This week’s top-5 stories curated to catch up with the crypto world

Time Square to get a Metaverse version TRON breaks 100M users mark
Bitcoin and Crypto Market News Friday, July 01, 2022 - 18:43

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Have you ever imagined the famous Time Square in New York getting a metaverse rendition? Well, it is going to be true! From SAP launching a new initiative on the Metaverse to expanding cloud adoption, TRON user accounts officially surpassing the 100 million mark to MicroStrategy purchasing an additional 480 Bitcoins for nearly $10 million and more... Read on.

SAP introduces metaverse for cloud adoption in India

Tech major SAP has launched a new initiative on the Metaverse to accelerate cloud adoption among Indian businesses. 

Targeting clients adapting to digital technologies, SAP said that its "cloud on wheels" platform will let users experience the entire range of "Rise with SAP" products and help reimagine processes for better business results.

SAP being a provider of enterprise software and cloud solutions will assist customers in understanding insights into and predicting real scenarios. SAP has been utilizing digital twin technology, which creates virtual reproductions of existing structures, capital goods, and industrial processes.

In order to enable digital B2B services, SAP aims to introduce measures to support digital B2B services such as Rise with SAP, SAP’s Digital Core, Procurement, Customer, and People Experience solutions. 

Since Facebook changed its name to Meta, tech firms all around the world have been rapidly entering the metaverse bandwagon. Indian IT service providers like Tech Mahindra Ltd. and Infosys Ltd. have also started their own metaverse projects.

TRON breaks 100M users mark

TRON user accounts have officially surpassed the 100 million mark on the same day as TRON mainnet celebrated its 4th anniversary since network independence. Launched in May 2018, the mainnet of TRON is one of the three major public chains globally.

Since 2021, TRON has substantially grown its presence in the NFT industry as well. The NFT community has built a comprehensive infrastructure and partnered with GameFi and NFTFi projects deploying on the TRON blockchain.

After four years of steady growth, TRON also shared that the team is growing and providing a rare opportunity to work directly with a Layer 1 Blockchain and have an impact on every aspect of the sector.

Time and Sandbox to build a Virtual Times Square 

Time magazine and gaming company Sandbox have joined forces to create “Time Square” in the metaverse, which is modelled after the Times Square neighbourhood in New York. 

It will be made on TIME’s virtual land in The Sandbox as a hub for gathering, art, and commerce, inspired by the aesthetic energy of New York’s Times Square. 

In September 2021, the company ventured TIMEpieces, an NFT community initiative featuring the original artwork of more than 40 influential artists.

The objective of TIME is to create a virtual setting that would serve as the "heart of the metaverse." The digital Manhattan will serve as an inclusive platform for TIMEPieces holders to enjoy unique experiences such as attending meetings and events hosted by TIME Studios for educational and recreational purposes.

MicroStrategy Buys $10 Million Bitcoin 

At the height of the cryptocurrency market collapse, Michael Saylor's Bitcoin-backed IT company MicroStrategy purchased an additional 480 coins for nearly $10 million.

Between May 3 and June 28, 2022, MicroStrategy bought Bitcoin for an average price of around $20,817, expenses included. As of June 28, the company has spent over $3.98 billion to hold about 129,699 Bitcoin, according to reports. 

MicroStrategy began its Bitcoin-buying spree back in 2020 when it initially spent $250 million on the asset. Even as Crypto Winter sets in, the company's CEO Michael Saylor appears to be convinced that Bitcoin will go up in value in the long term. 

There has been a lot of speculation on whether MicroStrategy may begin to face margin calls during bitcoin's most recent leg down to the $18,000–21,000 range, but Saylor has denied the rumours and vowed to buy more coins as cash flow permits. 

Three Arrows Capital defaulted on a $670 million loan

Crypto hedge fund Three Arrows Capital (3AC) received a notice of default from cryptocurrency broker Voyager Digital on Monday for failing to make the required payments on a loan worth more than $665 million. This is the most recent sign of the financial unrest roiling the cryptocurrency world as the value of tokens has fallen.

Voyager said it intends to recover the funds, which were loaned as 15,250 bitcoin and $350 million in USDC, a stablecoin whose value is pegged to the dollar. The loans totaled around $665 million. 

3AC’s issues come after a combination of several factors have hit the crypto markets. They had been deeply invested in several cryptocurrency projects, including Terra, as well as Axie Infinity, and BlockFi, a centralized cryptocurrency exchange. 

They also had sizable leveraged investments in cryptocurrencies like Bitcoin, Ethereum, and other assets, all of which saw declines of up to 60% in the first half of 2022.

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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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