Shadow banking has a history of helping out industries usually turned away by big banks. Crypto is no exception, and there’s one bank that’s been backing crypto for a long time, but that means its downfall could be catastrophic for the industry as a whole. In this video I give you the rundown on Silvergate, its history with crypto, and the ramifications that could come if it goes insolvent due to its involvement with FTX.
0:57 The Beginning
1:41 The Rabbit Hole
2:20 The Question Is…
2:50 The Big Break
4:11 Rise to Power
4:54 Banking on Bitcoin
5:53 First Mover Advantage
6:56 The Players
9:56 FTX Details
10:35 Hot Water
11:10 Other Lawsuits/Rumors
12:14 Ample Liquidity
13:43 Can It Get Worse?
14:53 In Conclusion
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Facebook Moves Into the Metaverse
The Metaverse is a virtual world or an iteration of the internet. Users interact with others through an avatar. They can also buy, sell, or trade virtual property.
While the metaverse is still in development, many companies are already working with the concept. Boeing, for instance, is developing an online, virtual workspace for employees to collaborate. Meanwhile, Epic Games has announced plans to explore the metaverse.
Using a virtual reality headset, users can enter the metaverse. In this environment, they can meet friends, play games, work, and browse the web.
Many industries are embracing the concept, as it provides an opportunity to share information and expand business opportunities. Some industries include gaming, digital art, and real estate.
Crypto technology is an important part of the metaverse, enabling users to securely own assets. This includes NFTs, which are unique digital tokens. These allow for permanent storage of ownership rights and proof of ownership.
With crypto technology, users can transfer assets across platforms. It is also possible to create a network without central control.
Facebook’s move into the metaverse could boost the popularity of the NFTs. During a company call in October, Facebook CEO Mark Zuckerberg mentioned the term, stating that the “metaverse is the next chapter in the internet.”
He noted that Facebook is a social media company, and that it’s making a big push into the tech sector. The move might also make it easier for Facebook members to purchase NFTs.