This week’s top 5 stories curated to catch up with the crypto world.
In this article, we have curated a list of the top 5 crypto stories from this week that will help you stay in sync with the crypto ecosystem.
Dogecoin’s Twitter link
In what started out as a seemingly casual twitter poll by Dogecoin (DOGE) proponent Elon Musk about whether Twitter adheres to the principles of free speech, the top shareholders of Twitter couldn’t have possibly fathomed the subsequent turn of events. Musk went on to become the largest shareholder of Twitter by purchasing 9.2% of Twitter stocks (TWTR). He then rejected the offer to join the board after holding discussions with the firm’s directors. And, as a latest spin, Musk has offered to buy 100% of Twitter shares yesterday, to allow for faster product innovation.
If you are wondering what this has to do with DOGE, then here’s it. Twitter has a subscription service called Twitter Blue that allows users to undo tweets and has an option to edit the tweet within 20 seconds of tweeting. Recently, the Tesla CEO advocated for DOGE as one of the payment options for Blue, causing a 8% gain in the asset. Additionally, Musk taking over Twitter is seen as a boon by majority of the crypto investors as he has been vocal about cracking down on the rampant scams that have been targeting amateur investors.
Partnerships to aid in adoption
Colombian delivery app Rappi has partnered with crypto assets company Bitpay and Bitso to launch a new crypto pilot program in Mexico. Rappi, which offers on-demand deliveries of food and other goods across Latin America, will allow users to turn crypto into credits within the app to make purchases. Rappi, which operates in Latin American countries, launched payment services in Mexico to challenge its rival firm MercadoLibre which has also acquired crypto firms recently.
Global payments company Mastercard has teamed up with crypto lending firm Nexo to launch a first-of-its-kind crypto payment card as digital assets continue to become more mainstream. The card will be reportedly available in a few European countries initially, allowing users to spend without having to sell their Bitcoin. The card is linked to a Nexo’s crypto-backed credit line and can be used at 92 million merchants worldwide where Mastercard is accepted.
Regulations continue to evolve
Brazil, which saw a record $4 billion sale of crypto assets in 2021, is set to approve a bill in the first half of 2022 that regulates the use of crypto assets in the country. Though the bill does not propose to make Bitcoin a legal tender, it allows for setting up a regulator in the country by the President to define market guidelines and set international standards to prevent money laundering and protection of investor assets. The bill proposes a penalty of four to eight years in prison in addition to a fine for committing fraud. The bill also proposes incentives for crypto miners to set up shop in Brazil.
Global crypto exchange Binance has been showing keen interest in the Middle east after facing regulatory hurdles in other regions. The firm has received the green light from the regulators of Abu Dhabi to operate as a broker-dealer in the region which has also seen an influx of crypto enthusiasts from all over the world including India. Binance, which is notorious for running a crypto firm without a headquarters, is now reportedly looking for a location to establish its main office.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.