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Microsoft Layoffs Reportedly Hit Key VR and Metaverse Teams

The latest round of layoffs at Microsoft, which announced it will cut 10,000 jobs this year, has hit key teams for its VR (virtual reality) and metaverse efforts, according to reports. The company will close two projects in these areas, Altspacevr and the Mixed Reality Tool Kit, potentially affecting the progress of Microsoft in these areas. Microsoft VR and Metaverse Teams Hit by Layoffs The latest round of layoffs announced by Microsoft on Jan. 18, has reportedly hit metaverse and VR (virtual reality) initiatives of the company, potentially affecting progress in these areas. Among the 10,000 jobs to be cut this year, representing 5% of Microsoft’s global workforce, teams behind initiatives like Altspacevr and the Mixed Reality Tool Kit are being axed as part of this reorganization process. Altspacevr, which was acquired by Microsoft in 2017, has already announced it will sunset its platform on March 10. The platform, which was aimed at providing services to facilitate the crea...

Report: Crypto Adoption Hits New Milestones — Global Crypto Owners Reached 425 Million in 2022

Crypto adoption achieved new milestones in 2022, with the number of crypto owners reaching 425 million during the year, a new report by Crypto.com shows. Moreover, the report reveals that the number of bitcoin owners reached 219 million in December while the number of ether owners reached 87 million. Cryptocurrency Adoption Achieves New Milestones Crypto.com published a report titled “Crypto Market Sizing” for the year 2022 last week. The company explained that its analysis is built on a combination of Bitcoin and Ethereum on-chain data, survey analysis, and its own internal data. Regarding the total number of global crypto owners, the firm’s Research and Insights team wrote that “in spite of macro headwinds,” namely high inflation, the conflict in Europe, supply chain disruptions, and lingering effects of the Covid-19 pandemic: Crypto adoption in 2022 achieved new milestones, with the number of crypto owners reaching 425 million (December 2022). The overall number of crypto o...

Singapore Regulator Advocates ‘One Regulatory System’ for Crypto and Traditional Finance

Singapore’s senior minister and the chairman of the central bank, the Monetary Authority of Singapore (MAS), says there should be just “ one regulatory system” for both crypto and traditional finance. In addition, he stressed that regulators should provide “ultra clarity as to what’s an unregulated market,” so investors are aware that they go in at their own risk. ‘One Regulatory System’ Tharman Shanmugaratnam, Singapore’s senior minister who is also the chairman of the country’s central bank, the Monetary Authority of Singapore (MAS), talked about cryptocurrency regulation during a panel discussion with other regulators and bankers at the World Economic Forum last week. Shanmugaratnam previously served as Singapore’s deputy prime minister and the minister for finance. He is also currently the coordinating minister for social policies and adviser to the prime minister on economic policies. “Something is very clear, whether it’s crypto or traditional finance, you gotta regulate ...

Crypto Will ‘Play a Major Role’ in UAE Trade Going Forward, Minister Says

The United Arab Emirates (UAE) minister of state for foreign trade says that cryptocurrency “will play a major role for UAE trade going forward.” He stressed: “The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.” Crypto to Play a Major Role in the UAE United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi talked about cryptocurrency Friday during an interview with Bloomberg in Davos, Switzerland. He shared that one area the UAE is looking to expand is cryptocurrencies, adding: Crypto will play a major role for UAE trade going forward. “The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies,” Al Zeyoudi described. “We started attracting some of the companies to the country with the aim that we’ll build together the right governance and legal system, which are needed,” the official noted. Omar Sultan Al Olama, UAE Minister of State for...

Microsoft CEO Satya Nadella Praises Metaverse ‘Sense of Presence,’ Calls It ‘Game-Changing’

Satya Nadella, CEO of Microsoft, has given his opinion about the metaverse and the impact that the tech might have in the future. In a conversation with Klaus Schwab, chairman of the World Economic Forum (WEF), Nadella stated that the sense of presence achieved while interacting using metaverse tech is “game-changing.” Microsoft’s Satya Nadella Talks Metaverse Benefits Satya Nadella, CEO of tech giant Microsoft, has declared his support for the metaverse, citing its potential to bring people together compared to other less interactive technologies. In a conversation with Klaus Shwab, chairman of the World Economic Forum (WEF), held as part of the Davos 2023 meetings, Nadella praised the benefits that using this tech brings. Nadella stated: For me, the thing that is most game-changing for this particular technology is the sense of presence one has, which is when you are even virtually interacting. Nadella believes that, while Covid-19 changed the environment when it comes to me...

