The lowdown this week…

• Singapore-based metaverse app BUD raises almost $37M
• Leftist parties in Portuguese congress were denied passage of two bills that would implement taxes on crypto
• In light of a recent token catastrophe, what will happen to Luna?
• Balenciaga makes bold moves to accept Bitcoin and Ethereum as valid payment methods in certain US branches

What’s Brewing?

BUD raises nearly $37M for Gen-Z metaverse

The metaverse is open to everyone, and Singapore-based BUD is eyeing its potential for the Gen-Z community. BUD is completely free to use, and raised almost $37M led by Sequoia Capital India. Through BUD, users will have creative tools right at their fingertips and will be able to shape and mold their own 3D interactive experiences using geometric modules and interactive props.

Apps like Zepeto and Roblox have made it easy for people to design virtual characters and worlds. BUD, on the other hand – decided to step up their game with a vision to introduce an NFT marketplace. Reselling digital assets on BUD will soon be live and easily executed in a few clicks. From virtual weddings to rave parties, there’s no limit to your imagination with BUD.

Order in The Court!

Portuguese congress rejects proposal for taxation of crypto

Portugal’s Assembleia da República is against two bills aimed at taxing cryptocurrencies. Livre and Bloco from the left wing party were aiming to pass the bill, but they had little presence to begin within the congress. Zero taxation bills have been passed thus far and Portuguese Minister of Finance Fernando Medina announced that cryptocurrencies will be subject to taxation sooner than later.

Portugal’s liberalization has made it one of the most crypto-friendly destinations in recent years. Their lack of legislation combined with affordable living costs makes it a melting pot for crypto companies and digital nomads‌‌.

“Many countries already have systems, many countries are building their models in relation to this subject and we will build our own,”

Fernando Medina, Minister of Finance

Talk of The Town

The future of stablecoins post-Luna collapse

The implosion of Terra’s stablecoin UST and its token LUNA hastaken a toll on the crypto community. With more than $50 billion in paper value demolished, it’s difficult to see the silver lining. Terra’s increasing all-time-highs were the topic of conversation for many months, before their reserves were emptied in a screeching halt.

While some crypto users see it as a complete disaster, others are trying to see the investment as a potential gain instead of a loss. Marek Olszewski, president at Valora App – stressed the importance of backing up stablecoins with multiple assets. He sees the situation as a “great learning opportunity” for the crypto ecosystem, ensuring that protocols should be well-maintained and require lots of iteration. Stablecoins are not exempt from this, and this experience serves as a pivotal lesson for the crypto books.

Crypto Rising

Balenciaga accepts Bitcoin and Ethereum

Cryptocurrency is no stranger to high fashion and lifestyle labels. With big names like Gucci, Tag Heuer, and Hubolt at the forefront – yet another passenger has hopped aboard the crypto bus. Balenciaga, the world-renowned French luxury brand – just made a bold move to accept Bitcoin and Ethereum in the United States. This major development has people turning heads and scarves! Balenciaga set to accept payments in the United States in June at flagship stores in California. Hopes of expanding to e-commerce sites and other districts are in the works.

Luxury brands are seemingly aligned on digital fashion as a business opportunity. Although the timing wasn’t ideal due to the recent decline in Bitcoin, the luxury brand is undeterred and moving full speed ahead.

Hot Potato!

Blockchain meets documentation with Dedoco

Dedoco is building the future of decentralizing documents, workflows and verification through the blockchain. E-signatures are quickly becoming a thing of the past, and investors are eyeballing the potential worth of blockchain . Dedoco recently received a $3M investment from True Global Ventures,  Whether you’re part of the government sector, a financial institute, or a tech platform – you’ll sure to find this project exciting!

Food for thought:

• Which luxury brands or regular brands would you like to see accepting crypto?
• Do you think Luna will rise once again? Or should it be burned?
• Will Portugal be “the place to be” for crypto?
• What can’t be made in the metaverse?