Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
$1T opportunity: JPMorgan becomes first major bank in the metaverse
United States banking giant JPMorgan Chase has taken a dive into what it considers a significant up and coming arena of opportunity: the metaverse. The bank has recently opened a digital lounge called Onyx in Decentraland’s metaverse. Decentraland serves as one of many crypto industry projects utilizing blockchain to provide a digital world experience — in other words, a metaverse.
JPMorgan sees significant potential in the new movement toward digital worlds. “The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues,” the bank said in a report. However, to reach its potential, the metaverse movement requires further development in several key areas, the report said.
Onyx is also the name of JPMorgan’s blockchain-based payments system.
FBI is launching team to address crypto exploitation: US Deputy Attorney General
The U.S. Federal Bureau of Investigation (FBI) is putting together a special unit to go after illegal crypto activity, such as ransomware attacks. Armed with experts wielding knowledge of the digital asset space, the Virtual Asset Exploitation Unit will be the FBI’s team on the crypto crime front, according to comments from U.S. Deputy Attorney General Lisa Monaco at the Munich Cyber Security Conference.
“Ransomware and digital extortion, like many other crimes fueled by cryptocurrency, only work if the bad guys get paid, which means we have to bust their business model,” Monaco explained. The new FBI team will act alongside the National Cryptocurrency Enforcement Team, which is headed up by the U.S. Department of Justice (DOJ)….