China-backed Blockchain Project Proposes SWIFT Alternative for Stablecoins and CBDCs

The company developing China’s blockchain network wants to create a system for international settlements with stablecoins and state-issued digital currencies. The plan is to establish a platform facilitating the use of these two fiat-based digital assets in foreign trade. Company Behind China’s Blockchain Push Aims to Make Stablecoins and State Coins Interoperable Hong Kong-based Red Date Technology, the designer of China’s state-backed Blockchain-based Service Network (BSN), has launched a new project to implement both stablecoins and central bank digital currencies ( CBDCs ) in cross-border payments. The initiative was announced this week at the World Economic Forum (WEF) in Davos, Switzerland, the South China Morning Post reported. The future platform, called Universal Digital Payments Network (UDPN), should ensure the interoperability between the two types of tokens. The goal is to allow businesses from different countries to “transact and settle in different regulated digital...

Bank of Spain Greenlights Euro-Backed Stablecoin Token Pilot Program

The Bank of Spain has given approval for the launch of a pilot program involving the issuance and usage of euro-pegged stablecoins. The program, which MONEI, a fintech institution, is launching, will allow users to issue digital euros with fiat deposits in order to experiment with these in payment applications, increasing their transparency. Bank of Spain Authorizes Digital Euro Token Tests Europe is becoming a hotspot for stablecoins and CBDC (central bank digital currency) experimentation. On Jan. 19, the Bank of Spain greenlighted a pilot program that involves the issuance of euro-pegged digital tokens. The project, which is being spearheaded by MONEI, a regulated fintech payments company, will allow users to issue their own euro stablecoins for different purposes. Using Ethereum and Polygon blockchain technology, the eurm token will be issued with deposits coming from users, with each token being backed by real euros. The test, inscribed as part of the actions in the financial...

Philippine Authorities Rescue Alleged Victims of ‘Crypto Trafficking Ring’

Philippine authorities say that they have rescued alleged victims of a “crypto trafficking ring” who were recruited to work in a call center in Cambodia and scam people out of their cryptocurrencies. The authorities are also investigating government employees who may have assisted crypto trafficking syndicates. Alleged Victims of ‘Crypto Trafficking Ring’ Rescued The Philippine Bureau of Immigration (BI)’s travel control and enforcement unit (TCEU) announced Friday that it has rescued six alleged victims of a “cryptocurrency trafficking ring,” the Philippine government-owned news agency reported. Bureau of Immigration Commissioner Norman Garcera Tansingco explained that BI officers intercepted the alleged victims as they were about to board a plane to Phnom Penh on Jan. 15. Noting that these passengers had fake return tickets, the commissioner said they gave “inconsistent answers” to questions asked by BI officers, “which raised suspicions that they were merely disguised as tourist...

FBI Seizes Bitcoin From Overseas Scammers Who Posed as US Law Enforcement Officials

The Federal Bureau of Investigation (FBI) says it has seized bitcoin worth millions of dollars from overseas scammers targeting the elderly. The scammers posed as members of U.S. law enforcement agencies and tricked the victims into transferring money to them for “safekeeping.” FBI Says It Has Seized Bitcoin From Scammers Overseas The U.S. Attorney for the District of Connecticut and the Acting Special Agent in Charge of the New Haven Division of the Federal Bureau of Investigation (FBI) announced Friday that bitcoin and other digital assets have been seized in connection with a fraudulent scheme targeting the elderly. They detailed: An investigation of a fraud scheme targeting vulnerable victims has resulted in the forfeiture of approximately 151 bitcoins, as well as other digital assets. The case is being investigated by the FBI, the U.S. Secret Service, and the U.S. Marshals Service. At the time of writing, the value of the allegedly seized bitcoin totaled approximately $3.5 ...

