Crypto Flipsider Information – Google companions with Coinbase, hires PayPal vet, Grayscale GBTC falls 30%, Ethereum overtakes Visa, JPMorgan – Fuel charges a giant drawback, Cardano enters Metaverse, 400 accounts, 400 Crypto.com accounts rising day by day hacked – Investing.com

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Crypto Flipsider News – Google Partners With Coinbase, Hires PayPal Vet, Grayscale GBTC Drops 30%, Ethereum Outperforms Visa, JPMorgan – Gas Fees A Big Problem, Cardano Enters Metaverse, 400 Accounts, 400 Crypto.com Accounts Hurt

Read the digest;

  • Google Digs Deeper into Blockchain and Crypto – Partnering with Coinbase (NASDAQ:), Hiring Paypal Vet
  • Grayscale Fund is down 30%, whales added 40,000 BTC in the last 2 days
  • Surpassing the value of Visa moves in 2021, JPMorgan (NYSE:) calls the high gas fee a big problem for ETH
  • Makes Metaverse debut with Pavia Launch
  • Crypto.com CEO Admits 400 Accounts Exploited in Hack

Google Digs Deeper into Blockchain and Crypto – Partnering with Coinbase and Hiring Paypal Vet

Alphabet (NASDAQ:) Inc.’s Google has ventured deeper into blockchain technology by establishing a blockchain and distributed computing division. Led by Shivakumar Venkataraman, the new division will focus on “blockchain and other next-generation distributed computing and data storage technologies.”

Echoing Google’s President of Commerce Bill Ready’s comment that the company is paying “a lot of attention” to cryptocurrencies, Google has hired PayPal (NASDAQ:) veteran Arnold Goldberg to head up its payments division. The hiring could see Google Pay adding cryptocurrencies to its services.

Bill Ready explained that the move is part of Alphabet Inc.’s broader plans to partner with a wide range of financial services, including cryptocurrencies. One such partnership is with America’s leading crypto exchange, Coinbase.

Google’s partnership with Coinbase will reportedly see the duo working together to develop a means of storing cryptocurrencies in “digital cards” while users continue to pay in traditional currencies.

Flipsider:

  • Jack Dorsey has criticized the entry of mega-corporations and venture capital firms to centralize the blockchain industry.

Why you should care

According to Bill Ready, crypto is something that Google needs to pay a lot of attention to and evolve with.

Grayscale Bitcoin Fund is down 30%, whales added 40,000 BTC in the last 2 days

The discount of the world’s largest institutional Bitcoin trust – Grayscale Bitcoin Trust’s (GBTC) – to the underlying cryptocurrency has widened. The decline, which has stretched over the past two months, has seen GBTC trade at a 26.5% discount.

With bitcoin hovering around $42,000, the GBTC would price the equivalent of $30,870. In 2022 alone, the $27 billion GBTC fund is down nearly 17%, outpacing Bitcoin’s nearly 9% drop.

Flipsider:

  • Despite the two-month price drop, whales have continued to increase their bitcoin holdings
  • Major bitcoin wallets have added nearly 40,000 BTCs (worth around $1.68 billion at bitcoin’s current price of $42,000) in the last 48 hours, according to whale tracker Santiment.

Why you should care

Despite pressure from the bears, the bulls have taken a stance to hold their stake – adding to the argument that bitcoin can be used as a store of value.

Ethereum tops Visa’s 2021-moved value, JPMorgan calls high gas fee a big problem for ETH

While Ethereum’s ongoing network migration has been one of the most talked about project milestones in 2021, the smart contracts platform has achieved even more. Moving more value than Visa (NYSE:) in 2021 is one of many unspoken milestones for Ethereum.

According to new reports, Ethereum moved about $11.6 trillion, surpassing payments giant Visa, which moved $10.4 trillion in 2021. On the other hand, Bitcoin managed to move just $4.6 trillion over the same period.

Total transaction volume of Ethereum in 2021. Source: Josh Stark

Flipsider:

  • Although Ethereum has made significant progress, JP Morgan opined that the platform’s high gas fee and network congestion are a major problem.
  • These caused Ethereum’s NFT market share to drop from 95% to 80% in early and late 2021, with Ethereum being one of the growing NFT hubs.
  • If Ethereum continues to lose its NFT and DeFi dominance, it could pose a major problem for Ether’s valuation, according to JP Morgan.

Why you should care

According to Pantera Capital, by improving its scalability with its PoS migration, Ethereum could be able to power 50% of all global transactions in ten years.

Cardano makes Metaverse debut with Pavia Launch

Pioneering proof-of-stake network Cardano has made its Metaverse debut with the launch of Pavia on its blockchain. The play-to-earn gaming and non-fungible token (NFT) project – Pavia – calls itself the “first Cardano metaverse”.

Cardano’s Metaverse project has been touted as the next Decentraland, only it uses the green Cardano blockchain instead of Ethereum. Pavia was launched with an in-game currency – PAVIA – used within its Metaverse ecosystem for utility.

The project has issued around 100,000 “land parcels”, each minted as a uniquely numbered Cardano NFT (CNFT) based on coordinates. Land in Pavia is asking for over $1,000 a piece.

Pavia has announced that it will add liquidity to Cardano’s decentralized exchanges [DEXs] and explore cross-chain liquidity in Q1 2022.

Flipsider:

  • Cardano is making a late entry into the Metaverse, trying to compete with already established projects like The Sandbox and Decentraland.

Why you should care

Despite the slow start of smart contracts, Pavia could be the first of many large projects to be launched on the Cardano blockchain.

Crypto.com CEO Admits 400 Accounts Exploited in Hack

After halting withdrawals for about 14 hours due to unauthorized activity, Singapore-based cryptocurrency exchange – Crypto.com – announced that all funds are safe and accounted for, despite reports of up to $15 million in missing ETH .

Contrary to their previous reports, the exchange’s CEO Kris Marszalek stated in an interview that 400 accounts were hacked as a result of the hack. According to Mr. Marszalek, all affected customers have been reimbursed.

Marszalek explained that the stock exchange is still working on an autopsy that will be published “in the next few days”. The exchange has asked customers to reset their two-factor authentication out of “an abundance of caution.”

Flipsider:

  • While PeckShield put the losses at $15 million, OXT Research speculates that the hack may actually have cost the exchange $33 million.

Why you should care

The hack serves as a reminder for exchanges to constantly improve their security architecture to protect their users’ funds.

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