There were several significant announcements made in the crypto space over the past week. Starting from Ethereum reaching an all-time high to Nexon announcing the purchase of $100 million worth in Bitcoin.
Bitcoin
Nexon, the Tokyo-based video game maker, announced the purchase of $100 million in bitcoin.
It purchased approximately 1717 bitcoins, making it the first Japanese company to add Bitcoin into its treasury.
Charlie Lee, Founder and CEO of Litecoin gave his thoughts on the “Litecoin Vs. Bitcoin” debate. Lee said that he sees Litecoin as an alternative to Bitcoin and not a competitor. Talking in an interview on CNBC, he said that investors should look at Bitcoin as digital gold and Litecoin as digital silver.
Cryptocurrency platform Gemini has also announced a partnership with Mastercard and WebBank. The partnership will focus on launching the world’s first crypto rewards credit card.
DeFi
Beyond Finance users can now trade an array of synthetic assets such as Apple, Amazon, Tesla, Netflix, Google, the company said in an announcement. They can also trade forex, commodities, and other major cryptocurrencies.
ShapeShift also made a significant announcement during the week, announcing that it had enabled cross-chain swaps via Ethereum-based DEX trading and THORChain. As a result, shapeShift has now become the first cryptocurrency exchange that allows BTC and ETH trades on a hardware wallet.
Altcoins
IOTA announced that its highly anticipated Chrysalis Network is officially live. The network will now set its eyes on the goal of complete decentralization with Coordicide.
Solana Foundation will be conducting a hackathon that is aimed at Web3, DeFi, and NFT solutions. The prize is valued at $1 million and includes seed funding.
Technology
Storj DCS tweeted that it is registering an astonishing number of sign-ups on its decentralized storage layer. The storage layer was launched on 20th April and designed to help developers, DevOps, and professionals migrate easily from centralized providers.
Riding on the growth of DeFi and NFTs, MetaMask, an open-source wallet service that has been designed specifically for Ethereum and Ethereum based dApps, has reported a surge of growth, reaching 5 million users.
Business
U.S. Bank, the fifth-largest bank in the USA, has announced that it will be offering cryptocurrency offerings to its clients. As a result, the bank becomes another significant financial institution after New York Mellon (BNY Mellon) to join the crypto space.
The largest cryptocurrency exchange in the United States, Coinbase, has announced that it is opening crypto payment services on its platforms via PayPal, allowing its users who are also registered on PayPal to buy cryptocurrency easily.
Shanghai Based crypto exchange Hotbit disclosed details of a serious cyberattack that crippled the exchange and compromised its database. As a result of the attack, the exchange has temporarily gone offline and will be back once maintenance work has been completed.
Regulation
The U.S. Congress, last week, passed a bill that addresses cryptocurrency regulation. The bill will help the Commodity Futures Trading Commission (CFTC) and the Securities Exchange Commission (SEC) establish a digital asset working group and frame a new regulatory framework for cryptocurrencies and digital assets.
The Bank of England is actively exploring the possibilities of developing a central bank digital currency (CBDC). In line with this development, the bank posted openings for seven positions focused on developing a CBDC.
Turkish authorities have jailed six suspects in connection with the Thodex Cryptocurrency exchange scam. However, CEO and Founder Faruk Fatih Ozer is still being tracked down by Interpol.
NFT
The world’s largest cryptocurrency exchange, Binance, has announced plans to introduce its own NFT marketplace. Binance aims to establish itself as the go-to platform for NFTs and digital collectibles.
Professional Basketball team, the Golden State Warriors, have announced the launch of their legacy NFT collection. The Golden State Warriors are the first professional team that has released a licensed collection of digital memorabilia.
JUST NFT, an NFT Ark fund on the TRON blockchain launched the world’s first Picasso NFT. The NFT is part of “The First Collections,” with the entire collection’s value pegged at around $30 million.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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