US Authorities Charge Mango Markets Attacker — Defendant Arrested, Detained in Puerto Rico

The U.S. Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CFTC), and the Department of Justice (DOJ) have charged an alleged attacker who stole $116 million from crypto trading platform Mango Markets. The defendant has been arrested and is currently detained in Puerto Rico. Mango Markets Manipulator Arrested, Detained The U.S. Securities and Exchange Commission (SEC) announced Friday that it has charged Avraham Eisenberg with “orchestrating an attack on a crypto asset trading platform, Mango Markets, by manipulating the MNGO token.” The regulator noted that the crypto token was offered and sold as a security. The defendant is a 27-year-old U.S. citizen who is facing “parallel criminal and civil charges” brought by the Department of Justice (DOJ) and the Commodities Futures Trading Commission (CFTC), respectively, the SEC added. The CFTC filed a civil enforcement action against Eisenberg on Jan. 9. He has been arrested and detained at MDC Guayn...

Ukraine’s Financial Watchdog Reports Blocking Russian Crypto Exchanges

The financial monitoring agency of Ukraine has restricted access to a number of online crypto exchangers operating out of Russia. Some of the coin trading platforms are working with sanctioned Russian banks, the regulatory body announced in a report. Ukrainian Financial Authorities Target Russian Crypto Exchange Websites and Wallets The State Financial Monitoring Service (SFMS), a unit of Ukraine’s financial intelligence, has issued a special report on the results of its operations in 2022. Besides its peacetime activities such as combating money laundering, the agency revealed it has contributed to the country’s defense effort as part of the ongoing conflict with Russia. In the document published this week, the watchdog announced its employees have joined forces with colleagues from the Ministry of Digital Transformation and leading Ukrainian crypto experts. Together, they were able to identify Russian crypto exchanges associated with Russian financial institutions placed under ...

Kenyan Fintech Kwara Raises $3 Million in Seed Extension

A Kenyan fintech that digitizes credit unions, Kwara, is reported to have raised $3 million via a seed extension round that was backed by DOB Equity, Globivest, and Willard Ahdritz. The latest round brings to $7 million the amount of capital that the fintech has now raised via this funding round. Kwara’s Client Base Kwara, the Kenyan fintech targeting the financially excluded, has reportedly raised a $3 million seed extension and has signed a digital solutions distribution agreement with an organization representing Kenyan cooperatives. The fintech, which more than doubled its client base in 2023, said it hopes to fund its growth with the capital raised. According to a Techcrunch report , existing investors participating in the startup’s seed extension round include DOB Equity, Globivest, and Willard Ahdritz. Also joining the fintech’s latest funding round were One Day Yes and Base Capital. The chief financial officer of Revolut, Mikko Salovaara, is reported to have joined this rou...

Darknet Market Solaris Hacked by Competitor, Elliptic Reveals

A leading marketplace on the dark web, Solaris, has been hit by a rival, according to crypto analytics company Elliptic. The Russia-linked platform, which tried to occupy space vacated by the busted Hydra, is believed to have conquered up to a fifth of the illicit market before the hack. Solaris Allegedly Taken Over by Darknet Marketplace Called Kraken Solaris, a major marketplace for drugs and other illicit products, has been targeted in a hacking attack carried out by a similar enterprise, Kraken, not to be confused with the well-known cryptocurrency exchange with the same name. After in April last year law enforcement authorities shut down Hydra, the former leader in this business, seizing its servers in Germany and arresting an alleged operator in Russia, Solaris managed to gain between 20% and 25% market share, according to estimates quoted by Elliptic. This week, the blockchain forensics company reported that since Friday, Jan. 13, those who visited the onionsite were bein...

