The global financial markets have corrected today as the annual CPI (consumer price index) that measures price of goods and services and its inflation has reached a 40 year high of 7.5% in the US. Given this data, it is likely that the US Federal Reserve will hike interest rates soon. The markets around the world have reacted accordingly with crypto being no exception. The crypto market declined by 2% today to stand at $1.97 trillion as of 5 pm IST. In this article, we briefly cover some of the interesting crypto stories that have occurred in the past week.
Big brands strike crypto deals
Manchester United Football Club, a popular football club, has partnered with blockchain firm Tezos for a Â£20 million deal as its official training kit and technology partner. The club aims to use Tezos to build a metaverse based ecosystem for its fans amid accelerating adoption of web3 technologies all around the world. Tezos, a proof-of-stake blockchain that is currently ranked 42 among cryptocurrencies, has also signed sponsorship deals with Formula 1â€™s McLaren Racing and Major League Baseballâ€™s the New York Mets.
Global crypto exchange Binance has made a strategic investment of around $200 million in Forbes magazine through Forbes and Magnum Opus Acquisition Limited, a publicly-traded special purpose acquisition company (SPAC). Binanceâ€™s investment is made with a belief that media is an essential element to build widespread consumer understanding and education surrounding the web3 and blockchain technologies.
VCâ€™s bet on Polygon
Polygon, a layer 2 scaling platform for Ethereum co founded by Indians, has raised $450 million in an investment round led by Sequoia Capital with participation from more than 40 venture capital funds including SoftBank Vision Fund 2, Galaxy Digital, Tiger Global and Republic Capital. Polygon team aims to use the funds to develop the scaling solutions like Polygon PoS, Polygon Edge and Polygon Avail and will also continue to invest in zero knowledge (ZK) technology.
ZK is considered one of the most innovative solutions that has been designed in recent times to solve scaling issues and Polygon is betting big on that. ZK protocol in a nutshell means a method by which one party (the prover) can prove to another party (the verifier) the possession or existence of some information without revealing the actual information.
Hacker wins $2 million bounty
Optimism, a layer 2 Ethereum scaling project, has averted a potential hack that could have led the attackers to create infinite ETH. White hat hacker Freeman who was responsible for finding the bug has been awarded a bounty of $2 million for his efforts, one of the largest bug bounties till date. While Optimism offers benefits of reducing slippage, decreasing transaction costs and vastly improving transaction speeds, security remains a concern.
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Disclaimer:This article was authored by Giottus Cryptocurrency 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.