Last weekโs Crypto Biz newsletter explained how Wall Street is essentially marketing Bitcoin (BTC) for us after Wells Fargo said digital assets could โsoon hit a hyper-inflection pointโ in terms of adoption. This week, JPMorgan Chase issued its own bullish outlook when it labeled the metaverse a $1 trillion a year opportunity.ย
In addition to JPMorgan, the New York Stock Exchange (NYSE) this week sent out a strong signal that nonfungible tokens (NYSE) and the metaverse are part of its long-term plans. On the regulatory front, the Republic of the Marshall Islands took a bold step in becoming a leader in the blockchain arena.
The latest Crypto Biz newsletter explores these stories in greater depth. For a full breakdown of the top business stories in crypto, register for the full newsletter at the bottom of the page.
Related: Circleโs valuation doubles to $9B following revised merger agreement with Concord
JPMorgan becomes first major bank to enter the metaverse
JPMorganโs foray into the metaverse became official this week after the financial giant opened a virtual lounge on Decentraland. Visitors to the lounge are greeted by a digital portrait of CEO Jamie Dimon, an outspoken Bitcoin critic who lambasted cryptocurrencies for lacking โintrinsic value.โ Isnโt it ironic that his bank is adopting the very technology spawned by Bitcoin? Nevertheless, JPMorgan believes the metaverse represents a trillion-dollar opportunity that could impact virtually every sector of the economy.
Great development.
U.S. banking giant JPMorgan Chase has unveiled research on a Quantum Key Distribution blockchain network that is resistant to quantum computing attacks. https://t.co/aIzxRikuDR
โ Cointelegraph (@Cointelegraph) February 18, 2022
Marshall Islands opens up DAO registrations
The Republic of the Marshall Islands, a tiny island state near the Equator in the Pacific Ocean, has formally recognized decentralized autonomous organizations (DAOs) as legal entities โ potentially opening the door to new registrations from projects all over the world. DAOs were granted legal recognition in the recently amended Non-Profit Entities Act 2021 and new incorporations will be supported by MIDAO Directory Services Inc., a domestic organization that was established to help projects get set up. Itโs clear that the Marshall Islands is looking to become a global hub for DAO registration and is actively marketing its low service fees and supportive government.
Fireblocks acquires First Digital for $100M
Blockchain unicorn Fireblocks has acquired stablecoin payment platform First Digital in a deal reportedly worth $100 million. The acquisition gives Fireblocks additional resources to improve payment onramps to the cryptocurrency sector. Through First Digital, Fireblocks is planning to support business-to-business and business-to-consumer payments via stablecoins such as USD Coin (USDC) and Celo. Although most of us are into cryptocurrency for its investment potential, itโs clear that the next phase of the marketโs evolution will center around payments.
Related: Mark Zuckerbergโs stablecoin project, Diem, officially shuts down
The New York Stock Exchange has jumped on the NFT bandwagon! NYSE has made a non-fungible token to celebrate its historic first trade. Is this a sign that everyone is adopting #NFTs? https://t.co/03hE1cFWSN
โ Cointelegraph (@Cointelegraph) April 13, 2021
NYSE files trademark application for NFT trading
On Feb. 10, the New York Stock Exchange filed a trademark application with the United States Patent and Trademark Office to register its name for several crypto-focused products, a strong indicator that the worldโs largest stock exchange was planning to enter the metaverse. The application states that NYSE wants to provide โdownloadable virtual goods,โ including nonfungible tokens and digital collectibles, as well as โauthentication and certification of data relating to cryptocurrency and [NFTs].โ NYSE is one of several big names to signal its intention to join the metaverse economy. Recently, McDonaldโs and Disneyย submitted trademark applications for various virtual product offerings.