Bank of America: ‘Digital Currencies Appear Inevitable’

Bank of America says “digital currencies appear inevitable,” adding that central bank digital currencies (CBDCs) and stablecoins are “a natural evolution of today’s monetary and payment systems.” The bank expects “private sector beneficiaries to emerge in all phases of CBDC implementation.” Bank of America on Future of Money and Payments Bank of America (BOA)’s global research team published a report on global cryptocurrencies, digital assets, and central bank digital currencies (CBDCs) earlier this week. The bank wrote: Digital currencies appear inevitable. We view distributed ledgers and digital currencies, such as CBDCs and stablecoins, as a natural evolution of today’s monetary and payment systems. “Our view is CBDCs that leverage distributed ledger technology have the potential to revolutionize global financial systems and may be the most significant technological advancement in the history of money,” BOA described. The report explains that there are currently 114 central ...

Jim Cramer Thanks SEC Chairman for Standing up to ‘Crypto Bullies’ Seeking Spot Bitcoin ETF Approval

The host of Mad Money, Jim Cramer, has thanked Securities and Exchange Commission (SEC) Chairman Gary Gensler for standing up to the “crypto bullies” who want the regulator to approve a spot bitcoin exchange-traded fund (ETF). Cramer has repeatedly warned about the SEC cracking down on uncompliant crypto firms, urging investors to get out of the asset class now. Jim Cramer Praises SEC Chairman Gary Gensler The host of CNBC’s Mad Money show, Jim Cramer, has thanked the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for not approving a spot bitcoin exchange-traded fund (ETF). Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. The Mad Money host tweeted Friday: Thank you, SEC Chief Gary Gensler for standing up to the crypto bullies who wanted an ETF. They could have been blown to kingdom come by Genesis Global, now filing for bankruptcy. Crypto lender Genesis Global Capital LLC is part of a subs...

Morgan Stanley CEO Says Inflation Has Peaked and China Has Made a Major Pivot

Morgan Stanley CEO James Gorman says two changes have happened recently that “really matter” to the economy. The executive explained that inflation has clearly peaked and China has made a “major, major pivot” economically. Morgan Stanley’s CEO on U.S. Economy and Inflation The chairman and CEO of global investment bank Morgan Stanley, James Gorman, discussed the U.S. economy and China’s relationship with the U.S. in an interview with CNBC Thursday in Davos, Switzerland. “Two things have changed recently that really matter,” he began, noting that the first concerns inflation while the second concerns China’s recent pivot economically. “The inflation numbers are better,” the Morgan Stanley chief said, emphasizing: Clearly, inflation peaked. That’s no longer a question. It’s a fact. He added that the question is can the Federal Reserve get to its 2% inflation target and “how hard will they try to get to 2% vs. stabilizing around 3%, 4%.” Regarding the Fed hiking interest rates, ...

All Eyes on the Next Fed Meeting: Market Trajectories Hinge on Decision

Equities, precious metals, and cryptocurrencies have been on a tear during the last three weeks of 2023, and all eyes are now focused on the next Federal Open Market Committee (FOMC) meeting, which is 11 days away. On Friday, Federal Reserve governor Christopher Waller said that he favors a quarter-point benchmark rate increase at the next FOMC meeting. Analysts believe that current market trajectories will be dependent on the outcome of the next Fed meeting. Markets Still on Edge Ahead of Fed Meeting Despite Equities, Cryptocurrencies, and Precious Metals Rallying in 2023 On Saturday, Jan. 21, 2023, at 2:45 p.m. Eastern Time, the global cryptocurrency market capitalization was up 5.87% over the previous day and hovering around $1.06 trillion in value. The leading crypto asset, bitcoin (BTC) , had climbed 11.63% higher against the U.S. dollar in the past seven days. The second-leading digital currency in terms of market valuation, ethereum (ETH) , had risen 8.33% that week against t...

UAE Says No Virtual Asset Service Provider Has Been Granted an Operating Permit

The United Arab Emirates virtual assets regulator has said no crypto entity has been granted the full market product (FMP) license. According to the country’s minister of state for artificial intelligence and the digital economy, Omar Sultan Al Olama, no crypto entity has been “able to onboard any customers even last week.” VARA Has Yet to Grant a Full Market Product License The United Arab Emirates’ virtual assets regulator, the Virtual Assets Regulatory Authority (VARA), has not issued any operating license to date, the country’s digital economy minister Omar Sultan Al Olama has said. Speaking at the World Economic Forum (WEF), Al Olama reportedly said that no crypto exchange entity including Binance and FTX has been granted the full market product (FMP) license. As per Al Olama’s remarks published on Laraontheblock, no crypto is yet to complete the VARA’s four-step process. Accordingly, this means “no one was able to onboard any customers even last week.” In March 2022, the VA...

