​​Microsoft Prepares To Build On Metaverse With Activision Acquisition

The tech giant announced the acquisition on Tuesday. Activision Blizzard is the parent company of the highly popular video game “Call of Duty” and the deal is being touted as the biggest in gaming industry history. The deal is also the biggest acquisition made by Microsoft and is a powerful move in cementing its position in the metaverse. The videogame market has already been dominated by industry leaders like Tencent and Sony. However, the latest move from Microsoft is expected to shake things up in the virtual world of gaming.

Commenting on the acquisition, Microsoft CEO Satya Nadella said,

"Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms."

Microsoft is already a significant player in the gaming industry thanks to the Xbox gaming console. The Activision acquisition will catapult its position higher up the ladder, into the third position of the most influential gaming companies of the world. Activision’s 390 million monthly users and huge gaming franchises of Call of Duty and Warcraft will give an edge to Microsoft in the competitive battle with Sony’s PlayStation and Meta’s VR platform, Oculus.

According to equity analyst and portfolio manager at Aptus Capital Advisors, David Wagner,

"This is a significant deal for the consumer side of the business and more importantly, Microsoft acquiring Activision really starts the metaverse arms race."

The metaverse is a virtual space that has developed with the expansion of different blockchain networks and NFTs. The technology behind it allows users to interact with virtual elements in this virtual space. Ever since Facebook rebranded itself to Meta, the interest in metaverse has skyrocketed, as several leading brands and conglomerates are taking steps to ensure they do not get left behind in this race.

Microsoft had been preparing to expand its metaverse presence since the end of last year. In November 2021, the tech firm announced its intentions at the Microsoft Ignite conference. Furthermore, the company had also announced that it would be updating its Xbox gaming console services to provide an elevated metaverse experience. The recent acquisition could be a part of its initiative to add more firepower to its gaming arsenal.

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​​US Fed Explores Digital Currency Options, Releases Whitepaper

The United States Central Bank, also known as the Federal Reserve has released a new whitepaper discussing the benefits, downsides, and potential costs involved in launching a Digital Dollar

CBDC Whitepaper Starts Conversation
The release of the whitepaper on Tuesday, January 30, is indicating that the country’s chief financial institution is ready to start the conversation around the pros and cons of a central bank digital currency (CBDC). The paper however did not make any conclusions or statements about whether the Fed should actively pursue the project. The Fed has already clarified that any substantive movement in the direction of launching CBDCs would not happen without support from Congress and the executive branch. The Fed is also inviting comments on the whitepaper and the general idea of a CBDC via an online submission form for the next 120 days.

Following the whitepaper, Fed Chairman Jerome Powell commented,

“We look forward to engaging with the public, elected representatives and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States”.

Digital Dollar: Functions And Challenges
The whitepaper pointed out that the CBDC would function differently from traditional digital payments. Instead of traditional banks, the Digital Dollar will function as a digital token with a direct claim from the central bank. In this way, it almost functions similarly to physical cash. Additionally, a central bank backed currency would also be different from usual cryptocurrencies that are issued by private actors and therefore carry higher risk potential.

The whitepaper also pointed out the challenges involved with such an undertaking, writing,

‘While a CBDC could provide a safe, digital payment option for households and businesses as the payments system continues to evolve, and may result in faster payment options between countries, there may also be downsides. Challenges include maintaining financial stability and making sure the digital dollar would ‘complement existing means of payment’.

CBDC Could Be On The Cards
The whitepaper also detailed that the best use of a Digital Dollar would be if it were intermediated through the current financial system, eliminating the need for individual CBDC accounts directly with the Fed. While some Democrats are agreeing that such a digital currency could help the unbanked populations, banks are worried about losing their customer base.

Globally, there has been significant turmoil around digital assets, especially cryptocurrencies. However, financial institutions are warming up to the idea of CBDCs, since it merges the security of physical cash and the ease of transaction of digital assets. Jerome Powell himself has previously stated that cryptocurrencies do not pose risks of financial instability to the American economy.

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​​The Wealthiest Crypto Investor Portfolios Are Down 24% To 55% So Far

It’s not just your average Joe retail investor who is feeling the crypto cold right now. Ten of the richest crypto billionaires are also feeling the pain of the current crypto cold snap, some of them down more than 50% of their net worth since early November.

