What’s Next for US Cryptoasset Investors?

Welcome to our weekly update on the ever-evolving world of cryptoassets. Our dedicated European research desk at XEROF has diligently curated the most impactful news and insights to ensure our readers remain ahead of the curve.

In this edition, we bring you the following developments:

• Fashion icon Louis Vuitton ventures into NFTs
• Avalanche Arcad3: Ava Labs introduces a program for blockchain game integrations
• Binance.US implements suspension of dollar deposits

XEROF's newsletter goes beyond digital currencies and delves into the latest happenings in luxury real estate. In this edition, we explore the following:

• Dubai's ambitious mega-project: Palm Jebel Ali, comes alive once again
• Madrid's real estate attracts wealthy Mexican investors
• Miami's luxury real estate market is leading the way in investment appreciation across the US

Cryptoasset News

Fashion House Louis Vuitton Launches New NFT Collection

Louis Vuitton, a renowned luxury brand, has introduced a new NFT collection, as reported by Cointelegraph. The price for each NFT in this collection is set at €39,000, and each NFT allows the owner to unlock exclusive creations from the popular French fashion house that have never been seen before.

Ava Labs Unveils Avalanche Arcad3

Ava Labs, the company behind the Avalanche blockchain, has unveiled Avalanche Arcad3, an initiative designed to foster collaboration between traditional game developers and the world of blockchain gaming. The program aims to bridge the gap between "Web2" game creators and Web3 game studios actively developing on the Avalanche platform. Through Avalanche Arcad3, participants will receive guidance on regulatory compliance and gain insights into implementing in-game tokens on the blockchain.

Binance.US Suspends Dollar Deposits Amid Regulatory Pressure

According to Reuters, Binance.US, the American affiliate of Binance, has suspended dollar deposits following increased regulatory scrutiny by the US securities regulator. In response to the US Securities and Exchange Commission's request to freeze its assets, Binance.US revealed that its banking partners plan to cease dollar withdrawal services as of June 13. Customers have been given until Tuesday to withdraw their funds, and it is anticipated that many will transfer their cryptoasset holdings to jurisdictions with a more favourable stance on digital currencies.

Luxury Real Estate News

Dubai Rekindles Ambitious Mega-Project: Palm Jebel Ali

The ruler of Dubai has given the green light to a new development blueprint for Palm Jebel Ali. Originally put on hold following the 2008 financial crisis, the Palm Jebel Ali project is now back in action as part of the Dubai 2040 Urban Master Plan. With a vision to create an extraordinary coastal living experience, Palm Jebel Ali will encompass over 80 hotels and resorts, offering luxurious beachside residences to around 35,000 families.

Mexican Investors Heavily Back Madrid's Real Estate Market

Several high-end apartments in Salamanca were swiftly purchased by affluent Mexican investors when they hit the market a few months ago. With each of the 25 units priced up to €3 million, the project has received substantial financial backing from Mexican investors, serving as a testament to the growing presence of Mexican citizens in the Spanish capital. Government foreign direct investment data reveals that since 2020, Mexicans have invested over €700 million in Spanish real estate and construction.

Miami's Luxury Real Estate Market Leads in Investment Appreciation Across the USA

Since the pandemic, the Miami-Dade County real estate market has witnessed a remarkable upswing in selling homes valued at $1 million. In April 2023, transactions soared from 175 to 340, marking a 94.3% increase compared to pre-pandemic levels. Furthermore, approximately 45% of all luxury sales in Miami have occurred since the onset of the pandemic in March 2020.

Company News

Brussels Blockchain Week

Last week, XEROF attended the "What Web3 Can Learn from Traditional Finance" panel alongside Galaxy Digital and Revolut at Brussels Blockchain Week. Insights shared on regulatory frameworks, risk management, and user experience sparked engaging discussions. It was a captivating session that gave attendees valuable takeaways for Web3's growth.

‍