Even though neither Bitcoin nor Ethereum reported any significant price fluctuations this week, quite a bit has happened in the global crypto community. Myanmar’s shadow government is claiming back some of its lost power by announcing the adoption of Tether as its official currency.
In addition, traditional financial institutions continue signing up for blockchain technology in different ways, as members of the US Senate still struggle with the Infrastructure Bill. Let’s find out more.
Ethereum
Consensys and Mastercard have announced the launch of ConsenSys Rollups to introduce enterprise-grade scalability to leading financial organizations.
DeFi
With an 11% rise, Avalanche’s native token AVAX has now entered the list of top 10 cryptocurrencies by market capitalization.
Altcoins
A program piloting the functionalities and viabilities of an electronic currency in Ukraine will be launched by leading financial institutions – TASCOMBANK and Bitt, on the Stellar blockchain.
Solana faced network slow-down issues once again and struggled to process transactions for several hours. This time, it was caused by the hype over the SolChicks’ token sale on Raydium,
Technology
The Bank of America has applauded the subnet feature of Avalanche, claiming that it is the driving force behind the many projects supported by the platform.
HSBC and Wells Fargo have announced that they will be settling some of their foreign exchange transactions through a blockchain platform to reduce the risks and costs associated with processing foreign exchange settlements.
Business
Polygon has partnered with Seven Seven Six (776), the venture capital firm led by Reddit co-founder Alexis Ohanian to launch a $200 million initiative aimed at backing projects that delve at the intersection of social media and Web 3.0.
In a letter posted to the TRON website, founder Justin Sun resigned from his position as CEO of TRON Foundation, reasoning that he will now dedicate himself to other projects. He also announced that the foundation would be dissolved by 2022.
Regulation
US Federal Reserve chair Jerome Powell has stated that cryptocurrencies are not a significant financial stability concern for US markets. However, he has acknowledged the need to regulate stablecoins to protect US investors.
Six senators have come together from both Democratic and Republican parties to appeal to the US treasury to further elaborate on the definition of ‘broker’ that had caused much turmoil in the infrastructure bill.
Myanmar’s shadow government, the National Unity Government (NUG), has announced that it has adopted the stablecoin Tether (USDT) as the official currency to fund its initiatives to overthrow the current military regime.
NFT
E-commerce platform Shopify is collaborating with GigLabs to integrate NFTs into its retail platform.
The former First Lady of the United States, Melania Trump, has announced that she will be launching an NFT platform that will regularly release exclusive NFTs. The first NFT release is an artwork titled “Melania’s Vision.”
Rarible has announced that it has successfully integrated with Tezos, making it the third blockchain to be supported by Rarible after Ethereum and Flow.
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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