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.
BNB token burn
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 auto-burn procedure last year to build a healthy BSC ecosystem. Prior to this update, Binance had two BNB burn mechanisms. First, a portion of fees spent on BSC is burnt realtime. Second, Binance schedules a quarterly BNB burn.
Effective December 2021, Binance replaced the quarterly burn with a BNB auto-burn plan to give more predictability to the BNB ecosystem. As a result, Binance has 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 kick in, thereby driving up the price of BNB in future.
Funds galore for crypto
Crypto gaming is considered by many to be the next major growth play for blockchain in 2022. Crypto-based Framework Ventures has raised $400 million in funding to invest in early-stage companies focussed on gaming, web 3.0, and decentralized finance (Defi). The fund includes a $200 million allocation to blockchain gaming projects. This move seems to have sprouted from the meteoric rise of popular play-to-earn game Axie Infinity which currently boasts more than 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 is reportedly aimed at complementing the newly launched Kucoin Windvane NFT marketplace. To build initial traction for creators, Kucoin looks to utilize the exchange traffic and the support of the community. Windvane supports most of the popular NFT blockchains including Ethereum, BSC, and Flow.
Buy Porsche with BTC
Porsche Towson, a dealership in the United States, is reportedly accepting bitcoin and other crypto assets for the purchase of vehicles. Crypto payment firm BitPay has enabled Porsche Towson to accept crypto assets as payment through their API services. BitPay also has the ability to protect businesses from volatility in the BTC price by making sure the merchant receives the full corresponding dollar amount at the time of purchase. Bitpay has added support for Lightning network, allowing merchants to receive cheaper and faster payments through the layer-2 protocol.
Australia approves ETF launch
Crypto firm 21Shares has partnered up with leading exchange-traded fund (ETF) provider ETF Securities to launch Australiaâ€™s first spot Bitcoin ETF. The 21Shares Bitcoin ETF (EBTC) is set to go live on Cboe trading platform this month. 21Shares product joins a similar fund from Cosmos Asset Management that will start trading on the same day.
Cosmos product will become the first bitcoin ETF to have received launch approval in Australia. However, 21Sharesâ€™ fund will be the first avenue for direct investment into the underlying asset. Cosmos Bitcoin ETF will obtain exposure to Bitcoin by investing in Canada-based Purpose Bitcoin ETF, North Americaâ€™s first spot BTC ETF that launched early last year.
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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.