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Crypto Weekly Roundup: Venus Takeover Attempt, Mastercard NFT, Solana Restart, And More

Crypto Weekly Roundup: Venus Takeover Attempt, Mastercard NFT, Solana Restart, And More

While Bitcoin did not see too many notable moments, the last week was pretty memorable for Team Solana. The network crash led to a complete reboot of the system and made headlines. Let’s look deeper into what else happened this week. 

Bitcoin

Carlitos Rejala, a member of Paraguay’s Chamber of Deputies announced that he would be running for president in 2023 and has promised that he would pass a law that would make Bitcoin legal tender in the country of Paraguay. 

Business intelligence and analytics software firm MicroStrategy announced its latest Bitcoin purchasing round, with the firm spending over $240 million to buy 5,050 units of Bitcoin ($BTC) at an average price of $48,099.

Ronnie Stoeferle, the author of the “In gold we trust” report, says that we are at a “monetary tipping point” and that the next phase of the upwards Bitcoin movement has not even started yet. 

DeFi

Binance-based lending protocol, Venus Project was subject to an unsuccessful hostile takeover bid, which was thwarted after timely intervention from the original team that managed to step in and stop the takeover bid in the nick of time.

Sushiswap, one of the most highly regarded platforms in DeFi, suffered an exploit on its MISO token launchpad yesterday, losing around $3 million in Ether. CTO of SushiSwap, Joseph Delong later tweeted that all the funds have been returned. 

Business

Mastercard has launched its first-ever NFT, created in collaboration with footballer Mourinho who is the current Mastercard global ambassador. One UK winner will receive the NFT which includes a digital signature from the famous football legend.

Spotify rival and decentralized music streaming platform Audius has announced a new $5 million funding round that includes investment from some of the biggest names in the music world. 

US-based crypto exchange Coinbase is looking to register as a Futures Commission Merchant (FCM) and has filed its application with the National Futures Association (NFA) for the same. 

Altcoins

The recurring transactional issues due to high traffic on the Solana blockchain were addressed by the Solana community validators, who successfully restarted the Mainnet Beta. 

Technology

Google recently confirmed its partnership with Canadian blockchain studio Dapper Labs. The partnership is aimed at helping support the development of new Web3 products and services, further popularizing NFTs and other decentralized services on an emerging standard for the worldwide web.

EY announced its partnership with Layer 2 Ethereum scaling solution Polygon to allow its enterprise clients to conduct smoother transactions on the Ethereum mainnet. 

Regulation

Christine Lagarde, the President of the European Central Bank has expressed his distaste towards cryptocurrencies, calling them “highly speculative” and “suspicious”.  

NatWest bank chairman Howard Davies has claimed that Britain will be piloting its own CBDC based on the pound to reduce money transfer costs within the next five years. 

NFT

After announcing last month that they would accept Bitcoin in their theatres, AMC Entertainment Holdings Inc has revealed that alongside Bitcoin, their theatre chain will now also accept Ether,
Bitcoin Cash, and Litecoin.

On Wednesday the crypto marketplace OpenSea released a statement in which they addressed an event in which one of their executives profited from insider trading. According to the statement, OpenSea is set to implement new policies in order to avoid another incident of this nature.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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