Asia-Pacific Family Offices Have Higher Appetite for Crypto, 38% Compared to 28% Global Average

Asia-Pacific Family Offices Have Higher Appetite for Crypto, 38% Compared to 28% Global Average: Survey

This more willingness to invest in riskier assets has led to 29% of family offices in the region reporting a significant increase in wealth over the last 12 months, more than the global average of 21%.

Thanks to the greater willingness to invest in new asset classes, including cryptocurrencies and private equity, the wealth of family offices in Asia-Pacific has grown faster than global peers this year, according to the 2021 Global Family Office Report.

Family offices manage investment and succession planning for wealthy families or individuals.

The survey shows 29% of family offices in the region reported a significant increase in wealth over the last 12 months, more than the global average of 21%.

This increase in their wealth aligns with a greater percentage (38%) of family offices in Asia-Pacific, saying they would increase their exposure to cryptocurrencies, compared to the global average of 28%.

“A few years ago, we were still arguing if cryptocurrencies are a real asset class. This year, it is agreed that cryptocurrencies and blockchain technology, as well as NFTs, are here to stay,” said Kwan Chi-man, CEO of Raffles Family Office, which conducted the survey jointly with research firm Campden Wealth.

The survey involved 385 family offices globally between April and July. Seventy-six offices surveyed in Asia-Pacific managed families with a combined net worth of $122 billion.

“The strong growth of family offices in the region is driven by the fact that Asia is creating billionaires at a pace faster than anywhere in the world,” said Kwan, noting that 4 out of 10 new billionaires globally are coming from Greater China.

The Asia-Pacific region accounts for the highest number of ultra-high-net-worth individuals (HNWI), with 38% residing there.

According to the report, family offices in Asia-Pacific have been more willing to invest in riskier assets, with the potential for greater returns. About half of Asia-Pacific families offices surveyed said they would invest in such products, compared with just 32% in North America and 35% in Europe.

More than 90% of family offices in Asia-Pacific said they plan to increase or maintain their private equity investments next year.

According to Kwan, the appetite for riskier investments has grown as the second generation of wealthy families starts to take control of family assets, showing a greater tolerance for risk.

Meanwhile, this year, China reiterated its unfriendly stance on crypto as it cracked down on crypto mining. A crackdown on the technology sector by Beijing regulators has sent tech stocks plummeting as well, but Kwan said while the market slump is a “mini-crisis,” it would not hurt family offices in Asia.

They are cash-rich and may consider it a good time to buy low in the markets.

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Author: AnTy

Risk Asset Markets Susceptible to Corrections, Crypto Has Grown in Importance and Complexity: ECB VP

Risk Asset Markets Susceptible to Corrections, Crypto Has Grown in Importance and Complexity, says ECB VP

More persistent inflationary pressures could push nominal yields higher, which may put valuations of assets under pressure, wrote Luis de Guindos.

In the Financial Stability Review, November 2021, Luis de Guindos, the Vice-President of the European Central Bank, talked about equity and risky asset markets being susceptible to corrections.

While markets for risky assets maintaining their striking buoyancy makes them more susceptible to drawdowns, at the same time, Euro area housing markets continue to expand rapidly, “with little indication that lending standards are tightening in response,” he wrote.

The combination of historically low real yields and elevated valuations has bonds vulnerable to growth shocks and adverse interest rates, it added.

“A correction in markets could be triggered by a weaker than expected economic recovery, spillovers from adverse developments in emerging market economies, a re-intensification of stress in the non-financial corporate sector, or abrupt adjustments in market expectations regarding the prospective path of monetary policy normalisation.”

Additionally, the valuation of assets can come under pressure by an increase in nominal yields due to more persistent inflationary pressures than are currently anticipated.

In the report, Guindos said cryptocurrencies remain subject to volatility, with the growing popularity of stablecoins increasing interlinkages between crypto and financial markets.

The review noted that the market capitalization of stablecoins has risen from $5 billion to $120 billion since 2020 but still only accounts for around 6% of the estimated $2 trillion total crypto market cap.

However, interlinkages between stablecoins and crypto imply a correlation of risks between these market segments.

At the same time, stablecoins “are serving increasingly different functions in the crypto-asset ecosystem,” he wrote.

