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Dapper Labs and Flow Blockchain to Get a Boost From Big Tech as Studio Partners With Google

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Dapper Labs and Flow Blockchain to Get a Boost From Big Tech as Studio Partners With Google

Google is joining forces with the blockchain firm Dapper Labs in order to help bolster Web3 development, blockchain gaming, and non-fungible token (NFT) technology. The blockchain company’s CEO Roham Gharegozlou tweeted about the deal on Tuesday noting that the firm was “amped to welcome Google to the Flow blockchain.”

Google to Collaborate With Dapper Labs

Various reports indicate that the American multinational technology company that specializes in Internet-related services, Google, has partnered with Dapper Labs. The Google collaboration announcement follows Dapper Labs’ recent partnership with Filecoin.

Speaking with Forbes’ contributor Michael del Castillo, Janet Kennedy, the vice president of Google Cloud North America, explained that “it’s really about helping them with rapid and sustainable growth.” Kennedy further elaborated that blockchain tech is continuing to advance.

“Blockchain technology is becoming more and more mainstream. So companies like Dapper need scalable, secure infrastructure to grow their business, and even more importantly, support their networks,” Kennedy remarked.

Dapper Labs CEO Is ‘Amped to Welcome Google to Flow,’ Google’s Shaky Past With Crypto

Dapper Labs is the team behind projects like Cryptokitties, NBA Top Shot, and the Dapper Wallet. Additionally, Dapper Labs also operates the Flow blockchain project which aims to be “built for the next generation of apps, games, and the digital assets that power them.” On Twitter, the CEO of Dapper Labs, Roham Gharegozlou, confirmed the partnership as well and mentioned a few statistics.

“Amped to welcome Google to [the] Flow blockchain,” Gharegozlou said. “In 1 year since #onFlow mainnet: 2.2M unique wallets, less than half from @nbatopshot, 248 mainnet contracts (cf @flowverse_), [and] 18.5M blocks and 49.7M tx. Now with 3000+ new devs building, Google jumps onboard to help scale,” he added.

Google’s entry into the crypto space has been shaky with the company’s new policy for cryptocurrency ads in June, and when the ad policy went into effect during the first week of August. The company also faced a class-action lawsuit in July 2020 when Google, Twitter, and Facebook were accused of harming blockchain and crypto firms when it banned cryptocurrency advertising in 2018.

The latest partnership with Google will bolster Dapper Labs as the ‘Big Five’ technology and analytics company plans to provide Flow with infrastructure and scaling tools.

What do you think about Google partnering with Dapper Labs? Let us know what you think about this subject in the comments section below.

As The Bitcoin Price Hits $45,000, Is The Next Bull Run Beginning?

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With the bitcoin price hitting $45,000 and above, has the next BTC bull run begun?

Last Week In Bitcoin is a new segment covering the week that was in Bitcoin, including all of the important news along with some analysis.

It was the week we’ve been waiting for: We’ve spent most of the last week with the bitcoin price in the $40,000s, briefly seeing bitcoin eye $37,000 on Thursday before starting off its weekend run, which saw it break above $45,000 a few times as many asked themselves: Is this the start of the next bull run?

Timeline of the bitcoin price this week, with corresponding news items listed below.

The News That Drove The Bitcoin Price

This week started off with a bang when finance giant NCR, which operates over 1 million ATMs worldwide, announced that it would acquire bitcoin ATM operator LibertyX (1), aiming to roll out bitcoin ATMs and point-of-sale (POS) systems across the globe. Pretty bullish, right?

Also, on Monday, Wells Fargo, the same bank that banned users from buying cryptocurrencies in 2019, started offering wealthy clients exposure to bitcoin and bitcoin-related investments (2).

Tuesday continued the week’s bullish trend when American fast food chain Quiznos announced it would start accepting bitcoin payments soon (4) and eligible users would receive $15 in bitcoin rewards, paving the way for more businesses across the U.S. to do the same. Despite once boasting over 4,700 outlets across the globe, the fast food chain currently has closer to 1,000 outlets, most of which are likely to start accepting bitcoin, per the news.

