Weekly Roundup: The Biggest Cryptocurrency News of the Week

Cryptocurrency news of the week

It has been another big week for cryptocurrency news. Read on for the ultimate roundup of what has been happening.

FTX Negotiating to Acquire Stake in BlockFI

According to the Wall Street Journal, cryptocurrency exchange FTX is in negotiations with BlockFI to acquire a stake in the company just days after they provided a 250 million USD line of credit to the company.

The line of credit is reported to not impact the company paying clients. Instead, BlockFI will meet customer obligations first before repaying FTX. 

On accepting the 250 million dollar line of credit, BlockFI CEO Zac Prince commented that “We felt that it was a smart, offensive and strategic decision for BlockFi to bolster the balance sheet with a big number, and tell everybody about it.”

It is unclear how deep into the negotiation process the two companies are in, or how much of a stake in the company FTX is looking to acquire. 

Cryptocurrency Regulation Talks Heat Up

There has been larger emphasis on regulation talks over the the past week with multiple government officials commenting on the matters. 

Senator Jim Himes is introducing a paper to Congress outlining the need for CBDC regulations. Himes is urging his colleagues to begin talks on the rollout of a U.S. digital dollar. Throughout his paper, Himes describes many of the same arguments both for and against central bank digital currencies (CBDCs).

Meanwhile, the Federal Chair of the Reserve Jerome Powell has commented on a recent Securities and Exchange Commission (SEC) bulletin. He has publicly stated that the Fed will need to strategize around the concept of digital money as they further dissect cryptocurrency regulations.

Tech Giants Sign a Pledge To Work Towards Creating an Open Metaverse

35 of the world’s biggest technology companies (such as Meta, Microsoft, Sony and Alibaba) have announced the founding of the Metaverse Standards Forum. Their goal is simple: to foster cooperation and coordination as the Metaverse begins to develop.

Time will tell as to whether these companies follow through with their intended goals, but it certainly is a step in the right direction for the continual creation of the Metaverse that is free from influence and completely decentralized. 

Coinbase Rolls Allowing Customers to Send and Receive Cryptocurrency Over Multiple Networks

Cryptocurrency exchange Coinbase has announced that select customers will for the first time ever be able to recieve ETH, MATIC, and USDC on Polygon and USDC on Solana.

Plans are in place to offer the service to more customers in the near future. In a blog post, Coinbase stated that they aim to be the platform for transferring crypto throughout the cryptoeconomy, especially to make web3 easier and cheaper to access. 

For more cryptocurrency news and informative articles, visit our archive.


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