Quote of the week: “I think in the near term, we [crypto] will find our footing.” – Michael Sonnenshein, CEO of Grayscale Investments. Source:
International Regulation Featuring Paraguay: This week, Paraguay set forth a framework to regulate crypto trading and mining. Paraguay’s Chamber of Deputies approved a pro-cryptocurrency bill to regulate its mining and trading. Paraguay is attempting to become an international hub for miners and keep up with the growing Web3, blockchain, and cryptocurrency industry. Source: https://finance.yahoo.
Oracle Red Bull Racing Presents its New NFT Collection at the 2022 Monaco Grand Prix: Oracle Red Bull Racing joined McLauren and Mercedes-AMG Petronas with a new NFT collection launch. Formula 1 is diving deeper into the NFT space in an effort to increase and drive fan engagement. Source:
Mexican Food Chain Chipotle is Now Accepting Cryptocurrency Payments:
Chipotle has partnered with Flexa, and now nearly 3000 Chipotle restaurants across the United States will accept 98 cryptocurrencies as a payment option. Flexa announced the partnership with Chipotle, but Chipotle’s website has not been updated to reflect the announcement yet. Source: https://
First NFT Insider Trading Case Comes to the Forefront: U.S. prosecutors in New York City unveiled an indictment, accusing a past employee of OpenSea of NFT insider trading. The employee charged was a former product manager at the NFT marketplace. He was accused of secretly buying 45 NFTs on 11 separate instances based on confidential information that the NFTs would be featured on OpenSea. He then sold the NFTs after they were featured and incurred profits of approximately two to five times what he paid for. Source:
South Korean Government Changes its Stance and Becomes Investor in the Metaverse: South Korea has been recognized as a nation that has taken a strict regulatory stance on cryptocurrency; but, now it is betting big on the metaverse. The South Korean government will invest upward of 223.7 billion won ($177.1 million) in metaverse projects. This move may prompt other nations to follow. Source:
And, that’s a wrap!