Crypto Guides, Knowledge & Insights

JPMorgan Opens a Lounge in the Metaverse After Stating the $1 Trillion Market 'Will Likely Infiltrat

JPMorgan on the Metaverse　　Global Investment bank JPMorgan recently published a report titled “Opportunities in the metaverse.” The report is authored by Christine Moy and Adit Gadgil. Moy is the global head of Liink, Crypto & the Metaverse at Onyx by J.P. Morgan. Gadgil is the head of e-commerce solutions at J.P. Morgan Payments.　　The JPMorgan report details:　　The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.　　The report cites research by Grayscale Investments which states: “The metaverse is estimated to be a trillion-dollar revenue opportunity across advertising, social commerce, digital events, hardware, and developer/creator monetization.”　　“As a result, we see companies of all shapes and sizes entering the metaverse in different ways, including household names like Walmart, Nike, Gap, Verizon, Hulu, PWC, Adidas, Atari, and others,” the authors wrote.　　JPMorgan proceeded to outline its approach to the metaverse. “The success of building and scaling in the metaverse is dependent on having a robust and flexible financial ecosystem that will allow users to seamlessly connect between the physical and virtual worlds,” the authors explained, adding:　　Our approach to payments and financial infrastructure will allow that interoperability to grow.　　The investment bank

2022-02-21Deep Dive

What is The Difference Between NFT and Cryptocurrency?

We can see that the world is shifting towards the digital financial market sector from the traditional one. Now people are investing more in cryptos than stocks, assets or other currencies that deal in the traditional market. And why wont they？ The traditional market can get influenced by various factors such as financial institutions, any organization and the new policies of the government. In contrast, the digital financial market cannot get influenced by any of these factors. 　　If you wonder how？ Well, you need to understand that the digital financial market is decentralized, and thus it restricts the interference of any financial institute, organization or even the government. And this can help you to earn a great amount of profit without any intervention from a third party. 　　Now when you know about the digital financial market, you might be thinking about cryptocurrency, but that is not all; apart from cryptos, there are various other options available such as NFT. NFT works like crypto, but it is different from cryptocurrency. If you want to know the difference between the two, you must consider reading our blogs. Here we have discussed the actual difference between NFT and cryptocurrency. 　　What is NFT　　All you

2022-02-21Deep Dive

Bit2Me becomes Spain’s first crypto exchange

Bit2Me has become Spain‘s first recognized crypto exchange after the country’s central bank approved its application.　　The central bank approved the company to provide “services for the exchange of virtual currency for fiat currency and the custody of digital wallets.”　　The approval will allow Bit2Me to offer Spanish banks a white-label service enabling crypto trading on their platforms.　　To celebrate its approval, the company is conducting an airdrop that will run through March 2.Spain and Crypto　　Spain has historically had a favorable stance toward crypto, with banks in the country engaged in various blockchain projects since the early days.　　Banco Santanders One Pay FX service was built in partnership with Ripple and allows customers to send money across borders instantaneously at a very low cost. The lender has also been exploring the possibility of using the Ethereum blockchain for digital cash.　　Santander also announced plans to launch a crypto ETF in November 2021. Meanwhile, other banks in the country are also looking to offer crypto services.　　Amid a favorable view of crypto, the central bank of Spain issued instructions on how companies could register under the regulator to officially offer services related to digital assets in the country.　　The application process takes roughly three months and obligates firms

