Just recently, Tesla Inc. came forward with its third-quarter earnings report. Tesla’s Q3 financial reports show that Tesla didn’t sell any BTC during the quarter. Its accounting report further reveals that $218 million are in digital resources, unchanged from the second quarter.
At the time of writing this post, the cost of Bitcoin is $19,431.70. Tesla purchased $1.5 billion worth of the digital currency in mid 2021 and has not bought any more since. The organization sold around 75% of its BTC possessions in the second quarter of this year.
In the third quarter, Tesla’s income rose to $21.5 billion, contrasted with experts’ projections of $22.1 billion. Benefit excluding a few things rose to $1.05 per share, surpassing the $1.01 normal of evaluations incorporated by Bloomberg.
During the Tesla’s Q3 profit call, Elon Musk stated that Tesla could be worth more than the consolidated worth of Apple and Saudi Oil Organization (Saudi Aramco) in the coming years. The two companies are at present the world’s biggest organizations by market cap. Elon further explained that interestingly I see a way for Tesla to be generally two times the worth of Saudi Aramco.
At this time, Saudi Aramco’s market cap is $2.09 trillion while Apple’s market cap is at $2.31 trillion. Tesla’s market cap is $695.76 billion. Elon Musk likewise shared his economic outlook during the call. He stated that China is encountering a downturn of sorts generally in the property markets and Europe has a downturn of sorts driven by energy. North America’s in very great wellbeing, albeit the Federal Reserve is raising loan costs more than they ought to, yet I think they’ll ultimately understand that and cut them down once more.
Just recently, we also heard the news of Elon musk buying twitter and on that news he said that he amped up for the Twitter situation. Elon and other financial backers are clearly overpaying for Twitter at the present time however the drawn out potential for Twitter in his view is a significant degree more prominent than its ongoing worth.
Musk as of late uncovered that purchasing Twitter speeds up the making of “X – The everything app.” He initially attempted to back out from purchasing the virtual entertainment platform yet switched the decision towards buying it. The court has given Musk time until Oct. 28 to close the acquisition to avoid a trial.
Mastercard Inc. is the second-biggest payment handling company around the world. It offers a scope of financial administrations. Its headquarters is in New York. Just recently, Mastercard announced that it is really looking forward to bring crypto to the majority by making it simpler for banks to reach out.
The company intends to introduce a program that will assist financial institutions with offering cryptographic money exchanging. Mastercard is planning to work as a bridge between Paxos, a crypto exchanging platform previously utilized by PayPal to offer a comparative service, and banks, as indicated by the organization. Mastercard and Paxos will deal with administrative consistence and security, two main reasons banks refer to stay away from the asset class.
A few consumers have been doubtful, as well. Digital forms of money like Bitcoin are known for unpredictability, and the world’s top digital asset have lost the greater part of their worth this year. The business has suffered billions in hacks since January, combined with different high-profile bankruptcies. As per MasterCard’s chief digital officer, a survey among people actually shows interest for the asset, yet generally 60% of respondents said they would prefer to try things out through their current banks.
In an interview by CNBC, MasterCard’s chief digital officer stated that there’s a great deal of people out there that are truly keen on this, and captivated by crypto, however would feel much more sure assuming that the services were presented by their financial institutions. It’s somewhat frightening to certain individuals still.
Huge speculation banks like Goldman Sachs, JPMorgan and Morgan Stanley have devoted crypto teams however they avoided offering it to purchasers. The thing is that they really want to do it but fear about the risks.
Mastercard and Visa have both been on partnership sprees in crypto. Mastercard has proactively collaborated with Coinbase on NFTs and Bakkt to give banks and merchants in its network offer crypto-related administrations. Last week, Visa came together with FTX to offer crypto debit cards in 40 countries and has more than 70 crypto partnerships. American Express has also said that it is exploring utilizing its cards and organization with stablecoins, which are fixed to the cost of a dollar or another fiat currency.
The payments company stated that its job is to keep banks on the right half of guideline by adhering to crypto compliance guidelines, checking exchanges and giving anti-money laundering and identity monitoring services. Mastercard will direct the item in the first quarter of the next year, then “wrench the handle” to extend in additional geologies. While the business is surviving a bear market or “crypto winter,” Lambert said greater activity not too far off could prompt more exchanges and fuel MasterCard’s core business.
Crypto is slowly changing the world and how we do things here; let’s see what is waiting for us in the future.
We all know that Solana is a high-performance blockchain that helps the builders around the globe to create crypto apps that scale these days. Despite being one of the quickest growing crypto currencies, the Solana cost was affected quite badly at the time when the crypto market was bleeding. However, now it started to like Solana is recovering very well and far better than many others crypto currencies. It is, once again, covering its path towards gaining its market value. Mango (MNGO) is a decentralized crypto trade on the Solana blockchain that offers clients the capacity to make spot exchanges and loans.
Mango’s MNGO token was down more than 42% in the early October with the fears that the platform might have been exploited, as per price information at CoinMarketCap.
The MNGO Exploit:
The decentralized SOLANA platform was exploited for more than $100 million. The incident was at first reported on Twitter by blockchain reviewers who stated that the attacker successfully took control of their Mango collateral. However, after a while, Mango also affirmed the incident in a tweet by expressing that it was “investigating an exploit where a hacker successfully emptied funds out of Mango by means of oracle price manipulation.