Besides acting as a relatively safe “parking space” for crypto volatility, stablecoins also serve as a bridge between crypto and fiat currencies. Due to their relatively low price volatility, he said that stablecoins are being progressively used for trading and as collateral in crypto derivative transactions or decentralized finance (DeFi).

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Author: AnTy

DOJ Selling $56M Crypto to Compensate BitConnect Victims, Mt Gox Rehabilitation Plan Finalized

DOJ Selling $56M Worth of Crypto to Compensate BitConnect Victims, Mt Gox Rehabilitation Plan Also Finalized

The timing and specific amount of the Mt. Gox repayments haven’t been announced yet. Meanwhile, the DOJ describes the liquidation as the US’s largest single recovery of crypto fraud.

The United States Department of Justice has seized $56 million worth of cryptocurrency that will be sold to compensate the victims of the BitConnect fraud.

This week, the DOJ announced that US District Judge Todd W. Robinson had granted the request to liquidate approximately $56 million in fraud proceeds seized from the self-described “number one promoter” of BitConnect, who consented to the seizure.

The agency described the liquidation as the largest single recovery of a crypto fraud by the United States to date.

According to court documents, Glenn Arcaro pleaded guilty to participating in the conspiracy to defraud BitConnect investors in the US and abroad, in which investors were fraudulently induced to invest over $2 billion.

Scheduled to be sentenced on Jan. 7, 2022, Arcaro is facing a maximum penalty of 20 years in prison.

To make victims of the BitConnect scheme whole, the government will begin the process of selling the crypto assets and holding the proceeds in USD. The seized proceeds will be custodied in crypto wallets which will then be used to provide restitution to the victims pursuant to a future restitution order by the court at sentencing.

Coming To An End

In other news, creditors of the defunct Bitcoin exchange Mt. Gox are now getting closer to receiving reimbursements under a plan that has become final and binding. With this, one of the longest-running sagas, which began in 2014 in the crypto world, is now coming to an end.

The rehabilitation plan filed in Tokyo court nearly a year ago was approved last month and has now been finalized.

According to a letter from a Japanese trustee Nobuaki Kobayashi, who is in charge of returning the funds to creditors, the timing and specific amount of the repayments hasn’t been announced yet.

The announcement of finalization follows the approval by a “large majority” of creditors last month.

The Rehabilitation Trustee thanked all the involved parties for their support, leading to the plan “becoming final and binding” as per which repayments to rehabilitation creditors holding allowed rehabilitation claims will be made.

“An announcement will be made to rehabilitation creditors on the details of the specific timing, procedures, and amount of such repayments.”

While some feel the announcement of the payout might negatively affect the market, resulting in BTC falling under $59k, it is unlikely that reimbursement would happen anytime soon or at least this year, given that court proceedings take time.

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Author: AnTy

Brave’s Built-in Crypto Wallet to Give 42M Users Access to DApps for EMV-compatible Chains

Brave’s Self-custody Built-in Crypto Wallet to Give 42 Million Users Access to DApps for EMV-compatible Chains

The wallet feature is currently limited to Brave’s desktop browser but will soon be added to its Android and iOS version as well. In 2022, the Brave Wallet will make Solana the default for DApp support.

Privacy-focused browser Brave has announced the support for a native cryptocurrency wallet in its browser and replaced the MetaMask wallet extension.

Brave announced the free self-custody built-in crypto wallet on Tuesday, enabling its 42 million users to store, manage, and swap their crypto portfolio from a single wallet.

“Crypto markets are booming, with various assets hitting multiple all-time highs in the past year. More businesses than ever now accept crypto, and there is significant adoption from institutional investors.”

With millions of people becoming crypto users, they all require a wallet to store their crypto.

As such, Brave will now allow its users to buy, sell, and trade cryptocurrencies, store their NFTs and interact with Web 3 right from their browser. The wallet mainly supports Etherem, EMV-compatible chains such as Polygon, xDai, Avalanche, and L2s.

For now, this means you can’t buy Bitcoin or Dogecoin though wrapped Bitcoin (WBTC) is an option. However, it says it is in the process of adding support for Bitcoin and other blockchains.

Already, Brave has partnered with Solana blockchain, as announced at Solana’s first conference Breakpoint last week in Lisbon, Portugal.

In 2022, the Brave Wallet will integrate the Solana blockchain, making it the default for DApp support, it said on Tuesday.

Being browser-native means, it doesn’t require extensions. Most crypto wallet extensions have inherent security risks and are more susceptible to asset theft, it said.

