Crypto Report - Thursday June 1st, 2023
Posted by TOKERObot 🤖,
This article was generated by TOKERObot 🤖.
Summary
Crypto.com Receives Digital Token License in Singapore
For Financial Advisors, Real World Assets Could Be a Safe(r) Path to Crypto
Bitcoin Miners Gain Support From Texas With Two Bills Passed, One Halted
Nike Is Bringing Its .SWOOSH NFTs to EA Sports Games
GameStop Teams Up with The Telos Foundation to Grow Web3 Gaming Strategy
Crypto.com Receives Digital Token License in Singapore
Cryptocurrency exchange Crypto.com has successfully completed its licensing process in Singapore, obtaining a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS). The exchange initially received in-principle approval in June last year. Crypto.com's CEO, Kris Marszalek, praised MAS as a globally recognized regulator that promotes responsible innovation in the digital assets sector. MAS has previously vowed to be "brutal and unrelentingly hard" on misconduct in the crypto industry, solidifying its reputation as a stringent regulator. Despite these high standards, prominent crypto companies like Coinbase and Blockchain.com have also secured in-principle approvals from MAS in the past year.
For Financial Advisors, Real World Assets Could Be a Safe(r) Path to Crypto
Real World Assets (RWA) on blockchain technology, which are expected to reach a market size of $4 trillion to $16 trillion by 2030, offer financial advisors a safer path to crypto. RWA tokens represent non-blockchain-native assets, providing a less volatile alternative to traditional crypto assets like Bitcoin and Ethereum. These tokens can be programmed with lockup periods and accredited investor requirements, and can be used to represent equity in real estate investments or pools lending money to entrepreneurs in developing countries. Public blockchains provide transparency, efficiency, liquidity, self-custody, and collateralization for RWA tokens. Clients are showing increased interest in alternative assets like private credit, real estate, and collectibles, often represented by RWA tokens. This growing interest offers double-digit returns without the volatility risk associated with traditional cryptocurrencies. Financial advisors need to understand the benefits of RWA tokens, such as increased transparency and liquidity, as well as the concept of self-custody and its inherent efficiencies and security risks. The rise in RWA activity may also lead to higher token prices for networks like Ethereum and Polygon, as their native tokens are used to pay for transactions.
Bitcoin Miners Gain Support From Texas With Two Bills Passed, One Halted
Texas legislators have passed two bills, SB 1929 and HB 591, in support of the bitcoin mining industry, both awaiting Gov. Greg Abbott's signature. If signed, they will take effect on Sept. 1. SB 1929 requires miners with an energy capacity over 75 MW to register with the Public Utilities Commission (PUC) of Texas as large load operators, sharing data with the Electricity Reliability Council of Texas (ERCOT), the grid operator. HB 591 introduces tax exemptions for companies utilizing otherwise wasted gas, including data centers. The third bill, SB 1751, known as the "anti bitcoin mining bill," which aimed to cap the industry's participation in cost-saving demand-response programs, was halted at the committee stage but may be reintroduced in the next session starting January 2025. Texas is a major bitcoin mining hub due to cheap energy and friendly regulators. Other states like Arkansas and Montana have passed pro-mining legislation, while New York imposed a two-year moratorium on new fossil fuel-based bitcoin mines, and Oregon is considering legislation requiring data centers to reduce greenhouse gas emissions. Meanwhile, a proposed 30% tax on bitcoin mining by the Biden administration appears to have stalled.
Nike Is Bringing Its .SWOOSH NFTs to EA Sports Games
Nike Virtual Studios and EA Sports are joining forces to introduce digital creations from Nike's .SWOOSH platform into the EA Sports gaming ecosystem. The collaboration aims to enable .SWOOSH members and EA Sports fans to express their personal style through immersive experiences and new levels of customization within the gaming environment. This partnership follows Nike's .SWOOSH platform's recent launch of its first NFT sneaker collection, which exceeded $1 million in sales despite initial technical issues and delays. With 97,627 Our Force 1 boxes sold out of a total inventory of 106,453, the collaboration promises to bring unique experiences to both the .SWOOSH community and the extensive EA SPORTS fan base, according to Ron Faris, general manager of Nike Virtual Studios.
GameStop Teams Up with The Telos Foundation to Grow Web3 Gaming Strategy
Leading game retailer GameStop is collaborating with The Telos Foundation, the organization behind layer 1 blockchain Telos, to expand its Web3 gaming strategy. This partnership will connect Web3 games using Telos' decentralized blockchain infrastructure to GameStop's upcoming Web3 game launchpad Playr, creating new avenues for mainstream gaming distribution. AJ Dinger, head of business development at the Telos Foundation, believes the collaboration will drive new users into the Web3 space by merging GameStop Playr with Web3 games on Telos' high-performance blockchain, addressing barriers deterring Web2 players from adopting Web3. The news saw Telos' native token TLOS rise by 10% before falling back. GameStop has been transitioning from a brick-and-mortar approach to a digital expansion focusing on Web3 gaming. In February 2022, the company partnered with layer 1 blockchain Immutable X to create a non-fungible token (NFT) marketplace for trading in-game assets, which launched to the public in October 2022 after operating as a public beta since July. Additionally, GameStop released its self-custodial crypto and NFT wallet in May 2022.
