Microsoft Accidentally Exposes Xbox Crypto Wallet Roadmap in FTC Case
In an information that has been called the “biggest in Xbox history,” tech behemoth Microsoft has inadvertently revealed plans to integrate a cryptocurrency wallet onto its popular Xbox gaming console.
The leak through several documents being posted on the Resetera gaming forum, and the documents were unredacted in the Federal Trade Commission’s (FTC) case against the tech giant as it looks to thwart Microsoft’s monumental $69 billion acquisition of Activision Blizzard. The documents uncovered discussions among top-tier Xbox executives revealing a plethora of information on the firm’s plans.
The talks, according to The Verge, revolve around the launch of a disc-less Xbox Series X, an innovative gyro controller, and a hybrid console set for a 2028 release. For cryptocurrency enthusiasts, the leaks show a roadmap from May 2022 outlined the integration of a cryptocurrency wallet in its forthcoming console variant.
Phil Spencer, the head of Xbox, recently addressed Microsoft employees through an email, conceding that the revelation was accidental and stemmed from the FTC’s litigation against Microsoft. On social media, Spender voiced his frustration and hinted that the leaked plans were old and may have changed.
Although this revelation has garnered widespread attention, speculation about tech giants, including Microsoft, Apple, and Google, contemplating cryptocurrency integration has persisted for years.
Regulatory efforts, such as the one against Facebook’s stablecoin in 2019 and the 2021 cryptocurrency market shift, temporarily shelved these plans. Nevertheless, with giants like JPMorgan and Citi showcasing renewed interest in blockchain, an official announcement from Microsoft on the crypto integration seems plausible.
Moreover, major financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin exchange-traded fund (ETF) in the United States kicked off.
Earlier this year, reports suggested that Microsoft was building a cryptocurrency wallet to integrate into its popular Edge browser. Microsoft was notably one of the first major companies to accept Bitcoin payments, allowing users to fund Microsoft accounts with the cryptocurrency since 2014.
The options, which is limited to customers in the United States, is enabled through a third-party payment processor, BitPay. The option is currently only supported on the Microsoft store.
Back in February, blockchain infrastructure provider Ankr announced a strategic partnership with Microsoft aiming to provide high-performance blockchain connections for developers and organizations.
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