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HomeNFT NewsCrypto Biz: JPMorgan enters the Metaverse, Marshall Islands legalizes DAOs, Feb. 10-16

Crypto Biz: JPMorgan enters the Metaverse, Marshall Islands legalizes DAOs, Feb. 10-16

In other news, Fireblocks has acquired First Digital in a deal worth $100 million and the New York Stock Exchange is pursuing NFT trading.

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Crypto Biz: JPMorgan enters the Metaverse, Marshall Islands legalizes DAOs, Feb. 10–16

Last week’s Crypto Biz newsletter explained how Wall Street is essentially marketing Bitcoin (BTC) for us after Wells Fargo said digital assets could “soon hit a hyper-inflection point” in terms of adoption. JPMorgan Chase released its bullish outlook this week when it called the Metaverse an $1 trillion opportunity.

The New York Stock Exchange (NYSE), this week, sent a strong signal to JPMorgan that the Metaverse and nonfungible tokens are part of their long-term plans. The Republic of the Marshall Islands made a bold move in becoming a leader on the blockchain regulatory front.

The latest Crypto Biz newsletter explores these stories in greater depth. Register for the complete Crypto Biz newsletter to get a more detailed breakdown of crypto’s top stories.

Related: Circle’s valuation doubles to $9B following revised merger agreement with Concord

JPMorgan becomes first major bank to enter the metaverse

JPMorgan’s foray into the Metaverse became official this week after the financial giant opened a virtual lounge on Decentraland. After opening a virtual lounge on Decentraland, JPMorgan’s foray into the Metaverse was made official this week. JPMorgan still believes that the Metaverse is a billion-dollar opportunity that could have a significant impact on 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.

— 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 — 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. The Marshall Islands are clearly aiming to be a global hub for DAO registration. They actively market their low service fees as well as 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. Fireblocks now has additional resources to help improve the payment processing in 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 (CELO). While cryptocurrency is primarily used for its investment potential it’s evident that the next phase will be about payments.

Related: Mark Zuckerberg’s stablecoin project, Diem, officially shuts down

The New York Stock Exchange has jumped on the NFT bandwagon! To celebrate its historic first trade, the NYSE created a non-fungible token. Is this a sign that everyone is adopting #NFTs?

— 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 world’s largest stock exchange was planning to enter the Metaverse. The application stated that NYSE wanted to offer “downloadable virtual goods”, including nonfungible tokens and digital collectors, and “authentication of data relating cryptocurrency and [NFTs].””. This is a strong indicator that NYSE intends to join the Metaverse. Recently, McDonald’s and Disney submitted trademark applications for various virtual product offerings.

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Henry Hicks
Henry Hicks
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!


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