Crypto News Weekly roundup May 9

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

April 2022 is the fourth month in a row that the Bitcoin ATM installation process has decreased since the beginning of the year. BTC ATMs are critical to the Bitcoin economy because they allow users to directly retrieve or deposit their BTC holdings against cash reserves. We at TheCoinRise summarize this crypto market week, ranging from regulatory involvement to urging adoption.

Regulatory involvement in the crypto industry

Analysts from the European Commission showed a startling understanding of how DeFi works, identifying it as something different from the traditional financial system and noting that it would demand a shift in regulatory thinking.

The Securities and Exchange Commission (SEC), an independent agency of the US federal government, recently declared that it aims to boost the number of people accountable for protecting crypto investors. The SEC’s Cyber Division, which encompasses digital assets and the Cyber team, said that 20 new people would be hired for 50 dedicated roles.

Dubai is known for its crypto-friendly policies, but the government’s recent move has put the country in the spotlight. The Dubai Virtual Asset Regulatory Authority (VARA) has purchased land in Animoca Brands’ Metaverse, The Sandbox, as part of its plans to construct a metaverse headquarters (SAND).

The US Treasury Department’s Office of Foreign Assets Control (OFAC) penalized crypto mixer Blender for its participation in laundering funds from the Axie Infinity’s play-to-earn game Ronin Bridge breach. The Lazarus Group, a North Korean state-sponsored hacker group, was allegedly behind the attack.

Senator Tommy Tuberville of Alabama has sponsored the Financial Freedom Act, which would allow Americans to use cryptocurrency in their 401(k) retirement savings plan without waiting for government clearance.

Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota have expressed skepticism about Fidelity Investments’ plans to integrate Bitcoin (BTC) into 401(k) accounts, indicating that the US government is becoming increasingly concerned about the use of Bitcoin (BTC) in retirement savings.

The ECB’s presentation titled “Digital Euro Privacy options” was recently made public by Patrick Hansen, a crypto venture adviser and European digital asset regulation whistleblower. The paper is only nine slides long and lays out the EU’s CBDC, commonly known as the digital euro, user privacy options.

MONEYVAL, Europe’s anti-money laundering and counter-terrorist financing watchdog, has made monitoring the crypto business, as well as “gatekeeper” professionals like attorneys and accountants, a priority in European countries’ attempts to prevent money laundering.

Partnerships, launches, fundings, and future plans

Algorand has been appointed FIFA’s official blockchain partner for the upcoming World Cup in Qatar. Algorand has been named a FIFA Women’s World Cup Australia and New Zealand 2023TM Official Sponsor and a FIFA World Cup Qatar 2022TM Regional Supporter in North America and Europe.

Equinox Group, a luxury health and gym club, has announced that it will begin accepting digital currency payments for annual membership fees. The new limit will be implemented in collaboration with BitPay, a well-known digital currency payment service provider.

Nym Technologies, a blockchain-based privacy infrastructure provider, has announced a $300 million funding round to support new privacy-focused technology initiatives. Huobi Incubator, Tioga Capital, Polychain, Greenfield One, Eden Block, NGC Ventures, Fenbushi Capital, OKX Blockdream Ventures, Haskey Capital, Figment, Tayssir Capital, a16z crypto, KR1, and Lemniscap were among the significant investors in the digital currency sector.

Bundlr Network, a blockchain technology sponsored by Arweave that allows for permanent data storage on the web, just raised $5.2 million in a seed funding round. Leading web3 investors such as Hypersphere Ventures, arweave.org, Permanent Ventures, and Framework led the round. OpenSea Ventures and Race Capital were among the other investors.

Following an inauguration event, the renowned crypto mining business Argo Blockchain is finishing the creation of a new data center in West Texas, according to a recent announcement published on Twitter. The facility was unveiled more than a year after the mining corporation purchased a 320-acre land plot for its development.

A well-known blockchain platform, Polkadot, has announced the introduction of a new cross-chain communications protocol that would eliminate the need for cumbersome bridging procedures that have cost the crypto industry billions in cyber attacks.

