April 19, 2024
Exploring the Potential: Xbox's Crypto Wallet Integration and Its Implications
Latest Cryptocurrency News

Exploring the Potential: Xbox’s Crypto Wallet Integration and Its Implications

According to unredacted documents released as part of the FTC’s complaint against Microsoft in connection with its proposed acquisition of developer Activision, the ecosystem of the next-generation Xbox platform might provide gamers with a crypto wallet integration.

According to a May 2022 internal Microsoft presentation slide, the next-generation Xbox machine and its environment would give players a variety of options for making purchases, including in-game economies and a “crypto wallet” function. The crypto wallet component was initially revealed by Axios.

The wallet’s sole further context is that it would be an “Xbox/Microsoft solution” rather than an “industry solution,” which implies that Microsoft will create it. Uncertainty surrounds whether a wallet would be developed from scratch or merely integrated with already-existing crypto wallets like MetaMask or Coinbase Wallet.

It’s important to note that the designs for the cryptocurrency wallet were distributed internally in early May of last year because the email including the slides is dated May 5, 2022. That was a week before the cryptocurrency market slump that followed Terra’s failure.

Since then, the price of cryptocurrencies has stayed in a bear market, and Bitcoin and Ethereum are still much below their 2021 highs. Although some cryptocurrency enthusiasts might rejoice at the news, it’s not yet apparent whether Microsoft’s intentions to introduce the suggested feature have been affected by the weakening of the cryptocurrency market.

Gamers are forced to conjecture without much-supporting information until Microsoft releases a comment addressing the intentions for a cryptocurrency wallet.

Last week, several private Xbox documents were made public in the FTC case and rapidly went viral online.

Some of the emails and presentations should have had their content redacted, but some of them weren’t, and the judge blamed Microsoft for the error. Phil Spencer, the head of Xbox, tweeted about the unexpected findings and claimed that certain plans had changed after the documents were written.

“We’ve seen the conversation around old emails and documents,” Spencer explained. “It is hard to see our team’s work shared in this way because so much has changed and there’s so much to be excited about right now and in the future. We will share the real plans when we are ready.”

According to Microsoft papers, the next-generation Xbox system won’t likely be available until 2028, although mid-gen console upgrades for the Xbox Series X and Series S are planned to debut the following year. To improve speed, the next Xbox hardware is expected to use a hybrid method that combines local and cloud processing.

While Xbox’s ambitions for cryptocurrencies are yet unknown, the console maker this month unveiled Xbox-themed Mastercard credit cards that reward users with points for purchases that can be exchanged for games or other perks.

Image: Wallpapers.com

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