Web3 on 🔥 | 💳 Crypto.com card eliminates Netflix and Spotify rebates

GM, this is Web3 on 🔥, still keeping an eye out on what’s happening in the world of cryptocurrencies.

🧑🏻‍🤝‍🧑🏻 There will be 1 billion crypto users by 2030 - research💸 Voyager rejected a buyout offer by Bankman-Fried's Alameda Ventures💳 Crypto.com card eliminates Netflix and Spotify rebates

Ambire Twitter Spaces Series

Ambire announces its new Twitter Spaces Series!  It will be hosting a new space every Wednesday, where the team will discuss all things web3, smart wallets and many more with host @megdematteo and the Ambire team. 

Whether you're a beginner or an expert, join the spaces and you might possibly find out more about the industry.  The team will be talking about what's hot and what's not, and where the tech is heading. You can find more information and join the conversation at our Twitter Spaces page.

Looking forward to seeing you there!

There will be 1 billion crypto users by 2030 - research

One billion people is a lot of users, especially when it comes to digital assets and cryptocurrencies. That's why the Boston Consulting Group (BCG), Bitget, and Foresight Ventures conducted a study to research the current status of cryptocurrency adoption. They discovered that while crypto adoption is still in its early days, the trend is pointing toward one billion users by 2030.

According to the research, currently, only 0.3% of the total individual wealth is distributed in the form of digital assets.

In comparison, 25% of people’s funds are allocated to equities such as shares of private companies. This stat highlights how undervalued cryptocurrencies still are. With more awareness and education, we believe that the number of cryptocurrency users will only continue to grow in the coming years.

If the current trend of cryptocurrency adoption continues, it is not unreasonable to think that the number of users will indeed reach one billion in the next 10 to 20 years. After all, the total number of users has more than doubled in the first six months of 2021 alone. This is a testament to the growing popularity of cryptocurrencies and the increasing awareness of their potential.

There are many factors that will contribute to the growth of the cryptocurrency user base in the coming years. For one, more and more businesses are beginning to accept cryptocurrencies as a form of payment. This is making it easier for people to use cryptocurrencies in their everyday lives. In addition, as awareness of cryptocurrencies increases, more people are likely to invest in them.

Voyager rejected a buyout offer by Bankman-Fried's Alameda Ventures

According to a rejection letter filed in court on July 24, Voyager's lawyers denounced the offer made public by FTX, FTX US, and Alameda on July 22 to buy out all of Voyager's assets and outstanding loans - except the defaulted loan to 3AC. The actions “are not value-maximizing" and potentially "harms customers," the letter said.

Bankman-Fried is the CEO of FTX, a cryptocurrency derivatives exchange, and Alameda Research, a quantitative trading firm that is one of the most active investors in the crypto space. Alameda Ventures is Bankman-Fried's investment arm. Voyager, a digital currency investing platform, has filed for bankruptcy after defaulting on a $650 million loan from crypto hedge fund Three Arrows Capital (3AC).

In response to the news, FTX CEO Sam Bankman-Fried and his team have offered to take over Voyager's assets and use FTX or FTX US to sell and disperse them proportionally to users affected by the bankruptcy.

Bankman-Fried said that this proposal  is an effort to protect users who may have lost money due to Voyager's financial troubles.

"Voyager's customers did not choose to be bankruptcy investors holding unsecured claims. The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business.”, he said.

Crypto.com card eliminates Netflix and Spotify rebates

Crypto.com upgraded its Visa Card terms and is stopping its Netflix and Spotify benefits. This news has upset many in the CRO community, who see it as a step backwards for the company.

Santiment, a blockchain analytics firm, reports that CRO saw a huge spike in its social dominance after the announcement was made. This is likely due to the negative sentiment surrounding the news. In addition, it was reported that CRO has hit its most negative sentiment in almost a year and a half following the announcement.

The crypto community's negative reaction to this news is understandable. The loss of Netflix and Spotify benefits makes the Cronos credit card less attractive than it was before. This could lead to fewer people using the card, which would be bad for Cronos' business.

However, it's important to remember that the Cronos credit card is still a new product and it's possible that Netflix and Spotify benefits will be added back in the future. For now, though, CRO holders should be prepared for some short-term pain as the news of the lost benefits sinks in.

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