Crypto Three Things (7/28)

Thursday, Jul 28th 2022


South Korea’s crypto maneuvers, Meta burns $2.8B on metaverse, Solana sets up IRL shop in NYC

 "Straight roads do not make skillful drivers." —Paula Coelho

1) South Korea probes $3.4B crypto-linked deals: Woori Bank and Shinhan Bank, two of South Korea’s largest commercial banks, are under investigation by local regulators for “abnormal” crypto-linked foreign exchange transactions and possible money laundering. The irregular deals were made between January 2021 and June 2022, the Financial Supervisory Service reported. The investigation triggered an industry-wide internal review of all large-scale currency transactions

Titan’s Takeaway: The probe spotlights a more aggressive approach by regulators to verify unattended crypto activities as it moves into the broad daylight of mainstream finance.   

2) Meta’s metaverse division posts Q2 loss: The social media giant reported its metaverse-focused division Facebook Reality Labs suffered a $2.81B drawdown in the last quarter. In the first six months of 2022, the innovative division logged a whopping $5.77B in losses, primarily in line with Mark Zuckerberg’s goal of spending $10B a year on the metaverse realm. “I feel even more strongly now that developing these platforms will unlock hundreds of billions of dollars, if not trillions, over time,” said the unfazed Meta CEO.

Titan’s Takeaway: Mark Zuckerberg’s metaverse ambitions seem to be stuck on the tarmac. Whatever firepower Meta may have, this is the seventh straight quarterly loss for the virtual-reality department – a sign that the trial-and-error phase may need some tweaking.

3) Solana to open IRL retail store in New York: The powerful blockchain is gearing up for a real-life appearance with a Web3 ‘embassy’ at its Solana-themed store. The ‘Solana Spaces’ is located at The Shops mall at Hudson Yards. Customers will be greeted by a Degenerate Ape NFT collection, real-time blockchain updates, and the option to pay for merch with Solana’s native token SOL.

Titan’s Takeaway: Setting up retail shops is a direct way for crypto companies to engage customers IRL. And with thousands of people walking by, Solana’s retail store seems like a solid bet that may pay off.

As of this writing, SOL was a portfolio holding of Titan. This security may cease to be a portfolio holding at some point in the future.
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