Crypto Weekly Digest: NYSE tackles NFTs, Superbowl again, and Ukraine
As Bitcoin dipped below $40k last week, world leaders continued to pursue new crypto avenues, effective marketing saw an epic site crash of Coinbase and the racing world became the latest member to jump on board crypto sponsorship.
New York Stock Exchange wants to market NFTs like regular stocks
The world’s largest stock exchange, The New York Stock exchange, has filed an application to market NFTs for sale with hopes to become a leading competitor among digital marketplaces. The exchange applied with the US Patent and Trademark office to provide an online digital marketplace for digital goods including NFTs, cryptocurrencies, digital media and art.
Coinbase allows Mexican citizens to cash out in local currency
Coinbase global announced last week a pilot program that allows crypto recipients in Mexico to cash out their funds in pesos. It is suggested this move is aimed at disrupting the $700 billion global remittance market. The program will allow crypto recipients in Mexico to generate a redemption code on their Coinbase app that can be used to receive cash at over 37,000 retailers across the country.
Coinbase Superbowl ads crash site
Crypto advertisements made their Superbowl debut during the commercial breaks of the game with the most effective being Coinbase’s bouncing QR code that gave new users $15 worth of Bitcoin. In the one minute the ad was on screens, over 20 million people scanned the QR code to be taken to Coinbase’s website, where new users could get $15 in free Bitcoin. This immediately overwhelmed the Website’s servers, causing users to report that they couldn’t use Coinbase’s site or app. Chief Product Officer at Coinbase, Surojit Chatterjee, tweeted that it was “more traffic than we’ve ever encountered”, explaining that traffic had to be restricted for a few minutes to avoid further overwhelming the servers.
Red Bull Racing’s record-breaking crypto sponsorship
Red Bull Racing, one of the leading F1 teams, has sealed a $150 million, three-year deal with cryptocurrency platform, Bybit. Red Bull Racing has faced money challenges recently, with Honda pulling its support for the team. However, the combination of Bybit and an earlier announcement of a $695 million sponsorship with Oracle should see the team’s immediate future secured.
Ukraine legalises bitcoin
During its standoff with Russia, Ukraine has taken action to legalise Bitcoin and other cryptocurrencies with leaders suggesting the move will reduce corruption risks and prevent fraud in the burgeoning exchange of digital currencies.
“The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets,” Mykhaylo Fedorov, Ukrainian minister of digital transformation, said in a statement.
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