This 360 treadmill could make Disney’s metaverse a physical playground

April 27, 2024 Coin Telegraph

Disney to Acquire $1.5 Billion Stake in Epic Games, Aims to Create Joint Metaverse

February 12, 2024 Bitcoin.com

Crypto Biz: Uniswap’s Android wallet app, Cboe to launch BTC, ETH margin futures, and more

November 17, 2023 Coin Telegraph

cboe

Getting regulatory approval has been crucial for companies, particularly in a tight regulatory environment during the crypto winter.

As the final weeks of 2023 approach, it’s fair to say that one of the most dominant trends and drivers of crypto companies’ strategies over the past months can be summed up in a single word: licenses.

In a tight regulatory environment, getting the green light from regulators has been crucial for companies, particularly during the crypto winter.

Some countries have taken a stand by developing a crypto-friendly environment. For example, the United Arab Emirates continues to attract major crypto companies to its shores, with digital assets exchange Crypto.com recently receiving a Virtual Assets Service Provider (VASP) license in Dubai. The license allows Crypto.com’s local business to offer retail and institutional trading, as well as broker-dealer and credit-related services.

Dubai also granted a similar license for institutional crypto custodian Hex Trust. The crypto firm has offices in Hong Kong, Singapore, Vietnam, Dubai, Italy and France.

Traditional players are also seeking crypto licenses. In Germany, Commerzbank has been granted a crypto custody license, according to a Nov. 15 announcement, allegedly becoming the first “full-service” bank in the country to receive the license.

Also, in this week’s regulatory headlines, Bitget dropped plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing business and market-related considerations. As a result, the exchange is winding down its local operations in the coming weeks.

Although licenses are essential for crypto firms to operate, they also represent a new step in the growing connection between crypto and governments worldwide.

This week’s Crypto Biz also explores Uniswap’s Android app, Cboe’s move into crypto margin futures trading and Disney’s upcoming nonfungible token (NFT) platform.

Uniswap launches Android wallet app with built-in swap function

Uniswap Labs has publicly released an Android mobile wallet app on the Google Play Store. The new app allows users to make swaps through the decentralized exchange from within the app, eliminating the need for a separate web browser extension, Uniswap Labs vice president of design Callil Capuozzo told Cointelegraph. Uniswap added support for new languages and now supports English, Spanish, Japanese, Portuguese, French and Chinese — both traditional and simplified — and added a setting that allows users to view the value of their crypto in their local currency. The app’s iOS version was released in April.

*Uniswap mobile app demo. Source: Uniswap Labs.*

Disney launches NFT platform with Dapper Labs

Disney and blockchain firm Dapper Labs have teamed up to create a nonfungible token (NFT) platform. According to an announcement, Disney will tokenize its iconic cartoon characters from the past century onto its upcoming NFT marketplace, Disney Pinnacle. The platform will also include icons from Pixar and heroes and villains from the Star Wars galaxy, uniquely styled as collectible and tradable digital pins. The NFT platform will launch later in 2023 for iOS, Android and on the web.

Cboe to launch BTC, ETH margin futures trading in January with 11 firms supporting

Cboe Digital has announced the launch of Bitcoin (BTC) and Ether (ETH) margin futures trading on Jan. 11, 2024. The regulated crypto-native exchange and clearinghouse will become the first in the United States to offer both spot and leveraged derivatives trading on a single platform, it said in a statement. Eleven firms, including crypto and traditional financial firms, will support the new capability from its launch. They include B2C2, BlockFills, Cumberland DRW and Talos, among others. Cboe Digital provides trading for individuals and institutions. It received approval for margin futures trading from the U.S. Commodity Futures Trading Commission in June.

Goldman Sachs leads $95 million funding round for blockchain payment firm Fnality

Global investment bank Goldman Sachs and French bank BNP Paribas have reportedly led a new funding round for Fnality, a blockchain-based wholesale payments firm backed by Nomura Group. Fnality has reportedly raised 77.7 million British pounds ($95.09 million) in a second round of funding. Other investors included the global exchange-traded fund firm WisdomTree and Fnality’s existing investor Nomura. The new capital will be used for setting up a round-the-clock global liquidity management network for new digital payment models in wholesale financial markets and emerging tokenized asset markets, Fnality said. Fnality was founded in 2019 as a UBS-led blockchain project aiming to build digital versions of major currencies for wholesale payments and transactions involving digital securities.

Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

Disney launches NFT platform with Dapper Labs

November 14, 2023 Coin Telegraph

Coin Telegraph

The NFT platform, dubbed Disney Pinnacle, will go live later this year.

Disney has created a nonfungible token (NFT) platform together with blockchain and metaverse firm Dapper Labs.

According to the Nov. 14 announcement, Disney will tokenize its iconic cartoon characters from the past century onto its NFT marketplace, dubbed Disney Pinnacle. The platform will also include icons from Pixar as well as heroes and villains from the Star Wars galaxy, uniquely styled as collectible and tradable digital pins. “Fans anywhere will be able to collect dynamic pins on their phone and trade instantly and securely with each other no matter where they are in the world," Dapper Labs CEO Roham Gharegozlou explained.

The NFT platform will launch later this year on the Apple App Store for iOS, the Google Play Store for Android and on the web. Currently, only a waitlist and a landing site exist on its official page. Disney Pinnacle is built on layer-1 blockchain Flow, which Dapper Labs also created. Previously, Ticketmaster elected to mint NFT event tickets on the Flow blockchain.

Earlier this year, Disney pulled the plug on its metaverse division as part of a broader restructuring plan to cut its operating expenses by $5.5 billion and lay off 7,000 staff over two months. The metaverse division’s 50 or so members were left without a new employment contract.

Founded in Vancouver, Canada in 2018, Dapper Labs received a $15 million investment from Hong Kong Web3 creator Animoca Brands. In July 2023, Dapper Labs announced its third round of staff layoffs year-to-date. The firm is known for its NFT brands such as CryptoKitties and NBA Top Shot.

Disney creates an AI task force to explore the tech and cut costs: Report

August 8, 2023 Coin Telegraph

Coin Telegraph

Disney has reportedly created a task force for studying how it can incorporate AI into its operations, sources close to the matter told Reuters.

Walt Disney is reported to have created a task force for the purpose of studying artificial intelligence (AI) and its potential applications throughout the company, according to a Reuters report.

According to the report, three sources close to the matter vouched for the information, with one of the sources being an anonymous internal advocate who said Disney must understand AI or risk falling behind.

Additionally, Disney has 11 current job postings which are seeking individuals with expertise in AI and machine learning technologies. The open positions span across the company’s various branches from Walt Disney Studios to the theme parks and engineering.

In Disney’s television and advertising department, one of the job descriptions said it’s looking to create a “next-generation” AI-powered advertising scheme.

One of the Reuters inside sources said they see AI being used as a tool to cut sky-high costs of productions for movie and television releases. Another source told Reuters that AI could also help enhance customer support in the parks business.

This news comes alongside other news of Disney’s metaverse chief, Mike White, officially departing the company, according to sources close to the matter. Disney officially shut down its metaverse division, approximately 50 employees in addition to White, back in March as a part of downsizing.

The entertainment industry has had a rocky relationship as AI prevalence increases.

Netflix, the popular streaming service, has been eyeing AI integrations as seen through its new job postings of high-paid AI positions. The AI-related positions are both six-figure roles, with one almost in the millions.

AI has been a major negotiating point of the ongoing Hollywood strike, which involves writers, actors and anyone signed with the talent agency SAG-AFTRA.

Initially, Hollywood studios rejected the idea of banning the use of AI in writing rooms. Now, actors are fighting back against a proposal that says background performers should be scanned and paid for a day’s work and then grant productions ownership over the scan, image and likeness.

Magazine: Experts want to give AI human ‘souls’ so they don’t kill us all

Cryptoys Unveils Star Wars Digital Toys in New Line of Collectibles

May 5, 2023 Bitcoin.com

Disney Reportedly Axing Metaverse Division Amidst Company Restructuring

April 1, 2023 Bitcoin.com

Crypto Biz: A spotlight on Binance, Galaxy Digital swings to profit, China’s blockchain push

March 31, 2023 Coin Telegraph

Binance

Binance handles fear, uncertainty and doubt (FUD) surrounding its business future following a lawsuit from U.S. authorities.

Regulators in the United States have a fresh target on their radar: Binance. The Commodity Futures Trading Commission (CFTC) has sued the world’s biggest crypto exchange by trading volume for regulatory violations. Accusations range from insider trading to concealing office locations around the world to evade authorities’ oversight.

Binance denies the claims, suggesting another court battle between crypto firms and U.S. regulators is just around the corner. On another front, Binance’s U.S. arm must wait to close its $1 billion deal for Voyager Digital’s assets until the Department of Justice decides whether to appeal to Voyager’s bankruptcy plan.

