Now, let’s discuss the significant crypto developments from the past week. Polkadot and Worldcoin achieved notable accomplishments, while a Binance executive was apprehended in Kenya attempting to leave. Additionally, StepN unveiled an unexpected airdrop, and the Winklevoss twins expanded their crypto portfolio through an acquisition.
Thus, let’s see what else the crypto industry prepared for us.
Altcoin News
Last week saw numerous new launches and achievements in the realm of altcoins, with Polkadot, StepN, Worldcoin, and the Winklevoss Twins making headlines, as well as a recent acquisition they made.
Polkadot Number of Addresses Hit 600,000
Summary
Polkadot reached a record high of 600,000 active addresses, partly thanks to Moonbeam.
Details
The number of active addresses on the Polkadot blockchain network has reached over 600,000, signaling a notable upswing in its ecosystem’s activity. A substantial portion of this growth can be credited to Moonbeam, a cross-chain smart contract platform integrated with Polkadot, which contributes approximately 248,000 of these addresses.
Although more active addresses and accounts have emerged on the network, the number of transactions has stayed relatively low, not reaching previous peak levels. For instance, Polkadot experienced approximately 11.58 million transactions in March, which represents a rise from February but is significantly less than the 31.78 million transactions recorded in December 2023.
Source: CryptoPotato
StepN Announced a $30 Million Airdrop
Summary
Loyal users of the M2E App StepN on the Solana blockchain are being rewarded with an airdrop worth $30 million in the form of 100 million FSL points.
Details
STEpn, an app based on the Solana blockchain that motivates users with rewards for physical activity, has made an exciting announcement: a $30 million giveaway in the form of FSL points! This initiative is geared towards recognizing and compensating the platform’s most dedicated users. In total, 100 million FSL points will be distributed, which can later be exchanged for GMT tokens or utilized for perks like NFT creation and exclusive rewards.
Until the end of April, STEPN will distribute rewards through an airdrop, underscoring their dedication to their community and their efforts to boost engagement within their platform.
To join in, users must first sign up for an FSL ID via the app. This not only grants access to the platform but also enhances user experience by enabling activities like NFT trading and strategic gameplay within STEPN’s community.
Source: Yahoo Finance
Worldcoin Reached 10 Million Users
Summary
With over 10 million users now on board and an impressive 70 million transactions processed, Worldcoin’s crypto venture has made significant strides forward. This notable achievement marks a meaningful milestone in its journey.
Details
The Worldcoin initiative, which is a cryptocurrency endeavor focusing on universal basic income, has experienced significant growth, now boasting 10 million users and recording more than 70 million transactions.
Within just about eleven months of its World App debut in June 2023, the user base of this platform has experienced significant growth. The app’s innovative feature allows users to sign up by scanning their eyes with gadgets called “Orbs.” This rapid expansion underscores the strong engagement and growing international community on a platform that leverages blockchain technology.
Source: Cointelegraph
The Winklevoss Twins Became Co-Owners of a Bitcoin Soccer Club
Summary
The Winklevoss twins have put $4.5 million worth of Bitcoin as an investment in Real Bedford FC, a football club that Peter McCormack, a known Bitcoin supporter, co-owns.
Details
The Winklevoss brothers, Cameron and Tyler, have acquired co-ownership of Real Bedford Football Club through an investment of approximately $4.5 million in Bitcoin. Their purchase aligns with the club’s ambitious goals under the guidance of Bitcoin advocate Peter McCormack.
The Winklevoss twins, via their company Winklevoss Capital, plan to invest in upgrading the club’s facilities and establish a Bitcoin savings account as a hedge against economic instability.
Source: Forbes
Technology and DeFi News
In the rapidly evolving tech world, particularly in the crypto sector, 1Inch, Coinbase, and Ethana were last week’s main attractions.
1Inch Launched a Crypto Debit Card in Collaboration with Mastercard
Summary
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Details
1inch, a decentralized finance (DeFi) firm, has launched a Web3 debit card in partnership with Mastercard and Baanx, aimed at making cryptocurrency more accessible for everyday transactions.
With just a few clicks, the card enables users to swap their digital currency for traditional money on the spot, making it convenient for buying goods or services online and offline at any location that accepts Mastercard.
