Epic Games raises $2B for Metaverse, Mastercard scales NFT plans and Ripple scores big win against SEC: Hodler’s Digest, April 10-16

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Published every Saturday, Hodler’s Digest will help you keep track of every major news story happening this week. The best (and worst) quotes, adoption and regulatory highlights, leading coins, predictions, and more – in one link on Cointelegraph for the week.

Top stories of the week

Mastercard files 15 Metaverse and NFT-related trademarks

Multinational payments giant Mastercard has filed 15 applications for the NFT and metaverse trademarks, joining rivals Visa and American Express that have made similar moves recently.

Notable applications include online marketplaces for digital goods, virtual reality events and communities, and Mastercard payment processing in Metaverse. Additionally, the company aims to virtually trademark its “priceless” slogan through tokenized text, audio and video.

Another document outlines the intent to use the Mastercard brand and name for Metaverse-based sponsorship deals for sporting events, concerts and festivals.

bybit

Fortnite creator Epic Games raises $2B from Sony and Lego to fund Project Metaverse

Epic Games, creator of the wildly popular Fortnite game, has raised $2 billion at a $31.5 billion valuation. The round was led by Kirkbi, the holding company of Sony and The Lego Group.

The funding will be used to expand Epic Games’ Metaverse initiative, which CEO and founder Tim Sweeney said will help create “spaces where players can play with friends and brands can be creative and immersive. experience where creators can build communities and thrive.”

While there may not be a dedicated crypto or NFT link there, Epic Games is also the developer of Unreal Engine, one of the most well-known game engines. The latest iteration, Unreal Engine 5, capable of facilitating the creation of NFT-based play-to-earn (P2E) games, provides a strong signal that the company is eyeing the industry.

Ripple claims ‘big win’ in SEC case

According to Ripple community attorney James K. Filan, Ripple Labs scored a “very big victory” in its long-running dispute with the U.S. Securities and Exchange Commission (SEC) this week. While both sides have had multiple blows in the legal battle, Ripple appears to be growing confident that its arguments against XRP as a security will hold up in court.

Presiding Judge Sarah Netburn rejected the SEC’s request to reconsider the blocking of material documents related to a June 2018 speech by former SEC Corporate Finance Director William Hinman, who said bitcoin and ether were not securities.

“The SEC sought a two-pronged approach, but the speech was either intended to reflect agency policy or it was not. The SEC maintains that it reflects Hinman’s personal views, but cannot now deny its position,” Judge Netburn said.

Brazil’s Senate Announces Imminent Approval of “Bitcoin Law”

Brazil’s Federal Senate has announced the drafting of a bill to regulate the local cryptocurrency market. This long-debated issue will soon be over, and the bill will soon be sent to the full Senate for a vote.

Two lawmakers, Senator Irajá Abreu and Federal Deputy Speaker Áureo Ribeiro, who are rapporteurs on the above-mentioned proposals in their respective legislative chambers, are drafting the bill.

“By bringing these projects together, we have accelerated the approval of this cryptocurrency milestone,” Senator Abreu said. “In addition to adapting Brazil to international agreements, the market needs a safer business environment and criminal classification to avoid fraud.”

Coinbase suspends crypto payments service days after India launch

Coinbase reportedly suspended crypto payments services for Indian users via its Unified Payments Interface (UPI) earlier this week. This is not an ideal move for the cryptocurrency exchange as it has just launched its services in the country, but local regulators are said to be the main reason behind the decision.

The exact reason for the suspension is unclear, although UPI is a payments portal managed by the National Payments Corporation of India (NPCI). On Thursday, the NPCI issued a statement saying that it does not recognize the legal status of any cryptocurrency exchanges that use UPI. According to local cryptocurrency influencer Aditya Singh, Indian exchanges have been facing similar issues with payment services since at least 2018.

According to Business Standard, an Indian financial publication, Coinbase said it is “committed to working with NPCI and other relevant agencies to ensure we meet local expectations and industry norms.”

Also this week, Cointelegraph launched the French version!

winners and losers

This weekend, Bitcoin (bitcoin) lie in $40,453ether (Ethereum) exist $3,032 and Ripple exist $0.77. The total market value is $1.88 trillion, according to to CoinMarketCap.

Among the largest 100 cryptocurrencies, the top three altcoin winners this week are Kyber Network Crystal v2 (KNC) 13.50%, Ape Coin (ape) 9.36% and Monero (XMR) was 5.02%.

The top three altcoin losers of the week are Mina (Mina) -32.12%, Anchor Protocol (ANC) at -27.81% and wave (wave) was -25.13%.

For more information on cryptocurrency prices, be sure to read Market Analysis by Cointelegraph.

most memorable quotes

“Stablecoins are the perfect Trojan horse for Bitcoin.”