Beyond the courts, signs that the crypto winter is fading away are on the horizon. Billionaire Mike Novogratz’s Galaxy Digital turned a profit after a $1 billion loss in 2022. Meanwhile, China keeps developing its fintech industry, with a strong emphasis on blockchain.

This week’s Crypto Biz examines how Binance is coping with ongoing fear, uncertainty and doubt (FUD) about its business, and how companies are navigating Web3 opportunities and challenges.

Binance CEO CZ rejects allegations of market manipulation

Binance CEO Changpeng “CZ” Zhao rejected accusations of market manipulation in response to a CFTC lawsuit, labeling it “an incomplete recitation of facts.” According to Zhao, Binance “trades” in several situations, mainly to convert its crypto revenue to cover expenses in fiat or other cryptocurrencies. The exchange’s CEO also acknowledged that he has two personal accounts at Binance: one for Binance Card and one for crypto holdings. “I eat our own dog food and store my crypto on Binance.com. I also need to convert crypto from time to time to pay for my personal expenses or for the Card,” he added. Zhao said Binance has a 90-day no-day-trading rule for its staff and refuted claims that they engage in insider trading.

My Response to the CFTC Complaint | Binance Blog https://t.co/TadyotM7HN
— CZ Binance (@cz_binance) March 27, 2023

Galaxy Digital swings to profit after $1B net loss in 2022

Galaxy Digital, the digital asset investment firm founded by billionaire Mike Novogratz, has swung to a profit after a net loss of $1 billion in 2022, with a preliminary pre-tax income of $150 million from Jan. 1, 2023, to March 24, 2023, according to the company. Novogratz says the results are from strategic moves “opportunistically” taken during the past months and Bitcoin’s (BTC) price recovery. Similarly to other companies operating in the crypto space, Galaxy found 2022 to be a challenging year. In August, it dropped plans to go public in the United States after terminating a $100-million deal to acquire digital asset custodian BitGo. Later in November, the firm disclosed $77 million of exposure to bankrupt cryptocurrency exchange FTX, with $48 million likely locked in withdrawals.

Disney reportedly scraps its metaverse division

The metaverse is on its way out, at least for Disney. A restructuring plan designed to cut operating expenses by $5.5 billion and lay off 7,000 employees over two months led the entertainment giant to ditch its metaverse division. All of the metaverse division’s 50 or so members will not be offered new employment contracts, except for Michael White, who led the broader consumer products unit. Unfavorable economic conditions and increased competition in the streaming sector were two main factors that led to the decision. Disney’s former and current chief executives, Bob Chapek and Robert Iger, once considered the metaverse a bullish investment opportunity.

Disney has abandoned a plan to develop its own membership program like Amazon Prime, according to @RWhelanWSJ.

Disney has also eliminated the division that was developing metaverse strategies, according to the report. https://t.co/mSm92XtqE0 pic.twitter.com/e2KqbxAC8i
— Scott Gustin (@ScottGustin) March 28, 2023

China to upgrade national blockchain standards by 2025

Despite China’s stance on cryptocurrencies, the country’s officials have been actively developing its fintech industry, with a strong focus on blockchain technology. The Ministry of Industry and Information Technology, a watchdog for the Chinese fintech industry, has announced its plan to improve standards for blockchain technology development by 2025. The ministry has published a draft of its guidelines and invites public opinions on the blockchain development from “all walks of life.” This move aligns with China’s five-year plan for “National Economic and Social Development and Vision 2035,” in which blockchain is listed as a target to “grow stronger.”

Crypto Biz is your weekly pulse of the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

Disney brings back Bob Iger as CEO: Here’s the crypto connection

November 21, 2022 Coin Telegraph

Bob Chapek

Since leaving The Walt Disney Company, Bob Iger has been acting as an adviser and board member for the digital avatar platform Genies.

Metaverse-backer Bob Iger has announced a surprise return to his former role as CEO of Disney, taking over from now-former CEO Bob Chapek.

While Iger is most well known for serving 15 years as the CEO of the global entertainment conglomerate, the Disney executive became known in the crypto community after becoming a director, adviser and investor in Genies, a digital avatar platform running on Dapper Labs’ Flow blockchain.

“Thrilled to be joining the Genies Board of Directors to help Akash Nigam and company empower humans to create the 'mobile apps of Web3': avatar ecosystems,” Iger said at the time.

