Over the past 10 years, Bitcoin has demonstrated its great potential as an investment asset and store of value, Tether Limited said. This and more news is in this handy daily summary so that you are always informed with the latest events that occur within the crypto world.
Tether to increase its Bitcoin reserves
📍Tether Limited, the company responsible for issuing USDT, plans to invest more in Bitcoin. The company reported that up to 15% of their net profits will be invested in BTC, the market-leading cryptocurrency, starting this month. Tether is looking to strengthen its reserves by increasing its holdings in Bitcoin, in which it already has more than $1.500 billion invested.
On Twitter, Tether said that acquiring more bitcoins is part of the company’s conservative approach to strengthening and diversifying its reserves. The USDT company also highlighted that Bitcoin “has demonstrated its investment potential with a track record of impressive returns over the past decade.”
Over the past 10 years, Bitcoin (BTC) has appreciated by more than 23.000%.
Memes break record on Dogecoin
📍Memecoin fever takes hold of Dogecoin. The DCR-20 token standard on Dogecoin has seen the network reach a new record in the number of transactions.
According to data from BitInfoCharts, the number of transactions made on the Dogecoin blockchain hit a new all-time high of 719.890 transactions on Tuesday, May 16, surpassing the number of transactions made on the same day on the Bitcoin and Litecoin blockchains, which were 566.300 and 452.590, respectively.
Source: BitInfoCharts
Visa deepens its entry into the crypto ecosystem
📍Multinational payments company Visa has announced new experiments to integrate blockchain technology into its conventional payments network. In a releaseVisa said it is exploring new techniques to incorporate blockchain technology and smart contracts for payment processing.
The company noted that blockchain is an emerging technology that can significantly improve the payment experience when transacting in digital currencies. However, there are still issues to be resolved before blockchain can unleash its full potential to automate payments and improve programmability.
One of the points Visa highlighted is the need to purchase a cryptocurrency, such as ether, in order to pay gas fees when making transactions on the Ethereum network. Visa notes that this situation is analogous to the value of its core network with cross-border payments, where travelers can spend in local currency without having to acquire it first.
As a possible solution, Visa is implementing the concept of Account Abstraction on public blockchains, which will allow users to transact with Ethereum by paying network gas fees with stablecoins or other crypto assets instead of having to use ethers.
Visa continues to explore blockchain technology and crypto assets to improve the payment experience for its customers and users.
Apple adds Axie Infinity to its App Store
📍Apple's app market for its iOS devices has added the play-to-earn game Axie Infinity. The developers of Axie Infinity, one of the most popular play-to-earn games in the blockchain industry, announced that the video game is now available in the Apple App Store.
On Twitter, Axie Infinity developers highlighted that this appears to be the first time that “Apple has agreed to make an externally purchased NFT usable in the App Store.” It should be noted that the tech giant maintains a restrictive policy towards NFTs.
Axie Infinity is currently available for iOS devices in an early release for players in Asian and Latin American countries.
The launch of Axie Infinity Origins on the Apple App Store has seen the price of Axie Infinity Shards (AXS), the game’s governance token, rise 8% in the past few hours, according to CoinMarketCap.
Signature Bank's bankruptcy and cryptocurrencies
📍Senator Cynthia Lummis refutes comments by former Signature Bank President Scott Shay on cryptocurrencies. The former president of the US bank, Scott Shay, tried to blame cryptocurrencies, due to their market volatility and regulatory uncertainty, for the bank's failure. However, pro-crypto Senator Cynthia Lummis stated during a hearing before the US Senate that Signature Bank's ties to cryptoasset companies are far from being the main cause of its collapse.
According to Lummis, Shay is evading blame for the collapse of Siganture Bank. During his testimony, Shay mentioned digital assets on 10 occasions, Lummis noted.
Continue reading: Judge Analisa Torres denies SEC motion to seal Hinman's Ripple documents
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