February 4, 2022

Welcome back to the Netcoins weekly crypto news update!

Plenty of exciting stories emerged this week. 

Starting off, Visa’s digital asset cards have made over $3.17 million in purchases, Fidelity announced plans to create metaverse and ETFs, $405 million was stolen in a hack, Coachella plans to launch an NFT collection… all of that and more on this edition of the weekly crypto news update. 

Digital Asset Credit Card Usage Reaches $3.17 Billion in Q1

Visa announced that its customers made $3.17 billion Canadian in payments using its digital asset-linked cards within the first quarter of this year alone. 

These numbers are over 70% of all digital asset-card purchase made throughout fiscal 2021, a clear sign of the increased adoption of digital asset payments. Only $1.27 billion Canadian was spent using Visa’s digital asset cards within the first half of 2021

Visa also announced that it had expanded its number of partnerships for facilitating the service from 54 to over 65, including digital asset companies like Coinbase, Circle, and BlockFi. 

Fidelity is Looking to Launch Metaverse and Digital Asset ETFs

Fidelity Investments is looking to launch a metaverse and digital asset ETF following the SEC denying the fund group’s spot Bitcoin trust. 

Fidelity is looking to launch ETFs that will invest in metaverse and digital asset companies. 

The proposals were submitted to the Securities and Exchange Commission (SEC) for the Fidelity Crypto Industry and Digital Payments ETF and the Fidelity Metaverse ETF.

Fidelity’s investments would be directed primarily towards the stocks of companies included in a Fidelity index comprising businesses “engaged in activities related to cryptocurrency, related blockchain technology, and digital payments processing.” 

Latest Digital Asset Hack Sees More than $405 Million Stolen 

Wormhole, a popular bridge lining the Ethereum and Solana blockchains, has seen more than $405 million stolen in an apparent hack on Wednesday afternoon. 

This is the second-biggest exploit to occur within the DeFi space, just after the $600 million Poly Network digital asset hack. It is also the largest hack ever seen on the Solana blockchain.  

An analysis from blockchain cybersecurity firm CertiK states that the hacker has gained at least $318 million Canadian in Ethereum, $58 million Canadian in Solana, and more than $5 million Canadian in USDC.

Coachella to Launch NFT Collection 

Massive music festival giant Coachella plans to launch freshly minted Coachella Collectible NFTs in partnership with Bahamian-based digital asset exchange FTX. 

They plan on auctioning off ten non-fungible lifetime passes and dispense digital collectibles redeemable for physical items, exclusive art prints, photo books, and more. 

They also plan on providing “special experiences” at Coachella 2022 for lifetime ticket buyers. Buyers of lifetime tickets may expect “front and centre views at the Coachella Stage, lifelong Safari camping, or a banquet made by a professional chef in the Rose Garden.”

The Coachella Key Collection, Sights & Sounds, and Desert Reflections NFT collections will be available from February 4 – 11 on “an environmentally friendly marketplace on Solana.” The site also states, “a portion of the proceeds from each item will be donated to Give Directly, Lideres Campesinas, & Find Food Bank.” 

Paris Hilton Releases Autobiographical NFTs 

Paris Hilton has launched a series of autobiographical NFTs named the “Paris: Past Lives, New Beginnings” on the Origin Story marketplace.

The NFT collection is a collaboration between Hilton and the toy brand Superplastic on Origin Protocol, where Hilton is both an investor and advisor. The NFTs feature Paris Hilton and Superplastic’s Dayzee.

That wraps up the news for the week. 

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