The Weekly Wrap 08

A South Korean fintech company creates 10,000 jobs, while a new NFT collection nearly tops CryptoPunks.

The lowdown this week...

  • The US Treasury turns to the public for valuable crypto insight and risks
  • Korean Fintech company Dunamu creates 10,000 Web3 jobs
  • "The Saudis" becomes the second most-traded collection on OpenSea
  • The Bank of France targets 2023 for its CBDC launch

What's Brewing?

Dunamu invests $380 million creates 10,000 new Web3 jobs

Dunamu, a South Korean fintech company - plans to invest $380 million in hundreds of startups. The estimated timeline for completion is 5 years and will generate a massive number of new jobs. Dunamu also operates local crypto exchange Upbit, with plans for future expansion. Additionally, Dunamu is keen on nurturing 500 blockchain startups while recruiting around 1,000 developers.

“Dunamu will collaborate to strengthening national industrial competitiveness by actively investing in new future growth industries such as blockchain and creating jobs.”

Sirgoo Lee, CEO of Dunamu

At the beginning of 2022, the tech company released news of a joint venture in the United States. The joint venture with the South Korean entertainment company is set to launch this month, and will feature NFT merchandise for K-Pop artist BTS. Fans of the pop group will be able to buy, trade, and showcase their digital assets. Currently, NFTs and the metaverse are two major focal investment points for Dunamu. The largest crypto exchange in South Korea is moving full steam ahead, with big plans to invest in futuristic growth industries.

Order in the Court!

The US Treasury requests public opinion on crypto benefits and risks

The United States Treasury announced their interest in the public opinion of cryptocurrencies. In a recent statement, they requested to hear the upsides and risks of digital assets which would remain open until August 8th. The notice, titled “Ensuring Responsible Development of Digital Assets," focuses on crypto-related factors. One of the main priorities concerns the protection of customers, businesses, and investors. The United States aims to protect its global financial stability while mitigating system risks.

The US Treasury is slowly moving forward with crypto, and plans to act as a guide for regulation worldwide. The past two years have witnessed an unparalleled acceleration, and the US has made it clear that they will allow the market to continue developing - but only responsibly. Janet Yellen, US Treasury Secretary - will be one of the officials pushing for responsible crypto innovation. She believes that digital services open a world of possibilities and risks that require proper monitoring. The United States has yet to come to a conclusive and solid regulative strategy, but has plans to issue its own CBDC in the future.

Talk of The Town

A new NFT claims the title as the second most-traded collection on OpenSea

"The Saudis," a new NFT collection with over 5,555 NFTs - has become the second most-traded collection on OpenSea. "The Saudis" briefly even reached first place for a while over the past 24 hours, with more than 4,000 ETH in trading volume. According to Twitter users, the free-to-mint collection was inspired by CryptoPunks due to its similar 2D pixelated aesthetic.

The Saudis OpenSea Ethereum cryptocurrency crypto
NFT fans are clamoring for a piece of the Middle East. 

One of the reasons the collection became successful so quickly was thanks to social media. A vocal team of followers generated Saudi-Arabian memes prior to its release - resulting in massive hype. The momentum built up even days before, with a slew of Middle-Eastern themed clips and videos scattered across Twitter. While "The Saudis" is off to a promising start, how it fares in the next few months has yet to be seen.

Crypto Rising

Bank of France plans to launch own CBDC in 2023

This week, François Villeroy de Galhau, the bank's governor - announced that a wholesale CBDC could be issued next year. According to Galhau, the technology will borrow major features from blockchains and DeFi protocols. The bank is in its second phase of experimentation, with a focus on streamlining domestic and cross-border transactions between banks. Banque de France began experiments on a wholesale CBDC as early as March 2020.

François Villeroy de Galhau The Bank of France CBDC cryptocurrency banking banks
Galhau claims that 2023 will be the year that France launches its own CBDC. 

The first stage included nine experiments that worked alongside the private sector and "other public actors."  They're currently working on a viable prototype to be tested in the second half of 2022, which was announced at the Paris Europlace International Financial Forum. Galhau chimed in, saying that "all the hard work is meant to ensure the proper preparation" - to bring central bank money as a settlement asset by 2023.

Food for thought:

  • Do you think that there will be more jobs in the Web3 sphere than in real life?
  • Will France's CBDC be a good move for the country? What are the cons?
  • Do you think the States will issue its own CBDC soon?
  • Will The Saudis top CryptoPunks again?
  • What theme do you think the next biggest NFT will have?

DISCLOSURE:

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.

Finblox Blog is associated with Finblox - a reliable cryptocurrency earnings platform where you can buy and earn passive income on your digital assets.

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