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 Sept 25. Our focus will be on the following developments:
- Crypto Exchange Kraken Plans to Launch Stock Trading
- Yuga Labs Releases the Open Beta for Legends of The Mara (LoTM)
- Pudgy Penguins Releases its Toy Line at Walmart
- Coinbase Acquires Perpetual Futures License for Non-US Clients
- Meta Unveils New AI Tech
Crypto Exchange Kraken Plans to Launch Stock Trading
In a groundbreaking development, cryptocurrency exchange Kraken has set its sights on the world of traditional finance by planning to offer its users trading services for stocks and exchange-traded funds (ETFs). This strategic move represents a significant shift for Kraken, a well-established player in the cryptocurrency space, and reflects the growing convergence of digital and traditional financial markets.
As reported by Cointelegraph, Kraken intends to roll out its stock and ETF trading services primarily in the United States and the United Kingdom by 2024, under a specialized division known as Kraken Securities. This expansion, however, comes with its own set of challenges, including the need for regulatory approval from the Financial Industry Regulatory Authority (FINRA) in the U.S. and financial regulators in the UK.
One critical milestone on this journey has already been achieved, as Kraken successfully secured the necessary regulatory approval in the United Kingdom. In addition to this, the exchange has taken the proactive step of applying for a U.S. broker-dealer license, demonstrating its commitment to complying with regulatory requirements in both regions.
Yuga Labs Releases the Open Beta for Legends of The Mara (LoTM)
In a bold and innovative move, Yuga Labs has introduced the world to their latest creation – Legends of The Mara (LoTM), now available in Open Beta. This strategic decision represents a pivotal moment in the project’s evolution, with the intent to actively engage the community and leverage their invaluable insights to further refine this immersive gaming experience.
LoTM invites players to embark on a fascinating journey into the mystical Otherside metaverse. Building upon the rich narrative established in the second Trip, this game plunges players into a captivating quest to unravel the origins of the Koda species and their deep connection with the environment. At its core, LoTM stands as a strategic masterpiece, seamlessly blending the excitement of the collection with a captivating narrative.
With the launch, one noteworthy point of discussion centers on the game’s design, which leans towards an “idle game” model. Some players have voiced concerns that progressing in LoTM may necessitate substantial ApeCoin expenditure or extensive ‘grinding’ to ascend the rankings. This has ignited conversations about the game’s balance and the role of player skill within the experience.
However, it is vital to recognize that this venture represents just one facet of the multifaceted Otherside experience envisioned by Yuga Labs. And even within LoTM, the team has hinted at exciting developments on the horizon. Players can anticipate the ability to mint harvested Fragments as 1155s, and much more. These forthcoming features promise to introduce layers of depth and complexity, underscoring the boundless potential of the Otherside metaverse. Read more on this here.
Pudgy Penguins Releases its Toy Line at Walmart
In a move that has sent shockwaves through the Web3 community, Pudgy Penguins has unleashed its Pudgy Toys line, accompanied by the immersive Pudgy World experience, now gracing the shelves of a staggering 2,000 Walmart stores across the United States. This bold step marks a turning point, ushering in an era where blockchain technology and NFTs step out from the shadows and into the hands of the masses.
Walmart, a household name and the largest retailer in the United States, proudly features 16 distinct types of Pudgy Toys on its shelves, with prices ranging from a mere $2.99 to $11.97. These delightful creations, meticulously crafted by PMI Kids’ World, a respected brand known for bringing beloved cartoon and show-inspired toys to life, come adorned with a QR code that opens the door to a world of digital traits. These digital assets can be redeemed within the captivating Pudgy Penguins digital metaverse, aptly named the Pudgy World.
In essence, Pudgy Penguins, a brand that has already achieved a remarkable trading volume exceeding 189K ETH, is on a trajectory to disrupt the established norms of retail. This partnership with Walmart not only thrusts blockchain technology and NFTs into the spotlight but also blazes a trail toward a future characterized by greater inclusivity within the Web3 space. Read more on this here.
Coinbase Acquires Perpetual Futures License for Non-US Clients
In a significant development that underscores the ever-evolving landscape of cryptocurrency trading, Coinbase International Exchange, holding a class F license issued by the Bermuda Monetary Authority (BMA), has announced a pivotal expansion of its services. The platform has received additional regulatory approval, clearing the path to offer perpetual futures trading to retail customers outside the United States.
This move marks a crucial step for Coinbase, a platform that has been at the forefront of the cryptocurrency revolution. While Coinbase International has been offering crypto derivatives services to institutional clients since its launch in May 2023, this latest regulatory approval promises to democratize access to regulated perpetual futures contracts on the Coinbase Advanced platform, opening up new possibilities for eligible customers in the weeks to come. Importantly, these perpetual futures accounts will be overseen by Coinbase Bermuda and regulated by the BMA, ensuring a secure and compliant environment for traders.
The decision to embrace perpetual futures trading is not arbitrary. As per Cointelegraph, Coinbase pointed out that nearly 75% of crypto trading volume now originates from the derivatives market. By expanding its offerings to include perpetual futures trading for retail clients, Coinbase aims to level the playing field, granting access to a market that has traditionally been the domain of institutional giants.
It is worth emphasizing that Coinbase plays a unique role in this ecosystem. Unlike some platforms, Coinbase does not engage in market-making. Instead, liquidity on the exchange is provided by established, independent liquidity providers who have undergone rigorous compliance reviews.
Meta Unveils New AI Tech
In a year that has seen artificial intelligence (AI) rise to the forefront of technological innovation, Meta, a global tech titan, dedicated a substantial portion of its annual Meta Connect conference keynote to explore the evolving landscape of AI.
At the heart of this remarkable event was the unveiling of MetaAI, a personal assistant that not only echoes the capabilities of Siri but also introduces a wide-ranging spectrum of multimodal abilities, pushing the boundaries of what AI can do. In a world where verbal interaction has been the norm, MetaAI breaks free from convention, communicating seamlessly through voice, text, and, intriguingly, through physical gestures.
However, what sets MetaAI apart is not just its versatile communication methods but its groundbreaking integration with Meta’s eagerly anticipated smart glasses. As per Decrypt, the Meta Smart Glasses are developed in partnership with eyewear giant Ray-Ban, and they are available for pre-order at a remarkably accessible price point of $299.
The synergy between MetaAI and Meta’s smart glasses ushers in a new era of augmented reality experiences. With these glasses, users will be able to engage with MetaAI in real time as it identifies and interprets real-world objects, responds to natural language prompts, and performs an array of tasks limited only by one’s imagination.