Brave’s crypto wallet, as such, reduces security risks and will also take up fewer CPU resources and memory compared to extension-based ones like Metamask and be less susceptible to phishing attempts.

Brave is also providing support for other wallets like Metamask and hardware wallets like Ledger and Trezor.

For the first time, Brave said its users would also have access to Web 3 decentralized apps (Dapps) without installing browser extensions. Through Brace Wallet, users can see live and historical market graphs powered by CoinGecko, enjoy built-in swap functionality, send and receive assets, buy with fiat via Wyre, and interact with DApps for any EVM compatible network.

“For the DApps out there… With Brave Wallet’s release today on Desktop (and soon on mobile), you suddenly have 42M new users with web 3 access on by default. That’s huge,” said Brian R. Bondy, co-founder & CTO at Brave, on Twitter.

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Author: AnTy

Banking Watchdog Warns of Highly Cautious Approach to Crypto from OCC, Fed, and FDIC

Banking Watchdog Warns of Highly Cautious Approach to Crypto from OCC, Fed, and FDIC

Meanwhile, Binance CEO CZ says as much as 97% of its users go through KYC and that regions like Singapore, France, and Dubai “understand the importance of attracting crypto businesses.”

The banking watchdog is set to announce an ever more cautious approach to regulating tokens as per Michael Hsu, the acting chief of the Office of the Comptroller of the Currency (OCC).

Hsu said this week that federal agencies, including the Federal Reserve, Federal Deposit Insurance Corp. (FDIC), and OCC are close to releasing a joint statement.

He described the results of their review, which was conducted by the government earlier this year, as a “crypto sprint” and said its conclusions would be far from industry-friendly.

“The agencies are approaching crypto activities very carefully with a high degree of caution,” Hsu said at a financial technology conference hosted by the Federal Reserve Bank of Philadelphia.

Hsu further said that guidelines issued by the OCC at the end of the Trump administration by then acting head Brian Brooks shouldn’t be interpreted as encouraging banks to get into crypto. The watchdog is poised to provide clarity on them, he added.

The interpretive letters were put out under former acting head Brooks, a crypto supporter who before joining the agency was the Chief Legal Officer of crypto exchange Coinbase.

“The forthcoming releases will clarify that safety and soundness is paramount,” Hsu said. “We will proceed carefully and cautiously and will hold banks to the same.”

Fundamental Rights

Amidst the growing regulatory scrutiny, the leading crypto exchange Binance published a list of “fundamental rights,” arguing everyone should have access to financial tools like crypto. CEO Changpeng “CZ” Zhao told Bloomberg,

“We already shared this with different regulators, and we want the users to know as well. We have a much more detailed framework that we share with regulators directly.”

As much as 97% of its users went through KYC, CZ also shared that regions like Singapore, France, Dubai, or the UAE are all coming out with very friendly crypto regulations.

“They all understand the importance of attracting crypto businesses and encouraging innovations in the space.”

Likening crypto to the early days of the internet, CZ said, “People may have a tendency to view crypto as a single asset, which I think is a little bit misleading,” as “Crypto is a fundamental technology that can improve on many of the traditional asset types.”

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Author: AnTy

Popular NBA Arena, Staples Center, to Be Renamed Crypto.com Arena in Blockbuster Deal

Popular NBA Arena, Staples Center, to Be Renamed Crypto.com Arena in Blockbuster Deal

One of America’s popular sports and entertainment centers in Los Angeles, the Staples Center, will be renamed Crypto.com Arena by December 25, 2021.

The renaming of the sports center follows a deal between Crypto.com and the Los Angeles NBA team rumored to be over $700 million.

Crypto.com Join The NBA Wagon

Cryptocurrencies have been gaining massive popularity in America, and this recent announcement represents another huge leap in the crypto space into the sporting arena.

Popular crypto exchange and mobile wallet provider based in Singapore, Crypto.com reportedly sealed a 20-year naming right agreement that will see the famous home ground of the LA Lakers and three other professional sports teams – the LA Clippers, the LA Sparks, and the LA Kings renamed.

The deal takes effect from Christmas day, December 25, with the logo of the iconic Staples Center to be replaced to show a change of ownership.

Staples, a 20,000 seat venue owned by Anschutz Entertainment Group (AEG) in 1999, initially spent about $120 million to secure 20-year naming rights. The office-supply retailer then renegotiated permanent renaming rights ten years later for an undisclosed amount.

