Another week has gone by and it’s time to wrap up the crypto news. Here’s what happened in DeFi, Bitcoin, and blockchain over the last seven days:
Dubai Plans 40,000 New Crypto-Related Jobs
Dubai wants to become a top-ten “metaverse city” globally within the next five years. Crown Prince Sheik Hamdan bin Mohammed is planning to create 40,000 virtual jobs, adding $4 billion to the city’s economy and preparing it for the digital future.
The Emirati state is currently home to more than one thousand blockchain and metaverse companies. However, it would like to increase this number fivefold before 2027 to reduce its reliance on tourism and oil. Diversifying the economy will make the city more sustainable and attract new talent.
The latest plans build on Dubai’s efforts to attract more crypto exchanges to the region. Recently, the city-state improved its regulatory processes, speeding license approvals.
Vauld Files For Protection Against Creditors
Peter Thiel-backed Vauld laid off 30% of its staff this week and filed for protection against creditors this week. The cryptocurrency lender cited its requirement for “breathing space” as it prepares for a restructuring that it hopes will benefit all stakeholders.
Singapore Central Bank Vows To Release Crypto Regulation Plans
The Monetary Authority of Singapore (MAS) confirmed that it would publish plans next month, providing updated details on how it intends to become a cryptocurrency hub. The city-state, which sat at the top of world crypto rankings in Q4 2021, is looking to seek friendlier relationships with industry players while cracking down on foul play.
Authorities are seeking to prevent operators from using the jurisdiction for so-called “bad practices.” The new rules will protect consumers and investors while expanding the country’s crypto ecosystem, the MAS says.
Square Enix Pours $35 Million Into Bitcoin Gaming Startup, Zebedee
Maker of the Final Fantasy series, Square-Enix, will invest $35 million in Bitcoin gaming startup, Zebedee. The money, part of a Series B funding round, will help the firm develop a system that lets game developers build micropayments into their games via the Lightning Network. Developers will be able to offer gamers Bitcoin, and gamers will be able to trade coins with each other for in-game items and other perks.
In September 2021, Zebedee announced a Series A funding round of $11.5 million. In total, it has raised more than $50 million to put towards the development of the project. However, it remains secretive about user numbers.
Tesla Sells 75% Of Its Bitcoin
Electric car maker, Tesla Motors, announced this week that it was selling 75% of its Bitcoin holdings. The automaker, which has repeatedly touted the benefits of digital currency, used the sale to raise more than $963 million in cash. The money will go towards funding the company’s expansion plans in Europe and China over the coming 18 months.
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