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Last week in review: KPMG to invest $30m in Web3 employee training
Team Luno
Despite a tough past month for crypto, the news featured a flood of positive adoption stories. From Goldman Sachs raising $2 billion to buy Celsius’ crypto assets to the news that half of all Bitcoin wallets in existence hold between 0.0001 and 0.01 Bitcoin, developments continue in crypto despite the downwards trends in the market.
In traditional finance, KPMG announced its $30m investment in Web3 employee training while Ethereum developers delayed the upcoming merge, pushing back the so-called difficulty bomb by rolling out the latest Gray Glacier upgrade.
As always, there is never a dull moment in crypto. Here are our top picks from last week’s headlines.
Goldman Sachs to raise $2 billion to acquire Celsius assets
What
Investment bank Goldman Sachs has struck up a deal to buy up Celsius’ crypto assets in the event of bankruptcy
Why
In April, Goldman Sachs issued its first Bitcoin-backed loan and began offering Bitcoin products to some of its customers. Acquiring Celsius’ assets could help it cement its position in the crypto space
What next
If the deal goes ahead, Goldman Sachs could pick up some of the $3 billion of crypto assets under management by Celsius relatively cheaply if the $2 billion bankruptcy deal goes through
Read the full story here
Half of all Bitcoin wallets hold between 10,000 and 100k satoshis
What
Half of all Bitcoin wallets in existence hold between 0.0001 and 0.01 Bitcoin, according to data by Bitinfocharts
Why
This shows again that the majority of investors choose to invest in Bitcoin by a process called stacking sats, short for satoshis, which are to Bitcoin what cents are to the Dollar. There are 100 million satoshis in 1 Bitcoin
What next
The notion that investors can, and do, only buy Bitcoin in large amounts is conclusively false
Read the full story here
KPMG to invest $30m in Web3 employee training
What
KPMG has revealed the opening of its first metaverse collaboration hub to help develop its employees and clients to pursue growth opportunities in the space
Why
The firm will make a collective $30 million investment this year in Web3 experiences, with the metaverse hub as the “signature piece”
What next
This investment is part of a long-term objective for the company to examine other potential metaverse use cases such as health care, consumer, retail, media and financial services
Read the full story here
Ethereum one step closer to merge after successful Gray Glacier upgrade
What
Ethereum developers have again pushed back the so-called difficulty bomb by rolling out the latest Gray Glacier upgrade
Why
The difficulty bomb has been pushed back numerous times to buy developers more time to run fail-safe tests before the final merge of the two Ethereum blockchains currently running in parallel
What next
The merge is now expected to happen in September this year
Read the full story here
To catch up on other big stories from last week, be sure to check these headlines:
Bored Ape Yacht Club’s ApeCoin jumps 22% overnight following launch of star-studded music video
SEC Chairman calls Bitcoin a commodity
USDC assets to be held in NY Community Bank to aid underrepresented groups
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