With this undertaking, the advantages of cryptocurrencies, which are known for their flexibility, meet the broad adoption of conventional financial structures. As a result, using digital money becomes more convenient for everyday consumers.
The card is versatile and allows you to make cash withdrawals at ATMs globally. It provides not only a traditional plastic card but also a virtual one for your convenience.
Source: CoinDesk
Coinbase Worked on an Apple Pay Integration
Summary
Coinbase shared the news that UK users can now use Apple Pay for simpler and more convenient cryptocurrency purchases through their platform.
Details
UK users of Coinbase crypto exchange can now easily buy Bitcoins and Ethereums by using Apple Pay directly on their iPhones for seamless transactions.
Coinbase’s strategy to expand the community of cryptocurrency owners in the UK includes this new feature, offering a safe and discreet buying process. With the integration, card details no longer need to be saved on devices or Apple servers; instead, they are protected by using an exclusive encrypted account number for each transaction.
Source: Cointelegraph
Ethena Announced Integration with Exchange Wallets
Summary
Ethena Labs announced that it would integrate with exchange wallets to improve DeFi offerings.
Details
Recently, Ethena Labs unveiled the connection of their synthetic stablecoin system, Ethena USDe, to wallets on centralized exchanges such as Binance, Bybit, OKX, and Bitget.
Users can now earn higher returns on their exchange wallets by keeping USDe invested for at least seven days, with a bonus reward of 20% added as an enticement.
The “Ethena sats” rewards can be exchanged for the ENA token at a later time, thereby enhancing the user’s experience in the Decentralized Finance (DeFi) system.
Source: CoinMarketCap
Crypto Regulation News
In the dynamic world of cryptocurrencies, new regulations emerge daily, keeping industry players on their toes with little respite. Notable headlines last week revolved around Crypto.com, Uniswap, and Binance.
Crypto.com Is Now Allowed to Function in Dubai
Summary
The Dubai Virtual Assets Regulatory Authority has granted a preliminary authorization to Crypto.com exchange, enabling them to provide all their cryptocurrency offerings in the United Arab Emirates.
Details
Crypto.com, a fast-growing cryptocurrency exchange, revealed it has been given preliminary authorization by the Virtual Assets Regulatory Authority (VARA) in Dubai, United Arab Emirates, to conduct business in the region.
With this approval, Crypto.com takes a major stride forward in increasing its influence in the Middle East market.
With the necessary regulatory approvals, the permit grants the company the freedom to provide a range of cryptocurrency trading solutions and features. This move aligns with the UAE’s goal of establishing itself as a global center for blockchain and digital currency advancements, thereby drawing more tech businesses to the area.
Source: Crypto.com
The SEC Issued a Wells Notice to DeFi Protocol Uniswap
Summary
The Securities and Exchange Commission (SEC) has notified Uniswap that it may face regulatory action based on their Decentralized Finance (DeFi) activities, as expressed in a Wells notice.
Details
The SEC, the United States securities regulatory body, has given Uniswap, a well-known DeFi platform, a warning signaling potential enforcement action. This notice implies that the SEC may take regulatory steps due to concerns they have raised.
The Chief Legal Officer of Uniswap, Marvin Ammori, voiced his disappointment yet anticipated reaction to the regulatory notice, bringing attention to the persistent challenges surrounding regulatory clarity in the Decentralized Finance (DeFi) sector.
Although Uniswap asserts that their operations, which encompass their protocols and wallet services, don’t fit the standard legal descriptions triggering SEC intervention.
Source: CoinDesk
A Binance Executive Was Tracked Down to Kenya
Summary
A Binance executive was tracked to Kenya after being accused of money laundering.
Details
Nadeem Arjarwalla, an executive at Binance, is currently in Kenya having escaped Nigeria due to accusations against him, which include allegations of money laundering.
In partnership with Interpol and the Kenyan authorities, the Nigerian administration is making efforts to bring him back to Nigeria to face trial.
Arjarwalla, a UK national, obtained a Kenyan passport during his time in Nigerian custody and successfully left the country with it, leaving authorities questioning the means by which he came to possess this alternate travel document while his UK passport remained in their possession.
Source: Cointelegraph
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2024-04-17 15:28