9th April 2023

The cryptocurrency market remained relatively stable this week, with the minimal movement observed among the top coins by market capitalization. Bitcoin (BTC), the market leader with a market cap exceeding $500 billion, saw a marginal decline of 1.4% over the last seven days, trading at $28,030 according to CoinGecko. Meanwhile, Ethereum (ETH) experienced a modest increase of 2.4%, trading at $1,869, thanks to the anticipation of the upcoming "Shapella" network upgrade. This upgrade will enable the withdrawal of ETH staked on the network at the execution and consensus layers.

The most significant success story this week came from the meme coin Dogecoin (DOGE), which saw a surge at the beginning of the week following Elon Musk's motion to dismiss a $258 billion lawsuit against him. Additionally, a change from his social media logo to the Doge meme also caused a 20% increase in less than an hour. However, the rally lost momentum by Thursday, resulting in an intraday loss of over 8%.

Despite the stagnant prices, the crypto world witnessed three notable adoption stories this week. Ralph Lauren opened a new luxury concept store in Miami's Design District, which will accept cryptocurrency payments via BitPay for Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Dogecoin (DOGE), and other cryptocurrencies. Latin America's largest investment bank, BTG Pactual, launched its stablecoin, BTG Dol, which is pegged to the US dollar and runs on Polygon. And finally, PostFinance, the Swiss government-owned bank, announced that it will offer its customers regulated crypto services through Sygnum's B2B banking platform, including the ability to buy, sell and store Bitcoin and Ethereum. Although these developments did not trigger a rally, they are positive signs for crypto adoption.

In other news, The Central Bank of the UAE (CBUAE) selects R3, G42 Cloud, and Clifford Chance to assist CBUAE in implementing its CBDC Strategy. SwissBorg raises USD 23 million in the community funding round, PostFinance partners with Sygnum Bank to offer cryptocurrencies, InCore Bank signs Maerki Baumann as the first client for Ethereum staking, and Luxury Brands Bugatti and Asprey announce Bitcoin inscriptions collection. 

In the News: 

The Central Bank of the UAE (CBUAE) selects R3, G42 Cloud and Clifford Chance to assist CBUAE in implementing its CBDC Strategy. The idea is to use this digital money in a number of ways, including cross-border transactions and domestic issuance. R3.com  

Saudi Arabia invests in Crypto-friendly Venture Capital firms with $620B wealth fund. Saudi Arabia's investment arm, Sanabel, will invest in nearly 40 US venture capital firms, paying around $2bn annually, with a focus on funding rounds for firms with new business models, including cryptocurrency, blockchain, and Web3. Unlock Blockchain 

Central Bank of Bahrain strengthening crypto-assets market. The new amendments aim to accommodate the evolving crypto-assets market and improve investor protection while allowing crypto-asset licensees to engage in additional activities with Central Bank approval. Economy Middle East 

LayerZero funding round hits $3 Billion valuation with backing from Christie’s, Samsung. The funding will be used to expand the team and to develop marketing initiatives, specifically to target the Asia-Pacific region where gaming and NFT spaces have shown interest in the protocol. Decrypt 

SwissBorg raises USD 23 million in community funding round. The start-up has used a community-driven dynamic equity valuation approach that links its financial valuation to demand for shares. SwissBorg launched a cryptocurrency app in 2021, has more than 200 employees, and is active in crypto financing and investment. Venture Lab 

Pantera Capital leads $22.5M investment in M^ZERO Labs for decentralized infrastructure. M^ZERO Labs has raised $22.5m in a funding round led by Pantera Capital, alongside investors including ParaFi Capital, Road Capital and Standard Crypto. The Berlin-based firm aims to build neutral infrastructure that connects assets in the global financial system with decentralised applications. Cointelegraph 

As DEX launch approaches, RoseonX and DWF Labs announce 7-digit strategic partnership. The funding will help RoseonX's decentralized exchange (DEX) debut on April 18th, as well as improve its liquidity and derivatives trading capabilities. As part of the agreement, DWF Labs has purchased $2.5 million in ROSX tokens, the native tokens of Roseon Exchange, and will engage with the platform to assist it reach its growth goals. Rosean World 

