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PlayStation’s NFT, FTX’s dispute on funds in the Bahamas, and Ripple’s venture in Ireland

PlayStation’s NFT, FTX’s dispute on funds in the Bahamas, and Ripple’s venture in Ireland

CryptoWatch focuses on the top cryptocurrency stories of the past week and presents the latest changes and topics that have fueled the whole modern digital and virtual asset industry in the world.

PlayStation is coming in with its own NFT game, and will shortly offer a new experience centered around a new rewards program to bring digital assets to the world. On the other hand, there have been two high-profile controversies in the crypto industry, with FTX claiming in court that its previous CEO, Sam Bankman-Fried, allegedly took its funds to the Bahamas, and Ripple begun making another investment in Ireland amidst its SEC lawsuit.

Sony is looking at new chances for its PlayStation division to bring more rewards to gamers, but this time, it focuses on digital assets with NFTs and blockchain. It was reported that the company’s new patent shows the details behind what is in the works within PlayStation, with a new venture towards cryptocurrency.

This program will be different from the company’s existing rewards program, especially since PlayStation’s future investment will have a separate concentrate on this introduction of digital assets.

The new patent was spotted by early reports, with the filing already on Patentscope regarding this new token investment.

It looks to reward those who use the PlayStation for playing its countless games, rewarding its gamers with fungible and NFTs centered around an anonymous blockchain.

FTX’s Motion: Sam Bankman-Fried’s Bahamas Fund

Sam Bankman-Fried apparently moved the funds of the company filed for bankruptcy in the court, and in this recent motion from FTX, as announced from its filing on the Delaware court, claimed the incident. Apparently, the move was made possible because the Bahamas government helped Bankman-Fried make the switch using borrowed money earmarked for the company.

In addition, CNBC announces that these unauthorized transfers involved the company’s digital assets being transferred from one account to another.

The funds that the company transferred were given to a company named “Fire Block”, an entity said to be controlled by the Bahamian government.

Ripples’s VASP license in Ireland: SEC lawsuit conflict

Known as one of the world’s third largest cryptocurrencies, XRP, is currently focusing on a new business venture to expand to Ireland, and presently seeking a Virtual Asset Service Provider (VASP) license. As it was reported, the startup company is planning to collaborate with a local company to enter the European Union and offer its services overseas.

In addition, the company faced a lawsuit with the Securities and Exchange Commission (SEC) in 2020 after it sold XRP crypto to investors, which it was not allowed to do in the first place because it did not file for securities. Currently, the company is focusing on getting the VASP license for its operations, while the SEC lawsuit still hanging over them.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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