California Governor Gavin Newsom has issued an executive order on cryptocurrencies, laying out a road map for regulatory and consumer protections and examining ways the state can leverage the nascent space to its advantage.

Italian luxury fashion house Gucci is set to start accepting cryptocurrency payments in select stores in the United States, including flagship locations such as Rodeo Drive in Los Angeles and Wooster Street in New York.

Nasdaq-listed cryptocurrency exchange Coinbase has opened the beta version of its non-fungible token (NFT) marketplace to the public after initially unveiling to a small group of invited users.

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Top stories in the Crypto Roundup today:

• California Governor Issues Executive Order on Crypto
• Gucci to Accept Cryptocurrency Payments in Select Stores
• Coinbase Opens NFT Marketplace to the Public
• 54 Digital Asset Exchange Shut Down Since June 2019
• Sponsored: Bybit - Earn Up to $60 in BTC Welcome Rewards!

California Governor Issues Executive Order on Crypto

California Governor Gavin Newsom has issued an executive order on cryptocurrencies, laying out a road map for regulatory and consumer protections and examining ways the state can leverage the nascent space to its advantage.

Under the order, the state of California is set to create a “transparent and consistent business environment” for blockchain-based companies and digital asset projects. California is also set to collect stakeholder feedback to create regulations in conjunction with federal authorities and assess the use of blockchain technology for public institutions.

According to the order, the state will “reflect consultation with relevant state agencies regarding the forthcoming federal reports on the relationship of crypto assets to priorities in energy, climate, and preventing criminal activity.”

On the regulatory front, California is looking to coordinate with Washington, D.C. for advice based on the crypto executive order President Joe Biden signed in March.

Several states have pending legislation on digital assets. In February, New Hampshire issued an executive order to propose new bitcoin laws.

Gucci to Accept Cryptocurrency Payments in Select Stores

Italian luxury fashion house Gucci is set to start accepting cryptocurrency payments in select stores in the United States, including flagship locations such as Rodeo Drive in Los Angeles and Wooster Street in New York.

The fashion house plans to expand the service to its directly-operated North America stores in the near future and will be accepting payments in several assets including Bitcoin, Bitcoin Cash, Ether, Dogecoin, Shiba Inu, and a variety of stablecoins.

The cryptocurrency payments Gucci receives will be converted into fiat currency. The payments will be processed via a QR code sent to customers.

Gucci has taken significant steps in moving into the cryptocurrency space. The company has a team dedicated to Web3-focused initiatives and has created a game on Roblox, as well as “skins” for different gaming titles, to reach a wider audience.

The firm has also purchased digital real estate on the blockchain-based metaverse The Sandbox.

Coinbase Opens NFT Marketplace to the Public

Nasdaq-listed cryptocurrency exchange Coinbase has opened the beta version of its non-fungible token (NFT) marketplace to the public after initially unveiling it to a small group of invited users.

The marketplace saw just over 900 transactions totaling $210,000 of sales volume in its debut week. However, the amount of  users that had been granted access to the platform at this time wasn’t revealed. Coinbase’s NFT marketplace is looking to take market share away from NFT marketplace leader OpenSea.

Coinbase NFT is launching with zero-transaction fees for a limited time. The exchange is looking to grow its user base in part through a series of NFT collection partnerships.

The move comes shortly after Kraken opened the waitlist for its own NFT marketplace.

54 Digital Asset Exchange Shut Down Since June 2019

Since CryptoCompare’s first Exchange Benchmark was released in 2019, the industry has seen extensive consolidation, with Top-Tier exchanges now dominating trading volumes in the space.

In total, 54 digital asset exchanges have closed since June 2019.  Chinese-based exchanges saw the largest number of closures with 6, primarily caused by the crackdown the Chinese government imposed on the industry. All but one of the exchanges that closed down were classified as Lower Tier by our Exchange Benchmark.

Learn more via CryptoCompare’s latest Exchange Benchmark.

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