There’s always something happening in the crypto space. Catch up with the best crypto stories curated for you in another edition of the BitOasis Weekly Wrap.
TL;DR
PubG and Solana Labs? Here’s what’s going on
The team behind the top video game PubG is developing blockchain-based games on Solana. Krafton, the creator of PUBG: Battlegrounds, announced a collaboration with Solana on Wednesday to support the development and promotion of blockchain-based games and services. These games will incorporate digital avatars and cryptocurrency-related prizes, and gamers could be able to use Solana tokens for in-app services. Buy Solana here.
Thailand bans crypto payments
Thai Securities and Exchange Commission has banned cryptocurrencies from being used as payment; however, trading and investing in them will still be allowed. The new rule will take effect on April 1 and prohibits companies from promoting cryptos as a payment tool. People in Thailand hold more than $3 billion worth of cryptocurrencies – a massive increase compared to just a few years ago.
Bitcoin isn’t legal money in Honduras ‘for the time being’
All eyes were on the Central American nation of Honduras, amid news of making Bitcoin legal money soon. But the central bank of Honduras said “for the time being,” Bitcoin was not regulated in the country and not recognized as legal tender. Most people speculated that the move would help Honduras overcome its dependence on the US dollar.
Are NFTs going mainstream in Abu Dhabi?
The Emirate’s free zone, Abu Dhabi Global Market (ADGM), has proposed amendments regarding trading NFTS, virtual assets, and others. While the ADGM’s Financial Services Regulatory Authority (FSRA) is not offering to establish a formal regulatory framework for NFTs, the FSRA is open to NFT activities. Whether conducting regulated activities or not, transactions in NFTs may also trigger the requirement to comply with the ADGM’s Anti-Money Laundering rules and other requirements.
Market Wrap: Cardano is up and running
Total Value Locked on Cardano has increased to over $400 million, representing the sum of all Cardano tokens in decentralized finance (DeFi). While the number is undoubtedly impressive, Cardano ranks 24 by Total Value Locked (TVL), still a tiny part of the TVL share.
In comparison to its competitors, however, Cardano is pretty new to the DeFi space (6 months, to be precise). And now, the Cardano team is geared towards scaling its DeFi projects, considering all the new changes coming to the network this summer. Read the full story here.
Ethereum on fire
Ethereum’s price crossed the $3,000 barrier this week as the euphoria around ‘Merge Day’ gained momentum. But the latest milestone of the network has been the ‘burning’ of Ether which may have increased its value. So far, the network has permanently removed over 2 million (roughly $6 billion) Ether tokens from circulation. The burn proposal began in August last year, and presently, the Ethereum network burns 6 Ether every minute. Get Ether here.
XRP in demand
In the past 30 days, XRP has increased by roughly 20%, with a 5% hike in price in this week alone. The SEC-Ripple lawsuit settlement is around the corner, which could have shifted the price trend. Meanwhile, Ripple Labs, the creators of XRP, announced a 1 billion XRP (about $830 million) grant to developers –the most extensive grant so far in the crypto sector. Ripple will grant the funds over ten years to selected projects that give technical and business assistance. Invest in XRP now.
Captain Marvel promotes the Metaverse, but…
Captain Marvel star Brie Larson recently shared a Metaverse video, and her fans didn’t take this lightly. Although some defended the NFT and Metaverse trend, others expressed disappointment over the Hollywood star’s decision to promote a sector that might impact the environment. Brie Larson’s fans also don’t like her new Twitter profile picture that showcases an NFT.
Weekend exercise
Read: If Bitcoin changes our relationship with money, it changes our relationship with the civil court system. The transition could look something like this.
What does music have to do with NFTs? Watch now.
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Also Read: Is Dubai the new hub for cryptos?
