Discover the top news in crypto for the week!
This week, giant payment companies are entering the stablecoin trend while more brands delve into how to succeed in the Metaverse world. Meanwhile, crypto hedge funds outperformed their traditional counterparts while governmental and institutional adoption grew. Find out the top 5 crypto news of this week.
Why the island nation of Palau is going crypto
The small island nation of Palau is turning to blockchain to make the country a financial hub and attract investors and businesses. Now, the country is launching a digital residency program in partnership with a crypto company using blockchain technology to issue visas. The digital form of the residency program will be issued as a non-fungible token (NFT), showing how Palau is utilising many fronts of crypto to set itself up as a prime destination. Read more
The Associated Press is starting its own NFT marketplace for photojournalism
The Associated Press is entering the tokenization game, aligned with journalism, launching an NFT marketplace in collaboration with Xooa. The NFTs from ‘news agency’s award-winning contemporary and historic photojournalism’ will be issued on scalable and green Layer 2 solution, Polygon. Other leading media organisations like The New York Times have issued articles as NFT, but AP is going one step further to a fully-fledged marketplace, from photos of space to war scenes. Read more
Paypal says it is looking into developing a dollar-backed stablecoin
According to new reports, Paypal is developing a stablecoin, a USD-backed cryptocurrency, bolstering its involvement in the digital sector. Stablecoins reached a record supply in 2021, given its pivotal role in merging traditional FIAT currencies and digital assets. Other companies have launched private stablecoins like Meta (formerly Facebook) and JP Morgan, with different roadmaps and bottlenecks, while in the future will also see a ‘PayPal Coin.’ Read more
Crypto funds outperformed traditional hedge funds and digital asset benchmarks
Crypto hedge funds outperformed traditional funds in 2021, with superior returns against market benchmarks. According to data from Hedge Fund Research, crypto hedge funds reached an average return of 214 percent in 2021, compared to slightly over 10 percent from legacy hedge funds. The performance in 2021 was the best since 2015, except for 2017, reflecting the institutional and retail boom that crypto has experienced recently. Read more
Three steps brands must take to win the Metaverse
Experts agree that the Metaverse and Web 3 technologies will see an increase in adoption this year, but brands and organisations must step forward with clear goals to ease this transition. First, brands need to utilise decentralised technology within their new services and experiences to engage people in a virtual ecosystem. Beyond technology, organisations need to embrace tokenization, create communities, and set clear ethical rules in the virtual world for an optimal experience. Read more
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