The Digest

• Jack Dorsey slams Web 3.0 for being a venture capitalists’ plaything.

• Kraken purchases Staked in a record deal. Binance also signs an agreement with Dubai World Trade Centre.

• Turkish LIRA organizes rallies for new plans after recovery and reclaims $49K

• Altseason: Polygon (MATIC), set new highs.

• Gamestop’s marketplace, Ubisoft integrates NFTs, metaverse adoption grows in China.

Jack Dorsey Slams Web 3.0 for Being a Venture Capitalists’ Plaything

Web 3.0, or the ‘decentralized web,’ has been hailed as the future of the internet. Web 3.0 is all about the idea of connecting data in decentralized ways, allowing for a personalized browsing experience that doesn’t involve third-parties.

Jack Dorsey (the co-founder, former CEO of Square (now Block)), doesn’t believe Web 3.0 to be a good idea. In a series of tweets made on Tuesday, December 21st, Dorsey voiced his criticism over the direction of Web 3.0’s developments, saying that venture capitalists own it, not users. Dorsey tweets;

You don’t own “web3.”The VCs and their LPs do. Their incentives will ensure that it never escapes their grasp. It’s ultimately a centralized entity with a different label. Know what you’re getting into…

— jack (@jack) December 21, 2021

He also explained that VCs’ top priority is to ensure businesses adhere to relevant regulations for growth, not decentralization.

Dorsey holds a large stake in Web3.0 companies and believes that VCs have the power to pressure the sector into complying with centralized regulations. Elon Musk joined in the criticism, asking in his own tweet, “Has anyone seen web3? I can’t find it.”

Flipsider:

• Web 3.0 was criticized and Web 3.0 was praised. Jack Dorsey said that Bitcoin would eventually replace the dollar.

What You Need to Care About

Dorsey’s statement aligns with the increasing interest from VCs in the cryptoverse. In total, fintech received $88.3 Billion from VCs in 2021.

Kraken acquires stashed in record deal, Binance signs agreement with Dubai World Trade Centre

Crypto exchange – Kraken – has acquired non-custodial staking platform Staked in what is being described as “one of the largest crypto industry acquisitions to date.” The sum of the takeover remains undisclosed. Staked will provide an alternative to Kraken’s pre-existing custodial staking service.

Staked’s non-custodial staking service allows users to earn staking yield without giving up custody of their assets. The acquisition is Kraken’s fifth of 2021, a year that has seen its staking business grow by around 950% up to nearly $16 billion.

A week after we reported that Binance was in talks to move its headquarters to Dubai, the world’s largest exchange has signed an agreement with the Dubai World Trade Centre to establish a hub for global virtual assets.

This MoU will accelerate crypto adoption and promote long-term economic growth in the UAE through digital innovation. Binance helps exchanges and firms that are blockchain-based to become licensed in Dubai.

Flipsider:

• To enforce stricter international regulations regarding cryptocurrency, the Bank of England (BoE), is seeking to work with international counterparts.

What You Need to Care About

Kraken and Binance like many crypto companies are growing their services in order to make crypto services more accessible to wider audiences.

Bitcoin Reclaims $49K Amidst Recovery, Turkish Lira Rallies After New Plans

After enduring a five-week sell-off, the world’s largest crypto, Bitcoin, has experienced its biggest price jump of the period. Bitcoin rallied after forming a strong base at $46,500.

Here is the Bitcoin price chart over 48 hours (BTC). Source: Tradingview

Bitcoin reached a weekly record of $49 876 during the market recovery. Bitcoin is currently at $48,900 and has held above the 76.4% Fib level of retracement. Bitcoin has formed a support level near $48,750 and BTC may retest $50k resistance.

The Turkish Lira is another asset that has been able to pull a recovery. Prior to its recovery, the Lira had fallen to record lows as the rise in the country’s cost of living hit 21.7%. Between December 20th and 21, however, 40% of the Lira’s gains were realized.

As the currency recovered, the number of trades in Turkey’s crypto market surged back to above one million per day. The Lira’s recovery comes after President Recep Tayyip Erdogan unveiled a new lira saving scheme aimed at strengthening the currency.

Flipsider:

• Concerns have been raised about volatility in the Lira. Many Turks would rather save money in foreign currencies or gold.

Altseason: Terra, (LUNA), and Polygon (MATIC), Set New All Time Highs

While Bitcoin is showing strong signs of recovery, Altcoins have been the star performers of the period, with the market’s recovery setting the stage for new all-time highs for Terra (LUNA) and Polygon (MATIC), two of the best performing cryptos of the entire year.

Terra was ranked second on the DeFi platforms, after the Binance Smart Chain. On the same day, Terra’s native token, LUNA set a record high at $95.08. LUNA has gained 16% in value over the last 24 hours and 61% in the last seven days – making it the best performing crypto in the top-100.

Terra (LUNA) price chart for seven days Tradingview

Polygon (MATIC) rallied to a new all-time high after creating a $200 million fund with Reddit’s co-founder. MATIC gained 25% last week and now stands at $2.54. Polygon now ranks 14th in crypto market capitalization, at $17.9B as of writing.

A seven-day price chart of Polygon (MATIC) Source: Tradingview

Flipsider:

• Former U.S. President Donald Trump has warned of a massive ‘explosion,’ stating that crypto is ‘very dangerous.’

What You Need to Care About

Terra and Polygon were two highly-regarded projects within the cryptoverse.

Gamestop Marketplace and Ubisoft integrate NFTs. Metaverse Adoption grows in China

The crypto industry has had a fantastic year in 2021, particularly for non-fungible tokens which have become very popular across a variety of entertainment sectors. NFTs thrived in the gaming sector.

The gaming retailer giant GameStop (NYSE :), which is known for its defiance of Wall Street, expressed interest in creating an NFT marketplace. GameStop NFT marketplace will allow customers to search and buy NFTs for gaming, which can then be traded in other marketplaces.

Ubisoft, a game development studio, has launched in-game NFT capabilities. Despite the backlash the giant received from fans, Ubisoft has announced a partnership with Aleph.im, moving forward with the decision to make NFTs available in its upcoming AAA game, ‘Tom Clancy’s Ghost Recon: Breakpoint.’

Chinese tech firms have been showing an increasing interest in the metaverse, despite the government’s anti-crypto stance. According to recent reports, more than 1300 Chinese tech companies registered trademarks related the metaverse.

Flipsider:

• Although there’s been an increase in metaverse interest, it is still a controversial notion. ChineseIt is unlikely that the government will approve such applications, given their previous position.

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