Microsoft’s FTC case documents unveil the existence of plans for Microsoft Signals Xbox Wallet. Will these plans come to fruition? Here’s what we’re aware of.
Inside Microsoft Signals Xbox Wallet for the next-gen ecosystem
According to unredacted documents disclosed during the FTC’s investigation into Microsoft’s planned acquisition of Activision, it appears that the next-generation Xbox console ecosystem might incorporate a crypto wallet integration for gamers.
As revealed in an internal Microsoft presentation slide from May 2022, which Decrypt had access to, this upcoming Xbox console and its surrounding ecosystem aim to provide users with various ways to manage their finances. These options include participation in in-game economies as well as the introduction of a “crypto wallet” feature, which was initially reported by Axios.
The available information suggests that this wallet would be developed as an “Xbox/Microsoft solution – Microsoft Signals Xbox Wallet” rather than relying on an external “industry solution.” However, it remains uncertain whether Microsoft intends to create the wallet entirely in-house or if it will involve integration with existing crypto wallets such as MetaMask or Coinbase Wallet.
Phil Spencer, head of Xbox, attributed the leak to the Federal Trade Commission’s legal action against Microsoft. The FTC’s opposition to the $69 million Activision Blizzard acquisition resulted in Microsoft unintentionally including leaked documents within their submissions.
Reports showed that the leaked documents revealed key communications between Xbox executives, plans for a new disc-less Xbox Series X, a gyro controller, and even a next-gen hybrid Xbox in 2028. Nevertheless, Spencer tried to make light of the leak, noting that some plans had already changed. He said:
“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.”
Since that time, the crypto market has endured a bearish trend, with cryptocurrencies like Bitcoin and Ethereum trading at a fraction of their 2021 peak values. While this news might be cause for celebration among some crypto enthusiasts, it remains uncertain whether the downturn in the crypto market has had any impact on Microsoft’s intentions to proceed with the proposed feature launch.
Microsoft Innovation in Crypto
Recent developments in the financial and blockchain sectors have sparked renewed interest in the crypto asset class. This resurgence includes major asset managers submitting applications for spot Bitcoin ETFs and leading banks like JPMorgan and Citi unveiling plans to launch blockchain-based deposit tokens.
Check Out the Latest Prices, Charts, and Data of BTC/USDT
Additionally, there have been rumors circulating about Microsoft’s potential integration of a non-custodial Ethereum (ETH) wallet into its Edge browser. However, concrete details about this development, including a potential release date, remain scarce at this time.
In February, Microsoft entered into a partnership with Ankr, a decentralized blockchain infrastructure provider. This collaboration aimed to introduce a unique node hosting service on the Microsoft Azure Marketplace, catering to the needs of enterprises and organizations requiring access to blockchain data.
RPC nodes, such as those offered by Ankr, play a pivotal role in the blockchain sector by enabling decentralized applications to connect to blockchains and retrieve user data, making them a critical piece of blockchain infrastructure.
In August, Microsoft forged another partnership, this time with Aptos Labs, the company responsible for developing products and applications on the Aptos layer-1 blockchain network. The primary objective of this collaboration was to expedite the global adoption of Web3 technologies using the Microsoft Azure OpenAI service. This partnership led to the creation of an artificial intelligence chatbot known as “Aptos Assistant.”
Aptos Labs developed the Aptos Assistant to simplify the onboarding process for new users into the world of Web3. It assists users in creating wallets, completing the onboarding process, converting fiat currency to cryptocurrency, and understanding how blockchain and decentralization can personally benefit them.
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