Altcoins

Gucci to start accepting $BTC, $SHIB, $DOGE & More!

The fact that renowned international clothing and fashion brands are now accepting digital currencies as payment mode and participating in blockchain technology, NFTs, and Metaverse is proof enough of the massive growth of digital currencies. 

Gucci, the international fashion brand, recently announced its plan in Web 3.0 to accept crypto payments in selected US stores by the end of this month. The high-end luxury fashion brand will also extend this service to its other stores in North America by this summer. 

What to expect?

According to the sources, in-store payment will be accepted as crypto, starting with Bitcoin, Shib, Dogecoin and more, using a link that will be sent to customers using email. The customer must scan the QR code using their digital wallets to make the purchase. 

As per the news, the first Gucci stores to accept crypto payments are Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas.

Vogue, the American fashion and lifestyle magazine, also mentioned, 

“Gucci will accept payments in more than 10 currencies, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, and five stablecoins pegged to the US dollar. It will also accept Dogecoin, a “meme” cryptocurrency originally created as a joke.“

Marco Bizzari, the President and CEO of Gucci, also released a statement, 

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”

Gucci is one of the early adopters of crypto and Web 3.0 to target Gen Z. The brand has been interacting with the metaverse for the last year and also recently collaborated with Superplastic to release a collection of 500 NFTs to take its crypto approach a notch further. 

A New Stablecoin in town – USDD by Tron

Stablecoins have become growingly popular because of their resistance to crypto volatility. Several centralized institutions and MNCs are more friendly towards stablecoins than mainstream cryptocurrencies and aim to integrate them with their traditional financial services. 

Considering this widespread adoption, the number of stablecoins in the market has increased tremendously. Currently, stablecoins represent 10% of the total crypto market capitalization. In this already crowded market, a new player has entered the town called USDD, which is backed by Tron’s native token, TRX. 

USDD – Tron Network

Tron is a decentralized project and the world’s fastest-growing public chain that boasts over 88 million accounts and 3 billion transactions. The founder of Tron network, Justin Sun, recently announced that the project would launch a decentralized algo-stablecoin called USDD. This decision was outlined as an open letter to Tron DAO, and according to the reports, the launch will take place on May 5. 

“When USDD’s price is lower than 1 USD, users and arbitrageurs can send 1 USDD to the system and receive 1 USD worth of TRX. When USDD’s price is higher than 1 USD, users and arbitrageurs can send 1 USD worth of TRX to the decentralized system and receive 1 USDD.”

Sun

USDD will be backed by TRX, the native token of Tron that gained 8.7% after the announcement. Moreover, the token will represent an evolution from the previous Tether stablecoin that utilizes Omni and Tron networks, including Ethereum. 

It would be interesting to note how USDD will mark its position in the crowded and competitive stablecoin market where UST and Terra have already established a leadership position. However, USDD being an algo-stablecoin, already has an advantage. In algo-stablecoins, the supply and demand of the token are utilized to maintain the price stability of the token. 

Moreover, Tron DAO will manage the supply of the stablecoin by administering a reserve with a 30% interest rate. These attributes make USDD a strong contender prior to the launch. 

Init Metaverse: DeFi Bytes by Blockchained India

The massive digital space that has opened up new exciting opportunities for various industry verticals has entered the physical realm. There are several exciting events being held around digital assets, blockchain technology, DeFi, NFTs, and more that allow enthusiasts to interact with like-minded individuals while growing exponentially. 

Blockchained India, a unique initiative that aims to educate Indians about the potential of blockchain technology is hosting an exciting DeFi Bytes event catering to the metaverse and growing DeFi space as a part of its Initialize Metaverse campaign. 

Initialize Metaverse is a six-month virtual conference that is being organized by the collaborative effort of Terra Luna and Draper Dragon Fund with the blockchain network Polygon as the ecosystem partners. The conference explores the expansive industry of DeFi, DAOs, NFTs, Identity Management, GameFi, and more with a special focus on their contribution to the metaverse. 

DeFi Bytes

DeFi Bytes is a meetup aimed at understanding the new trends in the DeFi space and how new users can participate in the new opportunities. 

The meeting is scheduled to be held on the 22nd of April, Friday, and here is the agenda for the meetup:

  • 5:00 – 5:10 pm: Welcome Session
  • 5:10 – 5:30 pm: Talk on “Importance of Governance Tokens in DeFi”
  • 5:30 – 6:00 pm: Panel on ” Borderless Finance: DeFi for the rest of the world”

The speakers for Borderless Finance: DeFi for the rest of the world panel, hosted by Raghav Bhel, ‘Crypto Guy’ are:

1. Tejas Chitnis, Co-Founder & CEO, Cryption Network

2. Sameep Singhania, Co-Founder, QuickSwap

3. Siddharth Patil, Co-Founder & COO, Comdex

4. Zhulin Chen, Co-Founder & CEO, RockX

  • The next panel is 6:00 – 6:30 pm: Panel on ” Why DeFi is a viable alternative to TradFi”. 

