In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of May 8. Our focus will be on the following developments:
- Microsoft x Goldman Sachs
- Alibaba Cloud x Avalanche
- CPI falls to 4.9%
- Elon and Milady Maker
- Elon Musk to step down as Twitter CEO
Microsoft x Goldman Sachs
Some of the biggest names in the tech and finance industries are teaming up to launch a new blockchain network called Canton. The project, which involves Goldman Sachs and Microsoft, promises to bring improved privacy controls and interoperability to financial markets.
In an announcement made on May 9, the Canton blockchain network was revealed as a privacy-enabled blockchain network designed specifically for institutional assets. By synchronizing previously isolated financial markets, the Canton network aims to create a more seamless and efficient financial ecosystem. Testing of the network’s capabilities will begin in July, with extensive privacy controls in place to ensure its scalability and performance for major financial institutions.
One of the most noteworthy aspects of The Canton blockchain is its ability to connect to various applications through Daml, a smart-contract language developed by Digital Asset. Goldman Sachs’ Digital Asset Platform, used to issue assets on the blockchain, is already utilizing the network. The hope is that more applications built using Daml will be integrated into the network, expanding its reach and potential impact.
This collaboration between the firms behind the Canton network results from years of blockchain testing and development. The aim has been to find ways to simplify and speed up some of the most complex processes in finance. With the launch of the Canton network, this goal is within reach. Read more on this here.
Alibaba Cloud x Avalanche
Alibaba Cloud, the digital technology and intelligence arm of the Alibaba Group, has announced a partnership with layer-1 blockchain Avalanche to launch Cloudverse, a metaverse launchpad for businesses. This collaboration was unveiled at the Avalanche Summit II Conference in Barcelona, with the primary objective of providing businesses operating within the Alibaba ecosystem with a fast and seamless way to launch and maintain their metaverses.
The partnership brings together the expertise of two innovative companies. Avalanche, a blockchain optimized for supporting Non-Fungible Tokens (NFTs), Web3 games, and Subnets, will offer the technology needed for building metaverse spaces. Meanwhile, Alibaba Cloud will provide the computing and storage required for the launchpad, giving companies access to the infrastructure they need to get started with their metaverse projects.
Moreover, Metaverse Universal Assets DAO (MUA DAO), a third partner, will act as the middleware, providing a service layer that integrates and customizes the metaverses waiting to be built. This collaboration will enable companies on Cloudverse to access support, visualizations, interactive functions, and a wide range of features powered by Avalanche and MUA DAO.
With Cloudverse, businesses can expect a cost-effective and easy-to-use solution for creating and maintaining their metaverse spaces, catering to their unique needs and requirements. And with the support of Avalanche and Alibaba Cloud, companies will get rapid deployment of their metaverse projects.
Overall, the partnership between Alibaba Cloud and Avalanche represents a significant step forward in the development of Web3, as businesses now have access to a streamlined solution for creating and maintaining their metaverse. The future of the metaverse looks brighter than ever, and we can not wait to see what new developments will emerge in the coming years. Read more on this here.
CPI falls to 4.9%
The U.S. Bureau of Labor Statistics recently released its Consumer Price Index (CPI) report for April, showing a slight decrease in the annual inflation rate to 4.9% from March’s 5%. This news is a welcome relief to many investors concerned about the rapidly rising prices in recent months.
At its May meeting, the Federal Open Market Committee (FOMC) of the Federal Reserve (FED) indicated that it is considering a pause in its ongoing program of interest rate hikes. Since early 2022, the benchmark FED funds rate has been raised from around 0% to its current range of 5.0%-5.25%, but this has not been enough to bring inflation down to the FED’s target rate of 2%. As per CoinDesk, the FOMC is also keeping a close eye on the troubles in the U.S. banking system, which have resulted in several regional lenders failing, including First Republic Bank. These difficulties are likely to be a factor in the FED’s decision-making process as it decides whether to continue with its rate hikes or pause for a while.
The official May CPI figures, will be released on June 13. Nowcasts and the falling out of price hikes from 2022 suggest that inflation may trend lower over the coming months, assuming no unexpected economic shocks. The question is how FED leaders will react to this. So far, they have been clear that inflation remains too high, and sustained decreases are needed. However, as inflation does move lower, the FED may soften its approach over the coming months, although slower than the market hopes.
Elon and Milady Maker
Elon Musk has once again proved his influence in the world of cryptocurrency with a single tweet. On Wednesday, the Twitter CEO delighted fans of the counterculture Non-Fungible Token (NFT) collection Miladys when he shared a meme featuring one of the NFTs overlaid with the words, “There is no meme, I love you.” Millions of people have already viewed the tweet, which has yielded thousands of interactions.
Not only did Musk’s tweet prompt excitement and enthusiasm among Miladys NFT holders and others in the Web3 space, but it also caused the price of the assets to soar. According to data from OpenSea, the floor price for the collection jumped from 3.75 ETH to over 7 ETH. This dramatic price increase highlights the impact of Musk’s tweets on digital assets, echoing the effect of his tweets on Dogecoin in the past.
Regardless of the debate surrounding Musk’s influence on the Web3 market, his recent tweet has undoubtedly caused a stir in the Milady community. As the space continues to evolve and grow, it will be interesting to see what role influencers like Musk will play in shaping the future of digital assets.
Elon Musk to step down as Twitter CEO
In a surprising move, Elon Musk has announced that he will be stepping down from his role as CEO of Twitter in roughly six weeks. He added that he would remain as Executive Chair and Chief Technology Officer (CTO) of Twitter, overseeing product, software, and system operations. He also specified that he had hired a new CEO, who will likely replace him in late June or early July, though the identity of the new CEO has yet to be disclosed.
Musk took over the social media giant in October 2022 after a $44 billion platform acquisition. Though, his tenure as CEO of Twitter has been marked by controversial company policies, including phasing out the platform’s legacy verification system, briefly changing Twitter’s logo to the Dogecoin symbol, and carrying out multiple rounds of layoffs.
Despite the controversies surrounding his tenure as Twitter’s CEO, Musk’s influence on the platform cannot be denied. It remains to be seen how the platform will evolve under the leadership of the new CEO, but for now, the tech world is abuzz with speculation about who will take the reins of one of the world’s largest social media platforms.