Iger was still at Disney as an executive and board chairman when the company filed for a metaverse-related patent on Dec. 28.

The patent was for a “virtual-world simulator in a real-world venue," and according to the filing, would allow visitors to Disney theme parks to use mobile phones to generate and project personalized 3D effects onto nearby physical spaces, such as walls and other objects.

However, Disney said at the time there were “no current plans” to use the “virtual-world simulator” patent, and the company has yet to announce any products related to the patent.

According to the Hollywood Reporter, Iger’s return will reportedly only be temporary, though, with Iger only agreeing to serve as Disney’s CEO for the next two years.

During his new term as CEO, Iger will reportedly work with the board to set the strategic direction for the company and work to develop a successor.

In his absence, Disney has continued to work toward projects involving the metaverse, nonfungible tokens (NFTs) and blockchain throughout the year.

In September, Disney started hiring a principal counsel to work on transactions involving NFTs, the metaverse, blockchain and decentralized finance (DeFi).

Specifically seeking someone to provide “full product life cycle legal advice and support for global NFT products” and ensure they comply with all current laws and regulations on United States soil and internationally.

MATIC price eyes 200% gains on Polygon adoption by Instagram, JPMorgan

November 3, 2022 Coin Telegraph

Coin Telegraph

Polygon’s list of high-profile partners is getting longer, with Disney, Starbucks and Robinhood already boarding its blockchain.

Polygon (MATIC) emerged as the best-performing asset among the top-ranking cryptocurrencies on Nov. 3 as the market’s attention turned to the latest Instagram and JPMorgan announcements.

Polygon in high-profile partnerships

Notably, Meta, the parent company of Instagram, named Polygon as its initial partner for its upcoming nonfungible token (NFT) tools that allow users to mint, showcase and sell their digital collectibles on and off the social media platform.

Meanwhile, banking giant JPMorgan used Polygon to conduct its first live trade (worth about $71,000) on a public blockchain, marking a concrete step toward integrating cryptocurrencies into traditional financial frameworks.

MATIC, a utility and staking token within the Polygon blockchain ecosystem, rose over 13% to $0.985 after the announcements, accompanied by an uptick in daily trading volume.

*MATIC/USD daily price chart. Source: TradingView*

MATIC’s upside move came as a part of a broader recovery rally across the crypto sector that started in mid-June. MATIC’s price has rebounded by more than 200%, a trend that will likely sustain in the coming months.

MATIC’s price nears cup-and-handle breakout

The first cue for MATIC’s bullish continuation comes from a classic technical setup.

On the daily chart, MATIC has painted a cup-and-handle setup, which comprises a U-shaped recovery followed by a downward drifting channel. The token is now eyeing a decisive breakout above the pattern’s neckline range (the red bar in the chart below) to reach $2.89, its primary upside target.

*MATIC/USD daily price chart featuring cup-and-handle pattern. Source: TradingView*

As a rule of technical analysis, a cup-and-handle pattern’s target is measured after adding the distance between the cup’s bottom and neckline to the potential breakout point. As a result, MATIC is now eyeing a 200% price rally by the end of Q1 2023.

Fundamentally, MATIC’s demand could keep growing, given Polygon’s growing NFT projects launched by mainstream companies.

For instance, Polygon’s list of prominent NFT partners includes names such as Disney, Robinhood and Starbucks. Furthermore, Polygon had a strong Q3, wherein its number of active wallets reached a record high of 6 million, primarily driven by the launch of Reddit’s NFT marketplace on its blockchain.

*Polygon NFTs had the strongest Q3 performance in 2022. Source: Messari*

On the other hand, macro risks continue to threaten the ongoing crypto market recovery, which may hurt Polygon despite its growing partnerships with big-name brands. That being said, a strong pullback from the cup-and-handle pattern neckline range could invalidate the bullish setup altogether.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Disney

Uniswap launches Android wallet app with built-in swap function

Disney launches NFT platform with Dapper Labs

Cboe to launch BTC, ETH margin futures trading in January with 11 firms supporting

Goldman Sachs leads $95 million funding round for blockchain payment firm Fnality

Binance CEO CZ rejects allegations of market manipulation

Galaxy Digital swings to profit after $1B net loss in 2022

Disney reportedly scraps its metaverse division

China to upgrade national blockchain standards by 2025

Polygon in high-profile partnerships

MATIC’s price nears cup-and-handle breakout

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