ValteFri, Nov 19, 2021 3:03 PM
Weekly Digest: AVAX ATH & KuCoin Joins the Metaverse Race
Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to find out what companies’ representatives and media think about all things crypto.
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On Wednesday Lithuania-based crypto payment processor CoinGate started to support Shiba Inu. CoinGate is one of the most prominent crypto companies in the Baltic region, supporting about 500 merchants, mainly small and medium-sized businesses. The company doesn’t only process payments but also buys and sells cryptocurrencies. It also allows users to get gift cards with a slew of cryptocurrencies. The users have to pay a 1% fee on every transaction.
According to the announcement of President Alberto Fernandez's office, Argentina will apply 0.6% tax to the banking transactions also on the crypto exchanges that didn’t pay it before because of being considered as exemptions applied to fintech companies registered as payment service providers. Now the tax will be applied to the companies that hold accounts in Argentine banks and the prices. Damian Catanzaro, the founder of Cafecito, thinks that crypto users will increasingly go for peer-to-peer exchange platforms with non-custodial wallets.
Venly, a blockchain technology provider will support HBAR Foundations’ NFT tools and wallet services on the Hedera Network. That will allow the developers to build applications on Hedera only with Venly tools to create wallets and let the users mint and sell NFTs. The transactions will be free for the users at the initial stage as the fees will be covered from a Foundation grant, that supports the developers, startups and organizations intending to create applications on DeFi, NFT, CBDCs, ESG, Gaming, etc.
“With the Venly launch on the Hedera network, the HBAR Foundation is taking an important step toward fulfilling its mission of easing friction for developers to build new and innovative applications on the network,” — Shayne Higdon, CEO and Executive Director of the HBAR Foundation
Popular crypto exchange KuCoin will incubate the developers seeking to work on metaverse projects, including protocols for GameFi, decentralized infrastructure, and NFTs. To do that KuCoin launched a $100 million Metaverse Fund. The fund will also provide full support and incentives, partnership possibilities, market and strategy management, and branding. According to Johnny Lyu, the metaverse will change the Internet, including the ways people work, connect, shop, interact and entertain. Some other crypto-based companies, like NFT Investment firm Sfermion and blockchain-powered gaming platform Enjin, are also intending to enter a metaverse in the same way.
Solana becomes the third cryptocurrency after Bitcoin and Ethereum to appear on Bloomberg terminals globally from November 16 as American digital currency service provider Galaxy Digital developed stand-alone price trekkers allowing users to track Solana on the terminal. It will also become the first institutional-level pricing index.
Several Exchanges, including Binance and Crypto.com, informed that they will support the VeChain upgrade and a hard fork, which happened on November 16 together with the mainnet activation as a part of VeChainThor V1.6.0. VeChain aims to be both scalable and ecofriendly and that’s why it went into collaborations with several global companies. A new protocol combines Byzantine Fault Tolerance and Nakamoto blockchain consensus mechanism and has a committee mechanism, meaning that for the block verification three random block producers will be picked. Though VET token holders will not be required to take any specific action.
A massive ad campaign of a meme coin Floki Inu in London made some local politicians demand a ban on the ads promoting unregulated financial products by Transport of London. Sian Berry, a London Assembly member for the Green Party of England and Wales submitted an issue about the campaign telling that it should have been revised before going live. He also said that three other crypto-related ads were accepted the previous week and that every such ad needs to be sent to TfL for approval before being shown in the state.
“Like gambling ads, which we have finally got the Mayor to remove, there is no way our public services should be used to advertise these unregulated, risky schemes to Londoners.” — Siân Berry,
As per the official Twitter account, Litecoin is now accepted anywhere Visa is, so the users can pay with it for the products and services, including online marketplaces, restaurants, digital services, and more. Litecoin issued a debit Visa card that will transfer Litecoin to USD in real-time and there also will be no additional transaction and deposit fees for using the financial product other than the $5 monthly fee.
“Here you must note that you’re not actually paying in Litecoin. The Merchant is not actually receiving Litecoin. It’s just a quick and easy way to sell your LTC into USD and hand it over to the merchant” — Thecryptobasic
Avalanche AVAX token that experienced significant growth this year and competes with Ethereum in the DeFi development as Avalanche platform became the fastest-growing smart contract platform in the blockchain industry. AVAX token reached its all-time high last week securing its place among the top-15 cryptocurrencies with a $21.5 billion market cap and according to the market analysis has the potential to reach top-10 as its chart shows clear bullish signs.