Crypto News Recap: Adidas Enters Metaverse with Coinbase

Published November 29th, 2021 - 07:30 GMT
Crypto News Recap: Adidas Enters Metaverse with Coinbase
Sportswear giant Adidas has reportedly partnered with famous crypto exchange Coinbase in a mission to expand into Metaverse. (Shutterstock)
Highlights
If you’re getting distracted by the news of the new COVID-19 variant discovered in South Africa and didn’t have time to watch your crypto stories, don’t worry we got you covered!

The Metaverse world is trending nowadays attracting plenty of attention since Zuckerberg changed his tech giant's name to Meta.

While Tencent, Google, Apple, and Microsoft are leading the way, other brands are racing to explore opportunities by launching POAP (proof of attendance protocol) to be accessible to the fanbase on the Metaverse.

Sportswear giant Adidas has not been left behind as it is also cruising through what seems to be the new era of business.

Although many bear traders are saying that "crypto winter is coming" citing India’s plans of stricter regulations on crypto in preparations to launch its own CBDC, El Salvador is making the best out of the market's unplanned black Friday by buying the dip at a 20% discount!

Well, every trader must benefit from such ebbs and flows of the market! Luckily enough, things on the Thai front are going much smoother, as the Asian county is warming up to crypto. So whether you're bearish or bullish this week there's no shortage of things to celebrate.

If you’re getting distracted by the news of the new COVID-19 variant, Omicron, and didn’t have time to go through your crypto stories, don’t worry we got you covered!

Bitcoin Chart

The first truly digital coin's price is trading at $57,383 at the time of writing. Bitcoin’s dominance is at 42.15%, an increase of 0.02% over the day.

bitcoin chart

Source: coinmarketcap.com/tradingview

Crypto Charts

Cryptocurrencies are mostly trading mixed. The global crypto market cap is at $2.57 trillion, increasing 5.77% from yesterday.
While the overall market volume over the last 24 hours is $107.80 billion, increasing 2.52%.

crypto chart

Source: coinmarketcap.com/tradingview

Amid Metaverse Push: Adidas Teams Up with Coinbase

Sportswear giant Adidas has reportedly partnered with famous crypto exchange Coinbase in a mission to expand into Metaverse, in a teasing announcement on Twitter:

metaverse

In the same thread, Coinbase tweeted to Adidas with a handshake emoji saying: “gm @adidasoriginals. Welcome to the party, partner.”

Other than exploring Facebook’s $1 trillion markets of Metaverse, the partnership with the Nasdaq-listed exchange can also mean that Adidas might also look into digital asset payment integration in their system.

This comes after the leading sportswear giant launched an ‘Adi-verse’ teaming up with The Sandbox, a toolbox that lets users develop blockchain-based virtual worlds or Metaverse.

Bitcoin Surpasses PayPal in Quarterly Transaction Volume


Figures from Blockdata showed that the Bitcoin network has overtaken payment giant PayPal processing an average of $489 billion, while PayPal only processed $302 billion in every quarter of 2021.

The report titled “When might the Bitcoin network process volumes like Mastercard & Visa?” suggested that the BTC network could potentially match Mastercard’s network, which handles $1.8 trillion in transactions quarterly as early as 2026, or as late as 2060. Visa came first processing $3.2 trillion per quarter.

Bitcoin network handles about 27% of Mastercard’s quarterly volume and 15% of Visa’s.

El Salvador Buys the Dip… Again!

Just like it always does in market dips, El Salvador has once again bought 100 BTC raising its holding to 1,220 BTC ($66.3 million), El Salvador's president tweeted:

el salvador bought the dip

 

India to Ban 'Private Cryptocurrencies'

Despite the fact that many Bollywood stars are striking promotional ad deals with local exchange and the fact that it’s going to launch its very own CBDC, India is still getting hostile with the crypto sphere, apparently planning another clamp down.

This time, the government of India is imposing a ban on all private cryptocurrencies which is something that left the 20 million Indian traders puzzled. 

Well, simply put, India's decision means that India -just like China- wants to restrict the usage of every other cryptocurrency that is not their own. The new “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” which aims at creating a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India, is banning private crypto coins.

Private coins are the ones that include built-in privacy features and hides users' identities and activities will be prohibited. This of course includes mining, buying, holding, selling, dealing in, issuing, transferring, disposing of or any use of such cryptocurrency. 

Thailand to Use Crypto to Help Tourism

The Tourism Authority of Thailand (TAT) is reportedly exploring launching its own utility token dubbed TAT Coin in a new “crypto tourism” campaign which targets crypto wealthy digital firms.

Aside from issuing its own coin, the Tourism authority is teaming up with Securities and Exchange Commission, the Bank of Thailand and the local crypto exchange Bitkub Online to set up a crypto wallet, and build a new tourism ecosystem in which the token will be used. 

First Saudi NFT Marketplace Closes Pre-Seed Round

As the global NFT market value continues to grow, hitting $2 billion in the first quarter of 2021, Saudi-based NFT marketplace Nuqtah has successfully finished its pre-seed round.

Despite not disclosing how much it raised, the platform aims at enabling local creators to publish and sell their artwork utilizing blockchain technology. The Saudi Arabia-based NFT marketplace, which was Founded by Salwa Radwi, close the round led by Shorooq Partners and other strategic angel investors.

Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated. Anyone mulling investing in it, should be aware there's a risk of losing their entire investment.


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