Davos 2023: CBDCs Are the Future of Central Bank Money but They Are Still Not Ready

A World Economic Forum (WEF) panel comprised of central bankers and global tech providers has profiled central bank digital currencies (CBDCs) as the future of central bank money, presenting them as one of the solutions for limitations in the payments sector today. However, they have also stated these present several limitations still to be addressed. WEF Panel Explains Advantages of CBDCs A central bank digital currency panel, part of the World Economic Forum (WEF) Davos meetings, stressed it has high expectations for central bank digital currencies (CBDCs) as part of the future of central bank money. The panel, consisting of central bankers like Julio Velarde, governor of the Central Bank of Peru, Lesetja Kganyago, governor of the South African Reserve Bank, and Amir Yaron, governor of the Central Bank of Israel, noted several supposed advantages these new financial tools might present, but also highlighted the difficulties in implementing them efficiently. Governor Velarde ex...

Ransomware Revenue Drops as Victims Pay Less Often, Chainalysis Reports

While the number of ransomware hits may not have decreased significantly, the revenue from such attacks has fallen sharply last year, according to Chainalysis. The blockchain forensics firm believes that to a large extent the trend can be attributed to more of the targeted organizations refusing to pay the perpetrators. Chainalysis Registers Significant Decline in Revenue From Ransomware Attacks Over the course of 2022, ransomware actors have managed to extort at least $456.8 million from victims, Chainalysis revealed in a report published Thursday. The estimated amount is down from $765.6 million the year before, the analytics company pointed out, noting that the true total is likely much higher, as many crypto addresses controlled by attackers have yet to be identified. “The trend is clear: Ransomware payments are significantly down,” the authors of the study said while emphasizing that this finding doesn’t mean fewer attacks have been carried out. They believe instead that much...

Nothing Outlaws Crypto in India if Legal Procedures Are Followed, Says Government Official

An Indian government official says that there is currently nothing that outlaws crypto in India “as long as you follow the legal process.” Meanwhile, the country’s central bank, the Reserve Bank of India (RBI), has stressed that “cryptocurrency does not have any underlying value.” Indian Government Official on Crypto Indian government official Rajeev Chandrasekhar talked about cryptocurrency Thursday at an event in Bengaluru. Chandrasekhar currently serves as both India’s Minister of State for Electronics and Information Technology and Minister of State for Skill Development and Entrepreneurship. He is also a member of Rajya Sabha, the upper house of parliament. He explained that India has no issue with cryptocurrencies if all laws are followed, Reuters reported, quoting him as saying: There is nothing today that outlaws crypto as long as you follow the legal process. The Indian government has not yet established a regulatory framework for cryptocurrency. In December last year...

JPMorgan CEO Jamie Dimon Calls Bitcoin ‘Hyped-up Fraud’ — Expects Satoshi Nakamoto to Increase BTC Supply Cap

JPMorgan Chase CEO Jamie Dimon calls bitcoin “a hyped-up fraud.” The executive questioned the cryptocurrency’s supply cap, expecting a picture of bitcoin’s pseudonymous creator Satoshi Nakamoto to pop up and laugh at us all when bitcoin’s supply hits 21 million coins. JPMorgan’s CEO on Bitcoin and Its Supply Cap The CEO of global investment bank JPMorgan Chase, Jamie Dimon, reiterated his skepticism about bitcoin in an interview with CNBC Thursday. The JPMorgan executive claimed: Bitcoin itself is a hyped-up fraud. It’s a pet rock. Regarding the collapse of cryptocurrency exchange FTX, Dimon commented: “I’m not surprised at all. I call them a decentralized Ponzi scheme. The hype around this thing has been extraordinary.” Dimon also reiterated his doubt about BTC ’s 21 million supply cap, suggesting that bitcoin’s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply limit. He said: How do you know it’s going to stop at 21 million? Maybe it’s going to ...
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