Facebook Is Reversing Its Ban On Some Cryptocurrency Advertisements; Sacramento Kings Become First Sports Team To Mine Cryptocurrency; High Fidelity Raises $35 Million For Blockchain-Based Virtual Reality Company
According to Recode, Facebook is reversing its ban on cryptocurrency advertisements and will not allow some advertisers to promote cryptocurrency businesses and services, such as exchanges.
In January, Facebook banned all cryptocurrency-related advertisements in an effort to prevent users from engaging in “financial products and services frequently associated with misleading or deceptive promotional practices,” according to Facebook.
Now advertisers that are pre-approved by Facebook can promote cryptocurrency products. However, advertisements promoting binary options and Initial Coin Offerings (ICOs) are still banned. Interested advertisers must show Facebook licenses to receive permission to run advertisements.
According to Forbes, the NBA team Sacramento Kings announced that it is partnering with MiningStore.com to become the first sports team in the world to mine cryptocurrency.
This news should not surprise fans of the Sacramento Kings; the team has a history of getting involved with various technological innovations. The Kings were the first sports team to use Twitter, Google Glass, and drone technology. In 2014, the Kings were the first sports team in the world to accept Bitcoin.
Vivek Ranadive, Sacramento Kings Owner, said,
“Opportunity begins when technology allows the world to find innovative solutions to complex problems… Two years ago, it was bitcoin; now, it’s about how we are going to utilize blockchain technology. I think it will transform many parts of our business and provide for the ultimate fan experience. The list is endless, just as it is for what the technology can do for other spaces.”
According to Fortune, High Fidelity announced that it had raised a $35 million series D round led by Galaxy Digital. Galaxy Digital is a fund run by Wall Street investor and cryptocurrency enthusiast Mike Novogratz.
Philip Rosedale, the CEO of High Fidelity, said the company is building blockchain infrastructure to support a billion Virtual Reality (VR) users, and that the company has already created a native cryptocurrency.
It’s not a stretch of the imagination to think Rosedale can achieve the company’s mission. Rosedale is famous for creating the first mainstream virtual world, Second Life. The game gave rise to a digital currency known as the Linden Dollar, which ended up achieving a high valuation in the real world. Rosedale emphasizes the need for a digital currency is massive for a VR game, stating, “If bitcoin had been around in 2005, I would have been delighted to use it for Second Life.”
