Last week in review: Tech giants unite to create Metaverse Standards Forum

Last week saw Bitcoin struggling to stay balanced as uncertainty in the markets continued. However, as always there was a healthy supply of positive stories to stave off the crypto winter blues.

While the price may have been rocky, investors kept buying, with the number of Bitcoin wallet addresses containing one Bitcoin increasing by over 13,000 and in the Metaverse, over 30 tech companies including Microsoft and Sony joined forces to launch the Metaverse Standards Forum to help drive the space forward.

Meanwhile, in the UK, the deputy governor of the Bank of England, Sir Jon Cunliffe believes that those companies that tough out the bumps of the bear market may become the Amazons of the crypto industry. Speaking on the future of crypto, Cardano co-founder Charles Hoskinson pitched to congress that it should make regulations for crypto but leave compliance up to the software developers.

As always, there is never a dull moment in crypto. Here’s our pick of last week’s top headlines.

Bitcoin wallet addresses with one Bitcoin have increased by 13,000 as a result of price action

What

The number of Bitcoin wallet addresses containing one Bitcoin or more increased by 13,091 over the past week 

Why

Over the past 10 days, since May 10 market slump to $30,000, over 14,000 whole coiners have joined the network

What next

Should these addresses keep their Bitcoin, they will each own 1 of the 21,000,000 total supply once the last coin is mined

Read the full story here

Tech giants unite to create Metaverse Standards Forum

What

Over 30 tech companies including Meta, Microsoft and Sony have joined forces to launch the Metaverse Standards Forum

Why

The forum’s mission is to drive interoperability and cross-compatibility in the metaverse alongside standardised terminology

What next

The forum plans to have its first meeting in July 

Read the full story here

Crypto companies that navigate current bear market may be “Amazons” of tomorrow

What 

The deputy governor of the Bank of England, Sir Jon Cunliffe, has likened the current bear market to the one that internet companies were grappling with two decades ago, adding that the crypto companies who make it may go on to be the Amazons of the crypto industry

Why 

Many internet companies didn’t make it through the bear market of 2000 but internet technology continued to gain adoption. The companies that survived turned out to be dominant players 

What next 

The Deputy Governor said he expects the continued growth and development of cryptocurrency technology in future  

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Cardano co-founder pitches software-enabled crypto self-regulation to US congress

What

Cardano co-founder Charles Hoskinson pitched to congress that it should make regulations for crypto but leave compliance up to the software developers

Why

Hoskinson argued the ideal arrangement for crypto regulation would work in a similar way to banking where banks themselves undertake KYC-AML

What next

A congress representative challenged Hoskinson’s proposal stating that financial regulators don’t have the manpower to oversee the thousands of cryptocurrencies on the market

Read the full story here