Starbucks and the UK government announce NFT plans: Ethereum price stalls

The UK government plans to mint its own NFTs and recognize stablecoins as a valid means of payment in the short term.

  • Starbucks CEO Howard Schultz revealed that his company will enter the NFT market sometime this year.
  • Cryptocurrency exchange Kraken has decided to close its headquarters in San Francisco, citing security concerns.
  • Solana has lost almost 30% of its value in the last week.

Ethereum, the second largest cryptocurrency in the world by total market capitalization, has continued to keep up with the price action witnessed by the digital asset market in general. To this point, the altcoin has posted weekly losses of 10% and is currently trading at a price point of 4,268 Australian dollars.

Despite the turbulence, digital asset adoption has surged as usual, with coffee giant Starbucks recently announcing his decision to join the non-fungible token (NFT) fray. On the subject, the company’s CEO, Howard Schultz, noted: “Sometime before the end of this calendar year, we will be in the NFT business.”

Rishi Sunak, the UK Chancellor of the Exchequer, revealed that his team was actively in the process of creating a regulatory framework that will recognize stablecoins as a legitimate means of payment across the region. He also stated that the British government is looking towards the use of NFTadding:

“It is my ambition to make the UK a global hub for crypto asset technology, and the measures we have outlined today will help ensure businesses can invest, innovate and grow in this country.”

How to buy Ethereum

Kraken closes store in San Francisco

In a somewhat surprising turn of events, Kraken, one of the most prominent crypto trading platforms in the United States, announced the closure of its headquarters in San Francisco. The company’s CEO, Jesse Powell, noted that the exchange will close its global headquarters due to the city being “unsafe” for its employees. Expounding his views on the matter, he issued a tweet claiming:

“We closed Kraken’s world headquarters on Market Street in San Francisco after numerous employees were attacked, harassed and robbed on their way to and from the office.”

In his statement, Powell further alleged that San Francisco’s crime rate has increased dramatically in recent years, with local authorities “drastically underestimating” cases of robberies, knife attacks and others.

Kraken isn’t the only major crypto firm to relocate from San Francisco, with Coinbase, another major digital asset exchange, too. announcing its decision to close its headquarters in the city at the end of this year.

Solana price plummets despite ecosystem growth

Having reached a price point of AUD$192 earlier this month, Solana has been on the decline, with SOL’s value taking submerged by an astonishing 28% recently. That said, in recent months the Solana ecosystem has continued to grow bigger and bigger, with Coinbase’s native wallet solution adding support for SOL and its associated tokens.

The important market of NFT OpenSea also revealed which will soon integrate the project into its existing framework.

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Disclosure: The author owns a variety of cryptocurrencies at the time of writing.

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