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Crypto Weekly Roundup: El Salvador, Solana, And More

Crypto Weekly Roundup: El Salvador, Solana, And More

This has been an absolute roller coaster of a week. So let’s do a quick overview of the main talking points in our weekly roundup.

Bitcoin

El Salvador makes Bitcoin legal tender. This could work wonders for the country’s GDP and bring in more financial inclusion across the population, most of whom do not hold bank accounts.

The US Justice Department announced that the FBI has successfully recovered most of the Bitcoin paid to the criminal hacking group DarkSide, who targeted the corporation Colonial Pipeline.

Former Deputy Governor of Bank of China, Wang Yongli, criticized the recent move by El Salvador to grant legal tender status to Bitcoin. 

Regulation

Mexican senator Eduardo Murat Hinojosa has announced that he will propose a legal framework for virtual currencies in the chamber. The news came out after El Salvador made Bitcoin legal tender.

India’s Enforcement Directorate (ED) has issued a show-cause notice to Mumbai-based and Binance-owned cryptocurrency exchange WazirX under FEMA (Foreign Exchange Management Act).

DeFi

Kylin Network has announced that it is entering into a strategic partnership with Wanchain. The long-term strategic partnership will focus on safeguarding interoperable DeFi. The partnership combines Kylin Network’s innovative cross-chain data services and Wanchain’s leading blockchain interoperability solutions. 

Over $130 million has been loaned to a crypto auction run by Kusama. Nearly 1000 different addresses from San Francisco-based exchange Kraken contributed KSM, the native token of Karura, in support of Acala, a DeFi hub. Over 9,300 different addresses directly contributed to support Acala.

Business

The Twitter and Square CEO tweeted this week that an integration with Lightning Network into Twitter or BlueSky was “Only a matter of time.”

Solana Labs, the blockchain studio behind decentralized finance projects built on the Solana blockchain, has completed a private token sale led by Andreessen Horowitz and Polychain Capital. The sale closed with $314,159,265, a homage to the approximate value of Pi,

NFT

The renowned Phillips auction house is poised to sell Banksy artwork over the next couple of days. And in an ode to the disruptive graffiti artist, Phillps has said they will accept cryptocurrency bids.

Curate announced that they have partnered with Chainlink to integrate the decentralized price oracle in their marketplace for XCUR/ETH. This integration ensures that one can purchase NFT assets and services priced in ETH at current exchange rates with their native XCUR token.

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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