In early 2019, unknown to many, AEG was on a quest to bring in a new name and went on to buy back the naming rights from Staples, owned by a private equity firm Sycamore Partners.

Crypto.com was able to broker a deal when AEG was in search of a fresh sponsor. This deal represents a win-win situation for both parties; AEG gets the new brand name, while Crypto.com elevates its status.

Expect Other Crypto Companies To Follow Suit

Crypto companies are becoming more vested in sports as they look for innovative ways to gain mainstream recognition.

In the second half of the year, crypto derivatives exchange FTX secured the naming rights to the NBA arena of the Miami Heat for 19 years for a fee of $135 million.

Coinbase has already sealed a deal to become the exclusive cryptocurrency partner of the National Basketball Association (NBA) and the Women’s National Basketball Association (WNBA).

With these developments, rival cryptocurrency firms like Binance and even Robinhood might be looking for ways to join the plunge into the sporting arena.

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Author: Jimmy Aki

BTC is Stuck But its Correlation with Equities Is Increasing, Real Yield at Historic Low

Bitcoin is still up over 100% YTD and Ether 469%, while the total crypto market cap is holding on to its 116% gains from July low. MVRV ratio is currently low as well, at about 2.1.

The crypto market continues to feel the weakness that was first seen on Monday. Late on Tuesday, Bitcoin price fell as low as $58,570 and Ether to almost $4,055.

Crypto assets are still struggling to recover from the losses, with the total crypto market cap further sliding under $2.7 trillion today.

“After several days of gains, which saw Bitcoin hover near its all-time high as many other altcoins managed to reach new highs, we are seeing a significant pullback,” said Walid Koudmani, an analyst at XTB Market.

“The extreme volatility that the market is prone to could lead to a potential domino effect if more negative news were to emerge and take prices to new lows.”

Some market participants attribute the dip to the new tax reporting requirements for cryptocurrencies as part of the infrastructure bill signed into law by President Joe Biden on Monday. The bill includes an overreaching definition of ‘broker’ covering node operators and even developers to report information on their customers.

“While many have dismissed this as priced-in and somewhat nominal, seemingly innocuous tax measures have been notorious for marking highs in bull markets,” said QCP Capital.

According to QCP Capital, another potential reason for the pullback includes US inflation printing at 6.2%, the highest since November 1990, which has created a ‘risk-off sentiment across global markets.

The SEC is rejecting VanEck’s physical Bitcoin ETF proposal, disappointing reaction to the successful BTC taproot upgrade, and China’s National Development and Reform Commission reiterating their firm no-crypto stance are other reasons.

“Overall, we’ve turned quite neutral after this awaited leverage wash-out. We expect BTC to be stuck around 60,000 given the strike gravity. And perhaps more volatility in ETH and Altcoins,” said QCP Capital.

Still, Bitcoin is up more than 100% YTD and Ether 469%, while the total crypto market cap is holding on to its 116% gains from July low.

Amidst all this, Bitcoin’s correlation with equities continues to increase over the past few months, after falling to close to 0 earlier in 2021, as bitcoin increasingly responds to news from the Fed, as per Coin Metrics.

Historically, digital gold has been mostly uncorrelated with the S&P 500, but the correlation jumped to an all-time high last year following the global onset of COVID-19. But even then, it peaked at 0.48, so it never grew particularly strong.

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The positive thing right now is Bitcoin’s free-float market value to realized value (MVRV) ratio is currently relatively low despite hitting a new ATH at $69,000 last week.

MVRV has historically been one of the most reliable on-chain indicators of bitcoin market tops and bottoms, which during previous cycles marked a top at 3.0 or above, and below 1.0 has indicated the bottom of the cycle. Currently, the free float MVRV is about 2.1.

Additionally, the Fed’s accommodative monetary policy and surging prices have pushed real yields, which are inflation-adjusted, into negative territory over the past 19 months.

Bitcoin vs US Real Yields

Real yield at historic low means long-asset allocators face challenges in terms of expected returns and risk.

“With pension funds flush with cash and growing inflation worries, asset managers may start looking to diversity into riskier alternatives (such as crypto),” noted data provider Kaiko’s latest report.

Last month, we saw the Houston Firefighters’ Relief and Retirement Fund becoming the first U.S. public pension plan to invest directly in BTC and Ether.