A Forbes article published just recently today, suggested that ten of the richest individuals in crypto have seen a combined loss in their crypto portfolios of a whopping $27 billion. Of those ten, three of them have lost over 50% since the $69,000 bitcoin top of November 10.

With bitcoin, ethereum, and most of the top performing cryptos down at least 50%, this is one of the main reasons for the losses. And it’s not just just the cryptos themselves. Coinbase Global shares have lost 42% since the bitcoin top, down from $328 to $191 at yesterday’s close.

This has led to the two billionaire co-founders of Coinbase, CEO Brian Armstrong, and Fred Ehrsam, losing $70 billion between them.

The article points out that MicroStrategy’s CEO Michael Saylor has suffered the biggest personal losses so far. His net worth has dropped from $3.1 billion on November 11, to $1.4 billion yesterday, a 55% decline in his fortune.

His company, MicroStrategy, is also down 55% over the same period, and that is despite the tech dominated Nasdaq index being down only 15% over the same time frame. Crypto has suffered the heaviest of all the tech sector.

The entire crypto industry has suffered en masse. The combined market cap of cryptocurrency was at nearly $3 trillion before the plunge. Now it is languishing at $1.7 trillion, a 43% loss in just 3 months.

While the crypto market appears to have found a bottom, at least for now, the pain may not be over yet. After a bounce upwards from here, some analysts are calling for bitcoin to come back down and test the $30k level. If this is broken then $20k might be the next stop, and some of the billionaires might be so no longer.

​​Crypto Took CZ From Working At McDonalds To Becoming One Of The Richest Men In The World

Zhao Changpeng, the CEO of Binance exchange, saw the possibilities with crypto earlier than most. His prolific rise to the top through his entrepreneurial qualities had very humble beginnings.

Known as CZ in crypto circles, Zhao Changpeng was born in China in the Jiangsu province. His father was exiled during the Chinese cultural revolution when CZ was only twelve years old.

The family moved to Vancouver, Canada, and initially times were not easy. CZ said that he did lots of odd jobs in order to provide for his family, and this included a period working at McDonalds.

It was in 2013 that he first heard about Bitcoin, and was encouraged to invest some money into it. According to an article published in the South China Morning Post, he then threw himself totally into the number one cryptocurrency, even selling his flat in order to be able to buy more of it.

In 2017 his star began to shine ever more brightly when he launched his very own crypto exchange called Binance. The exchange shot up the crypto market cap rankings at a meteoric speed, based on a strategy of creating high volumes with low fees.

Now, Binance is the world’s biggest crypto exchange, and according to Fortune, it processes up to $170 billion in transactions per day. Therefore, CZ’s 90% stake in the company means that he has become the 14th richest person in the world, as per the Bloomberg Billionaires Index. However, it must be noted that this index doesn’t take into account the wealth held by CZ in his own personal crypto holdings.

Now that he appears to have made it big financially, CZ says he is more interested in philanthropy. He personally answers some of the questions on the Binance blog page, and recently tweeted from his Twitter account:

“Don’t worry about rankings. Focus on how many people you can help.”

He added the following day:

“Unpopular opinion: instead of wealth rankings, there should be a ranking of charity and philanthropy efforts.”

Binance has suffered some negatives in recent times. China effectively ended the exchange’s stay in mainland China when it outlawed all cryptocurrency transactions. Other jurisdictions have put it under the spotlight on regulatory issues, and the US Department of Justice, and the IRS, are investigating the company for money laundering and tax evasion.

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​​NFT Charity Auction Launched By Mars Panda To Support Displaced Afghans

Crypto platform Mars Panda has announced the launch of The Mars Panda NFT charity auction, the proceeds of which will go to support UNHCR's humanitarian efforts for vulnerable displaced Afghans.

The charity auction will take place on the 31st January to the 6th February and includes donations in the form of NFTs from high-profile individuals.

