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Crypto Flipsider News – October 12th – Google & Bakkt Partnership, Facebook Engineers into A16Z, China’s Blockchain Expansion, UK investigates Sorare, Youtube Against Pompliano

CryptocurrencyOct 12, 2021 09:31AM ET
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Crypto Flipsider News – October 12th – Google & Bakkt Partnership, Facebook Engineers into A16Z, China’s Blockchain Expansion, UK investigates Sorare, Youtube Against Pompliano

Read in the Digest:

  • Google (NASDAQ:GOOGL) Partners with Bakkt, Facebook (NASDAQ:FB) Engineers Leave for Andreessen Horowitz
  • China’s Blockchain Network Expands Services to Turkey and Uzbekistan
  • Fantasy NFT Soccer Platform Under Investigation by U.K. Gambling Commission
  • YouTube Pulls Down and Restores Anthony Pompliano’s Channel

Google Partners with Bakkt, Facebook Engineers Leave for Andreessen Horowitz

Continuing the race for full crypto integration, the crypto exchange Bakkt has announced a strategic partnership with global tech giant Google. The partnership will allow Bakkt users to purchase items using Bitcoin (BTC) and other cryptos via a Google Pay wallet and payment system.

In addition, Bakkt users who hold Bakkt-issued debit cards will be able to convert their crypto balances to make fiat payments using Google Pay. The crypto exchange has also outlined plans to build new analytics and geolocation functionality on its platform using Google Cloud tools.

On October 11, Andreessen Horowitz revealed that two of Facebook’s top engineers working on its blockchain and digital currency project had joined Andreessen Horowitz’s crypto team.

The engineers, Riyaz Faizullabhoy and Nassim Eddequiouaq, have spent the past two years working on Facebook’s Novi digital wallet. Faizullabhoy will serve as the CTO of A16Z’s $2.2 billion crypto fund, while Eddequiouaq will serve as the Chief Information Security Officer.

Flipsider:

  • Recently, Facebook has seen massive defection, with Ashok Chandwaney accusing the company of “profiting off hate” after his resignation in September.

Why You Should Care

With millions of retailers already accepting Google Pay, the partnership could allow Bakkt users to pay in crypto at “supermarkets, pharmacies, restaurants, clothing stores, gas stations,” and others.

China’s Blockchain Network Expands Services to Turkey and Uzbekistan

Although China has become famous for its notorious stance against cryptocurrencies, it has remained a supporter of blockchain technology.

According to a press release, China’s Blockchain-based Service Network (BSN) is setting up more international portals. China’s BSN is a public-private nationwide infrastructure project created to spur mass adoption of blockchain technology.

The company managing the BSN, Red Date Technology, announced an agreement with the Turkish Chinese Business Matching Center (TUCEM).

As part of the agreement, China will launch two international BSN portals in Turkey and Uzbekistan in late December 2021. Blockchain developers in Turkey and Uzbekistan will tap into the BSN to build BaaS applications when the portals are set up.

Flipsider:

  • Firms offering crypto-related services are leaving China, with Bitmain, one of the world’s biggest producers of mining devices, ending services in China

Why You Should Care

The expansion of China’s BSN has seen the development of numerous blockchain projects, including over 30 from its September 1 launch in Hong Kong and Macau.

Fantasy NFT Soccer Platform Under Investigation by U.K. Gambling Commission

Popular blockchain-based fantasy sports platform Sorare is currently under investigation by the Gambling Commission of the United Kingdom. The commission stated that:

"The Gambling Commission is currently carrying out enquiries into the company to establish whether Sorare.com requires an operating licence or whether the services it provides do not constitute gambling." According to the commission, residents of the United Kingdom who participate in any activity on Sorare are doing so outside of the gambling regulations.

Sorare currently does not offer any traditional forms of sports gambling. The closest offering will be their trading cards, whose values are driven mainly by player performance.

In response to the investigation, Sorare states that they “always engage and have an open dialogue with authorities who reach out to us to learn more about our game.”

Flipsider:

  • Sorare continues to expand its reach, with recent partnerships with the German Bundesliga

Why You Should Care

With the increasing scrutiny on cryptocurrencies, exchanges, and their providers, projects will need to become more compliant or lose support in some countries.

YouTube Pulls Down and Restores Anthony Pompliano’s Channel

On October 11, video-sharing platform YouTube removed the 251,000-subscriber channel of the Bitcoin bull, Anthony ‘Pomp’ Pompliano. The channel of Morgan Creek Digital’s co-founder and host of The Pomp Podcast was restored two hours later.

According to Pomp, his channel was deleted just after he and crypto analyst @100trillionUSD concluded talks about a hyper bullish scenario for Bitcoin in the next five years.

According to TeamYouTube, another YouTube reviewer had mistaken Pomp’s Bitcoin giveaways as a phishing attempt. After his channel was restored, Anthony Pompliano sent an appreciation Tweet to his followers;

Flipsider:

  • YouTube still targets crypto-related content with its algorithms labeling videos on BTC and other cryptocurrencies as “harmful content.”

Why You Should Care

The deletion of Anthony Pompliano’s YouTube channel sparked an uproar in the crypto community, with many pointing to why decentralized systems need to succeed centralized platforms.

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Crypto Flipsider News – October 12th – Google & Bakkt Partnership, Facebook Engineers into A16Z, China’s Blockchain Expansion, UK investigates Sorare, Youtube Against Pompliano
 

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