Also on Tuesday, Google finally lifted its 2018 crypto ad ban, meaning that companies will now be allowed to buy advertisements across the entirety of Google’s ad network (5). Later in the day, a Bloomberg Intelligence Report indicated that bitcoin was “on track” to hit $100,000 later this year. On Wednesday, Merchant Bank’s founder spoke on Yahoo! Finance calling bitcoin “massive” and a “must-have in your portfolio,” further spreading the bitcoin gospel (6).

Thursday brought some interesting news as well, with reports that JPMorgan would open a bitcoin fund to wealthy investors (7). This would be the same JPMorgan whose CEO, Jamie Dimon, has repeatedly bashed bitcoin over the years, saying bitcoin is a terrible store of value in 2014, saying it would go nowhere in 2016, calling bitcoin a fraud in 2017 and saying that he doesn’t give a sh*t about bitcoin in 2019. Turns out, Bitcoin is undeniable.

But for most of the week, the market was abuzz about the controversial U.S. infrastructure bill proposal, which included a section focusing specifically on regulating the tax payments around cryptocurrencies such as bitcoin. The bill’s author, Senator Rob Portman, admitted during the course of the week that wording in the bill was vague and would need some clarification (3).

The ongoing discussions regarding the section covering bitcoin stalled as the bill was debated, and it appeared that legislators will ultimately make changes in haste or push the bill through without doing so, which could have dire consequences for the U.S. If taxed inappropriately, bitcoin miners will leave the country, users will hide their bitcoin stashes and the U.S. will be set back years.

Overall, the phrase “buy the rumor, sell the news” became more apt by the day. Although the market did not seem very phased by this, if this bill does go through with onerous bitcoin taxing requirements, it may very well act as a catalyst for the start of the next bear market. Of course, that’s just my opinion.

Bitcoin Is Primed For A Pump

This past week was a breath of fresh air for Bitcoin, confirming my constant yammering over the last few months that bitcoin is primed for a pump. I remain firm in my opinion that bitcoin will continue to surge over the next few months and a six-digit price tag isn’t unlikely (even Bloomberg thinks so). There may be another few dips in the weeks or months to come, but we’re on a rocket that will pave the way for the future of finance.

Over a decade ago, just a week after the Bitcoin network went live, pioneer Hal Finney speculated that a single bitcoin could someday be worth $10 million. That’s still at least 20,000% upside, if you’re at all bothered with bitcoin’s pricing in fiat currencies. If you look at bitcoin’s performance over the last decade, then it’s clear as daylight that the next decade will be a spectacle.

I believe the U.S. infrastructure bill is something to keep a close eye on, and not just if you’re based in the U.S. or one of its territories. It will have long-term ramifications for the entire market, if it goes through in its original form — though that may not be likely to happen.

Bitcoin has gone from $0 to an asset with a nearly $1 trillion market capitalization in just over a decade. And that doesn’t include the platforms and services that have been built around bitcoin, its trading or expansion. Media, hardware and software companies, influencers, investors and more have built massive industries around Bitcoin.

Bitcoin isn’t going anywhere anytime soon, this week will just be another green candle in a sea of them…

This is a guest post by Dion Guillaume. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

El Salvador Making Bitcoin Legal Tender Paves A Path For Bitcoin Adoption In Countries

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This week, Bitcoin 2021 ruled the headlines as a major announcement about El Salvador came out of the conference.

This Week In Bitcoin

This Week In Bitcoin is a new segment covering the events of the week that occurred in the Bitcoin industry, covering all the important news and analysis.

Summary

Although bitcoin saw relatively steady gains over the last week, climbing to nearly $40,000, it was only a matter of time before Elon Musk started his fear, uncertainty and doubt (FUD) campaign again, tweeting a breakup meme alongside the Bitcoin hashtag early Friday morning, which sent the bitcoin price tumbling as much as 7%. Of course, this was to be expected since Musk cannot seem to resist spreading FUD, as he previously had with Tesla stock before the Securities and Exchange Commission (SEC) came knocking.

As the market geared up for Bitcoin 2021 in Miami this weekend, it seemed like there would be few developments during the week outside of the announcements at this conference. Indeed, El Salvador’s president announced that he will introduce a bill that would implement bitcoin as legal tender, becoming the first to do so and paving the way for others to follow. While this was major news coming from the conference, there was further news outside of Bitcoin 2021: Google lifted its 2018 ban on cryptocurrency advertisements on its network; the Finance Minister of Norway suggested an imminent breakout for bitcoin; Coinbase integrated its debit card with Apple and Google’s mobile wallets allowing payments with bitcoin; and Paxful launched Paxful Pay, allowing merchants to accept bitcoin as a payment method.

