Web3 News: What Happened since Last Week 🚀

2 min readMar 27, 2023

Greetings Enthusiasts,

The recent weeks have been tumultuous for the Web3 ecosystem, with the banking system facing collapse and the increasing popularity of Bitcoin, among other noteworthy events.

We present to you your weekly allocation of current events.

First Citizens Acquires Silicon Valley Bank Branches; Opens Doors Monday

First Citizens Bank expands its market presence with the acquisition of several Silicon Valley Bank branches. This move will grant First Citizens access to a larger client base and a stronger foothold in the tech-driven region. The newly acquired branches will open for business on Monday, and both banks are committed to ensuring uninterrupted services for their customers. This acquisition is a significant milestone for First Citizens as they continue to adapt and grow in the rapidly evolving financial landscape.

Bitcoin’s Weekly Spot Volumes Reach New All-Time High

Bitcoin’s weekly trading volume on exchanges hit a new all-time high of $60.5 billion, according to a report by Watcher Guru. This surge in trading volume follows Bitcoin’s recent all-time high of over $60,000 per coin. Despite a subsequent price drop, trading volume has continued to rise. The report highlights the popularity of high-volume Bitcoin exchanges among investors, including large companies and funds. The increasing trading volume signifies the growing interest in cryptocurrency and solidifies its position as a significant investment tool.

NFT Investor Accidentally Burns $135K Cryptopunk While Trying to Borrow Money

An NFT investor accidentally burned a Cryptopunk worth $135k while trying to use the collection as collateral for a loan. This serves as a reminder that holding valuable assets in cryptocurrency can be risky and requires caution. As the popularity of NFTs continues to rise, investors need to remain aware of the risks involved.

Microsoft joins Nvidia’s industrial metaverse network after stepping back from its own immersive internet tools for manufacturing.

Microsoft and Nvidia have teamed up to bring Nvidia’s virtual world internet services to Microsoft Azure, featuring Omniverse Cloud and Nvidia DGX Cloud. The partnership also integrates Microsoft 365 programs with Nvidia Omniverse for real-time 3D collaboration, providing new opportunities for creativity and innovation. The collaboration will advance virtual world development, focusing on metaverse-enabling software and AI.

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