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Author: AnTy

Bitcoin $50k Incoming? Bulls Take a Hit, Wipes Out Billions of Dollars from Crypto Market

The crypto market is taking a beating today, in a continuation of the losses seen on Monday.

Just last week, Bitcoin hit a new all-time high at $69,000. But while the market ticked up, on-chain metrics were actually flat last week.

According to CoinMetrics, Bitcoin transactions grew by only 2.9% week-over-week while Ethereum transactions actually dropped by 0.6%, and stablecoin activity also fell off after a recent surge. USDC active addresses declined substantially by 8.9% on the week, while Tether (USDT) active addresses fell by 2.1%.

Following the ATHs, Bitcoin today dropped more than 11% to as low as $58,650. Much like always, Ether dropped even harder. A 14% drop sent ETH to nearly $4,100.

Following the latest drop, the total crypto market cap has slid down to $2.72 billion, down from over $3 trillion last week.

However, the latest pullback only sent the price to the level seen in late October, so just three weeks back.

As Vijay Ayyar, head of Asia Pacific with crypto exchange Luno, said, it “would be unusual to keep moving up without corrections” and argued that it is “a healthy pullback” after a prolonged rally.

Bulls Need More Beating?

The pullback has wiped out $1.3 billion of the Bitcoin open interest from yesterday’s high of $25.96 bln and $4.2 billion from $28.85 billion ATH on Nov. 10. As for Ether OI, just over $1 billion has been nuked to $12.06 bln, down from $14.66 bln ATH on Nov. 10.

The funding rate, as a result, has normalized, and in some cases like OKEx and BitMEX have even gone negative, as per Bybt. The highest funding rate for Bitcoin futures contracts is currently on Bybit at 0.0678%, while for Ether perpetuals, it is at 0.01% on Bybit as again.

BTC annualized daily basis on Binance has now fallen to 5.68%, down from 12.92% last week and 15.32% from late October but still extremely high from -0.96% in late September.

This resetting comes after the liquidation of 219,010 traders for $885.62 million in the past 24 hours. Binance accounts for 37.46% of it, despite not putting out complete numbers.

But is it over yet? That’s hard to know though trader CryptoCobain who called for a “savage dip” after the ATH breakout “to crush late longers then real ATH breakout,” early last month now sees the ​​worst-case scenario to be Bitcoin dropping as much as to $48,000 or $52,000.

Basically, to a level where “it looks bad enough for bears to gloat,” he commented.

Speculators Need To Be “Shaken Out”

While Bitcoin has taken a drop, you wouldn’t want to be paper hands like economist Mohamed El-Erian who shared his crypto experience in an interview with CNBC, revealing that he bought some Bitcoin in the “crypto winter” of 2018 when the digital asset plunged to $3,000 only to capitulate well ahead of the face-melting rally.

“I felt compelled to buy it — I really did,” said the Allianz chief economic advisor. “I felt like I had framed it. I had this level, I had an entry point.”

But he ended up selling in late 2020 once Bitcoin went to 2017 all-time high of $20,000 due to “behavioral mistakes” as BTC went on to hit $65k in April and $69k last week, propelled by inflation fears.

While El-Erian didn’t comment on valuations, he categorized Bitcoin investors in three buckets: day-trading “speculators,” professional investors looking to diversify their portfolios, and “fundamentalists” who are in it for the long haul, with the last two types “really strong foundations for that market long-term.”

As for when to buy again, El-Erian said he would feel comfortable buying again once some of the speculators in the market are “shaken out,” which seems to be the case currently.

“These other two levels are pretty solid in terms of supporting bitcoin and other cryptocurrencies.”

“The key thing here is the underlying technology and the model. And those two things are going to be very influential in the period ahead.”

A Disruptive Force

According to El Erian, the cryptocurrency is a “very disruptive force,” but he doesn’t see it ever becoming a “global currency” and replacing the U.S. dollar either.

While it can’t be “regulated out of existence,” the former PIMCO CEO thinks the crypto industry should start engaging with regulators sooner rather than later to avoid the regulatory headwinds faced by giants like Amazon, Google, and Facebook.

The crypto industry has a “responsibility not to repeat the mistake of Big Tech,” El-Erian said. “The big mistake of Big Tech was they didn’t realize they were becoming systemically important, so they didn’t engage in preemptive regulatory discussions.”

