Crypto News Weekly roundup May 29

We at TheCoinRise summarize this crypto market week, ranging from regulatory involvement to urging adoption.

Regulatory involvement in the crypto industry

When crafting regulatory standards with Her Majesty’s Treasury for distribution later this year, the financial authority would “absolutely” take stablecoins like TerraUSD (UST) and Tether (USDT) depegging from the US dollar into account, the Financial Conduct Authority’s executive director of markets, Sarah Pritchard, said.

Rep. Byron Donalds, a Florida Republican, introduced the Financial Freedom Act to the US House of Representatives on Friday. The bill prohibits the US Department of Labor from restricting the kinds of investments that can be included in Americans’ self-directed 401(k) retirement plans.

Three Republican senators from the United States, Tom Cotton, Mike Braun, and Marco Rubio, have introduced legislation that would prohibit the People’s Republic of China’s Central Bank Digital Currency (CBDC). The bill aims to prevent the Chinese government from snooping on Americans’ financial transactions.

In less than a month, the parliament’s version of a crypto mining bill in Russia has omitted several key features, including the obligation for mining operators to obtain special registration and a one-year tax exemption for all those who have done so. The prior approach, according to the reasoning, would result in government budget losses.

Partnerships, launches, fundings, and future plans

MSP Recovery LLC, a recognized Miami-based healthcare recovery organization, has established a collaborative agreement with Tokenology, a Web3 technology solutions company. Lifechain is a fraud-prevention blockchain platform that the two firms hope to launch for crypto investors.

Balenciaga, a premium fashion business based in Paris, has begun accepting Bitcoin (BTC) and Ethereum (ETH) payments as part of its long-term crypto plan. With regard to the newly integrated crypto payments services, it has not yet decided on a broker to utilize.

Paypal Holdings Inc Vice President Richard Nash stated that the payments services company is on pace to launch more crypto and blockchain-related products in the near future.

Nash mentioned the possibility of integrating a wider range of blockchain-backed services in the near future in an exclusive interview at the World Economic Forum (WEF).

A renowned crypto venture capital firm, Andreessen Horowitz or a16z has released an annual report on the industry’s current developments and state. The analysis supported the firm’s strong outlook on Web3, predicting the industry’s long-term expansion.

In addition, a16z has announced its fourth crypto fund to support Web3.0 firms. The Crypto Fund 4 is a $4.5 billion fund with a $4.5 billion capital base. While the business stated that a total of $1.5 billion would be used to fund startup growth at the seed stage, the majority ($3 million) will go to venture capital.

MetaKings, a blockchain game firm, has raised $15 million in a Seed Funding round led by Makers Fund and Bitkraft Ventures. The seed funding will be used to help MetaKings accelerate the growth of BlockLords, the company’s flagship Massively Multiplayer Online (MMO) game.

GameStop Corp has announced the launch of a new crypto wallet as a web browser extension as part of its drive into the digital currency ecosystem as a video game and electronics retailer. The new cryptocurrency wallet is designed for gamers and anybody else who wants to “store, send, receive and use cryptocurrencies and NFTs across decentralized apps without having to leave their web browsers.”

Bud, a gaming business, has raised $36.8 million in a Series B fundraising round headed by Sequoia Capital India. The protocol aims to provide a comprehensive platform for Gen Z to interact and play in the metaverse. Bud has raised $60 million since its launch in 2019.

The Gaming firm MetaBlaze is set to launch its second ICO round (Initial Coin Offering) on May 31 at 12 p.m. UTC, while the NFT mint continues. When TheCoinRise reported, MetaBlaze had raised over $2.1 million in its ICO, with the most recent round reaching its hard cap in just three days with approximately 2,000 investors.

With the launch of MXN, a stablecoin linked to the Mexican Pesos, Tether has made a bold and hopeful entrance into Latin America. The new coin, according to the business, is blockchain-backed and will have a 1:1 exchange rate with Mexican pesos. After the US Dollar, Euro, and offshore Chinese Yuan-based USDT, stablecoin appears to be the next token to be released by the business. For the time being, the coin will be supported on the Ethereum, Tron, and Polygon protocols.

Crypto exchange news

FTX is reportedly looking for brokerage startups as part of its previously stated goal to increase support for stock trading. Notably, the company stated last Thursday that its US-based subsidiary FTX.US would begin offering zero-commission stock trading through its app, allowing customers to deposit fiat-backed stablecoins into their accounts.

The crypto exchange giant Binance has announced the signing of a new partnership deal with the government of Kazakhstan via a Memorandum of Understanding. The cooperation, according to the trading platform, would allow it to focus on assisting the government in its efforts to bring creative rules to the crypto sector.

Bitbank, a Japanese crypto trading platform, recently announced a cooperation with Sumitomo Mitsui Trust Holdings, a financial holding firm, with the goal of forming the Japan Digital Asset Trust, or JADAT.

NFT and Metaverse

OpenSea, the world’s largest NFT marketplace, has launched Seaport, a Web3 marketplace protocol for “safely and efficiently buying and selling NFTs.” Seaport wants to provide customers with more than just payment tokens like Ethereum when it comes to obtaining NFTs.

A recent survey from the World Economic Forum (WEF) sheds light on how the metaverse is being viewed or embraced in various parts of the world. The metaverse is recognizable to 52 percent of the 21,000 respondents from 29 nations across all continents, according to the study results released by Ipsos on Wednesday.

eBay officially debuted its first NFT drop on Monday, with a set of tokenized items featuring National Hockey League (NHL) legend Wayne Gretsky that went live. On eBay’s marketplace, the collection is now available for purchase. The $1,500 diamond, platinum, and gold tiers have already sold out, as have the limited-edition diamond, platinum, and gold tiers.

Exclusive reviews and announcements

TCG World just announced a new strategic relationship with Curzio Research Inc, which has paid $5,000,000 for 19 commercial real estate properties within the TCG World Metaverse. The purchase will be one of the most significant virtual property transactions in the metaverse to date.

On its institutionally-focused digital asset platform, Fireblocks has added support for TRX and all TRC20-based tokens on the TRON DAO network today.

The Astar-based initiative AstridDAO has formally announced a relationship with Microsoft. This collaboration has far-reaching implications for the ecology as a whole. The fact that the digital giants are endorsing and advising the initiative demonstrates that they are paying attention to Astar and the products that are being established on the network.

D’CENT Wallet has now added a new user-friendly tool called ‘Exchange’ to the platform’s ‘Discovery’ tab menu, allowing users to quickly exchange numerous network cryptocurrency assets.

SigmaUSD: It is the Ergo blockchain’s native stablecoin created to be completely sustainable and decentralized. To begin with, the stablecoin is totally on-chain and non-custodial, suggesting that it is not controlled by a group of developers and that there is no one representative, as there was with UST.

Cornucopias The Island: It is a blockchain-powered, play-to-earn, build-to-earn, learn-to-earn, and host-to-earn MMORPG game. Players can own land and other NFT-based assets in a universe of unique domes, which they can exchange with other users.

Zelenskiy NFT: A unique collection of 10,000 NFTs was established by President Zelenskiy to commemorate the Ukrainian people’s historical efforts and courage. A collection created specifically to help Ukrainian refugees and humanitarian problems, with broad societal benefits.

ChainWars: Users can build their best potential deck and compete with other players in this brand new Digital Collectible Card Game (DCCG). ChainWars is centered on the ‘Play to Earn’ concept, with additional products to complement it. This DCCG makes use of the most cutting-edge blockchain technology to give players additional ways to interact with CWE, the official ChainWars currency.

TheCoinRise will be back with another week of crypto roundup next Weekend.