Crypto Biz Fact Sheet last week outlined how Wall Street is essentially selling Bitcoin (BTC) to us after Wells Fargo said the digital asset “may soon reach the point of excessive inflection” in terms of adoption. JPMorgan Chase released its bullish forecast this week, offering the Metaverse the opportunity to earn $1 trillion annually.
In addition to JPMorgan, the New York Stock Exchange (NYSE) this week gave a strong signal that non-fungible tokens (NFTs) and the Metaverse are part of their long-term plans. On the regulatory front, the RMI has taken a bold step by becoming a leader in the blockchain space.
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JPMorgan will be the first major bank to enter the metaverse
JPMorgan’s entry into the Metaverse became official this week after the financial giant opened a virtual floor in Decentraland. Visitors to the lounge are greeted with a digital photo of CEO Jamie Dimon, an outspoken bitcoin critic who has criticized cryptocurrencies for their lack of “intrinsic value.” Isn’t it ironic that his bank uses the same technology that Bitcoin created? However, JPMorgan believes that the Metaverse represents a trillion-dollar opportunity that can affect virtually every sector of the economy.
Marshall Islands allow registration for DAO
The Republic of the Marshall Islands, a small island nation located off the Pacific equator, has officially recognized Decentralized Autonomous Organizations (DAOs) as legal entities, which could open the door to new registrations of projects around the world. DAOs have received legal recognition under the Recently Amended Nonprofit Organizations Act of 2021, and the new associations will be supported by MIDAO Directory Services Inc. , a local organization formed to help create projects. It is clear that the Marshall Islands wants to become a global center for DAO registration and is actively promoting low service fees and government support.
Fireblocks buys First Digital for $100 million
Blockchain unicorn Fireblocks has acquired stablecoin payment platform First Digital in a deal believed to be worth $100 million. The acquisition gives Fireblocks additional resources to improve the payment process in the cryptocurrency sector. Through First Digital, Fireblocks plans to support B2B and B2C and B2C payments using stacked coins such as USD Coin (USDC) and Celo (CELO). While most of us are interested in cryptocurrencies due to their investment potential, it is clear that the next stage of market development will be devoted to payments.
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NYSE NFT Trading Brand Application Files
On February 10, the New York Stock Exchange filed a trademark application with the US Patent and Trademark Office to register its name for several cryptocurrencies, a strong sign that the world’s largest exchange is planning to enter the Metaverse. The filing says that the NYSE wants to offer “downloadable virtual goods” including non-fungible tokens and digital collectibles, as well as “certify and certify data related to cryptocurrencies and [NFTs].” The New York Stock Exchange is one of the many big names indicating their intention to join the Metaverse economy. Recently, McDonald’s and Disney filed trademark applications for several virtual product offerings.