2022-02-21Deep Dive

North Korea’s “Lazarus Group” becoming more sophisticated

A new report by the Center for a New American Security (CNAS) has identified that the North Korean state-sponsored hackers Lazarus Group deploy high-level techniques to steal and launder crypto profited from various cybercrime attacks.North Korean hackers use sophisticated laundering methods　　The CNAS report mentioned that most cybercriminal attacks led by the group were carried out using sophisticated techniques, ranging from high-level hacking and smart laundering techniques made possible through a professional mixing service and new DeFi platforms.　　However, the report noted that though the hackers tend to use sophisticated techniques to perpetuate and conceal their actions, their actions are easily traceable and identifiable as they can be tied to a single origin.　　“Although the hackers used different Bitcoin addresses to move the stolen funds, they still combined them into a handful of clusters, making it easier to link their ownership to a single origin.”Lazarus Group funds North Koreas missile program　　The government-backed cybercrime unit is better known as the Lazarus group. The group previously was thought to be a rogue team of hackers; however, the growth and sophistication of their methods show that they enjoy the backing of their government.　　The funds gotten through the illegal means by the hackers are used to fund

2022-02-21Deep Dive

OpenSea suffers “phishing” attack, users lose NFTs worth millions

Users of OpenSea were once again the victims of hacks yesterday, with millions worth of NFTs stolen.　　While the source of the attack remains undetermined, the CEO of the NFT marketplace, Devin Finzer, tweeted that its likely a phishing attack and not connected to the platform directly. However, he pointed out that investigations were still ongoing.OpenSea users lose their NFT holdings　　Blockchain records show that hackers were able to get access to users wallets and steal several NFTs. So far, NFTs stolen include Bored Apes, Mutant Apes, and several other popular collections.　　The attacker stole close to $2 million worth of NFT. Finzer also confirmed this by stating that the attacker has $1.7 million worth of Ethereum in their wallet from selling some stolen NFTs.　　It also appears that some of the stolen NFTs were returned. In one case, the hacker returned all the NFTs stolen from a wallet except the Bored Ape.　　However, OpenSea is still struggling to determine what happened and stated that investigations are ongoing.　　We don‘t believe it’s connected to the OpenSea website. It appears 32 users thus far have signed a malicious payload from an attacker, and some of their NFTs were stolen.　　He also encouraged those affected by the attack to

2022-02-21Deep Dive

Romance and dating enter the metaverse on this Indian app

On a mission to disrupt the conventional dating app scene, Indian startup Mingout recently took two of its loyal users to a romantic rendezvous in the Metaverse.　　A virtual date “took place” in outer space, as the couple enjoyed a romantic dinner in a moon-based setting.“Where you can date, not just match” 　　“We thought about the most romantic date possible–and in an instant, the answer was clear,” Mingout Co-Founder Navdeep Kamboj said in the press release. 　　“The moon represents the two tenets of Mingout–romance and revolution. What‘s more romantic than moonlight, and what’s more revolutionary than humanitys first step on the moon,” he elaborated.　　The moon date in the Metaverse (Mingout Valentines Week on Meta)　　The app markets itself as the only dating app in the world “where you can date, not just match,” and as such wants to play a pioneering role in what it calls a “dating revolution.”　　In addition, hosting virtual events and with 100 other date ideas, the app is casting its net beyond just singles–also trying to appeal to people with partners who are looking for a new dimension for experiencing romance. Immersive, fun and interactive experience　　“You dont have to be single to date,” Mingout Co-Founder Harshveer Jain said.

2022-02-21Deep Dive

Understanding U.S. Millennial appetite for crypto

Compared to the global average, reduced financial well-being observed among US millennials could be connected to their increased interest in alternative financing methods, according to the data published in a recent report by Morning Consult.　　Amid rising financial vulnerability, roughly every other millennial in the US owns cryptocurrency, however, Gen Z adults have also picked up on the trend and are rapidly growing in share.Financial well-being score　　According to the report, the financial well-being score is “a reflection of consumers impressions of their financial security and freedom of choice,” and based on polls conducted monthly among 2,200 or 4,400 US adults, this particular demographic is having a tough time finding both.　　Financial well-being scores: All US adults compared to millennials (Source: Morning Consult)　　Millennials score well below average globally, with the exception of Spain and Latin America, noted the report. However, American and Canadian millennials are particularly under the weather.　　Millennial financial well-being across countries (Source: Morning Consult)　　In order to meet their wide range of financial goals and needs, millennials are more likely to seek financial advice and are more social about their finances than other demographics, the report found.　　“Far from being shy, millennials are more likely than other generations to report discussing their finances,”

2022-02-21Deep Dive

Which Regulators Are Shaping U.S. Crypto Policy?

