Crypto Moves – Bitcoin, Ether down; Gucci begins accepting crypto payments; US Adds Crypto Mixer Blender to Sanctions List; The SEC charges Nvidia

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Sunday, down 3.52% to $34,548 as of 9:25 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,545, down 4.32%, according to data from Coindesk.

Gucci begins accepting crypto payments in select US stores

Italian luxury fashion house Gucci will accept cryptocurrency payments in the United States starting this month, Bloomberg reported.

Customers at select stores in New York, Los Angeles, Miami, Atlanta and Las Vegas will be able to pay using digital tokens starting in late May, Gucci said in a statement.

It will also adopt this payment option in all its North American stores this summer.

Gucci will initially accept 10 cryptocurrencies including Bitcoin, Bitcoin Cash, Ether, Dogecoin and Shiba Inu.

Google creates a web3 team within the cloud unit

Google’s cloud unit is preparing a team to build services for developers who compose their own Web3 software and run blockchain applications, CNBC reported.

“While the world is still in the early stages of its adoption of Web3, it is a market that is already demonstrating enormous potential with many customers asking us to increase our support for Web3 and crypto-related technologies” , Amit Zavery, vice president and head of said Google Cloud.

Zavery added: “We are not trying to be a direct part of this wave of cryptocurrency…We provide technologies that companies can use and leverage the distributed nature of Web3 in their current businesses and businesses.”

Web3 is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and the token-based economy.

Bitcoin used to buy an apartment

An apartment in the Portuguese city of Braga was purchased with cryptocurrency without any fiat currency conversion, and local media described the deal as the first in the country’s property market history, according to Bitcoin.com.

The new owner paid 3 bitcoins worth around 110,000 euros ($115.94) at the time of purchase.

The purchase was made with the help of real estate agency Zome, law firm Antas da Cunha Ecija and partners from the Swiss Crypto Valley. The President of the Portuguese Chamber of Notaries also participated.

Buying a property directly using cryptocurrency is now possible in Portugal thanks to a new provision recently adopted by the Order of Notaries, the body that regulates notarial activities in collaboration with the Ministry of Justice.

US Adds Blender to Sanctions List

The United States imposed sanctions on virtual currency mixer Blender on Friday, accusing it of being involved in one of the largest cryptocurrency thefts on record and of being used by North Korea, said the US Treasury Department.

The Treasury has also identified new virtual currency addresses it says were used by North Korean hacking group Lazarus to launder illicit proceeds, accusing it of stealing hundreds of millions of dollars worth of crypto. currency tied to the popular online game Axie Infinity.

“We are taking action against illicit DPRK financial activities,” Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, said in the statement.

The Treasury said it was the first time the United States imposed sanctions on a virtual currency mixer — a software tool that aggregates and scrambles cryptocurrencies from thousands of addresses — and said it would continue. to investigate the use of blenders for illicit purposes.

North Korea has stepped up its efforts to launder stolen cryptocurrency, dramatically increasing its use of mixers, blockchain analytics, and cybersecurity firm Chainalysis.

The Treasury said Blender was used in the process of laundering the Axie Infinity heist in North Korea, accusing it of processing more than $20 million in illicit proceeds.

Treasury said Blender also facilitates money laundering for malicious ransomware groups linked to Russia, among others.

The US SEC accuses Nvidia

The U.S. Securities and Exchange Commission said on Friday it has settled charges against tech firm Nvidia Corporation for what it called “inadequate disclosures” regarding the impact of cryptomining on gambling business. of the society.

“The SEC order finds that in consecutive quarters of NVIDIA’s fiscal year 2018, the company failed to disclose that cryptomining was a material part of its hardware revenue growth from the sale of its graphics processing units designed and marketed for gaming,” the SEC said. in a report.

Cryptomining is the process of earning crypto rewards in exchange for verifying crypto transactions on distributed ledgers, according to the SEC website.

(Contributed by Reuters)