It should be noted that all proceeds from the auction, minus administrative and operational costs will go to the UNHCR, and their work with assisting newly displaced Afghans with life-saving shelter, food, water and core relief items. Currently 24.4 million people (55% of the population) are in need of humanitarian assistance and the support of charitable organizations such as the UNHCR is crucial, especially during the dangerous winter months.

Kevin Pang, CEO of Mars Panda World said in a statement:

"The relentless influx of wealth and interest in NFTs are perfect ingredients to make them a force of good. NFTs have empowered everyone to convert their art and creativity into meaningful actions targeting social and humanitarian issues"

The NFT market surpassed $41 billion in 2021, according to crypto data group Messari, a total that would have been even higher if it included NFTs minted on solana and other blockchains.

With this in mind, and with the ability for the high interest in NFTs to go towards meaningful action, Mars Panda’s charity auction will channel the demand for NFTs into a worthy social action campaign.

High-profile figures and world-renowned authors that are contributing to this cause include UNHCR Goodwill Ambassadors Khaled Hosseini and Neil Gaiman, illustrator Dan Williams, Thai Venerable and UNHCR Patron Phra Medhivajirodom.

Author Neil Gaiman has contributed a UNHCR produced film of his poem What You Need To Be Warm which includes a message from the author on the writing and development of the film. The author Khaled Hosseini (The Kite Runner, A Thousand Splendid Suns) has also donated a short book,

The Venerable Phra Medhivajirodom, a well-respected Buddhist monk, scholar, writer and social worker from Thailand, has painted a one-stroke painting specifically for this charity auction.

​​South African Regulator Urges Public to Be More Cautious When Dealing With FTX, Bybit

The Financial Sector Conduct Authority (FSCA) has warned the investing public to be cautious when trading on the cryptocurrency platforms FTX and Bybit. The FSCA alleges that neither entity has been licensed to trade in Contracts for Difference (CFD) or to provide financial advisory and intermediary services in South Africa.

South Africa’s financial services regulator, the FSCA, recently stated that the public must be cautious when dealing with the cryptocurrency exchange platform FTX. According to the regulator, FTX is not authorized to give any financial advice or render any intermediary services in terms of the country’s laws.

In its February 1 media release, the regulator emphasized that before any party starts to offer CFD or intermediary services, it needs to be licensed by the FSCA. The media statement explained:

Without commenting on the business of FTX or its products and services, the FSCA points out that, for a company to offer CFD (Contracts for Difference) trading in South Africa, it must be licensed to do so by the FSCA. The FSCA wishes to inform the public that FTX is not authorised to trade in CFDs or to provide financial advisory and intermediary services in South Africa.

The regulator added that efforts to contact FTX, which is headquartered in the Bahamas, have been unsuccessful. The FSCA, in the meantime, says “members of the public should always check that an entity or individual is registered with the FSCA to provide financial advisory & intermediary services.”

The regulator also warned the public to be on the lookout for persons or companies that are registered “to provide basic advisory services for a low-risk product” but still proceed “to offer services of a far more complex and risky nature.”

Meanwhile, another media statement that warns the public about dealing with Bybit was similarly issued by the regulator on February 1, 2022. Again, in this statement, the regulator reiterates that Bybit is not licensed to provide financial services to South Africans.

However, according to the FSCA’s statement, Bybit, unlike FTX, has already indicated its “willingness to apply for authorisation to provide financial advisory and intermediary services in South Africa.” In this statement, the FSCA concludes by urging members of the public “to remain cautious when dealing with Bybit until they have applied for and received authorisation from the FSCA.”

​​Russian Government to Present Regulatory Scenarios for Cryptocurrencies Within a Week, Report

The federal government of Russia should be ready with different regulatory scenarios for the country’s crypto market by the end of next working week, documents from a recent meeting have indicated. The executive power in Moscow favors regulation over the prohibition of cryptocurrencies and related activities.

The Russian government, which is hosting the ongoing debate on the future of decentralized digital money in Russia, is going to produce alternative scenarios for crypto regulation by Feb. 11. The Russian business daily Kommersant broke the news, quoting documents from a meeting held at the White House in Moscow last week.

