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| Here is a quick look at the hits from the week's first Inside Cryptocurrency briefing: - Google's update in advertising policy that allows ads about crypto trusts targeting the U.S.,
- The Pudgy Penguins NFT collection's upcoming 3D game experience,
- Institutional investors' asset allocation in their crypto portfolio, and more.
Enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | Tech giant Google has updated its advertising policy to allow ads about crypto trusts targeting the U.S. across its platforms. As part of the policy change, the company will start enabling advertisers offering crypto trust products to place ads on its platforms as of Jan. 29, 2024. More: - Crypto trusts will cover financial products that allow investors to trade shares in trusts holding large pools of digital assets, including crypto exchange-traded funds (ETFs).
- The new policy will apply to all accounts worldwide that seek to advertise crypto trust products.
- Potential advertisers will have to obtain certification from Google to run ads, making their products, landing pages, and ads fully compliant with all local regulations in the areas their ads target.
- In September, Google also began allowing ads for NFT games that let players buy in-game items to enhance the user experience or help users advance in the game.
- However, the firm still does not allow ads for crypto or NFT-based gambling platforms, initial coin offerings, decentralized finance (DeFi) protocols, and NFT and crypto platforms with trading components.
Zoom Out: - Google's latest policy update came shortly after Bloomberg analysts forecasted that the U.S. Securities and Exchange Commission (SEC) would approve multiple spot Bitcoin ETF applications at once by Jan. 10, 2024.
- There are currently 13 firms, including Grayscale Investments, BlackRock, WisdomTree, Fidelity Investments, Invesco Galaxy, Valkyrie, and Wise Origin, waiting for the SEC to approve their Bitcoin ETF applications.
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What the numbers say: Dubai-headquartered crypto exchange Bybit has recently released a new research report offering an in-depth analysis of users' asset allocation in their crypto portfolio. The study has revealed that institutional investors rely more on stablecoins, such as USD Coin (USDC) and Tether (USDT), with a 45% portion invested in these tokens. In the ranking, stablecoins were followed by Bitcoin (BTC) and Ether (ETH), with 35% and 15%, respectively. On the other hand, altcoins have become the digital assets that gained the least confidence from institutions as they accounted for only 5% of the corporate customers' crypto portfolio. Relevance: Despite the lack of confidence in altcoins among institutional traders, altcoins outperformed Bitcoin and Ether, the two largest cryptocurrencies by market cap, in recent weeks. Over the past week, Cardano (ADA) surged by nearly 40% in price, while Solana (SOL) and Avalanche (AVAX) also increased their value by 12% and 65%, respectively. In contrast, Bitcoin and Ether gained only around 1% value over the last seven-day period. However, in spite of the relative underperformance in Bitcoin, the token recently hit a nearly 20-month high, surpassing the $44,000 mark for the first since April 2022 before retreating to the $42,000 level again with a slight decline. The upward trend in the popular cryptocurrency came amid optimism around traditional finance giants' spot Bitcoin exchange-traded fund (ETF) applications in the U.S. Brands that should care: Some of the most well-known corporate investors in crypto include Tesla, MicroStrategy, Coinbase, Marathon Digital, and Galaxy Digital. | | | |
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| 3 | | Coinbase, the largest U.S. crypto exchange, has partnered with crypto wallet provider Conio through its institutional crypto investment platform, Coinbase Prime. The collaboration aims to bring a wide range of digital asset services to banks and financial institutions in Italy. More: - As part of the partnership, Coinbase Prime will serve as a liquidity provider for Conio.
- The collaboration will also allow Conio to take the number of supported tokens on its digital wallet app to 50 by the end of 2023.
- Conio, which currently has over 400,000 customers, is partly owned by Italian postal service provider Poste Italiane and private banking company Banca Generali.
- The firm marked a first in Italy when it launched a multi-signature Bitcoin wallet for smartphones in the country.
