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Microsoft Crypto Wallets on Xbox: Leaked Documents Show Boom for Crypto-Gaming

Published September 26, 2023 12:17 PM
Teuta Franjkovic
Published September 26, 2023 12:17 PM

Key Takeaways

  • Leaked documents claim that Microsoft intends to incorporate a crypto wallet into the Xbox gaming system.
  • Game makers might be able to extract real value from virtual environments.
  • The US regulatory crackdown on crypto this year may have tempered interest in the digital asset sector.

Microsoft, a software behemoth, intends to incorporate crypto wallets into its Xbox gaming device, according to recently leaked papers.

According to internal documents  that were obtained and uploaded on the gaming forum ResetEra, the Xbox plan for May 2022 includes functionality for cryptocurrency wallets. However, the leaked documents did not display specific details about this anticipated integration.

The leak  was a result of legal action by the Federal Trade Commission against Microsoft, according to Phil Spencer, the CEO of Xbox. Microsoft mistakenly included leaked papers in its submissions as a result of the FTC’s resistance to the $69 million Activision Blizzard acquisition.

Leaked documents reportedly unveiled essential interactions between Xbox officials, blueprints for a forthcoming disc-less Xbox Series X, details on a gyro controller, and even information about a next-gen hybrid Xbox set for 2028.

Spencer made an effort to downplay the leak, pointing out that certain plans had already modified. He : 

“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.”

He explained  that “several documents submitted in the court proceedings related to our proposed acquisition of Activision Blizzard were unintentionally disclosed,” and added he’s aware how dissapointing the situation is, “even if many of the documents are well over a year old and our plans have evolved.”

Crypto Community Excited

The Bitcoin industry is nonetheless upbeat about the leak, despite Spencer’s suggestion that the company’s objectives may have changed. Gemini co-founder Tyler Winklevoss commented  on the issue and emphasised the size of the gaming business.

“Crypto is gamer money, and gaming is a bigger industry than Hollywood and the music industry combined,” he declared.

This move has spurred rumours that the integration may give cryptocurrencies like Bitcoin (BTC) new applications.

It’s crucial to remember that the possible impact is still hypothetical because Microsoft hasn’t formally acknowledged any integration. But the positive reaction from the crypto community highlights how important it is for established IT giants to support the new sector.

Microsoft and Aptos Labs, the creator of the layer1 blockchain network Aptos (APT), increased their partnership  in the crypto industry in August. The capabilities of the web3 ecosystem will receive an improvement thanks to this agreement.

Is Microsoft First Big-Tech to Really Deal With Crypto?

For years, there have been rumours and theories that companies like Microsoft, Apple, Amazon, Google parent Alphabet, and Facebook’s Meta are getting ready to launch support for Bitcoin and other cryptocurrencies.

Silicon Valley businesses have expressed concern over Facebook’s unsuccessful endeavor to establish its own stablecoin inspired by Bitcoin. Meanwhile, Wall Street behemoths like BlackRock and JPMorgan are cautiously dipping their toes into the realm of Bitcoin, Ethereum, and overall crypto.

In 2019, international regulators and central banks joined together to thwart Meta’s aspirations for its own private, global cryptocurrency out of concern that the firm may challenge the Federal Reserve in terms of economic clout if given permission to issue money to its more than 3 billion members globally.

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