockchain service, lagging behind Citigroup's innovation.
Bitcoin is making a strong comeback, currently priced at $26,684 and holding over 50% of the total cryptocurrency market, boasting a market cap of approximately $520 billion. This milestone is significant as it contrasts with the stagnation or decline of many alternative cryptocurrencies (altcoins). Ethereum, the closest rival, sits at $1,632.09, with other altcoins showing modest gains or losses. Bitcoin's resurgence aligns with historical trends, often thriving during bear markets, cementing its status as a digital "safe haven." Despite gains, it remains below its peak dominance levels, but its return to prominence is noteworthy.
Animoca Brands subsidiary Darewise Entertainment is set to introduce the first-ever metaverse token on the Bitcoin blockchain. The token is aimed at powering a comprehensive ecosystem for gaming, brands, and real-world experiences. This move represents a significant expansion of Bitcoin's capabilities beyond a store of value. The metaverse token will facilitate in-game assets and virtual lands for the Life Beyond metaverse project, marking a new era for Bitcoin. Darewise Entertainment is partnering with Horizen Labs to develop and expand the Ordinals ecosystem on Bitcoin, with more innovations expected in the coming months.