The drained assets remained, at press time, on the Solana blockchain. In comparative cases, centralized exchanges like Binance, Coinbase and Kraken – the main entities with enough liquidity for somebody to cash out sums this huge – have blacklisted affronting addresses.
In its underlying explanation, Mango stated that it was doing whatever it takes to have third parties freeze finances in flight and disabling deposits toward the front as a safety measure.
If you are nearly connected to the crypto world then you must have an idea that the exploits are becoming a trend in here. Every other day we hear the news of hacks and exploits even on the biggest platforms. Recently, many big platforms including Binance experienced serious exploits and hacks and it is high time that all of the huge platforms take a deep insight into this matter and make sure that the security is more than perfect.
With the introduction of the crypto industry, almost every kind of company or organization is now adopting this new form of the financial system. It has brought about a new change and has also been responsible for various reformations taking place in these areas. The effect of NFT has been huge in various fields as it has been in gaming. It has taken the forms of gaming to whole new levels, or levels that it had never achieved before. This article sheds light on how music NFT has helped in changing the whole form of gaming.
Let’s take a look at the gaming industry
The Gamefi industry is a relatively new organization that has very recently come to notice and flourished in the year 2020. In the year 2022, its market capitalization has been assumed to be more than 55.4 billion dollars. This growth that Gamefi has witnessed in such a short period has proven that it is here to stay and grow continuously for years to come. A similar organization thaw areas its contemporaries have failed to gain the kind of capitalization as Gamefi has done.
It is also important to note here that it is not the growth of market capitalization every month or every year, that matters more. It is the kind of feedback that has been received from users who have felt like they have been able to reap the full profits, that matters more.
Rise of the gaming industry
Many people all over the globe like playing games. However, gamification is completely different from that playing games. Refers to the application of the principle of gaming to some of the very basic or boring tasks to make them more pleasurable for the users. For example, principles of gaming have been employed to help students navigate through their university or to locate different places I’m their university. Making it look fun and feel exciting, the simple task of locating places has been made a much more fun experience.
However, there is only one aspect that is neglected or ignored the whole of such experiences for the users created. And this aspect is called music and its role.
The role of music in games
When people the k of games, they think about the storyline, the graphics, the animation, etc, however, music is never taken into consideration. However, music has a very vital role to play in all of this. It is also responsible for giving the users a much better in-game experience. It also makes the game all the more realistic for the users.
The makers of these games are trying continuously to give the users a very memorable, realistic experience. With the right use of music, it is possible. The task can be a quite difficult one as it takes a lot of effort and brain to create an impressive and impactful gaming experience for the users.
Inclusion of music NFT for a newer experience
With the use of music NFTs, the way of making or creating music can be completely transformed. Gaming organizations can also purchase the music NFT or bring together a group of musicians to create music with remuneration for the job they do.
The inclusion of music NFTs in games is not much of a trouble and is not that rare of a process. The use of. music NFTs can also help with those games that do not make use of blockchain technology. People want games that can keep them hooked and engaged and give them a memorable experience. Those games that fail to do so won’t be a worthy experience that users would want to play that often.
As the crypto market is growing, better ways are getting carved out to facilitate the growth of the industry and to enable different types of crypto exchanges in the market. Various financial platforms have come together to come up with newer ways to accept payments and deposits in the form of crypto to encourage the use of this particular medium of exchange that is relatively new in the financial system. For example, FV Bank, otherwise known as the global digital bank has devised a new method wherein it can now accept deposits in the form of USDC coins which are circle-backed.
An analysis of the initiative taken by FV Bank
Recently, the FV Bank made a declaration that has even been referred to as a revolutionary decision in the crypto industry. It has now made provisions for its users to make deposits in the form of USD coins. These deposits can even be done to the US dollar accounts of the bank. With this new feature, users have now been able to get deposits or accept USDC quite easily into their accounts without much fuss.
A brief analysis of the USDC process
One might wonder about the whole process that goes into making it a success. This article has tried to very briefly give an overview of the whole system. After the USDc gets deposited in the account, it, almost immediately, gets changed into US dollars. This new method has provided a scope for the FV Bank users to generate an invoice that would directly go to clients from all around the globe.
It has not only accommodated faster transformation of USDc but has also provided a better, quicker, and cost-effective way of making transactions. Thus, it has been referred to by many as one of the most vital steps in the growth of the crypto industry.
Comments made by the authorities regarding the initiative
There have been various positive feedbacks and comments that have been doing the round for a long. Numerous factors made USDC the better option for this process. There have been various other initiatives that FV Bank is looking forward to in the year 2022. For example, it has a vision of introducing custody services in Q2 in the year 2022. This would facilitate a way for customers to not only own a depository account but also have a custodial account for all their digital assets.
A look at FV Bank and its features
As mentioned above, it is a global market that is quite friendly to use for crypto users. It is governed by the Commissioner’s office of Financial Institutions which is situated in Puerto Rico. In the year 2021, it tried to introduce custody services, which somehow did not manifest. It was a decision that was taken by them after witnessing the way the Banks of the United States such as Standard Chartered worked. It has so far been able to achieve all that it had set out to achieve.
However, the only setback or the only downtime it faced was during the crypto winter which had hit the market quite brutally.
Conclusion
The firm has been able to grow its market tremendously, despite the bear market that the whole industry is facing right now. Even though there have been various well-established agencies that have come up with new ways to support the USDC, there have been some who have backed out of using it. This includes some of the big names such as Binance which has not delisted USDC citing various reasons. Many others have followed suit and have backed out of it as well. However, it still is on its path toward development.
