Bhutan Quietly Mining Bitcoin Since $5,000

Nassau and Treasure Labs Go Metaverse to Step into the Future of StyleKorean sports equipment manufacturer Nassau has entered into a partnership with metaverse company Treasure Labs to step into the future of style.According to a report by local news agency News1, this collaboration aims to introduce an innovative fashion brand on Pararium, the metaverse platform developed by Treasure Labs. Pararium users will have the opportunity to enjoy unique fashion items through their avatars while engaging in virtual experiences and earning rewards.Photo by Ben Hershey on UnsplashSports brandHaving built a reputable brand over the course of 50 years, Nassau is widely recognized in Korea for producing durable sports goods. By joining forces with Treasure Labs, Nassau aims to tap into the potential of Web3 content and services to enhance its global market presence.Metaverse platformTreasure Labs has been establishing a strong presence in the metaverse sector through collaborations with various entities such as blockchain platform Solana Labs, cryptocurrency exchange Crypto.com, and decentralized gaming platform The Sandbox. Notably, Treasure Labs is the first Korean company to secure investment from the Solana Foundation, the sister organization of Solana Labs.Both companies are enthusiastic about the prospects of this partnership. A representative from Treasure Labs emphasized that the collaboration will introduce a creative fashion brand that appeals to millennials and Generation Z, bridging the virtual and real worlds within the metaverse. The representative further mentioned plans to establish a dedicated brand hall within Pararium, where a series of events will showcase unique and trendy Web3 content. Echoing this sentiment, a Nassau official anticipates that the collaboration will give both firms a competitive edge in the global market.

Crypto exchange platform Crypto.com and Triple-A, a company that enables businesses to pay and get paid in digital currencies, both Singapore-headquartered entities, have entered into a partnership to enable direct crypto payments. Simplifying crypto paymentsCrypto.com set out details of the partnership in a press release published to its website on Nov. 21. The firm stated that its partnership with Triple-A will give its global customer base “access to a diverse range of new global merchants.” The duo have set out to simplify crypto payments for both merchants and users alike. Crypto.com users will shortly be enabled in making purchases from a range of e-commerce brands directly, using crypto held in their Crypto.com wallets. Through Triple-A’s input, Crypto.com users will be spared the need to manually convert digital assets to fiat currency before making purchases. Furthermore, users won’t incur a fee for any conversion that takes place behind the scenes.Photo by David McBee on PexelsCashback rewardsOnce launched, with the service initially planned to launch in Singapore before further rollout elsewhere, Crypto.com users will also be in a position to benefit from rewards. Eric Anziani, the company’s president and chief operating officer (COO), spoke to this element of the offering, stating: “Partnering with Triple-A enables us to do this by expanding crypto payments to a range of popular brands, creating a seamless shopping experience and providing an opportunity to earn cashback rewards to make spending crypto even more rewarding.” Volatility protectionAs part of the solution that has been put in place, Triple-A will ensure that merchants aren’t exposed to cryptocurrency volatility in accepting crypto as a payment method. The payments they receive from customers are instantly converted to their local fiat currency, with settlement occurring one day following the transaction. This approach also means that merchants don’t have added difficulties in terms of the tax treatment of cryptocurrencies, their management or related reporting requirements. With that in mind, Eric Barbier, CEO at Triple-A, said that the approach “allows merchants to provide Crypto.com users with an optimized digital currency payment user journey.” Anziani said that Crypto.com is trying to “push boundaries when it comes to integrating crypto payments into real-world scenarios and enhance shopping experiences for [its] users.”  In recent weeks, Crypto.com has been active in pursuing a number of initiatives in order to expand its reach. Earlier this week, the company launched a visa card in Latin America, enabling users within the region to earn rewards on purchases made via the card. On Nov. 14, it emerged that the company had acquired Australia-regulated brokerage firm Fintek Securities. It’s understood the acquisition was made in order to expand the range of financial products that Crypto.com can offer to its customer base. At the end of October, Watchdog Capital, a U.S. Securities and Exchange Commission (SEC)-registered broker-dealer, was acquired by the company.  Like many high profile crypto firms, Crypto.com has had its difficulties with regulators. Following the receipt of a Wells notice from the SEC earlier this year, the company responded by filing a lawsuit against the commission, alleging that the SEC had engaged in regulatory overreach in classifying crypto assets as securities. 

As the cryptocurrency market anticipates the approval of a spot bitcoin exchange-traded fund (ETF) in the United States and the subsequent boost to bitcoin’s unit price, Arthur Hayes, Chief Investment Officer (CIO) of family office Maelstrom, has issued a warning of potential market turbulence. Hayes, better known as the founder of crypto derivatives platform BitMEX, has moved on to Hong Kong-based Maelstrom, a family office that invests in early stage infrastructure ventures that implicate a move towards the decentralization of everything.Photo by Kanchanara on UnsplashMacroeconomic risk factorsIn a detailed blog post on Friday, Hayes outlines a number of macroeconomic variables that could lead to a bitcoin unit price downturn. Hayes begins by highlighting the depletion of the Federal Reserve’s reverse repo program (RRP), which has served as a significant driver for risky assets over the past year. This program allows qualified banks and investment firms to park cash and earn interest on it. The RRP balance has rapidly declined from a record high of $2.5 trillion at the end of 2022 to $700 billion. Hayes projects it to reach its historical average of $200 billion by March. As this liquidity source dwindles, he anticipates negative impacts on bonds and stocks, as well as cryptocurrencies. Fed BTFP expirationThe second factor contributing to the potential market turmoil is the expiration of the Bank Term Funding Program (BTFP) on March 12. This crucial Fed facility is designed to provide longer-term loans to commercial banks. The mechanism aids banking sector stability. Hayes is concerned that the BTFP might not be extended. Such an eventuality could lead to bankruptcy for banks holding massive unrealized losses on their bond holdings. It could lead to a “liquidity rug pull” event reminiscent of the banking crisis in March of the previous year. The crypto OG predicts that such an eventuality would force a response. “The combination of a lack of liquidity gushing from the RRP and the lack of printed money to cover the bond losses on banks’ balance sheets will decimate the financial markets globally,” he wrote. Hayes asserts that the combination of reduced liquidity from the RRP and the lack of printed money to cover bond losses could have a global impact on financial markets. In response to this scenario, he predicts that the Fed will cut interest rates during its March 20 meeting and reinstate the BTFP funding line. ‘Healthy’ correctionIn terms of bitcoin’s price, Hayes foresees a “healthy” correction of 20% to 30% from early March prices if the outlined scenario unfolds. However, he suggests the decline could be as much as 40% if BTC rallies to $60,000-$70,000 in the coming weeks. Despite this temporary plunge, Hayes remains optimistic about bitcoin’s resilience, emphasizing its status as a neutral reserve hard currency that is not a liability of the banking system and is traded globally. In a recent podcast appearance, Hayes expressed the view that the business model of U.S. dollar stablecoin issuer Tether will be challenged once multinational banks receive the go-ahead to offer fiat-backed stablecoins. Overall, Arthur Hayes has urged investors to be cautious and to prepare for potential market volatility in March, emphasizing the importance of understanding the interconnected factors influencing both traditional finance and the cryptocurrency market.