Partnerships, hacks, and integration of non-fungible tokens (NFTs). This is an easy summary of what happened last week in crypto markets. But this is not all that has happened. Let’s dive in.
Related blog: Crypto outlook: Solana, Dogecoin, and Cronos
Meta is testing NFTs in 100 countries
Digital collectibles will be made available internationally in Africa, Asia, the Middle East, and the US. However, it appears that Europe has been left out of these plans, which may be a warning that continuous regulatory monitoring in the EU may be problematic.
Additionally, agreements have been reached with Coinbase and Dapper, enabling Instagram users to link their wallets. The three blockchains Ethereum, Polygon, and Flow, are currently supported for NFTs, and Meta claims there are no fees for uploading or distributing a digital item. Meta stated in the announcement:
“By building support for NFTs, we aim to improve accessibility, lower barriers to entry, and help make the NFT space more inclusive to all communities. It is also important that we keep Instagram a safe and enjoyable place for everyone. Therefore, people can use our tools to keep their accounts secure and report digital collectibles which go against our community guidelines.”
Coinbase and BlackRock partner together
One of the biggest asset management firms in the world, BlackRock, has partnered with a well-known cryptocurrency exchange Coinbase. They want to provide investors greater access to cryptocurrencies through Coinbase Prime, which offers trading and custodial services.
Although other digital assets might be made available in the future, Bitcoin will be the first available cryptocurrency. Some people firmly believe that growing institutional adoption could increase demand for BTC and thus drive up prices. This had proven on Thursday when the news was announced, and Coinbase stock jumped by 40% in a single day.
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Michael Saylor steps down as CEO
MicroStrategy’s long-served CEO Michael Saylor officially announced he would be stepping down after 33 years. However, he is staying a vocal Bitcoin bull and a chairman of the board of the company. Michael Saylor will be replaced by Phong Le, who is not known in the crypto community. MicroStrategy continues to hold its 130,000 Bitcoin in its reserves.
Today @cvpayne and I shared a laugh as we discussed the benefits of a #Bitcoin Strategy, the outperformance of $MSTR vs other stocks & asset classes, and my decision to take on the Executive Chairman role at @MicroStrategy. pic.twitter.com/OsxyWhBtPF
— Michael Saylor⚡️ (@saylor) August 3, 2022
Jack Dorsey’s Block surges
Block’s second-quarter gross profits of $1.47 billion were a 29 % increase over the same period last year. Despite the obvious market decline, Jack Dorsey’s crypto-focused payment company, which owns Square and Cash App, claims to be doing great. However, Bitcoin-related sales totalled $1.79 billion, which is 34% less than they were a month before. This is due to a decrease in consumer demand for Bitcoin recently, Block stated in a letter to shareholders.
Solana hot wallets hacked
While the Solana network is troubled with casual halts, there has also been a multi-million dollar hack on estimated 9,000 wallets. This attack is linked to Slope, a web-based Solana wallet. As a result, more than $8 million worth of crypto has been stolen from wallets, and investors are advised to create new wallets and transfer all assets there.
See below for our official statement on the breach situation (now posted to our Medium).
We empathize with everyone affected, and are doing our best to solve and rectify the situation.https://t.co/E9xrKbdLOy
— Slope (@slope_finance) August 3, 2022
Nomad Bridge hacked for $190 million
Nothing new under the sun in 2022. Another hack and another millions lost in a Nomad Bridge attack, where it is reported that $190 million were stolen by white hat hackers. The company is reportedly working with law enforcement firms and blockchain analytics companies to ensure all funds are returned. The latest report says 11.5% or $22 million has been sent to the official recovery address, but that is it so far.