Saudi Esports body partners with Mastercard to boost gaming industry

Crypto Moves – Bitcoin and Ethereum fall; Terraform Labs personnel prohibit travel; Creating a Metaverse Standards Body

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Wednesday, falling 2:30% to $20,389.86 at 9 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,093.61, down 4.84%, according to data from Coindesk.

No theft for staff at crypto firm Terraform Labs

According to Reuters, several employees of the company behind TerraUSD – the stablecoin that collapsed last month and rattled cryptocurrency markets – cannot leave the country.

Terraform Labs workers have been put on a no-fly list, according to a spokesperson for South Korea’s supreme prosecutor’s office. Further details would not be available until the investigation was completed.

“We do not know the details of the reported ban,” the Terraform Labs spokesperson said in a statement.

The stablecoin has also contributed to the struggles of US-based crypto lender Celsius, which suspended withdrawals this month, and Singapore-based crypto hedge fund Three Arrows Capital, which considered selling assets or bailing out.

Metaverse standards body formed without Apple by tech giants

Tech giants such as Microsoft, Meta and others are collaborating to develop industry standards so their nascent digital worlds can be compatible, according to Reuters.

Metaverse Standards Forum participants include chipmakers, game companies and established standards bodies such as the World Wide Web Consortium, the group announced Tuesday.

Analysts expect Apple to become a dominant player in the Metaverse race once it unveils a mixed reality headset this year or next.

Sandbox and Decentraland, crypto-based metaverse platforms like Roblox and Niantic, were also not included as forum participants.

Although it gave its board a preview of the headset, Apple has yet to publicly acknowledge plans for the device.

Such a device would put Apple in direct competition with Meta, which has invested heavily in hardware to realize its vision of interconnected virtual worlds.

The company, formerly known as Facebook, has announced plans to launch a mixed reality headset this year, dubbed “Cambria.”

BlockFi signs $250 million revolving credit agreement with FTX

In a tweet, BlockFi CEO Zac Prince said the cryptocurrency firm had signed an agreement with digital asset exchange FTX for a SR938 million ($250 million) revolving credit facility. ), Reuters reported.

BlockFi will gain access to capital amid a rout in digital currency markets. As part of cost-cutting measures such as cutting marketing spend and executive compensation, the company said it was cutting its workforce by 20% last week.

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