Yield Guild Games – a game community in the play-to-earn field – obtained support from the US cryptocurrency platform Coinbase. The partnership between the two entities should bring more assets available for scholarships.
In addition, Coinbase announced it will soon acquire FairX – a CFTC-regulated derivatives exchange. The deal is considered a turning point for the former, which aims to offer crypto derivatives to retail and institutional investors in the States.
Coinbase Fortifies its Position in the Metaverse
The decentralized autonomous organization that promotes blockchain-based games – Yield Guild Games (YGG) – disclosed recently that more and more players want play-to-earn scholarships. In line with this demand, the entity welcomed its newest partner – the cryptocurrency giant Coinbase. YGG raised hopes that the initiative will allow it to add new players worldwide.
In a separate statement, Coinbase also announced its participation in the project. As a proponent of the metaverse, the trading venue is “excited to support” this side of the industry.
🎮 @coinbase x @YieldGuild 🎮
We’re joining the #WeAreYGG Sponsor-A-Scholar program giving new players a big break in play-to-earn.
We’re excited to support the gig economy of the metaverse.
Learn more 👉 https://t.co/w5MeawtzYs pic.twitter.com/WLdlvjN9jm
— Coinbase (@coinbase) January 12, 2022
At the end of last year, Coinbase inked a deal with the German multinational corporation Adidas. As a result, the latter joined various NFT influencers as part of their adaptation to the metaverse. Those include Punks Comic, GMoney, and the leader in the field – Bored Ape Yacht Club (BAYC).
“It’s time to enter a world of limitless possibilities,” the sports brand said at the time.
Coinbase to Acquire FairX
The digital asset trading venue also revealed it will soon acquire FairX – a derivatives exchange regulated by the Commodity Futures Trading Commission (CFTC). The move solidifies Coinbase’s ambitions to create the “robust and holistic trading environment investors are seeking.”
“Through this acquisition, we plan to bring regulated crypto derivatives to market, initially through FairX’s existing partner ecosystem. “
Coinbase added that it plans to leverage FairX’s infrastructure to offer cryptocurrency derivatives to all its customers in the United States. The exchange noted that those financial products are in high demand from investors who wish to manage their risk and gain exposure to digital assets outside of existing spot markets.
Coinbase described FairX as a “world-class team with deep expertise” across market structure and product development. The crypto exchange expects to close the acquisition during the year’s first fiscal quarter. In the meantime, FairX will operate normally during this period.