- According to leaked documents, tech giant Microsoft is planning to integrate a cryptocurrency wallet into its popular Xbox gaming console.
- Xbox President Phil Spencer sent an email to Microsoft employees acknowledging that the plans had “inadvertently surfaced” as part of the FTC v. Microsoft case.
- Michael Silberberg, Head of Investor Relations at AltTabCapital, noted that the relationship between digital assets and gaming has always been closely intertwined.
It turns out that technology giant Microsoft is looking for a way to integrate crypto wallets for its popular Xbox game console: Why is it important for Bitcoin?
Microsoft’s Cryptocurrency Plans Revealed
Leaked documents reveal that tech giant Microsoft is planning to integrate a cryptocurrency wallet into its popular Xbox gaming console. The documents also include a roadmap for Xbox dated May 2022, outlining the intention to include a cryptocurrency wallet in an upcoming console release.
This leak is considered the “biggest leak in Xbox history” due to the rarity of such unregulated emails becoming public.
Xbox President Phil Spencer sent an email to Microsoft employees last Tuesday, acknowledging that the plans had “inadvertently surfaced” as part of the FTC v. Microsoft case. Spencer stated:
“I know this can be disappointing, especially since most of these documents are over a year old, and our plans have evolved. I also want to underscore that we take the privacy of our plans and our partners’ information seriously. This leak clearly doesn’t align with that expectation.”
This shouldn’t be a major surprise for Microsoft as the tech giant has already made significant strides in the blockchain space.
Gaming Industry Triggering Bitcoin’s Rise
Many market analysts are excited about the convergence of the gaming industry and cryptocurrencies. Tyler Winklevoss, co-founder of the Gemini exchange, has stated that “cryptocurrency is game money” and that the gaming industry is a combination of the music industry and Hollywood.
Furthermore, Bitcoin and cryptocurrencies seem to be a natural ally of the gaming industry in terms of in-game currency value, earnings rewards, and more. Michael Silberberg, Head of Investor Relations at AltTabCapital, emphasized that the relationship between digital assets and gaming has always been closely intertwined. This implies that the gaming ecosystem is not limited to just one segment.
In fact, in-game microtransactions contribute to nearly half of global gaming revenue. Microsoft’s integration of cross-chain wallets into Xbox would empower game developers to enhance the creation and storage of tangible value for players within in-game universes. This translates to true ownership of Bitcoin, digital assets, decentralized player-driven markets, and reduced digital economy fraud.
