4 big firms making crypto moves
There’s never a dull moment on the blockchain. Here’s what you need to know this week:
Google partnered with Coinbase to expand into crypto and web3 services. Mastercard, BlackRock, and BNY Mellon have also doubled down on crypto.
Cryptoverse quotes. Terra’s Do Kwon offered new insights on the downfall of his algorithmic stablecoin, and key sound bites from the week.
Noteworthy numbers. The price of a house sold on an NFT marketplace, the amount of money lost to hacks in October, and other numbers to know.
From Google to BNY Mellon, iconic firms double down on crypto, defying the bear market cycle
If you recall the halcyon days of crypto’s historic , you’ll remember that one of the market’s biggest catalysts was institutional investment — famous Wall Street firms like Guggeheim Partners and publicly traded companies like Tesla and MicroStrategy all added BTC to their balance sheets, pushing prices higher. And even though we’re currently five months into a potentially lengthy crypto winter, the pace of adoption is anything but frozen, laying the foundation for the next bull run. From Blackrock and Mastercard to tech giant Google, let's take a look at some of the big names leading the charge right now.
Investing behemoths BlackRock and BNY Mellon, which boast a combined $10 trillion in managed assets, have both expanded their crypto offerings.
BNY Mellon, the world’s largest financial custodian and America’s oldest bank, added BTC and ETH to its custodial capabilities, which include managing clients’ and providing “the same bookkeeping services on those digital currencies that it offers to fund managers for … stocks, bonds, commodities, and other assets,” per .
In the firm’s Q3 earnings call, BNY CEO Robin Vince that 75% of clients are either investing, or actively considering investing, in digital assets: “What we've heard from our clients is they want institutional grade solutions in the space.”
BlackRock, the world’s largest asset manager, recently introduced a that includes companies investing in and building the emerging, but , virtual industry. This follows August initiatives that included a with Coinbase and the of a “spot bitcoin private trust,” which lets institutional clients indirectly invest in BTC’s performance (not to be confused with a , which the SEC has yet to approve in the U.S.)
Mastercard is launching a program to help financial institutions offer crypto trading.
Google Cloud customers will be able to pay for cloud services with select cryptocurrencies including BTC and ETH. These crypto payments will initially roll out to those “in the web3 ecosystem.” Web3 developers will also have access to Google Cloud’s blockchain data, enabling things like business intelligence analysis without expensive tech infrastructure.
Google will begin using Coinbase Prime for institutional crypto services including asset custodianship and reporting.
Why it matters…The term “institutional investors” likely evokes Wall Street skyscrapers or Silicon Valley VC funds, but finance giants and their tech counterparts aren’t the only institutions betting big on the crypto-powered economy of the future. Speaking at this week’s Yahoo Finance All Markets Summit, Walmart’s chief technology officer, Suresh Kumar, digital asset plans for the world’s largest retailer. “Crypto will become an important part of how customers transact, “ said Kumar. “I think a lot of the disruption is going to start happening in terms of different payment methods.”
Terra’s Do Kwon gives an in-depth interview, and other key sound bites from the cryptoverse
Kwon on Kwon… In an this week with crypto journalist Laura Shin, Do Kwon, the now-infamous founder of the failed Terra Luna ecosystem, offered his thoughts about the collapse of his algorithmic stablecoin and the charges that South Korean prosecutors have levied against him. “The scale of the financial and emotional and economic damage that happened here is not easy to live with … I am sorry,” Kwon said. Regarding his South Korean arrest warrant, Kwon was cagey about his whereabouts, calling charges against him “politically motivated.”
Virtual reality check… Joe Lubin, a founder of Ethereum and CEO of blockchain company ConsenSys, that accessing today’s metaverse is “a little bit like logging on to the internet in 1994,” and noted that the version many are working toward is still years away. Metaverse users would likely say the same – Meta’s big bet on metaverse experiences has been a source of among employees.
Royal pain… This week, popular Solana NFT marketplace Magic Eden announced that creator royalties on NFT sales. The move — which comes as Magic Eden loses market share to other Solana platforms that don’t require creator royalties — is an about-face from Magic Eden’s previous policy. Many creators were angered by Magic Eden’s move. Betty, who is the of Deadfellaz, a popular NFT collection, said the decision will “disempower smaller creators from self-starting without the massive advantages those who are funded and well connected already have.”
NUMBERS TO KNOW
The that has been lost to security-related crimes so far in October, according to Chainalysis, marking the worst month ever for hacks. Kimberly Grauer, director of research at the company, said that “bridges,” which allow users to move funds from one blockchain to another, are one of the biggest security challenges facing the industry. (Now is a great time to brush up on .)
The amount, in USDC, that a three-bedroom home in South Carolina , an NFT marketplace by the real estate company Roofstock. The buyer said that he was able to purchase the home easily, and Geoff Thompson, the company’s chief blockchain officer, called it a “major milestone” in simplifying the home buying process.
The amount that web3 artist Diana Sinclair netted in sales from the , the first-ever on-chain sales for the storied art auction house. Sinclair’s collection featured nine pieces including photos, videos, and physical artworks. The most sold for 21 ETH, or approximately $28,000.
The time it took for British actor Anthony Hopkins’ NFT collection to . The collection, which features 1,000 pieces, was the 84-year-old Oscar winner’s latest foray into web3 – he his ENS domain (AHopkins.eth) back in May.
What is a dollar cost averaging?
A gradual investment strategy that does not rely on “timing the market”
A method to automate crypto purchases on Coinbase
A way to invest any amount of money at regular intervals of tim
All of the above
Find the answer below.
All of the above