Ethereum aims March 2023 for Shanghai hard fork; Flipkart, Polygon to set up blockchain e-com centre

This week’s top-5 stories curated to catch up with the crypto world.
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Ethereum, Shanghai hard fork, Merge, network, Nigeria, eNaira, digital currency, CBDC, Central Bank, ATM, Flipkart, Walmart, Polygon, eCommerce, Web3, metaverse, India, Flipverse, Coca-Cola, Crypto.com, NFT, FIFA World Cup, Qatar. cryptocurrencies, digital collectibles, football, Bank of Spain, digital euro.

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About a month after one of the world’s largest cryptocurrency exchanges, FTX filed for bankruptcy, the US Securities and Exchange Commission (SEC) released a new guidance requiring companies that issue securities to disclose their exposure and risk in the cryptocurrency market to their investors. Under the new guidance, companies will have to report crypto asset holdings as well as their risk exposure to the FTX bankruptcy and other market developments in their public filings. In addition to this news, here are some of the most important stories from this week.

Ethereum developers aim March 2023 for Shanghai hard fork

Ethereum (ETH) developers have announced that the network’s next upgrade, Shanghai hard fork, is set to release in March 2023. This upgraded version will include a code known as EIP 4895 that will allow Beacon Chain staked ether withdrawals.

The hard fork update might also make suggestions to improve the Ethereum Virtual Machine and address scalability issues.

Ethereum's historic and successful proof-of-stake Merge upgrade was completed on September 15 and staked Ether (stETH) is currently locked on the Ethereum Beacon Chain.

The developers are also aiming for May or June 2023 to launch the Ethereum Improvement Protocol (EIP) 4844 upgrade that will introduce proto-danksharding to the network. 

Nigeria bans ATM cash withdrawals to encourage use of CBDC

To further its "cash-less Nigeria" strategy and promote the usage of the eNaira, Nigeria's central bank's digital currency (CBDC), the country has dramatically curtailed the amount of cash that individuals and businesses can withdraw.

The Central Bank of Nigeria said that individuals and businesses would now be limited to withdrawing $45 (20,000 Nigerian nairas) per day and $225 (100,000 nairas) per week from ATMs.

Individuals and businesses will also be limited to withdrawing $225 (100,000 nairas) and $1,125 (500,000 nairas), respectively, at banks per week, with individuals hit with a 5% fee and businesses with a 10% fee for amounts above those limits.

Nigeria was one of the first nations across the globe to launch a CBDC.

Nigeria began its “cash-less” to shift away from physical cash which would make its payment system more efficient, reduce the cost of banking services and improve the effectiveness of its monetary policy.

The adoption rates of eNaira have been poor since its debut in 2021. 

According to reports, less than 0.5% of Nigerians have used the eNaira since it was introduced.

Flipkart, Polygon to set up a Blockchain e-Commerce Centre of Excellence

Flipkart, largely owned by e-com giant Walmart, has announced a strategic partnership with Polygon to establish a Blockchain-eCommerce Centre of Excellence (CoE).

The CoE will work on research and development of Web3 and metaverse commerce use cases in India to accelerate the adoption of Web3. Flipkart hopes to leverage Polygon's expertise and technical know-how to onboard more users to commerce in the metaverse. 

Over the past year, the leading e-commerce company has been testing Web3 ideas through Flipkart Labs. It introduced FireDrops, an NFT platform for brands, earlier this year whereas Flipkart tested its metaverse - Flipverse, during the festive sale.

Coca-Cola, Crypto.com unveil 2022 FIFA World Cup-inspired NFTs

Coca-Cola has partnered with Crypto.com to launch an NFT collection based on the ongoing FIFA World Cup Qatar 2022. 

The collection, created in collaboration with digital artist GMUNK to release a line of NFTs based on the global sporting spectacle’s most memorable moments will be available to fans on the Crypto.com NFT platform from May 1 to July 31, 2022.

GMUNK's collection titled “Piece of Magic”, has 10,000 NFTs made using heatmap data. The digital collectibles would be available for international fans of FIFA.

To access the NFT collection, fans must register an account on the Crypto.com NFT platform and visit Coca-Cola’s fan zone page to mint a token. The Coca-Cola fan zone is a digital hub for the Qatar 2022 FIFA World Cup that gives supporters the chance to have fun, play games, and create lasting memories of the tournament.

Central bank of Spain to experiment with wholesale CBDCs

The Central Bank of Spain (BDE) is set to launch a wholesale central bank digital currency (CBDC) project, seeking collaboration proposals from local finance and technology institutions.

BDE clarified that this program has no relation to ongoing efforts by the European Union on the research of the digital euro.

The program focuses to simulate the use of a CBDC in wholesale transactions, experimenting with the liquidation of financial assets, and analyzing the pros and cons of introducing a wholesale CBDC to its current processes and infrastructure.

Financial institutions seeking to join the program must meet the minimum requirements set by the bank and disclose the “economic means” they’re willing to commit. The proposal period for financial institutions is January 31st, 2023.

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DisclaimerThis article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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