- Through its new partnership with Coinbase, the platform also seeks to allow traditional financial firms in Italy to adopt cryptocurrencies more broadly.
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| 4 | | Digital asset trading platform Global Futures and Options (GFO-X) has secured $30M in a fundraising round led by M&G Investments, the asset management arm of the U.K.-headquartered pensions giant M&G Plc. The platform said the new funding will support its upcoming launch and future innovation in the regulated digital asset market, boosting trust and credibility in the industry. More: - $20M of the $30M in funding was directly provided by M&G Investments.
- As part of the investment, M&G Investments will also have a seat on the board of GFO-X Holdings.
- GFO-X is licensed by the Financial Conduct Authority (FCA), the U.K.'s financial market regulator.
Zoom Out: - GFO-X also hit the headlines in April this year when it entered into a strategic partnership with the London Stock Exchange Group (LSEG), a U.K.-based stock exchange company.
- The partnership will see the two firms offering institutional investors Bitcoin (BTC) futures and options trading services through LSEG's clearing arm in Paris, LCH SA, in Q1 next year.
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| 5 | | The Ethereum-based NFT collection Pudgy Penguins (PPG) has announced its plans to release a 3D game experience dubbed Pudgy World that will be played through the browser. The team behind the collection said it would launch the game's alpha testing phase in 2024. More: - After the public release, the holders of the Pudgy Penguin NFTs and physical plush toys will be able to claim and receive a virtual equivalent of their collectibles in the form of a 3D character in the game's virtual world.
- The game will be free-to-play, though gamers will be able to make purchases to customize their characters.
- The story of Pudgy World will be based on two penguins, Pudgy and Peaches, as they embark on adventures.
- Pudgy Penguins CEO Luca Netz stated that the holders of Pudgy Penguins collections will be able to play the game without needing any pre-existing knowledge of the blockchain technology on which the game is built.
Zoom Out: - The Pudgy Penguins NFT collection was launched in July 2021.
- The collection's floor price has experienced a massive increase this year after Walmart, the biggest retailer in the U.S., struck a collaboration with Pudgy Penguins, putting the physical toy collection up for sale across its 2,000 stores.
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| 6 | | Realm of Historia, a blockchain-based cultural heritage preservation project, has announced that it would turn the Carahunge site, also known as the Stonehenge of Armenia, into NFTs on the Solana blockchain network. The Realm of Historia: Carahunge X digital asset collection will aim to preserve Armenian cultural heritage using blockchain technology and connect new generations with the country's history. More: - All the NFTs in the collection will combine digital versions of the stones on the physical site with art.
- Each NFT will accompany a QR code that can be scanned and used in local locations like cafes and museums in Armenia that have partnered with the project.
- Besides, the project will support local artists in the country in collaboration with art-focused entities, such as the Yerevan Biennial Art Foundation (YBAF), A1 Art Space, and Latitude Art Space.
- The team behind Realm of Historia also plans to conduct similar preservation projects in Malta, Italy, Cambodia, and Georgia.
Zoom Out: - Carahunge is a prehistoric archaeological site near the town of Sisian in the Syunik Province of Armenia.
- The site is estimated to date back to 5487 BC.
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| 7 | | Quick Hits: - Want to master Kubernetes? The Kubernetes Cookbook is a must-have guide to discover guidance on cloud architecture analytics, optimization, governance, and more.*
- Crypto exchange Binance's compliance commitments determined under a settlement deal with the U.S. Department of Justice (DOJ) have been unsealed.
- U.S. lawmakers have removed two crypto-related provisions from the National Defense Authorization Act (NDAA), the country's national defense bill for 2024.
- Crypto-focused media outlet Decrypt Media Inc. has announced its plans to merge with Rug Radio to create the world's largest decentralized publishing company.
- Bestselling book on alternative investing offers the first chapter free for a limited time. "Money Shackles" innovates the way you think about money.*
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 | Staff Writer | | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | This newsletter was edited by Aaron Crutchfield | |
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