Crypto Biz: Gucci ‘apes’ into crypto

What involves thoughts whenever you consider Gucci? Designer purses, vogue jewellery, elegant Swiss watches? What about fee integration with an ERC-20 governance and utility token that wishes to energy Web3? Rolls off the tongue, doesn’t it? The iconic Italian vogue model introduced this week it might develop its fee choices to incorporate the Bored Ape Yacht Club-affiliated ApeCoin (APE) — however solely via BitPay. In different phrases, Gucci will allow you to liquidate your APE for United States {dollars} and spend the proceeds at its shops. 

If you’re stunned by the information, it is best to learn on to study extra about Gucci’s broadening crypto ambitions. While you’re at it, stick round for this week’s Crypto Biz, the place we dissect the most recent information surrounding Michael Saylor and Robinhood. We depart you with a sobering evaluation of the Terra-induced crypto market collapse from a high Kraken govt.

Gucci turns into first main model to just accept ApeCoin funds

If you missed it, Gucci formally grew to become the primary main model to just accept APE funds by way of Bitpay. The transfer got here months after Gucci introduced that it might settle for 12 crypto property as fee throughout greater than 100 North American shops. Holders of Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and different crypto at the moment are capable of convert their digital property into a $5,000 GUCCI tote bag. Beyond crypto funds, Gucci launched a pair of nonfungible token (NFT) collections this 12 months, together with the SUPERGUCCI NFT lineup in February.

Michael Saylor will step down as MicroStrategy CEO however stay as govt chair

Bitcoin’s chief evangelist Michael Saylor is clearing his calendar to focus nearly solely on selling the digital asset. This week, Saylor introduced he was stepping down as CEO of MicroStrategy in favor of a brand new govt chair place. Effective Aug. 8, Saylor’s new position will concentrate on MicroStrategy’s “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives.” A day after the announcement, MicroStrategy’s inventory value surged to three-month highs. It seems like buyers are happy with Saylor’s place. We’ll see how they really feel if crypto winter lasts one other 12 months.

In my subsequent job, I intend to focus extra on #Bitcoin.

— Michael Saylor⚡️ (@saylor) August 3, 2022

‘This is on me’ — Robinhood CEO to put off 23% of workers after Q2 loss

Robinhood’s foray into crypto appeared nice over a 12 months in the past after we have been driving the bull market. Now, with crypto, shares and the economic system within the dumps, the low cost brokerage has been pressured to put off almost 1 / 4 of its workers. Vlad Tenev, Robinhood’s CEO, delivered the unhealthy information shortly after the corporate reported dismal second-quarter earnings outcomes, which included a 44% decline in year-over-year internet revenues. Crypto-focused firms have seen sweeping layoffs this 12 months as asset costs plunged and commerce volumes dried up.

“Departing Robinhoodies will be offered the opportunity to remain employed with Robinhood through October 1, 2022 and receive their regular pay and benefits. They will also be offered job search assistance (including an opt in Robinhood Alumni Talent Directory).”

— zerohedge (@zerohedge) August 2, 2022

Contagion solely hit corporations with ‘poor balance sheet management’ — Kraken Aus boss

The epic collapse of Terra (Luna) — now renamed Terra Classic (LUNC) — sparked industry-wide contagion in crypto, finally resulting in a number of bankruptcies and trillions of {dollars} in misplaced market cap. But, the one firms and protocols that went beneath have been these with “poor balance sheet management” and an entire lack of expertise of how blockchain works. That sober evaluation was supplied by Kraken Australia managing director Jonathon Miller. He additionally defined why Ethereum proved resilient within the face of chaos and why his dad or mum firm, Kraken, is poised to proceed rising.

Don’t miss it! What’s subsequent for Bitcoin and Ether?

Bitcoin’s efficiency over the previous week has taken each the bulls and the bears unexpectedly. Meanwhile, Ether has bounced strongly off its lows because the hype surrounding its upcoming Merge intensifies. But, the outlook on each property is as clear as mud. In this week’s Market Report, I sat down with fellow analysts Marcel Pechman and Benton Yaun to debate an essential subject: Have BTC and ETH bottomed but? You can catch a full replay of the present under.

Crypto Biz is your weekly pulse of the enterprise behind blockchain and crypto delivered on to your inbox each Thursday.

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