This panel is hosted by Sameer Malik, Partner, Chain Asses Capital, and will include:

1. Sanat Kanpur, Investment Analyst, Spartan Group

2. Amitej Gajjala, Founder & CEO, Stader Labs

3. Venkatesh Karanalu, Co-Founder & CEO, Pontoon Finance

4. Aanchal Thakur, Co-Founder & CEO, Spherium Finance

The last agenda on the meetup is 

  • 6:30 – 7:00 pm: Networking Session

Here is what Deepansh S, Co-Founder & COO of Polkadex has to say about the meetup, 

“As a truly cross-chain decentralized exchange with a focus on interoperability, Polkadex is designed to become the trading engine of the Web3 environment and an essential DeFi building block in the metaverse. We’re excited to sponsor Initialize Metaverse and  partner with the project to help bring together innovators who are working to enable mass adoption of Web3 in India and beyond.”

Deepansh S

The DeFi Bytes meetup is going to be an exciting event where the users can learn everything they need about the DeFi space. The event is free of cost and will be online. Moreover, the recording will also be shared on social channels. 

Government Set Out To Make the UK a global Crypto Asset Technology Hub

The ripples of mass crypto adoption have been observed in various sectors of the world, and considering the chatter that has been emitted, more and more nations are joining the plight. The UK government also joins the crypto community by announcing moves in order to recognize stablecoins as a valid form of payment. 

These moves are simultaneously targeted at making Britain a global hub for the development of crypto asset technology and amassing investment. According to these rules, stablecoins will be brought within regulations while taking a series of measures such as legislating a ‘financial market infrastructure sandbox’ that will help firms innovate. 

The Initiative by UK Government 

The UK government has also organized an FCA led ‘CryptoSprint”, which will work with the Royal Mint on an NFT and create an engagement group to work closely with the crypto industry. These measures are being taken to ensure that UK financial services remain at the top of the trend while attracting investments, creating jobs and widening consumer choice. 

The chancellor of the Exchequer, Rishi Sunak, said, It’s my ambition to make the UK a global hub for crypto-asset technology, and the measures we’ve outlined today will help to ensure firms can invest, and innovate and scale up in this country.

We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively, we can give them the confidence they need to think and invest long-term.

This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.

UK’s Plight for Stablecoins

Stablecoins are digital assets pegged to a fiat currency such as the dollar that makes its price maintained to a stable value. With the proper regulations, stablecoins can offer an efficient means of payment and widen consumer choice. The UK government will bring stablecoins as a form of payment method. 

The UK government aims to use this potential of stablecoin technology to ensure financial stability while promoting innovation within the country. John Glen, the Economic Secretary to the Treasury, also confirmed that the UK government would consult on more extensive regulation on the crypto sector later this year. 

Binance Announces Web3 Partnership With Grammy Organization

Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume with a global trust by millions of users worldwide, recently raised another pillar within its ecosystem as it keeps building partnerships and giving support. Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto product offerings. 

On Thursday, 31st March 2022,  the global blockchain company announced that it has signed a partnership agreement with the Grammy Recording Academy to become the first-ever official cryptocurrency exchange partner for the 64th Annual GRAMMY Awards and GRAMMY Week events, including the inaugural Recording Academy Honors celebration. As the official crypto exchange partner of the GRAMMY Awards, Binance will continue to work with the Recording Academy throughout the year to bring various Web3 technology solutions and experiences to the organization’s members, events and initiatives.

About the Recording Academy

The Recording Academy represents the voices of performers, songwriters, producers, engineers, and all music professionals. It’s firmly dedicated to ensuring that recording arts remain a thriving part of the general shared cultural heritage. Going forward, the Academy honors music’s history while investing in its future through the GRAMMY Museum, advocates on behalf of music creators, supports music people in times of need through MusiCares and celebrates artistic excellence through the GRAMMY Awards which is music’s only peer-recognized accolade and highest achievement. 

Note that as the world’s leading society of music professionals, the Grammy organization works year-round to foster a more inspiring world for creators and this has been an inspiring feat for many other brands within the entertainment sector. Following claims by the company, Binance is the first-ever official crypto exchange partner of the 64th Annual Grammy Awards. 

Remarks From The Record Academy and Binance

Owing to the prospects that this partnership holds,  the Co-President of the recording academy, Panos A. Panay made a remark:

“As we continue to evolve the Recording Academy for a rapidly changing music industry and for the next generation of creators, we feel that it’s important to work with innovative partners to explore new monetization avenues for our members and create new experiences for music fans,” 

In another statement captured by The Block, he further said:

“As the leading player in the crypto and blockchain space and with its community-focused approach, Binance is the perfect partner for the GRAMMYs and for our mission to empower music people around the world.”

Furthermore, remarks eased off from the global Blockchain company as the Co-Founder, Yi He made remarks as well: 

“We were impressed by the Recording Academy’s ability to meet changing demands of its community. This is something we mutually share as a company that puts users and people first. Starting with the GRAMMYs, we are excited to work together with the Recording Academy to bring fresh new experiences powered by blockchain and all the great things Web3 technology can bring to entertainment.”

Take the Extra Also

According to the Press Release, additional details about the partnership will be announced at a later date but in the meantime, the event will be held live from MGM Grand Garden Arena in Las Vegas which stands as the 64th Annual GRAMMY Awards, and will be broadcast on Sun, April 3, 2022, at 8 p.m. ET/5 p.m.