DAY LONG NEWS ROUNDUP: LATEST NEWS 22/11/21

• Avinandan Banerjee
• November 26, 2021

Take a sneak-peek into the ever-so-dynamic world of cryptocurrencies with us!!! If you are an ardent supporter of crypto then we can be your ideal partner in this expedition. We try to keep you aware of the latest news making buzz around the crypto industry on 22/11/2021, take a look:

Gemini has big plans for the metaverse after raising $400M

Taking pride in being one of the most trusted cryptocurrency exchanges, Gemini has successfully fetched $400M in its recent financing round. Helmed by the Winklevoss twins, Cameron and Tyler, Gemini Space Station LLC now stands tall with a $7.1 Billion worth value in the billion-dollar industry. Surprisingly, this was the first time for the popular exchange to source external financing.

If you are someone who is crazy about crypto, then you must be aware of firms pooling funds from external sources to fuel their business operations. So, why this hype around Gemini’s $400M financing? Well, the answer to this can be directly linked to the constant rivalry of the Winklevoss brothers with the Facebook chief, Mark Zuckerberg. Cameron and Tyler Winklevoss are all set to enter the world of decentralized Metaverse, the field Zuckerberg is anxiously striving to rule. This clash of rivals on the Metaverse vertical has created a lot of buzz in the crypto market.

Trusting on the unprecedented expertise of the Winklevoss twins and their Gemini exchange team, various top-tier firms actively participated in Gemini’s first-ever financing round. Led by the renowned capital management company, Morgan Creek Digital, the event witnessed investment from ParaFi Capita, a popular name in decentralized finance. With Gemini’s venturing into Metaverse, Meta is likely to face stiff competition in making a strong customer base and creating a diverse portfolio. The twin brothers have been ardent supporters of Bitcoin and have predicted a price of $500,000 for the BTC token. If this happens, the crypto industry will surpass the market capitalization of gold.  

Talking about the investment, Winklevoss’ stated that the Gemini team is pacing hard to give a one-on-one hit to Meta on the decentralized Metaverse front. Cameron emphasized the huge potential of a decentralized metaverse in bringing about a revolutionary change for users. This technology can offer greater independence, choice, and opportunities to individuals. The decentralized Metaverse comes packed with a technology that safeguards the privacy rights of customers. A similar response was given by Sachin Jaitly, general partner of Morgan Creek Digital who showed great confidence in Gemini’s vision. He applauded the Gemini team for carving out technologies that are innovative and help to establish the exchange as a leader.

To mark its hold in the sector, Meta recently released a video highlighting its latest product called Haptic Gloves. The gloves will allow users to enjoy the perks of decentralized Metaverse while gaming. The growing interest of top-rated firms in the blockchain Metaverse is likely to unfold new opportunities for the new-age users.

El Salvador to open Bitcoin City with $1B in BTC bonds

Having established itself as a top crypto venturing spot, El Salvador is all set to take the next big step in this field with the launch of a fully-dedicated Bitcoin City for traders and fans. The first announcement about the highly-anticipated project was proudly announced by President Nayib Bukele at the Bitcoin Week Conference organized in the country. The official report stated that the government will fuel the Bitcoin City plan through $1 Billion worth of Bitcoin bond investments.

For the unversed, El Salvador recently became the first country to adopt Bitcoin as a legal currency to reduce the cost of remittance transfers for the natives. The Bitcoin Week conference was organized to celebrate the milestone of Bitcoin adoption in the country. The Bukele-led government is striving hard to make Bitcoin a mainstream currency by encouraging active adoption by the El Salvadorians. Special grants and trade concessions are being given to the people to promote Bitcoin usage. Now, with the launch of Bitcoin City, the central government is gearing up to further its crypto expansion plans within the territory.

As per the announcement made by Bukele during the event, Bitcoin City will support full-fledged digital and technological education. The place will use geothermal energy to fuel the operations. A powerful and eco-friendly public transport network will be laid to ease movement. The project will witness active participation from the most prominent brands of the industry including crypto exchange Bitfinex and blockchain firm, Blockstream. The Bitfinex team will launch a securities portal in the Bitcoin City to store the Bitcoin bonds safely. The supporting firms, both local and foreign, will develop a new regulatory framework for the country.

The country chief sees Bitcoin City as a replica of an ordinary city but revolving around Bitcoin. The place will be surrounded by residential places, shopping malls, eateries, etc. The inhabitants will be levied with Value-added Tax obligations only. The amount collected will be used for paying the municipality’s bonds and maintenance.

During the conference, Samson Mao, the chief security officer of Blockstream conveyed that the $500M worth of bonds will bear a five-year lock-in period. This will keep the invested funds out of the global market. He added that a 10x surge in similar projects will take away half of Bitcoin’s total market cap out of the investment loop. The adoption of Bitcoin as a legal tender has helped El Salvador to earn extra funds for supporting infrastructural projects. The President recently invested the surplus earned from the Bitcoin Trust account for developing 20 new schools for children and a veterinary hospital. The country is using Bitcoin to find new opportunities for growth in finance.