Paolo Ardoino, CTO of Bitfinex and Tether

“It’s not inflation. It’s [the U.S. dollar seeing] Currency devaluation. “

Mark Yusko, CEO and Founder of Morgan Creek Capital Management

“It won’t be June, but it could be in the months after that. No date set yet [for the Ethereum mainnet/Beacon Chain merge], but we are definitely entering the final chapter of Ethereum PoW. “

Tim Beiko, Ethereum Developer

“While academics sometimes discuss the idea of ​​using this feature as a means to achieve negative interest rates, the Bank will not introduce a CBDC on this basis.”

Shinichi Uchida, Executive Director of the Bank of Japan

“If I pay 100 euros in cash at the supermarket, I don’t need to show ID or identify myself. I just pay in cash and that’s it. Why is it different in crypto? I don’t understand. We Germans love cash, We still accept the EU-wide cap of 10,000 euros in cash payments. If we already have these rules of the game, why don’t we make the same game for cryptocurrencies? Ordinary world, crypto world. Yes, we need regulations, but you still There needs to be room to breathe.”

MEP Stefan Berger

“Twitter has extraordinary potential. I’ll unlock it.”

Tesla CEO Elon Musk

“Much of Bitcoin’s ‘lounging’ happens behind the scenes, and in the good old days, governments and tax agencies were ill-advised.”

Michelle Legge, Head of Crypto Tax Education at Koinly

“No matter what background or capital you have, you can get exposure to DeFi.”

Ruan Yubo, founder and CEO of Parallel Finance

Forecast this week

Bitcoin Continues to Fall as Ex-BitMEX CEO Gives June $30K BTC Price Target

This week, Bitcoin’s price was reported to have mostly traded down and moved somewhat sideways, dropping below the $40,000 mark on multiple occasions. Cointelegraph’s BTC Price Index.BTC traded above $43,000 and below $39,500 during the week.

Former BitMEX CEO Arthur Hayes expects bitcoin prices to fall in the coming weeks.His reasoning: Central banks have recently made fighting inflation their mission — or at least make it look Like they are fighting inflation. Whether or not they are serious about fighting inflation, they still need to raise interest rates and reduce the size of their quantitative easing programs. Hayes said the actions would negatively impact the “debt-based global economy” that cryptocurrencies and bitcoin constitute.

“By the end of the second quarter of this year in June, I believe bitcoin and ether will test these levels: bitcoin: $30,000; ether: $2,500,” Hayes wrote in a blog post.

FUD of the week

Facebook whistleblower warns Metaverse will repeat ‘all harm’

Facebook whistleblower Frances Haugen has slammed Meta in a new interview, warning that the company could repeat the data- and power-hungry tactics that have made the social media platform so successful.

Haugen emphasized that the Metaverse will give Meta more opportunities to monitor its users than ever before, and the world will just have to trust that the company is doing “the right thing” with the data of all its users.

“They’ve made a very grand commitment to secure design in the metaverse,” she said. “But if they don’t commit to transparency and access and other accountability measures, I can imagine seeing all the harm you’re currently seeing on Facebook repeat itself.”

Wikimedia community supports proposal to block foundations from accepting cryptocurrency donations

The Wikimedia Foundation community voted in favor of a proposal to stop accepting cryptocurrency donations, citing the reputational risks of accepting digital assets and the environmental impact of bitcoin mining practices. Wikimedia is the non-profit organization that hosts the popular Wikipedia website.

The vote against cryptocurrencies was overwhelming, with about 71% of 326 votes from Wikimedia contributors calling for the Wikimedia Foundation to stop accepting cryptocurrency donations.

“Bitcoin and Ethereum, the two most used cryptocurrencies, are both proof-of-work and use a lot of energy. […] Current models continue to wreak havoc on the environment. While there are more ecologically friendly cryptocurrencies, they are not widely used,” the proposal reads.

Texas regulator orders virtual casinos to stop selling NFTs

Texas and Alabama securities regulators have filed cease and desist orders against the Cyprus-registered virtual Sand Vegas casino club to “stop fraudulent investment schemes associated with virtual worlds.”

The company is accused of illegally offering NFT sales to fund the development of virtual casinos in virtual worlds, specifically collecting 11,111 NFTs that provide hodlers with an assumed share of the casino’s future profits.

“Respondents are also developing a plan to thwart any attempts to regulate Gambler NFT and Golden Gambler NFT. […] They misled purchasers by claiming that they could simply circumvent securities regulation by implementing phantom features or using different terminology,” the Texas Securities Commission wrote in a press release describing the order.

Best Cointelegraph Features

FBI outright resigns over Virgil Griffith sanctions violation

“I often throw grenades into the room and need someone to actually jump on it.”

Satoshi Nakamoto may need an alias, but can we say so?

“If you’re running a multi-million dollar agreement, it’s not wise to remain anonymous. You need to be visible to make sure you don’t get away with suddenly pulling the rug.”

The Aftermath of Axie Infinity’s $650 Million Ronin Bridge Hack

Since Axie Infinity’s Ronin bridge was hacked, the developers behind the game have raised $150 million to compensate affected users.



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