Microsoft Plans to Integrate Crypto Wallet into Xbox Console, Leaked Documents Reveal
Learn about Microsoft's reported plan to integrate a crypto wallet into its Xbox gaming console based on leaked documents from a legal case. This move could disrupt the $76 billion in-game microtransaction market.
Posted 10 months ago in Technology
Leaked documents from a legal case reveal that Microsoft plans to integrate a crypto wallet into its Xbox gaming console, potentially disrupting the $76 billion in-game microtransaction market.
Global software behemoth Microsoft is reportedly planning to integrate crypto wallet functionality into its flagship gaming console. Leaked documents from an ongoing legal battle have revealed a raft of upgrades for the Xbox, including one that could integrate digital assets. The Verge reported that someone has leaked unredacted documents from the Federal Trade Commission’s (FTC) case against Microsoft.
The Federal Trade Commission (FTC) is attempting to block Microsoft’s $69 billion purchase of Activision Blizzard. Additionally, the leaked documents from the case have provided a detailed look at Microsoft’s near-future plans for the Xbox. Upgrades to the popular gaming console included plans for a new disc-less Xbox Series X, a gyro controller, and a next-gen hybrid Xbox to be released in 2028.
The documents also included an Xbox roadmap from May 2022. According to reports, this detailed plans to integrate a crypto wallet into the next version of the console. Xbox chief Phil Spencer confirmed that the documents were a year old and expressed regret that the case unintentionally disclosed the plans.
Michael Silberberg, head of investor relations at AltTabCapital, said, “In concept, digital assets and gaming have always been closely tied,” and added: “Microsoft’s inclusion of cross-chain wallets in Xbox will allow the next generation of game developers to enable players to create and retain real value from in-game worlds, facilitating actual digital asset ownership, decentralized player-driven markets, and reduced fraud in digital economies.” He added that integrating crypto can disrupt and supercharge the $76 billion in-game microtransaction market.
Microsoft and Activision have pushed the merger deadline to October 18 in order to tie up “remaining regulatory concerns.” There were no further details on Microsoft’s crypto ambitions, but rumors have been abound for years. In addition to Microsoft, tech giants like Amazon, Google, Sony, and Meta have also been linked with crypto integration concepts. However, this year’s war on crypto by US regulators has dampened enthusiasm for the digital asset industry. Web3, blockchain gaming, and digital assets perfectly fit into the gaming industry. Therefore, it is likely only a matter of time before one of the tech giants integrates a crypto wallet. The rest are likely to follow when that happens.
Last updated 9/26/2023, 11:53:36 AM
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