CryptoWatch: Ripple's Irish Venture, FTX's Funds Dispute in the Bahamas, and PlayStation's NFT

November 21, 2022 By Jozeph P

(Image Credit Google)

The focus of CryptoWatch is on the most significant cryptocurrency headlines from the previous week, providing the most recent developments and issues that have sparked the global market for contemporary digital and virtual assets. This time, Sony's PlayStation division is focusing on digital assets with non-fungible tokens and the blockchain in order to find new ways to reward gamers. According to reports, the company's latest patent offers specifics about what PlayStation is working on with a new cryptocurrency initiative. Given that PlayStation's next project will give a distinct concentrate on this introduction of digital assets, it will be different from the company's current rewards program. [caption id="attachment_59877" align="aligncenter" width="3358"]

Cryptowatch guides[/caption] Initial sources identified the new patent, and the filing for this new token endeavor is already published at Patentscope. It seeks to reward PlayStation users who play its various games by giving them fungible and non-fungible tokens based on an unidentified blockchain. This most recent motion from FTX, as revealed from its filing in the Delaware court, claimed that Sam Bankman-Fried had transferred the company's funds after it had filed for bankruptcy. The move, it is claimed, was made feasible because Bankman-Fried received assistance from the Bahamas government in making this modification using funds earmarked for the company by the debtor. Crypto Market Capitalization Was Trading Around $2 trillion. Weak hands could be eliminated by 2022.

Crypto Market Capitalization Was Trading Around $2 trillion. Weak hands could be eliminated by 2022.

Additionally, according to CNBC, these illicit transactions involved moving digital assets belonging to the corporation from one account to another. It transferred money to a business called "FireBlock," which is thought to be governed by the government of the Bahamas. The third-largest cryptocurrency in the world, Ripple, or XRP, is now focusing on a new business initiative to grow in Ireland and is currently applying for a Virtual Asset Service Provider (VASP) license. In order to enter the European Union and offer its services abroad, the fledgling company intends to collaborate with a local business, according to sources. Additionally, the business was sued by the Securities and Exchange Commission (SEC) in 2020 for selling the cryptocurrency XRP to investors despite initially being unable to do so since it had not registered for securities. With the SEC litigation still looming over them, the business is currently focusing on the VASP license for its operations.

By Jozeph P

Journalism explorer, tech Enthusiast. Love to read and write.

CryptoWatch: Ripple's Irish Venture, FTX's Funds Dispute in the Bahamas, and PlayStation's NFT

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