Last week in review: California Governor signs executive order to advance Web3 and crypto technologies

Despite news of rising interest rates across the UK and US, positive stories focused on crypto adoption keep flowing in.

In Argentina, two prominent banks announced they were launching trading features as demand skyrocketed. Meanwhile, North America experienced a number of firsts: Goldman Sachs issued its first Bitcoin-backed loan, California became the first US state to create a comprehensive framework to advance cryptocurrencies and luxury fashion brand Gucci announced its plan to trial cryptocurrency payments across five of its stores.

As always, there is never a dull moment in crypto. Here are our top picks of the headlines from last week.

Argentine banks launch crypto trading features

What

Two banks in Argentina have launched crypto trading features on their platforms

Why

Banco Galicia, Argentina’s largest private bank by market value, said the decision was prompted by high customer demand revealed through a recent survey

What next

This move will allow citizens an additional option in addition to purchasing crypto through wallets or directly 

Read the full story here

Goldman Sachs makes Wall Street history with first Bitcoin-backed loan

What

US Investment Bank Goldman Sachs has made the first Bitcoin-backed loan to crypto exchange Coinbase

Why

The first-of-its-kind loan is expected to deepen ties between crypto and traditional finance

What next

The loan’s lucrative nature could pave the way for other banks like JPMorgan and Morgan Stanley to follow

Read the full story here

California Governor signs executive order to advance Web3 and crypto technologies

What 

The state of California has become the first in the US to begin creating a comprehensive framework to advance cryptocurrencies and blockchain technology in the Bear Flag state

Why 

The executive order aims to create a pipeline of talent for the emerging industry and utilise the technology for the public good, according to an official release 

What next 

The executive order will begin the process of creating a regulatory framework for crypto technologies. This includes assessing the deployment of blockchain technology and building research and workforce capabilities to prepare Californians for what the governor says is a burgeoning industry

Read the full story here

Gucci expands Web3 offerings with crypto payment coming to stores

What

Gucci is to roll out a trial across five of its US stores later this month to accept cryptocurrency payments including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin, Shiba Inu, and five US dollar stablecoins

Why

Marco Bizzarri, president and CEO of Gucci, said that the fashion house was “always looking to embrace new technologies” and that “now we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them”

What next

Gucci has plans to expand the roll-out of crypto payments across all of its US stores by the Summer, according to a release by Reuters

Read the full story here

To catch up on other big stories from last week, be sure to check these headlines:

IMF calls for greater collaboration between DeFi and financial services in global financial stability report

Everything you need to know about the Ethereum ‘Merge’

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