Zuckerberg Makes Another Meta Move, Coinbase Subscription + More News

Metaverse news

  • As they build “for the metaverse,” Meta (formerly Facebook) is updating their Subscriptions product “so now creators can earn more.” “We’re launching a promotional link for creators for their Subscriptions offering. When people subscribe using this link, creators will keep all the money they earn (minus taxes),” CEO Mark Zuckerberg wrote in a post, adding that the company is also “launching a bonus program that pays creators for each new subscriber they get as part of our USD 1bn creator investment announced this summer.”

Exchanges news

  • Coinbase is testing a new subscription-based service that would give users access to enhanced features, The Block reported, citing materials they reviewed. Benefits of the service include zero-fee trading and prioritized phone support “even on holidays and weekends,” per the report.
  • Also, Coinbase announced they are acquiring AI-powered support platform Agara, which has operations in India and the US, and continuing to build their tech hub in India. The platform will help automate and improve customer experience on the exchange, they said.
  • Crypto.com announced it is partnering with live competitive entertainment platform Twitch Rivals to become the first Official Global Marketing Partner of Twitch Rivals, and the first-ever Official Marketing Partner for Twitch Rivals in Asia Pacific. As a Twitch Rivals Official Marketing Partner, Crypto.com will have category exclusivity, in-stream branded segments, media placement, activations at Twitch events, and more, they said.

CBDCs news

  • The People’s Bank of China (PBOC), China’s central bank, has increased the number of individuals with digital yuan accounts to 140 million, with 10 million corporate accounts created, Bloomberg reported. Transactions in e-CNY reached CNY 62bn (USD 9.7bn) in trials rolled out in about a dozen regions.
  • A central bank digital currency (CBDC) network could save global corporations over USD 100bn a year in transaction costs for cross-border payments, according to a report by consulting firm Oliver Wyman and megabank JPMorgan. The report estimates that of the nearly USD 24trn in wholesale payments that move across borders each year, banks incur more than USD 120bn in total transaction costs, making the case for CBDCs “very compelling,” they added.

Mining news

  • Bitcoin (BTC) mining company Marathon Digital Holdings announced that they have mined BTC 17.7 in October, increasing total bitcoin holdings to approximately 7,453, and received approximately 42,381 ASIC miners from Bitmain year to date, with an additional 3,285 currently in transit. The company’s existing mining fleet consists of 27,280 active miners producing approximately 2.96 EH/s, they added.
  • The Laos government expects to earn LAK 2trn (USD 193m) in revenue from Bitcoin mining – the first time such revenue would be earned from the mining and trade of the digital currency in the country, according to The Star. The expected revenue comes after the government recently gave the green light to six companies to trial a program to mine and trade cryptocurrency in Laos.

Investments news

  • Blockchain/crypto venture funding in 2021 is up 384% year-to-date compared to the entirety of 2020, with this year reaching USD 15bn in the first nine months, whereas 2020’s total was USD 3.1bn, according to research firm CB Insights. Additionally, the third quarter alone saw an average of 4.5 deals per business day, for a total of 286—an increase of 71% compared to the same time last year and the second-highest number ever, after Q2’21, which saw 291 deals raised.
  • Crypto lender Celsius Network announced it is acquiring cybersecurity company GK8. Celsius and GK8 will now provide an enterprise-grade custody platform for banks and financial institutions offering digital asset services protection from cyber attacks, they added.
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