Behind the scenes of the region's robust cryptocurrency scene – Business Observer

Behind the scenes of the region's robust cryptocurrency scene – Business Observer

Blockchain Crypto Market Technology
July 2, 2022 by Coinvasity
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History is loaded with “that will never work” manifestos and declarations.
The co-founder of Netflix, Marc Randolph, wrote a book with just that title, telling the story of a how a DVD-through-the-mail startup disrupted, then conquered, a multibillion-dollar segment of the entertainment industry. Other examples can be found across time, in some of the world’s most significant transportation, medical and technological transformations.

Do you use cryptocurrency in your business? Is your business in the metaverse or some other aspect of Web3? Then we want to hear from you. Tell us your story. Send an email to Business Observer Managing Editor Mark Gordon at [email protected].
For some, the world of cryptocurrencies, blockchains, non-fungible tokens, the metaverse and more, wrapped around a new version of the Internet known as Web3 or Web 3.0, is a short car ride from “that will never work” land. It follows, then, that the knee-jerk response to advances and breakthroughs in crypto are often met with a ‘why would need that?’ shrug. The recent and painful bitcoin market slide only provides more fuel for those doubters.
Yet even with all the reasons to be cynical, the business opportunities in this world, what the Business Observer calls the crypto-verse, are tough to ignore. There are untapped revenue streams in a wide assortment of industries and sectors that crypto non-believers could miss out on. This Business Observer special issue, a deep dive into the crypto-verse, covers many of those opportunities, from NFT startups monetizing classic Hollywood movies to new ways to market and sell real estate.
We hope you discover some new methods of using cryptocurrency through these stories, or, at least, if not, say maybe all this crypto-verse stuff can really work.   
 

$135 million: Cryptocurrency exchange FTX paid $135 million in 2021 for naming rights to the home arena of NBA’s Miami Heat, which will go from being the American Airlines Arena to the FTX Arena. The agreement, signed in March 2021 with Miami-Dade County, runs through 2040.
$22.5 million: An anonymous buyer paid $22.5 million in digital assets in June 2021 for a Miami Beach penthouse. The price is considered a cryptocurrency real estate record.
16%: Amount of U.S. adults who have personally invested in, traded or otherwise used cryptocurrency, according to a November 2021 Pew Research Center survey. Men ages 18 to 29 are particularly likely to say they have used cryptocurrencies, the survey found.
86%: Americans who say they have heard at least a little about cryptocurrencies, including 24% who say they have heard a lot about them, the Pew report found.
$34 million: Amount of cryptocurrency allegedly tied to illegal Dark Web activity that the U.S. Attorney for the Southern District of Florida in Miami forfeited in April. The unnamed defendant, authorities contend, laundered one cryptocurrency for another — a technique called “chain hopping” — in violation of federal money laundering statutes.
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