YouTube to Explore NFTs

THIS WEEK IN CRYPTO

Google Cloud is hiring a legion of blockchain experts to expand its business. Alphabet’s Google Cloud division is forming a team to win blockchain business after making a concerted effort in retail and other industries. Google Cloud customers include blockchain companies such as Dapper Labs, Hedera and Theta Labs. In the future Google Cloud could accept payments in cryptocurrencies. Read more here.

Putin backs crypto mining despite the Bank of Russia’s hard-line. The Russian President supports the proposal to restrict mining to regions with a surplus of electricity, such as Irkutsk, Krasnoyarsk, and Karelia, rejecting the central bank’s proposal to ban it completely, the people said, asking not to be identified because the information is not public. Read more here.

Crypto startup Blockchain.com adds top Walmart director to board. The move comes as Walmart prepares to enter the field with its own cryptocurrency and a collection of non-fungible tokens. Blockchain.com has been beefing up its board ahead of a planned IPO. Tom Horton’s arrival adds to Blockchain.com’s array of backers from other blue-chip firms and dovetails with crypto’s spread.

Crypto brokerage Genesis loaned a record $50 billion last quarter to borrowers including crypto funds and other financial firms. We’re seeing many institutions not interested in spot Bitcoin because that’s not going to give them the best return. Many are going straight to the derivatives desk because of the yield strategies that they can help provide.

44% of surveyed bank execs plan to offer Crypto services in 2022. A recent survey by American Banker finds that 44% of participating executives at financial institutions plan to offer cryptocurrency services to retail clients by the end of this year.

SEC rejects Fidelity's proposed spot Bitcoin ETF. The SEC handed down its disapproval Thursday morning, according to a newly released filing. As has been the case in recent months, the SEC raised concerns about fraud, manipulation, and investor protection. Such concerns have been floated by the SEC for years, dating back to its rejection of a bitcoin ETF proposal by Gemini. Read more here.

YouTube will explore NFT features for video creators, says CEO Susan Wojcicki. She said always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs while continuing to strengthen and enhance the experiences creators and fans have on YouTube. She said YouTube has been getting inspiration from “everything happening in Web3. Read more here.

Affirm is working on allowing users to buy and sell cryptocurrencies through the platform. Affirm recently released upgrades on their app and a new Chrome extension. Giving consumers more insight into their finances and allowing them to create a virtual card that can be used for purchases online or in stores. The Google Chrome extension will allow Affirm users to use its products at any retailer.

Diem Association is selling its technology to crypto-focused bank Silvergate Capital for $200 million. The Diem Association, the consortium Facebook founded in 2019 to build a futuristic payments network, is winding down and selling its technology. The sale represents an effort to squeeze some remaining value from a venture that was challenged almost from the start. Read more here.

Bank of America says a Digital U.S. Dollar is ‘inevitable’. The U.S. will likely move forward with its own digital currency, with issuance occurring between 2025 and 2030, according to Bank of America Corp. In the absence of a U.S. CBDC, stablecoins, digital currencies issued by private companies and typically pegged to the U.S. dollar and other fiat currencies to avoid wild price swings, will likely flourish in the near term, according to the strategists.

Asian NFTs are here. There is a big anime push in the NFT world which directly goes to Asian culture. Since there are a ton of search trends for NFTs in Asia it would be wise to look at some of these projects: 1) Capsule House and 2) Azuki. The first project to go viral in Asia will be worth more than a ton of the US-based hype projects. If wealthy Asians enter the market it will lead to massive price escalation, says BowTied Bull. Read more here.