The fate of cryptocurrencies in the country is likely to be decided by the outcome of a clash between two opposing views. While the Central Bank of Russia proposes a blanket ban on crypto-related activities such as issuance, exchange, and mining, the Ministry of Finance pushes for legalization under strict rules and without recognizing bitcoin as a means of payment.

Most government institutions, including relevant ministries, have supported the approach suggested by the treasury department. If it is adopted, Russians owning digital coins will be able to operate with them as with investment assets under the watchful eye of the government, make transactions through Russian banks and pay taxes.

Bank of Russia elaborated its position on cryptocurrencies in a consultation paper published last month. It says that all transactions with private digital currencies should be conducted outside Russian jurisdiction and without using Russia’s financial infrastructure. On the other hand, the Finance Ministry insists that authorities should differentiate between “white” and “black” crypto market activities. Both agree, however, that cryptocurrencies should not be granted legal tender status.

Last week, RBC reported that the government has drafted a regulatory roadmap, signed by Deputy Prime Minister Dmitry Chernyshenko. According to Kommersant, its concept about the regulation of the crypto market has been outlined in a letter by Finance Minister Anton Siluanov to Prime Minister Mikhail Mishustin. It has been agreed with other departments and regulatory bodies, including the ministries of economy and digital development, Russia’s financial watchdog, Rosfinmonitoring, the Federal Tax Service and the Federal Security Service.

According to Siluanov, Russian citizens have 12 million crypto wallets with coins worth around 2 trillion rubles (almost $26.5 billion). However, knowledgeable sources quoted by Bloomberg have recently revealed that the government is also working with a much higher estimate, according to which Russians own $215 billion in cryptocurrency.

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​​How Web 3.0 Will Change The Way Traditional Financial Systems Operate

We are at the cusp of another internet revolution. Web 3.0 momentum has gained significant traction and is inching closer to reality with each passing day. Industry experts claim that Web3 will transform the internet as we know it.

But what exactly is Web 3.0? And how will it disrupt existing processes?

To understand that, we need to review the fundamentals of the worldwide web first. Think of it this way: the early days of the internet were called Web 1.0. This was the first iteration of the world wide web - a period where most users were simply content consumers. Web1 shaped itself as a massive content delivery network.

Then came Web 2.0, bringing in a paradigm shift in how digitized information is created, stored, distributed, and manipulated. The larger part of Web 2.0 is represented by user-generated content, increased interoperability, and usability for end users. Web 2.0 led to the rise of social media platforms, search engine giants, and other similar platforms.

Besides setting the foundation for an interactive and collaborative internet, Web 2.0 also paved the path for a massive change in our banking habits. The world gradually pivoted towards online banking, eCommerce, and other internet-powered options, delivering both convenience and flexibility for users.

Web 3.0 takes this a step further. Unlike the current version of the internet, where centralized authorities have taken over almost everything, Web3 aims to restore control to consumers. By design, Web3 will allow people to interact using open, permissionless, and trustless networks without the need for any intermediaries or third parties.

In this context, cryptocurrencies and blockchain technology are the key drivers of Web 3.0. Since Web 3.0 is decentralized and leverages the power of blockchain, the evolving DeFi (decentralized finance) ecosystem will play a much bigger role than what it is doing today.

The worlds of CeFi (centralized finance) and DeFi will merge eventually. Multiple blockchain-based projects are actively working towards bridging the gap between CeFi and DeFi ecosystems, thus creating a novel ecosystem that is more inclusive, fair, and transparent.

The new approach ensures that the data and power of the internet will not be controlled by just large companies but by communities, bringing about community-centered economies of scale. The decentralized world of Web 3.0 is based on participation open to everybody, and the more participants, the more benefits everyone receives.

There are several promising use cases of DeFi and projects lined up for Web 3.0. Centrifuge is one such project that aims to bring the massive liquidity of real-world assets to Web3. Built on a two-layer approach, Centrifuge connects lenders and borrowers through its fully decentralized platform, free from intermediaries and the constraints of TradFi.

By unlocking the value of real-world assets (RWA) and bringing it to DeFi, Centrifuge bridges the gap between TradFi and Web 3.0. The platform enables users to tokenize their real-world assets like invoices, royalty, and real estate and use them as collateral to access funding. As a result, Centrifuge has been able to bring down the cost of capital for small and medium-sized enterprises (SMEs) and offer DeFi investors a stable source of yield that has no connection with the volatility of cryptocurrencies.