Agencies like the Securities and Exchange Commission and Commodities Futures Trading Commission play an important role in financial regulation in the United States. In this feature, we explain the countrys key regulatory agencies the impact they have on the crypto space.　　Key Crypto Regulators in the U.S.　　For as long as crypto has existed, enthusiasts and onlookers alike have pondered how regulators will deal with the asset class. Its become a more pertinent question as the space has grown and regulators worldwide have made it clear that they are watching the space. In 2021, a boom in the crypto market proved that the technology had gone mainstream. With interest in Bitcoin, DeFi, and stablecoins rising, regulatory agencies are increasingly looking into how to manage the space.　　Its difficult to talk about global cryptocurrency policy without discussing the influence of regulatory agencies in the United States. Over the last decade, several institutions, federal agencies, and bureaus of the U.S. government have been keeping a close eye on the digital assets space. The Securities and Exchange Commission, Commodities Future Trading Commission, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Treasury Department, Federal Reserve, and Financial Crimes Enforcement Network have all made inputs

2022-02-21Deep Dive

Fireblocks to Acquire Crypto Payment Platform for a Reported $100 Million

Fireblocks $8 Billion Valuation　　Fireblocks, a digital asset custody firm, is set to acquire the stablecoin payment platform First Digital for $100 million, a report has said. The acquisition, when consummated, will enable Fireblocks to bolster the capabilities of its current payment platform.　　According to a report by Calcalist, Fireblocks will be able to do this by enabling payment service providers (PSPs) and acquirers to accept crypto payments and to make payouts in digital currencies as well.　　The custody firms purchase of the Israeli fintech startup comes a few weeks after Fireblocks was reported to have raised $550 million in Series E funding. Following this funding series, which brought the total value of funds raised to $1 billion, Fireblocks saw its valuation rise to a reported $8 billion.Fireblocks Not Focused on Further Acquisitions　　Meanwhile, the report quotes Fireblocks CEO, Michael Shaulov, who lists some of the reasons for this acquisition. He said:　　They built one of the strongest teams when it comes to crypto, payments, and product and they will complement our capabilities. Firsts significant advantage is that like Fireblocks, they built a technological platform that easily connects to the different payment providers and allows them to easily receive payments in cryptocurrencies.　　While the acquisition is

2022-02-21Deep Dive

Play-to-Earn Blockchain Game Axie Infinity Surpasses $4 Billion in All-Time NFT Sales

The Sky Mavis Crafted Blockchain Game Axie Infinity Records More Than $4 Billion in Lifetime NFT Sales　　The Ethereum-based video game Axie Infinity has been very popular during the last 12 months as the P2E pet training world has seen significant demand. The games native digital currency axie infinity (AXS) has increased by 2,544% against the U.S. dollar over the last year.　　On the other hand, smooth love potion (SLP), hasn‘t been so lucky and is down 70% in value year-to-date. Metrics indicate that there’s 53,502 AXS token holders today and out of 166,870 Axies there are 45,276 Axie owners.　　This week, NFT metrics show, the project developed by Sky Mavis captured more than $4 billion worth of all-time NFT sales. Today, the average Axie Infinity sale price is $198.77 and the project has seen 1,905,222 traders, according to lifetime statistics.　　The top five NFT projects in terms of all-time sales according to dappradar.com statistics.　　With approximately $4.14 billion in all-time sales recorded at the time of writing, Axie Infinity is the third-largest NFT project in terms of all-time sales. The game‘s NFT sales are below Opensea’s $21.85 billion and Looksrares reported $16.85 billion.Despite the All-Time Sales Milestone, Axie Nft sales Are Down 40.58% During

2022-02-21Deep Dive

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