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This week’s top 5 stories curated to catch up with the crypto world.
In this article, we’ve put together a list of the top 5 crypto stories of this week that will help you stay in tune with the crypto ecosystem.
Burning BNB tokens
BNB is the token that powers the Binance Smart Chain (BSC) blockchain. BNB tokens are also mandated to participate in the on-chain governance of BSC. Based on community feedback, Binance implemented a new BNB autoburn procedure last year to create a healthy BSC ecosystem. Prior to this update, Binance had two BNB burning mechanisms. First, part of the fees spent on BSC are burned in real time. Second, Binance is planning a quarterly BNB burn.
Starting December 2021, Binance replaced quarterly burning with an automatic BNB burning plan to provide more predictability to the BNB ecosystem. As a result, Binance burned over 1.8 million BNB tokens in the first quarter of 2022. Given the deflationary nature of the burn mechanism, market participants expect scarcity to occur, thereby increasing the BNB price in the future.
Funds galore for crypto
Crypto gaming is seen by many as the next major growth game for blockchain in 2022. Crypto-based Framework Ventures has raised $400 million in funding to invest in early-stage companies focused on gaming, Web 3.0, and gaming. decentralized finance (Defi). The fund includes a $200 million allocation to on-chain gaming projects. The move appears to have sprung from the meteoric rise of popular game-to-win Axie Infinity, which currently has over 2.8 million unique addresses.
Popular crypto platform Kucoin has announced the launch of a $100 million fund to support early-stage non-fungible token (NFT) projects. The fund would aim to complement the new Kucoin Windvane NFT market. To create initial traction for creators, Kucoin seeks to utilize exchange traffic and community support. Windvane supports most popular NFT blockchains including Ethereum, BSC, and Flow.
Buy Porsche with BTC
Porsche Towson, a dealership in the United States, would accept bitcoins and other crypto assets for the purchase of vehicles. Crypto payment company BitPay has enabled Porsche Towson to accept crypto assets as payment through their API services. BitPay also has the ability to protect businesses from BTC price volatility by ensuring that the merchant receives the full corresponding dollar amount at the time of purchase. Bitpay has added support for the Lightning Network, allowing merchants to receive cheaper and faster payments over the Layer 2 protocol.
Australia approves launch of ETF
Crypto firm 21Shares has partnered with leading exchange-traded fund (ETF) provider ETF Securities to launch Australia’s first spot Bitcoin ETF. The 21Shares Bitcoin ETF (EBTC) is expected to go live on the Cboe trading platform this month. The 21Shares product joins a similar fund from Cosmos Asset Management which will begin trading on the same day.
The Cosmos product will become the first bitcoin ETF to receive launch approval in Australia. However, the 21Shares fund will be the primary channel for direct investment in the underlying asset. The Cosmos Bitcoin ETF will gain exposure to Bitcoin by investing in the Canada-based Purpose Bitcoin ETF, the first spot BTC ETF in North America that was launched early last year.
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Warning: This article was written by Giottos Crypto Exchange in a paid partnership with The News Minute. Investments in crypto-assets or cryptocurrency are subject to market risks such as volatility and have no guaranteed return. Please do your own research before investing and seek independent legal/financial advice if you are unsure about investments.