With the launch of Bitcoin (BTC) and Ethereum (ETH) investments at LGT Bank in Liechtenstein, the LGT Group has entered the crypto market. In conjunction with Swiss crypto bank Seba, LGT Bank, which handles over $292 billion in assets, has established digital asset custody and trading services.

Crypto exchange news

Binance appears to have stopped offering crypto derivatives services in Spain while waiting for approval from the Spanish regulator, the Comisión Nacional del Mercado de Valores (CNMV).

For the past few days, Elon Musk has been in the news for his $44 billion acquisition of Twitter. The stunning news now is that Binance, the world’s largest crypto exchange, has also contributed to the procedure’s completion.

NFT and Metaverse

According to a recent analysis by Chainalysis, NFT fans have contributed more than $37 billion to the NFT market in 2022, which is roughly equivalent to the total amount of sales in 2021. The volume of NFT transactions has increased dramatically after January 1, 2021. Solana and Moonbirds have been the major contributors to that.

VanEck, a US asset management business, has announced the introduction of its Community NFT to re-emphasize the developing asset class’s broad applicability. There are 1000 NFTs in all, each of which is designed as a digital membership card and will be airdropped to the first 1,000 applicants who express interest in the collection.

The burning rate of Ethereum has reached new ATH levels following the heavily hyped sale of tokenized land plots in Yuga Labs’ popular Metaverse, “Otherside.” The news has gone viral on social media channels such as Twitter.

After the recent Yuga Labs Otherdeeds NFT minting, which sparked rumors of a new chain for APE, BAYC’s ApeCoin (APE) recently stated that it has integrated Ethereum Layer2 solution Polygon.

The world’s richest man and CEO of Tesla Inc, Elon Musk, recently updated his Twitter profile to a collage of the Bored Ape Yacht Club (BAYC) NFT Collection, which is shocking.

Spotify’s new initiative, according to a series of tweets sent out last week, aims to create a “sound paradise” for its subscribers, complete with a range of interactive activities. It is the first company in its area to look into the Metaverse. This was made possible by Roblox, an open-world MMO game that has been incredibly successful in creating virtual settings and allowing users to construct and share experiences in this new part.

Lack of Transparency in the industry

Web3 cybersecurity providers, according to Dyma Budorin, CEO of the smart contract auditing firm, are now unable to match the expectations of crypto investors, and “huge blind spots” in market standards are influencing investor behavior. According to Budorin, the lack of transparency and accountability in many providers’ audits fails to persuade consumers and projects.

Solana faces network outage yet again!

The Solana network experienced its seventh failure on Saturday, resulting in a seven-hour delay. Solana Labs’ development team has released an outage report as well as three important mitigation procedures for restoring network reliability. The network disruption on Solana was caused by a massive rise in the number of transactions due to NFT minting bots.

Exclusive announcements

Fuzzle: There are 9,997 AI-powered aliens in this NFT collection. While Fuzzle may appear to be similar to other digital pet projects at first glance, the project delves much deeper into some new areas for the web3 world. Each Fuzzle is a distinct AI-powered human capable of reactive and adaptive conversation.

Alameda Research has been named the first Member and Whitelisted Institution to mint Decentralized USD (USDD), a completely decentralized stablecoin based on mathematics and algorithms, by TRON DAO Reserve. On Thursday, May 5, TRON Founder H.E. Justin Sun announced the launch of USDD through the TRON DAO Reserve.

One World Nation recently announced the future debut of their metaverse gaming ecosystem, where cryptocurrency tokens are brought to life as NFTs.

Buakaw Banchamek, Thailand’s kickboxing champion, is unveiling the Buakaw Club 1 NFT series. After many years of success as a Muay Thai fighter, the living legend is stepping into the digital NFT realm.

Gala Games, the popular Web3 gaming platform, recently announced the return of its May Mayhem Town Star tournament, which will feature $2 million in prizes for its community, more than tripling the amount awarded last year.

The Acardex staking platform has successfully launched in beta on the Cardano testnet. It makes use of the Cardano ecosystem, which allows ADA holders to invest their tokens and receive Cardano every five days.

TheCoinRise will be back with another week of Blockchain and crypto roundup next Friday.