Latest Crypto News: Shiba Inu Eyes Clothing Line; Amazon’s Web3 foray to tackle compliance issue
Popular meme piece shiba inus is set to take the fashion industry by storm as reports surface that an Italian fashion designer will be making it part of his latest collection. Shiba Inu has already entered mainstream business, with several crypto payment processors accepting SHIB, such as Welly’s SHIB-themed fast food restaurant, according to a Binance report. This time around, the meme piece is making its way into the fashion industry, with a collection of Shiba Inu-themed clothing.
Italian fashion designer named John Richmond took to Twitter earlier to reveal his latest collection. Richmond tweeted an urban-style design that had the word Shiba written on the shirts and pants, while the varsity jacket had designer JR’s initials. Richmond said the photo was a preview of the collection, according to Binance.
Additionally, the designer previously posted a photo of a hoodie with the hashtags #Shibafashion among a host of other tags. Richmond is also a top designer, with his clothes worn by the likes of legendary rapper Snoop Dogg. Interestingly, the account has a caricatured Shiba Inu dog breed as its profile picture, not the official Shiba Inu logo. While Shiba Inu and John Richmond announced their partnership in 2022, with the designer showcasing his SHIB apparel at fashion events, such as Milan Fashion Week, the designer has yet to reveal a launch date for the collection. of SHIB-themed clothing.
Shiba Inu’s price performance is largely driven by hype, and the more exposure the coin has, the higher the chance that the coin meme can rally, which is where partnerships like the one with John Richmond become important, according to the report. Richmond’s designs help put cryptocurrency in front of an audience that could probably go crypto investors adds the report.
Amazon’s Web3 incursion is likely to be a compliance nightmare
Days after news broke of Amazon’s rumored unveiling of its Web3 initiative, reports indicate that what the project will look like when it comes to fruition remains a mystery. According to a report by Coindesk, Amazon’s project could involve games, a NFT market, or something related to them. The report further noted that the regulatory complexity and uncertainty of doing so would kill the project before it begins, or that Amazon has the size and scale to “create the market” on this and make bring the Web3 economy into the mainstream.
Additionally, the report states that large blue chip companies generally avoid Web3 due to legal uncertainties. “Of course, payment companies like Visa and Mastercard have made efforts to integrate stablecoins into their networks, many crypto nodes are hosted on Amazon’s AWS cloud service, and big tech companies and TradFi are investors. regulars in the crypto economy,” the report reads. .
However, they are still stakeholders in the Web3 economy, embracing the ethos of decentralized ownership, regulatory uncertainty, and unclear interference. The report further adds that Amazon’s efforts could be transformational if successful, which will involve addressing regulatory issues.
US institutions account for 85% of bitcoin purchases: report
A new report from financial services firm Matrixport has found that institutional investors are “not quitting crypto”, with recent data indicating that up to 85% of Bitcoin purchases are the result of US institutional players. Matrixport’s chief strategist Markus Thielen, head of research and strategy, told the Cointelegraph crypto news outlet that the evidence shows institutions are “not giving up on crypto” and indicates we could be entering a new “crypto bull market now”.
Data from a January 27 Matrixport report suggests that it is possible to distinguish whether a digital asset is more favorable to retail or institutional investors at any given time based on how well that asset is performing in the US or at times Asian trading companies, Binance said. .
The report states that if an asset that is trading 24 hours a day “performs well” during US trading hours, this indicates that US institutions are buying it, while an asset that is growing during Asian trading hours indicates that Asian retail investors are buying it, Binance added. .
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