Welcome to the weekly crypto news updates, where we provide our reader with the latest trends in the crypto world. Whether you are an experienced investor or just starting your journey, we’ve got you covered. We bring you a series of latest news on cryptocurrency. So, are you ready to dive in and explore what all has happened in the crypto world.
News 1: Amidst Revenue Surge, OnlyFan’s Parent Company Invest in Ethereum
Fenix International, the parent company of the popular social media- OnlyFans, invested around $20 million in Ethereum (ETH) between 2021 and 2022. Additionally, regardless of the decline in crypto asset prices, the company gained a 16.6% revenue growth between the year 2021 to 2022.
Growth and Adoption of OnlyFans
• This social media platform saw a 47% increase in content creators and 27% growth in total subscribers.
• Additionally, OnlyFans also enables verified creators to use Ethereum-based NFTs on their profile picture.
Strengthening the crypto presence
• The company’s disclosure of its ETH holdings fits in with an increasing number of firms joining the digital asset industry.
• Moreover, it was seen that adult content creators showed interest in decentralized social media platforms, indicating an increase in digital currency engagement.
News 2: The battle of dominance between Shiba Inu, Dogecoin, and Everlodge
Shiba Inu’s community and developers are still active, as evidenced by recent releases such as the Shibarium. Moreover, the blockchain shut down because of security and network reasons, which were later fixed.
ShibPaper Emerging Concept
• The ‘ShibPaper’ presents a management and governance system, emphasizing the project’s dedication to decentralization.
• Additionally, the recent cost performance of the project is driven by broader market conditions.
Everlodge: Tokenizing Real Estate
• By permitting fractional ownership of vacation houses, Everlodge hopes to democratise real estate ownership.
• Finally, through a decentralised Real Estate NFT marketplace, the project indicates financial inclusion and worldwide accessibility.
News 3: Hong Kong Adopts Web3 for Growth
Paul Chan Mo-po, Hong Kong’s Financial Secretary, expects that blockchain and Web3 technologies will fuel in the next wave of growth.
Moreover, as significant drivers, he mentions NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment.
The Function of Cyberport
• By hiring domestic and international tech enterprises, Hong Kong’s Cyberport center is building a thriving Web3 environment.
• Moreover, a fresh funding injection aims to accelerate the establishment of this ecosystem.
Hong Kong’s Pro-Cryptostance
• Despite China’s anti-crypto attitude, Hong Kong’s favorable regulatory places it as a worldwide hub for digital assets.
• The formation of a Web3 task force shows the region’s dedication to responsible industry development.
News 4: Elon Musk’s ‘PayPal Update’ and Crypto Price Chaos
Elon Musk’s meeting with Wall Street CEOs has fueled concern over the future of his X platform.
Additionally, discussions indicate the development of an updated payment system similar to PayPal, with minimal transaction costs and the monetization of user data.
The Impact of Musk’s Involvement
• Historically, Musk’s involvement has generated major price changes in the crypto market.
• The possibility of X’s merging financial services and updates in the platform adds excitement to the market activity.
PayPal’s Power and the Stablecoin Trend
• PayPal’s launch of a stablecoin and cryptocurrency in 2020 has altered market patterns.
• Moreover, the involvement of traditional financial giants such as BlackRock in the crypto field builds trust.
News 5: XRP’s Rising Potential
Because of good market and partnerships, Ripple’s XRP is on the rise.
The collaboration between Ripple and the Moroccan central bank for CBDC contributes to the spike.
Ripple’s Adoption by Financial Institutions
• Financial institutions are increasingly using Ripple’s technology to make cross-border payments, increasing XRP’s worth as a bridge asset.
• Moreover, this adoption increases demand and validates XRP’s utility in the financial industry.
Possible Reversal and Caution
• The current sell-off in XRP may be decreasing as a result of factors such as the SEC dropping its legal argument against Ripple.
• Additionally, while technical indicators are promising, the volatile nature of the cryptocurrency market requires cautious optimism.
Take Away
With significant investments, technological improvements, and the possibility of exciting new developments, this week was no less than a roller costar. Expect more updates next week as we continue to bring you the most recent news from the ever-changing world of cryptocurrencies. Stay tuned!
