Saturday, May 18, 2024

FTX to Sell $3.4 Billion in Cryptocurrencies to Settle Debts; Coinbase Embraces Lightning Network; Google Updates Crypto Ad Policy

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Introduction

In the ever-evolving world of cryptocurrencies, major developments have been announced by FTX, Coinbase, and Google. FTX, a collapsed digital asset exchange, has received approval from a judge to sell $3.4 billion in various cryptocurrencies to repay its creditors. Meanwhile, Coinbase, one of the leading cryptocurrency exchanges, has confirmed its support for the Lightning Network, which will enhance the speed and functionality of bitcoin transactions. Furthermore, Google has updated its crypto ad policy to allow advertisements for certain nonfungible token (NFT) games. Let’s dive deeper into these updates.

FTX’s Asset Sale to Settle Debts

FTX, the digital asset exchange that filed for bankruptcy in November due to alleged mismanagement, has been granted approval by a judge to sell $3.4 billion worth of cryptocurrencies. The assets, including Solana tokens, Bitcoin, Ethereum, and Aptos, will be sold under the supervision of Galaxy Digital. To ensure an organized process, a cap of $100 million in tokens can be sold per week. However, this limit may be raised with court authorization, and certain transactions will not count towards the weekly maximum. The sale of these assets is a crucial step towards repaying FTX’s creditors.

Coinbase Embraces the Lightning Network

Coinbase, a prominent player in the world of cryptocurrency exchanges, has officially announced its support for the Lightning Network. This exciting development will significantly increase the speed and efficiency of bitcoin transactions, making it a more viable option for payments. Coinbase previously expressed its intention to explore Lightning support in August, and now, its CEO Brian Armstrong has confirmed its implementation. Armstrong has emphasized the importance of conducting payments in bitcoin, hailing it as the most significant asset in the crypto space. Integration with the Lightning Network will provide Coinbase’s massive user base of 100 million users with faster and cheaper bitcoin transactions. Following this announcement, Coinbase’s stock experienced a 1.4% increase.

Google Updates Crypto Ad Policy

Google, one of the world’s largest tech companies, has made an update to its crypto ad policy. The new policy will allow advertisements for nonfungible token (NFT) games that offer in-game item purchases. However, it will not permit ads for games that allow players to stake NFTs or wager assets. This comes as a response to recent events, such as the exploit of the Ethereum-based NFT project, Milady Maker, which resulted in the theft of $1 million. Additionally, CNA Financial has excluded NFT coverage from a $20-million policy for Schwab Strategic Trust. Despite challenges, the co-founder of The Sandbox has highlighted the thriving metaverse in Asian markets, with 50% of their business originating from Hong Kong, Korea, and Japan.

Conclusion

The blockchain industry continues to witness noteworthy developments from major players. FTX’s approval to sell $3.4 billion in cryptocurrencies marks a crucial step towards repaying its creditors. Coinbase’s support for the Lightning Network will significantly enhance the speed and functionality of bitcoin transactions, making it more enticing for payments. Finally, Google’s updated crypto ad policy reflects the need for caution and safeguards as the market evolves. As the crypto space matures, it is essential for industry participants to stay informed and adapt to these ongoing changes.

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