This week’s top-5 stories curated to catch up with the crypto world.

Bitcoin and Crypto Market News Friday, May 06, 2022 - 18:12

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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.

Algorand scores a goal

Algorand, a proof of stake (PoS) blockchain protocol, has struck a deal with the global soccer governing body FIFA as the official blockchain partner. According to the deal, Algorand will be a regional supporter for North America and an official sponsor of the Women’s world cup in Australia and New Zealand next year. FIFA will receive aid from Algorand to develop their virtual assets strategy and Algorand will have the opportunity for promotions and media exposure through FIFA. ALGO, the token that powers Algorand, surged by more than 20% after the news of partnership broke.

Binance invests in Twitter

Global crypto exchange Binance has participated in the $44-billion Twitter acquisition led by Musk according to the US Securities and Exchanges Commission. Binance is one of 18 co-investors in the acquisition alongside major crypto industry players like Sequoia Capital Fund and Fidelity Management and Research Company. Interestingly, Elon Musk had a little fight on Twitter with the CEO of Binance regarding some of the problems faced by investors in the exchange. Given the popularity of Twitter among crypto enthusiasts, Binance is looking to capitalize on Musk’s move through this acquisition.

Goldman Sachs takes digital gold

Goldman Sachs, an investment firm with more than $2.5 trillion in assets under management (AUM), has issued a loan backed by Bitcoin to US-based crypto exchange Coinbase closing the gap between traditional finance (TradFi) and decentralized finance (DeFi).  The loan was collateralized by a portion of Coinbase's total holdings of 4,487 Bitcoins. The loan requires Coinbase to top up its Bitcoin collateral if prices fall too low. While Bitcoin-backed loans are common in DeFi protocols, Goldman’s offering shows the willingness of institutions in TradFi to test new technologies.

Argentina’s banks offer BTC

Argentina's largest private bank Banco Galicia has decided to offer its customers different types of crypto assets like Bitcoin, Ethereum, USD Coin, and XRP. According to the bank, “Banco Galicia launches a new and innovative service for its customers, offering the purchase, sale and custody of cryptocurrencies in a simple, secure and one-stop place.” One of the main reasons why crypto is popular in Argentina is because the country has one of the highest inflation rates (50% year-on-year) in the world.

Gucci accepts Bitcoin

Gucci, an Italian high-end fashion label, has announced its decision to accept crypto asset payments by the end of May to US customers, with plans to expand to all of its stores in North America. Gucci will reportedly accept 12 crypto assets including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin and five U.S. dollar stablecoins. Customers paying with crypto in-store at select pilot locations will be sent an email with a QR code to pay via their digital asset wallet.

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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.

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