Crypto Weekly Roundup: Merge Live, Do Kwon Warrant, And More

Table of Contents

• Bitcoin
• Ethereum
• DeFi
• Altcoins
• Technology 
• Business
• Regulation
• NFT
• Web3

It has been an iconic week for Ethereum and cryptocurrency as a whole. The much-awaited Merge has finally gone live, marking a beginning of a new era, where users now have access to a much faster, cheaper, and more scalable network. Let’s find out more. 

Bitcoin

The Central Bank of Bahrain (CBB) is planning to roll out a Bitcoin payment processing and payout solution in partnership with Bitcoin payment processor OpenNode.

The Environmental Working Group and Greenpeace have launched a petition to pressure Bitcoin to follow Ethereum and switch to a more climate-friendly protocol.

Ethereum

The Ethereum Merge went live, with the Ethereum Network successfully achieving the Terminal Total Difficulty (TTD) of 58750000000000000000000. 

The shift to Proof-of-Stake has also attracted closer scrutiny from the Securities and Exchange Commission (SEC), with Chair Gary Gensler hinting at a closer look at Ethereum from regulatory authorities. 

The Ethereum Proof-of-Work chain has revealed its plans for the mainnet after The Merge is fully implemented. 

DeFi

In the latest development for Compound Treasury, institutional clients can now borrow from the DeFi protocol, using digital assets as collateral. 

Altcoins

The United State’s oldest dictionary publisher, Merriam-Webster, added a fresh batch of terms, including “Altcoin,” “Metaverse,” and “Unbanked,” to its lexicon in a nod to crypto.

Technology 

Leading Web3 API infrastructure provider Infura has announced that it will launch a Decentralized Infrastructure Network sometime next year. 

The Linux Foundation has announced plans to launch the OpenWallet Foundation (OWF) as a collaborative effort to create an open-source software engine to build digital wallets.

The Chainalysis report titled “The 2022 Global Crypto Adoption Index” suggested the UK is the only major world economy to have increased crypto adoption this year.

Business

The bankrupt Celsius Network has revealed plans for a comeback as a crypto custody firm, including a name rebranding. 

An arrest warrant has been issued in Korea for Do Kwon, co-founder, and developer of the LUNA and UST cryptocurrencies. The main charge brought against him is that of violating the Capital Markets Act.

Regulation

Ruling in the instance of an outstanding loan case, a court in Beijing has found that cryptocurrency is protected by Chinese property laws. 

Following President Biden’s executive order, a 6-month investigation into digital assets has culminated in the first-ever comprehensive framework to help govern CBDCs and cryptocurrencies.

A cryptocurrency bill has been submitted to parliament, which would grant the Central Bank of Uruguay (BCU) the authority to control virtual assets.

The Conservative Party of Canada has elected pro-crypto politician Pierre Poilievre as its candidate for the next Prime Minister elections. 

Prime Minister Justin Trudeau wasted no time taking on his new opponent, criticizing his public position on crypto. 

NFT

Fortnite creator Epic Games has launched its first NFT-powered game, Blankos Block Party, on its store. 

The company behind the Doodles NFT project has successfully completed a $54 million funding round led by Alexis Ohanian’s VC firm, Seven Seven Six (776). 

Web3

Starbucks has announced the unveiling of Starbucks Odyssey, an NFT-based loyalty program powered by the Polygon network that will allow customers to purchase collectible NFT stamps. 

Opera Crypto Browser has added support for crypto wallets such as MetaMask ahead of the highly anticipated Merge via a feature named “Wallet Selector.”

The NEAR Foundation will be launching a $100 million venture capital fund and a venture lab to support web3 developments and entertainment. 

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.