Highlights

  • El Salvador To Declare Bitcoin As Legal Tender
  • Google Ad Policy Updates Require Regulatory Compliance From Bitcoin Exchanges And Wallets
  • Bitcoin Exchange Paxful Launches Paxful Pay, Enabling Merchants To Receive Bitcoin Payments
  • Hungarian Bitcoin Groups To Erect Statue Honoring Satoshi Nakamoto
  • Coinbase Card Users Can Now Make Bitcoin Payments And Reap Rewards With Apple Pay
  • Bitcoin Mining Rig Manufacturer Canaan Argues Against Chinese Crackdown

Chart Of The Week

Bitcoin has been gearing up for a breakout this week, nearing $40,000 before Musk decided to rain on the parade. Along with the continuous FUD, the current dip is nothing new if you’re familiar with bitcoin’s movement over the last decade. The chart above, courtesy of Bloqport, analyses the 2017 bull run, and clearly shows there were several sizable dips on the run up to $20,000.. The current bull run is no different and although there are more eyes and hands on Bitcoin this time around, there is no reason not to expect a breakout soon.

Bullish: Short Term

As I mentioned last week, the current bull run is far from over, and experts such as Cathie Wood agree. More and more people are suggesting a price breakout is imminent, so why should we even consider that not to be the case?

El Salvador’s decision to”‘legalize” bitcoin and make it legal tender in the country is incredibly bullish. As the first country to do so, El Salvador will not only act as a “guinea pig”, but will also pave the way for other countries to follow. In all likelihood, emerging markets will be the first to follow suit, especially those utilizing the US dollar as their reserve currency. The United States’ move to issue more bonds and print more money will have an impact on the dollar’s value, affecting those most dependent on it. El Salvador may be the first of many countries to embrace bitcoin.

Google’s lifting of the ban on cryptocurrency ads will have a major impact on the market over the coming months as it will be easier to gather impressions on Bitcoin content. Similarly, as Coinbase, Paxful and others follow PayPal in enabling payment for goods and services using bitcoin, it’s likely to see adoption grow, even if most die-hard bitcoin users would suggest HODLing. The naysayers who have spent years saying bitcoin doesn’t qualify as a currency because you can’t spend it anywhere will go quiet, much like they do when price quickly ascends.

Institutional investors are seeing an increase in interest in assets such as bitcoin, with Standard Chartered and Guggenheim Investments both looking toward introducing funds with bitcoin exposure. Then there’s the Taproot upgrade that appears to be a done deal for the Bitcoin network as more and more miners signal their support. Taproot will bring more privacy, lower transaction fees and more flexibility around smart contracts on the Bitcoin network.

Bullish: Long Term

I am revising my long term outlook from last week to bullish. Although this bull run will eventually peak and see a sizable correction in the near future, there is increasing hope for bitcoin in the long term.

Besides miners moving to “greener” equipment and sources of electricity, states like Texas and countries like El Salvador’s favorable embrace of bitcoin is likely to generate more sovereign entities to follow suit. Companies moving to accept bitcoin will not only benefit consumers and merchants alike but the market as well, despite its volatility.

As the legal framework starts to form around the world for bitcoin, we’re likely to see more investors join the fray. Whether Bitcoiners like it or not, increasing amounts of institutional investors investing in bitcoin is likely to bring more individual investors, as the former brings more security and trust to the community for the latter.

Verdict

Saying things like “look at the bigger picture” or “every cloud has a silver lining” may seem cliché, but it’s true when approaching the current state of the market. Yes, it would be great to see a breakout and bitcoin surging past $65,000 in the next week or two, but it’s important to take a step back and look at what’s to come.

Bitcoin’s performance may not appear too favorable with the dips and sideways movement over the last few weeks, but it has remained relatively steady. I am sure the news and events from the past week have not been priced in, though whether that’s due to newcomers selling off in a panic or whales suppressing the price is unclear. What is clear is that Bitcoin is seeing a favourable reaction from the world. Countries are opening up to the idea of Bitcoin and large companies are jumping onboard.

