Bitcoin, Ether trade lower; Meta plans virtual currency, Intel to launch chipset — Crypto Moves

Bitcoin, the leading cryptocurrency internationally, traded lower on Thursday, down by 4.59 percent to $43,286 as of 08:45 a.m. Riyadh time.

Meta plans virtual currency

Meanwhile, Meta Platforms Inc. is formulating plans to introduce virtual tokens and cryptocurrencies to its family of apps.

It aims to use such virtual tokens for rewarding creators and lending and other financial services, the Financial Times reported on Wednesday.

The move, which is reported to be in its early stages, comes as Meta grows its focus on services centered around the metaverse, a virtual environment where people interact, work and play.

If implemented, it could also give Meta a new revenue channel and control over transactions in its suite of apps and services, which include Facebook, Instagram, WhatsApp, and the Meta Quest virtual reality platform.

Meta’s cryptocurrencies, internally dubbed “Zuck Bucks,” are intended for the metaverse and may not be based on blockchain, the FT reported, citing people familiar with the matter.

Bitcoin conference arrives for the second year in Miami

The world of cryptocurrencies gathered at Miami Beach for the Bitcoin 2022 conference, which started April 6. 

The four-day gathering will focus on how to do business while giving an opportunity to learn about the latest developments, hear from the experts, and accelerate the implementation of the most popular digital token.

Intel launches crypto mining chipset

American tech giant Intel has announced the launch of a new chipset Blockscale, specially designed for crypto mining.

The new chipset also promises energy-efficient hashing for proof-of-work consensus networks.

The company claims that the new Blockchain chip is compatible with ASIC -based systems and SHA-256 hashing, providing the energy efficiency and computing power needed to achieve scalability and sustainability. 

“Intel’s decades of R&D in cryptography, hashing techniques and ultra-low voltage circuits make it possible for blockchain applications to scale their computing power without compromising on sustainability,” said Balaji Kanigicherla, Intel vice president and general manager of Custom Compute in the Accelerated Computing Systems and Graphics Group, in a recent statement. 

(With inputs from Reuters)