Microsoft's Web3 Partnership, China's AI Investment and Other Tech News You Need to Read Today

Coinbase recently launched Base, an innovative Ethereum layer-2 blockchain. This bold move represents a milestone for publicly-traded crypto companies seeking to push boundaries.

As giants make big plays, the crypto landscape grows more dynamic.

Microsoft Dives Deeper Into Web3

Microsoft is expanding its Web3 presence through a new partnership with Aptos Labs. Their collaboration will integrate AI and blockchain capabilities via Microsoft’s Azure cloud.

This comes as gaming revenue in Asia lags behind global markets, underscoring opportunities in the region. Major players are positioning themselves for the future intersection of AI and crypto.

China’s Tech Giants Invest Big in AI

Despite ongoing US-China tech tensions, Chinese firms like Baidu, ByteDance, Tencent and Alibaba have placed a massive $5 billion order for Nvidia chips to power AI.

Export restrictions have not deterred these ambitious companies from pursuing strategic compute power. The computing demands of AI remain a key driver shaping trade and innovation.

DeFi Hacks Claim More Victims

Another casualty has emerged from January’s $100M+ Multichain hack. SpiritSwap, a DEX on Fantom, will shut down after the exploit drained its treasury.

This follows a similar fate for Geist Finance in July. As DeFi expands, security threats underscore the need for rigorous code audits and caution before committing funds.

Russia Advances Digital Ruble Trials

Russia is progressing with CBDCs through digital ruble trials involving 13 banks starting August 15. The tests will refine core processes for the future digital currency.

Governments worldwide are recognizing the need to adapt as currencies go digital. Expect more experimentation with how blockchain can interact with monetary policy.

Anticipation Builds for a Bitcoin ETF

Galaxy Digital’s CEO Mike Novogratz predicts a US spot Bitcoin ETF could arrive within 4–6 months. He cites apparent interest from major asset managers like BlackRock and Invesco.

Novogratz warns fierce competition awaits once an ETF is approved. The crypto landscape will likely shift as institutions embrace easier Bitcoin access.

Legal Clashes to Shape Crypto Rules

The SEC plans to appeal a recent court decision stating Ripple’s XRP complied with securities laws. The high-stakes outcome could determine the SEC’s power to regulate tokens.

As crypto matures, legal battles will likely increase to settle uncertainties around oversight. How these questions get resolved could significantly impact industry development.

Evolving Alongside Emerging Tech

From pioneering launches to high-stakes legal face-offs, the crypto arena remains dynamic. As the technology keeps evolving, participants must stay informed and flexible to navigate promising opportunities while mitigating emerging risks.

The path ahead promises to be challenging but rewarding for those able to adapt and contribute to sustainable innovation that balances progress with prudence.

Thank you for reading “Today’s Highlights From Within the Crypto World, Aug 9th.“.

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Sources:

• CoinTelegraph
• Bloomberg
• Reuters
• CoinDesk