Yes, Bitcoin still has a long way to go in terms of mass adoption, but it’s easy to forget that it’s market cap is in the hundreds of billions of dollars. The world’s leading investors and companies either hold it on their balance sheets or are considering doing so. One thing is for certain: Bitcoin has already made its mark and it is here to stay. No amount of FUD, misinformation or “expertise” can deny that.

Overall, the short term looks bright and, to use a phrase I read on Twitter,let’s shake out the “mayo hands” and get bitcoin to the moon.

This is a guest post by Dion Guillaume. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

Google Ad Policy Updates Require Regulatory Compliance From Bitcoin Exchanges And Wallets

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Google has updated its requirements for bitcoin exchange and wallet advertisements, requiring FinCEN, state and federal compliance.

Web search giant Google plans to update its requirements for advertisements from bitcoin-focused businesses next month.

“In August 2021, Google will update the Financial products and services policy to clarify the scope and requirements to allow the advertisement of cryptocurrency related business and services,” according to a statement from the company. “Beginning August 3, advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google.”

The statement went on to list that these businesses will need to be registered with the Financial Crimes Enforcement Network (FinCEN) as money services businesses and with at least one state as money transmitters, or with federal- or state-chartered bank entities. They will also need to comply with legal requirements set by state and federal authorities.

Any existing cryptocurrency exchange certifications will be revoked on August 3, and advertisers will have to seek out new certifications with Google when it publishes an application form on July 8, 2021.

The statement also clarified that “Ads for initial coin offerings [ICOs], DeFi trading protocols, or otherwise promoting the purchase, sale or trade of cryptocurrencies or related products” will not be allowed. ICO presales, cryptocurrency loans, initial decentralized exchange (DEX) offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets and unregulated decentralized applications were all listed as examples of things that cannot be advertised.

Google has generated 30% of worldwide digital ad revenue in recent years, and its advertising policy can have major influence on the success of businesses. Regulatory requirements enforced through these policies could very well determine the success of many bitcoin exchanges or wallets. 

Google Announces New Policy for Cryptocurrency Ads

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Google Announces New Policy for Cryptocurrency Ads

Google has announced an update to its financial products and services policy, which includes its policy on cryptocurrency advertising. The new rules will take effect in August and all prior crypto exchange certifications will be revoked. Advertisers must request new cryptocurrency exchanges and wallets certification with Google.

Google Introduces New Crypto Ad Rules

Google Inc. posted a notice Wednesday regarding its new crypto ad policy. “This policy will apply globally to all accounts that advertise these financial products,” the Internet giant wrote.

The notice explains that Google will update its existing financial products and services policy in August “to clarify the scope and requirements to allow the advertisement of cryptocurrency related business and services.” The tech giant wrote: “Beginning August 3, advertisers offering cryptocurrency exchanges and wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google.”

The company proceeded to explain how advertisers can be certified. Firstly, they must be duly registered with the Financial Crimes Enforcement Network (FinCEN) “as a Money Services Business and with at least one state as a money transmitter.” Alternatively, the advertisers can be “a federal or state chartered bank entity.”

Furthermore, Google noted that the advertisers must meet all relevant legal requirements, including state, local, and federal laws and they must also “Ensure their ads and landing pages comply with all Google Ads policies.” The company elaborated:

All prior cryptocurrency exchange certifications will be revoked on August 3, 2021. Advertisers must request new cryptocurrency exchanges and wallets certification with Google when the application form is published on July 8, 2021.

Meanwhile, Google clarified that some ads are not allowed. They include “Ads for initial coin offerings [ICO], Defi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products.” In addition, “Ad destinations that aggregate or compare issuers of cryptocurrencies or related products” are also prohibited.

“ICO pre-sales or public offerings, cryptocurrency loans, initial DEX offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets, unregulated Dapps, cryptocurrency trading signals, cryptocurrency investment advice, aggregators or affiliate sites containing related content or broker reviews” are some examples of the ads that are not allowed.

Google’s current financial products and services policy states: “We consider financial products and services to be those related to the management or investment of money and cryptocurrencies, including personalized advice.” Crypto ads are currently allowed in the U.S. and Japan.

What do you think about Google’s new policy on cryptocurrency ads? Let us know in the comments section below.