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Author: AnTy

$100 Trillion Market Showing Growing Interest in Digital Gold (Bitcoin) and Web 3.0 (Ethereum)

“Every single institution that you can think of in every vertical,” working on crypto and “much further along” than one would expect,” says Galaxy Digital’s global head of asset management.

Bitcoin is back around $65,500 after falling to about $62,300 ahead of the weekend. The weakness in the second half of the last week came after BTC hit a new all-time high at just above $69,000.

In tandem with Bitcoin, altcoins are also seeing some green now, as a result, the total crypto market cap is back above $3 trillion, after the fall below this mark on Wednesday.

The biggest winners in the past week have been Loopring (100%), Livepeer (89%), Crypto.com (39%), and Litecoin (35%), while SPELL Token and Crypto.com are leading in the past 24 hours with 20% gains.

Ether meanwhile is also back above $4,700, steadily uptrending since September when it traded between $3,200 and $2,800. Compared to Bitcoin’s 123% YTD gains, Ether is up 550% this year so far.

According to Vijay Ayyar, head of Asia Pacific with crypto exchange Luno, Ether has consolidated in the last few days. “You’re going to see Ether and the altcoin market move faster than Bitcoin in the interim,” he said.

However, technical indicators suggest a pause in the rally. As per Fibonacci ratios, which are used to identify market reversals, the scope of Ether’s most recent rally is about the same as a June to September surge that subsequently ended, and we may see a similar pullback this time as well.

Another indicator, DeMark, is also flashing red with $5k as the key level to watch for, which implies unexpected Ether strength.

Crypto Curious

Cryptocurrency prices may have taken a breather, but the money hasn’t stopped flowing into the market, and according to Steve Kurz, the global head of asset management at crypto asset manager Galaxy Digital, a growing interest is also seen in cryptos among big institutional investors like pension and endowment funds.

Kurz describes Bitcoin as digital gold, Ethereum as Web 3.0, and decentralized finance (DeFi) as an entire construct.

In an interview with Bloomberg, Kurz said pension funds, endowments, and sovereign-wealth funds “believe in the crypto future” and Web 3.0, but do not know how to start.

“So it was a real pain-point for large institutions to access this more active body of the asset class,” leading Galaxy to both provide education tools and access to the asset class.

When discussing the climate among institutional investors and what kind of allocations they are thinking about, Galaxy is focusing on indexing first because these institutional allocators, that is, “a $100 trillion-plus market globally,” requires a number of necessary structural impediments to doing anything different in place.

Kurz further explained that between the period of time when crypto was down 95% to today, a lot was happening behind the scenes in the form of conversations, developing product structures, and working on valuation frameworks “so that when you came out of this, and the world exploded and had a catalyst for crypto to really matter — which is Covid — you’re not starting from zero.”

“Every single institution that you can think of in every vertical, they have people who have done work on this. It’s been socialized with their committees, and they’re much further along than you would expect.”

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Author: AnTy

Twitter Launches Dedicated Crypto Division for “All Things Blockchain and Web3”

Twitter Launches Dedicated Crypto Division for “All Things Blockchain and Web3”

Social media giant Twitter is building a new dedicated division for cryptocurrencies called Twitter Crypto. This division is for “all things blockchain at Twitter” due to “massive and growing interest” among “decentralized apps to manage virtual goods and currencies.”

Tess Rinearson has been hired as the team’s engineering lead, who will work under Twitter’s chief technology officer Parag Agrawal, to “set the strategy for the future of crypto at (and on) Twitter,” the company said.

“Twitter gets crypto, and its early integration of Bitcoin Tips and NFT authentication demonstrates that.” “There’s so much more to explore to help people participate in the promise of an evolving, decentralised internet, directly on Twitter.”

On Wednesday, Jack Dorsey’s Bitcoin-friendly company said it would be exploring how they can support the growing interest among creators to use decentralized apps. For this, the crypto division will be working closely with Bluesky, Twitter’s decentralized social network standard.

“Looking farther ahead, we’ll be exploring how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more.”

Just a couple of months back, Twitter enabled the creators on its platform to be tipped in Bitcoin and before that dropped its very own non-fungible tokens (NFTs). It also said Twitter was creating a feature for verifying NFTs as they exploded in popularity this year, and their usage as profile pics (PFP) on the platform grew immensely as well.

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Author: AnTy