The platform leverages the best attributes of Web 3.0 and DeFi to facilitate tokenization, securitization, and underwriting of a diverse range of real-world assets to unlock financial opportunities for both borrowers and lenders. It overcomes the limitations of TradFi while serving as the gateway for all off-chain real-world assets to enter the Web 3.0 ecosystem.

The DeFi ecosystem, due to its very nature, has ongoing liquidity problems. But with the multi-trillion-dollar real-world assets market linked to Web 3.0, the DeFi ecosystem will eventually expand its footprint even further.

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​​Ripple Partners With Digital Euro Association To Accelerate Research On CBDCs

Ripple Inc., an enterprise blockchain and crypto firm focused on cross-border payment technologies, has partnered with the Digital Euro Association, a a think tank specializing in central bank digital currencies.

The partnership will see Ripple working alongside Digital Euro Association to collaborate on accelerating development and research for the creation of a European central bank digital currency (CBDC). The partnership, however, may not be entirely in congruence with recent statements from the European Commission that it is aiming to build a CBDC framework with a target date set for 2023.

"We are thrilled that, due to the partnership with Ripple, we can extend the technological expertise of the DEA community. As more and more CBDC projects worldwide reach advanced stages, technological design of a CBDC will play a key role for policy-makers in the near future, while previous years focused primarily on research," shares Jonas Gross, Chairman of the Digital Euro Association.

Ripple has been involved in several CBDC initiatives across the world, with the U.K., Bhutan, and the Republic of Palau also forming technical partnerships with the firm. Ripple will be taking on the role of a "supporting partner" the the Digital Euro Association, sharing technical expertise on blockchain-based implementations for central bank digital currencies. In October last year, Ripple joined the Digital Pound Foundation through an advisory role on its board, in a bid to help develop a U.K. CBDC.

According to a press release published by the Digital Euro Association, the partnership with Ripple will cover "joint educational efforts around digital currencies and knowledge exchange." Ripple says that it has been investing significant efforts to the growing number of CBDCs globally, disclosing that it currently has 40 developers and researchers working on CBDCs across its portfolio of partnerships.

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​​Cere Network and Polygon Launch ‘NFT Content Monetization’ Platform Davinci

On February 14, Cere Network and Polygon launched a non-fungible token (NFT) marketplace and Web3 platform called Davinci, a project that aims to bolster the security behind NFT data. The platform is described as an “all-in-one Web3 media platform” that leverages Cere’s decentralized data cloud (DDC) platform and the proof-of-stake blockchain network Polygon.

Non-fungible token (NFT) media has become a big deal and a billion-dollar industry during the last year. However, the space has become filled with controversies as well with issues pertaining to intellectual property and copyrights to things like immutability.

In March 2021, there was a furious debate over immutability concerns tied to NFT technology. Fred Jin, the co-founder of Cere Network believes that NFT content that’s not stored properly is an issue.

“Most NFT content is not stored securely on the blockchain,” Jin said in a statement during the Davinci launch. “This is a problem, simply because your NFT can lose its content and associated value. The Davinci platform solves this problem via Cere DDC’s secure decentralized content delivery innovations.” The Cere Network executive added:

We’re really breaking new ground here, both for the entertainment industry and consumer enterprises, through a new standard for decentralizing data/content along with the Polygon team.

“Uniquely, each NFT created on Davinci’s platform will remain linked to the original creator through the use of smart contracts that guarantee a share of the royalties from any sale and establish a way for the continuous delivery of exclusive new content,” the Cere Network team’s announcement notes.

Sandeep Nailwal, the co-founder of Polygon believes the NFT ecosystem is just getting warmed up, and Nailwal thinks the Polygon and DDC-crafted Davinci Web3 application will enhance the industry’s growth.

“There is so much more that artists and fans are able to accomplish and access through Davinci that realizes more of the blockchain potential to the mainstream consumers,” Nailwal remarked. Artists, performers, and brands get more revenue from their unique content, while fans get better experiences and secure delivery of their assets."