#Crypto Update – Crypto in The United Kingdom

The UK crypto industry has seen some significant developments in recent weeks. Google has expanded its Web3 program to include 11 blockchain firms, which will provide support to emerging Web3 entrepreneurs. This demonstrates Google’s dedication to blockchain technology, which is the foundation of most cryptocurrencies. UK crypto influencers have also been vocal about the importance of blockchain technology, including personalities such as Anthony Pompliano and Andreas Antonopoulos.

Furthermore, the UK government has pledged nearly $125 million to create a task force focused on accelerating the country’s readiness for AI. The task force will ensure sovereign capabilities, such as public services, and foster the adoption of safe and reliable AI foundation models. The UK has set a goal to become a science and technology superpower by 2030 and is actively investing in emerging technologies like blockchain and AI.

On the exchange front, FTX is set to sell its LedgerX futures and options exchange and clearinghouse to M7 Holdings for around $50 million, subject to court approval. FTX purchased LedgerX in August 2021 to expand its spot trading services. This sale is part of FTX’s ongoing efforts to monetize assets and deliver recoveries to stakeholders. Other exchanges that have gained popularity in the UK include Coinbase, Kraken, and Binance.

Lastly, Binance.US has backed out of its agreement to purchase Voyager Digital’s assets worth $1 billion, citing the “hostile and uncertain regulatory climate in the United States.” The move has disappointed Voyager and the creditors’ committee, who are investigating potential claims against Binance.US. However, they have pledged to distribute cash and crypto to customers directly via the Voyager platform. The UK crypto market remains bullish, with a growing number of sustainable crypto projects emerging with a market cap between 50M and 100M, such as Ocean Protocol, SingularityNET, and Fetch.ai.

One thought on “#Crypto Update – Crypto in The United Kingdom

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