PostFinance partners with Sygnum Bank to offer cryptocurrencies. Customers will be able to purchase, store and sell leading cryptocurrencies like Bitcoin and Ethereum, while the partnership will allow PostFinance to launch and expand regulated digital asset products and services for its customers. Sygnum's B2B offering allows for cost-efficient market entry with compliant, innovative and regulated products. Sygnum 

Traditional Banks join forces to launch Blockchain Digital Bond platform. Credit Agricole CIB, a French investment bank, and SEB, a Swedish bank, are working together to create a blockchain-based platform for digital bonds. The platform will allow companies to issue bonds digitally on a blockchain network, which will increase efficiency and allow for real-time data synchronization. The platform will also enable users to manage securities and raise capital using smart contracts. Unlock Blockchain 

Ralph Lauren Miami store to accept Crypto payments. Ralph Lauren has announced that it would begin taking crypto payments at its new Miami shop, with consumers able to buy using bitcoin, ether, and MATIC. The firm is collaborating with BitPay to accept cryptocurrency payments, and it will also develop a co-branded NFT in collaboration with Poolsuite, which will be given to existing members. Coindesk 

GCEX Launches Crypto-native platform Xplorspot and FX/CFD platform Xplortrader. The two platforms are part of GCEX's XplorDigital trading solutions, which comprise technology-agnostic platforms covering regulation, regulated custody solutions, the safety of funds, tier 1 and deep liquidity, connectivity to the biggest price makers, and innovative technology partnerships. Finance Feeds 

InCore Bank signs Maerki Baumann as the first client for Ethereum staking, powered by SDX. InCore Bank has partnered with SDX to provide Ethereum staking to their clients, with Maerki Baumann being the first to sign up. The service, powered by SDX Web3 services, will be fully compliant with KYC and AML regulations. Staking allows users to secure the network by pledging crypto-assets to a cryptocurrency protocol to earn rewards in exchange. Sobaco-incore 

Dfinity Foundation launches Chain-Key Bitcoin, a native Internet Computer BTC derivative token. The system operates without custodians, bridges or traditional cloud providers, and has been integrated with Bitcoin at the protocol level, which enables it to perform transactions on the Bitcoin network through ICP nodes. Bitcoin.com 

Satellite orbiting Earth participates in the Ethereum KZG ceremony. Cryptosat, a blockchain-powered satellite, will contribute to the Ethereum KZG ceremony, which aims to provide a cryptographic foundation for Ethereum scaling. The satellite will generate entropy using its Verifiable Random Beacon service to aid in the cryptographic process. Cointelegraph 

Nomura-Backed Komainu to offer segregated Crypto collateral product for institutions. Komainu is a joint venture between Nomura, Ledger, and CoinShares that offers cryptocurrency custody services. They have now launched a new product called Komainu Connect, which is aimed at institutional clients who want to use their digital assets as collateral in a safe and regulated way. Coindesk 

Arte News: 

NFT trading witnesses strong Q1 as sales explode to $4,700,000,000: DappRadar. The non-fungible token (NFT) market experienced its highest level of sales and trading volume since Q2 2022, with trading volume reaching $4.7 billion in Q1, up 137% from the previous quarter, according to DappRadar. Ethereum retains its top position for NFT blockchain, with Solana and Polygon following. Daily Hodl  

Luxury Brands Bugatti and Asprey announce Bitcoin inscriptions collection. The Asprey Bugatti Egg Collection will feature physical eggs created using cutting-edge production techniques and materials. The "Royale Edition" eggshell will be made from carbon fiber and will feature a "Dancing Elephant" motif recreated from one of Rembrandt Bugatti's original sculptures. Bitcoin.com 

An ambitious project opens the doors to the metaverse in the heart of Dubai. The Verse Estate Showroom has opened in Dubai to showcase the potential of the metaverse, with Verse Estate executives, Leila Hurstel, and Nabil Bouali predicting that the new technology will revolutionize business as companies explore innovative ways to showcase their products and services, facilitate collaboration and redefine traditional marketing strategies. Cointelegraph 

