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What involves thoughts while you consider Gucci? Designer purses, trend jewellery, elegant Swiss watches? What about fee integration with an ERC-20 governance and utility token that desires to energy Web3? Rolls off the tongue, doesn’t it? The enduring Italian trend model introduced this week it will develop its fee choices to incorporate the Bored Ape Yacht Membership-affiliated ApeCoin (APE) — however solely by means of BitPay. In different phrases, Gucci will allow you to liquidate your APE for United States {dollars} and spend the proceeds at its shops.
If you happen to’re shocked by the information, it’s best to learn on to study extra about Gucci’s broadening crypto ambitions. When you’re at it, stick round for this week’s Crypto Biz, the place we dissect the newest information surrounding Michael Saylor and Robinhood. We go away you with a sobering evaluation of the Terra-induced crypto market collapse from a prime Kraken govt.
Gucci turns into first main model to simply accept ApeCoin funds
If you happen to missed it, Gucci formally grew to become the primary main model to simply accept APE funds by way of Bitpay. The transfer got here months after Gucci introduced that it will settle for 12 crypto property as fee throughout greater than 100 North American shops. Holders of Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and different crypto at the moment are capable of convert their digital property right into a $5,000 GUCCI tote bag. Past crypto funds, Gucci launched a pair of nonfungible token (NFT) collections this 12 months, together with the SUPERGUCCI NFT lineup in February.
Michael Saylor will step down as MicroStrategy CEO however stay as govt chair
Bitcoin’s chief evangelist Michael Saylor is clearing his calendar to focus nearly totally on selling the digital asset. This week, Saylor introduced he was stepping down as CEO of MicroStrategy in favor of a brand new govt chair place. Efficient Aug. 8, Saylor’s new function will concentrate on MicroStrategy’s “Bitcoin acquisition technique and associated Bitcoin advocacy initiatives.” A day after the announcement, MicroStrategy’s inventory value surged to three-month highs. It seems to be like traders are happy with Saylor’s place. We’ll see how they really feel if crypto winter lasts one other 12 months.
In my subsequent job, I intend to focus extra on #Bitcoin.
— Michael Saylor⚡️ (@saylor) August 3, 2022
‘That is on me’ — Robinhood CEO to put off 23% of workers after Q2 loss
Robinhood’s foray into crypto seemed nice over a 12 months in the past once we had been using the bull market. Now, with crypto, shares and the financial system within the dumps, the low cost brokerage has been pressured to put off practically 1 / 4 of its workers. Vlad Tenev, Robinhood’s CEO, delivered the dangerous information shortly after the corporate reported dismal second-quarter earnings outcomes, which included a 44% decline in year-over-year web revenues. Crypto-focused corporations have seen sweeping layoffs this 12 months as asset costs plunged and commerce volumes dried up.
“Departing Robinhoodies will probably be provided the chance to stay employed with Robinhood by means of October 1, 2022 and obtain their common pay and advantages. They may even be provided job search help (together with an decide in Robinhood Alumni Expertise Listing).”
— zerohedge (@zerohedge) August 2, 2022
Contagion solely hit companies with ‘poor steadiness sheet administration’ — Kraken Aus boss
The epic collapse of Terra (Luna) — now renamed Terra Basic (LUNC) — sparked industry-wide contagion in crypto, finally resulting in a number of bankruptcies and trillions of {dollars} in misplaced market cap. However, the one corporations and protocols that went underneath had been these with “poor steadiness sheet administration” and a whole lack of expertise of how blockchain works. That sober evaluation was offered by Kraken Australia managing director Jonathon Miller. He additionally defined why Ethereum proved resilient within the face of chaos and why his father or mother firm, Kraken, is poised to proceed rising.
Don’t miss it! What’s subsequent for Bitcoin and Ether?
Bitcoin’s efficiency over the previous week has taken each the bulls and the bears unexpectedly. In the meantime, Ether has bounced strongly off its lows because the hype surrounding its upcoming Merge intensifies. However, the outlook on each property is as clear as mud. On this week’s Market Report, I sat down with fellow analysts Marcel Pechman and Benton Yaun to debate an necessary subject: Have BTC and ETH bottomed but? You possibly can catch a full replay of the present beneath.
Crypto Biz is your weekly pulse of the enterprise behind blockchain and crypto delivered on to your inbox each Thursday.
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