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This Week In Crypto | 12th August 2022

Hello everyone!

Welcome to another episode of crypto weekly, where you get updated on the significant events shaking the cryptoverse over the past few days.

In today’s episode of crypto stories and happenings, we bring you the following;

  • Gucci “apes” into crypto
  • Crypto Obsessed: Nigeria Tops Google Trends Search For Cryptocurrency Info
  • Soccer Giants Barcelona and Real Madrid Team Up on a Metaverse Trademark

Let’s jump right in;

1. Gucci “apes” into Crypto

Gucci has officially become the first major brand to accept ApeCoin payments via Bitpay.

This happened some months after Gucci announced that it would accept 12 crypto assets as payment across more than 100 North American stores.

Crypto are now able to convert its digital assets into a $5,000 GUCCI Tote Bag.

Also, Gucci launched a pair of nonfungible token (NFT) collections this year, including the SUPERGUCCI NFT lineup in February.

2. Twitter Committed Fraud In $44 Billion Deal Countersuit “Claims” Elon Musk

CEO of Tesla, SpaceX and billionaire, Elon Musk and Twitter launched a countersuit against the social media giant, which sued him for cancelling the $44 billion contract to acquire the platform.

Musk and his legal counsels have alleged in a recent filing that Twitter hoodwinked them about the social media giant’s “key metrics,”

and manipulated its value in an attempt to induce the billionaire to purchase the firm at a jacked-up price.

Earlier this year, he offered to purchase Twitter, but changed his mind and attempted to back out of the agreement by asserting the social media network was

plagued with a significantly bigger number of “spam bots” and bogus accounts than Twitter reported.

The filing accuses fraud and contends that Twitter’s filings to the Securities and Exchange Commission were “far from the truth” and

“contain multiple, major misrepresentations or omissions that distort Twitter’s value.”

3. Crypto Obsessed: Nigeria Tops Google Trends Search For Cryptocurrency Info

Recent research conducted by price monitoring site CoinGecko, has revealed that Nigeria is hands down the most cryptocurrency-curious country in the world.

Despite the present bear market, the West African nation has the highest rate of interest in digital currency, despite the current bear market.

Nigeria tops the list with a search score of 371 and the highest search levels among its people.

As a result of the limited availability of financial services in the country, there is a growing fascination with these types of virtual assets.

4. Web3 Users Will Do a lot More Than Just Trade Crypto: Cronos’ Ken Timsit (Interview)

Ken Timsit, managing director of Cronos chain and Cronos Labs, in a recent interview with CryptoPotato during EthCC 5 in Paris, outlined the network’s advantages over other competitors.

He spoke about the current bear cycle and what Cronos is doing in preparation for the next bull run, the future of the Internet and crypto, and much more.

Also, he described the metaverse and Web3 gaming as a virtual realm that allows for “self-custody of assets and direct integration with smart contracts.”

“Our vision is that this is the future of crypto.

So, for everyone who is currently trading crypto, buying, and selling crypto.

We believe that the next step for them is to use DeFi and Web3 gaming so that they can do more than just trade crypto.

They can borrow and lend assets that have meaning and utility in these virtual worlds;

they can invest these assets in various yield-generating protocols.”

However, he asserted that Web3 could reach its full potential only in environments “where you have applications compatible and composable with each other, which is the strength of the EVM ecosystem..”

5. Brazilian Payment App PicPay Launches Crypto Exchange with Paxos

Picpay, a primary Brazilian payment application is moving into cryptocurrencies by integrating a crypto exchange service allowing users to buy Bitcoin (BTC) and Ether (ETH).

It announced officially on Wednesday that clients can now buy, sell and store two major cryptocurrencies, BTC or ETH, directly on its app.

The firm pointed out that its choice was due to the real use cases provided by these digital assets, including security and many other benefits.

The new crypto feature is enabled through a partnership with the major crypto company Paxos and allows customers to use Paxos-issued U.S. dollar-backed stablecoin USDP.

Acting as a broker and custodian, Paxos is known for cooperating with some of the world’s biggest traditional financial firms like PayPal and Venmo.

This integration marks the first move for PicPay to introduce its 30 million customers with digital assets and help them understand how people can benefit from the potential of the growing asset class.

The Brazilian fintech app is working on a feature to allow its clients to pay with crypto as well.

6. Soccer Giants Barcelona and Real Madrid Team Up on a Metaverse Trademark

FC Barcelona and Real Madrid –Spain’s two most successful football clubs have filed for a joint Metaverse trademark application.

Despite being fierce rivals on the soccer pitch, the Spanish colossus decided to make a mutual debut into the world of crypto about a week ago.

The news was confirmed recently by attorney Mike Kondoudis.

This joint endeavour could be a surprise since the teams represent different values.

FC Barcelona is a symbol of the Catalan region, while Real Madrid is linked to the royal family and stands for traditional Spanish culture.

The derby between the clubs is known as “El Clasico” and is one of the top events in the soccer world.

They also plan on providing their fans with products like virtual reality gaming and cryptocurrency transaction management software.

It’s not the first time such a move is being made in the soccer world.

In June, the English Crystal Palace requested to launch non-fungible tokens (NFTs), virtual clothing, and crypto marketplaces

Heads up!

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Consistent weekly highs have filled the market with optimism.

BTC to 27k?


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