NFT sales near $2 Billion in March as Blur dominates market. The NFT market remained strong in March with a total trading volume of just over $1.95bn, down about 4% from the previous month, according to data from DappRadar and Dune Analytics. The vast majority of trading volume was contributed by Blur, which saw almost $1.35bn worth of Ethereum NFT trades. Yahoo Finance 

OpenSea launches advanced NFT marketplace aggregator. The platform includes automation tools and allows users to discover the best deals and insights. OpenSea Pro has introduced an "advanced orders" feature, which gives users greater control over their purchases. Cointelegraph 

Avalanche Foundation launches NFT initiative. Blockchain platform Avalanche has launched an initiative called Avaissance, which is split into two parts. The first part of the project is an Artist in Residence program that will provide funding, mentorship, and virtual workshops to more than 50 digital artists. The second part is a collaborative digital art curation program called the Mona Lisa Initiative, which aims to give away NFTs to various digital art DAOs. Crypto Slate 

Asia’s gaming giants bet on Web3 to transform the global gaming landscape. The Web3 gaming industry, which makes up a large part of blockchain activity, is quickly expanding in Asia Pacific, particularly in China, Japan, and South Korea. ZTimes aims to revolutionize the gaming industry by using Web3 technology, which enables players to have complete ownership of in-game assets and trade them freely. Cointelegraph 

Boss enters Metaverse Fashion Week with an immersive, Ai-inspired showroom experience. Users can now engage with an immersive and interactive experience, with the showroom showcasing five looks from the Miami show, including menswear and womenswear styles. Visitors can collect virtual objects along the way and, on completion, can receive a digital fashion item to wear on Ready Player Me. Hugo Boss 

Cointelegraph Accelerator and bitsCrunch startup program join to aid NFT projects. Through the joint initiative, members will benefit from Cointelegraph's Web3 audience and marketing expertise and bitsCrunch's NFT data solutions. Cointelegraph 

Reddit deploys Gen 3 NFT avatar contracts on Polygon. Reddit has launched the third generation of its blockchain-based digital collectibles, known as "Reddit Avatars," on the Polygon blockchain, resulting in community members and collectors expressing their thoughts on the much-anticipated drop. Cointelegraph 

NFT platform OneOf acquires Blockchain rewards company Tap Network. Alongside this acquisition, OneOf is launching OnePlatform, a turnkey option combining e-commerce, data, and loyalty programs for companies looking to expand into Web3. Coindesk 

Polygon's mission ‘Has Always Been Mass Adoption of Web3,’ Co-Founder says. Polygon's co-founder, Sandeep Nailwal, has stated that the Ethereum-based layer 2 blockchain is aimed at achieving mass adoption of Web3. Nailwal believes that Web3's benefits, such as self-custody and digital collectible ownership, will ultimately lead to mass adoption, and he hopes it will prompt friendlier regulation. Coindesk 

Lords of Light Web3 game leans into memes with Elon Musk, SBF, and Doge cards. Raini Studios debuted The Lords of Light, a turn-based card strategy game, featuring NFTs available on Avalanche, Ethereum, and BNB Chain. The game offers a free-to-play mode with a basic deck, while NFT versions of cards can be traded on secondary marketplaces. Raini also plans to launch an Avalanche utility token, Photon, for in-game purchases. Decrypt 

Over 7,000 players successfully converged in Yuga Labs' Otherside Metaverse 'Second Trip'. The trial run lasted 90 minutes and had over 7,200 players in attendance. The invitation was extended to the owners of non-fungible tokens (NFTs) called Otherdeeds, which are linked to virtual land in Otherside. Coindesk 

Cloud Yachts launch world’s first tokenized superyacht. Cloud Yachts, a yacht rental company, has launched the world's first tokenized superyacht, a 94-foot Sunseeker. The company partnered with top superyacht designers to integrate NFT technology within the yachting industry last year. Forbes