Adidas Announces Coinbase Deal, Just Days After Announcing Its Entry Into the Metaverse

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Adidas, the global sportswear manufacturer, is going all-in on crypto, announcing a partnership with Nasdaq-listed cryptocurrency exchange Coinbase, in the same week that it decided to splurge big on a plot of land in the blockchain-based virtual gaming world of The Sandbox. While neither announcements offer any details whatsoever and do little to indicate if there's any intended connection between the two events, it is plausible that the company plans to spend cryptocurrency in The Sandbox; if so, Coinbase could help it make the required investment.

Adidas took to Twitter to state that it is partnering with the crypto exchange Coinbase but revealed little about the nature of the partnership, ending the tweet with a phrase you hear quite often in the crypto world — “Probably nothing.” Coinbase confirmed the partnership, as it replied “[Good morning]… Welcome to the party, partner!”

Adidas also took note of the Ethereum-based VR game The Sandbox and suggested that it would build something in the game's virtual parcels of lands, calling the concept “AdiVerse.” Adidas already owns property on The Sandbox, as its name can be seen on a parcel of land at these coordinates. It is unclear whether the company purchased this land, or whether the land was allocated to the company by The Sandbox.

In a recent statement from an Adidas spokesperson speaking to City A.M., the company stated that the “metaverse is currently one of the most exciting developments in digital, making it an interesting platform for Adidas.”

While that statement in itself is a hint to the company's future plans, it is worth noting that Adidas launch an NFT on POAP very recently suggesting that Coinbase could be related to that effort, especially if the sportswear giant plans to release a larger line of non-fungible tokens (NFTs). Meanwhile, Coinbase has been in the midst of trying to launch an NFT marketplace of its own and we could see Adidas use that marketplace to distribute NFTs going forward.

The company could also use Coinbase to accept cryptocurrency as a form of payment, similar to what many other companies have done in the past through Coinbase Commerce, but all of this is mere speculation for now.

Adidas' movement in the space also appears to be a swift reaction to rival-brand Nike, which revealed a virtual world modelled after its headquarters on video game platform Roblox, becoming one of the first big brands to mark an official entry to the metaverse. The digital space, called “Nikeland”, allows players to outfit their avatar with special Nike products and is free for anyone to visit on Roblox.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.


Jack Dorsey’s Crypto Exchange Project ‘tbDEX’ Whitepaper Details Plans to Bridge Gap Between Fiat, Crypto

Twitter CEO Jack Dorsey's online payments company Square has officially released a whitepaper detailing the working of its new decentralised exchange platform called “tbDEX.” As per the information shared, the protocol will allow people to transact between the worlds of cryptocurrencies and fiat currencies (national currencies like Rupees and Dollars) in real time, bridging the gap between physical and crypto finances. To enable this, the tbDEX team is focusing on establishing “social trust” regarding the crypto space, so that more people can join in and benefit from the independent finance system of cryptocurrencies.

In this particular case, tbDEX will allow the conversion of fiats into Bitcoin and vice versa. Trading at $63,350 (roughly Rs. 47 lakh) per token, Bitcoin is the oldest cryptocurrency, dating back to 2009.

“tbDEX is a protocol for discovering liquidity and exchanging assets (such as Bitcoin, fiat money, or real world goods) when the existence of social trust is an intractable element of managing transaction risk,” the whitepaper says. “It provides the infrastructure necessary to create a ubiquity of on-ramps and off-ramps directly between the fiat and crypto financial systems without the need for centralised intermediaries and trust brokers”.

The tbDEX protocol also has an interesting approach towards transaction fees.

The amount of information each party decides to disclose will reduce the transaction fees required to convert their fiat currencies into Bitcoin. Complete anonymity will hence, cost more fees on the tbDEX protocol.

“The tbDEX protocol also facilitates the secure exchange of the minimum necessary identity information acceptable to counterparties in order to satisfy requirements, be they legal, regulatory, or related to any other consideration of risk. The protocol itself neither collects nor records any personally identifiable information,” a blog post shared by the tbDEX team said.

While some Twitter users seemed excited about Dorsey's decentralised exchange app, others feared that this would sneak in more elements of the “know-your-customer (KYC)” details into the crypto space.

The Twitter chief had begun addressing this project since the early months of 2021. The team behind this project is being led by Mike Brock, who keeps tweeting on ongoing developments.

Dorsey, who is a strong crypto supporter, had also announced the development of a hardware wallet and service to make Bitcoin possession more mainstream.

Along with foraying into the crypto space with totally new ventures, Dorsey is integrating elements of the crypto culture within Twitter itself as well.

The microblogging site is getting a new tab for people to showcase their collections of non-fungible tokens (NFTs).

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.