Cardano (ADA) rises to third place among the most important and valued cryptocurrencies on the market, while 3LAU achieves the highest sale in the entire history of NFTs. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies and altcoins
📍Cardano (ADA) It is now the third cryptocurrency largest of the markets, with a market capitalization of more than 38.062 million. ADA has been quite profitable so far in 2021, showing a growth of over 700% in just two months, driven by several of its updates and integrations. This has led the cryptocurrency to be among the top 3 in the industry currently. Cardano's rise led the cryptocurrency to trend this weekend on Twitter.
📍In Google Finance, users can now see the price of several cryptocurrencies on the market, such as Bitcoin, Ethereum, Bitcoin Cash and Litecoin. The integration of these cryptocurrencies into Google's financial service is intended to provide information to users, and can be taken as a sign of the level of importance that cryptocurrencies are gaining in the world every day.
Bitcoin and Blockchain Adoption
📍Bitcoin may be in a correction phase at the moment, but investors are being attracted by the great future potential that this cryptocurrency holds. Two major players in the investment world, Catherine Wood, CEO of ARK Investment, and Michael Sonnenshein, CEO of Grayscale, spoke with several industry executives during the Bloomberg Crypto Summit, which took place virtually this weekend.
During the event, several participants highlighted that the Bitcoin market, which is still in an early stage of development, is showing great signs of maturity, which has led large institutional investors to adopt the cryptocurrency as a store of value and to transform large parts of their capital into Bitcoin. Wood highlighted that the diversification of companies' cash assets into Bitcoin has been a positive surprise that is likely to continue.
📍The Financial Action Task Force (FATF) will update its guidance on VASPs, cryptocurrency and digital asset service providers, so it will be making a public consultation about it this March.
“The FATF has now updated its guidance to address specific areas, including how to apply FATF standards to so-called stablecoins, how the public and private sectors can implement the travel rule, and how to address the risks of peer-to-peer networks.”
Following public consultation, the final version of the new FATF guidelines is expected to be approved in June this year.
Miners
📍The Ministry of Energy of Belarus revealed its plans to enter the world of cryptocurrency mining. According to the Spanish President Pedro Sánchez’s announcement According to the Ministry, the country's government is considering the installation of mining farms to take advantage of the country's potential for this activity. The Minister of Energy also reported that the installation of mining farms is in the process of evaluation, so the necessary studies are being carried out to determine the potential benefits and risks of this activity.
Development
📍The UK Financial Conduct Authority (FCA) published a plan which aims to turn the country into a financial technology powerhouse. Called the “Review of UK Fintech”, the new plan explains the technological revolution that FinTech represents, and how it can make the United Kingdom a powerhouse by transforming the way finance is done today. According to the document, the intention is to make financial technology centres reach their full potential and position the United Kingdom as a leader in the world.
NFT and DeFi Markets
📍The musical artist 3LAU broke the NFT sales record with the auction of its ultraviolet vinyl collection, made up of 33 pieces in NFT tokens. The auction held in the store dshop, with the support of Origin Protocol, sold for over $11,6 million, the highest NFT collection sale in history.
📍The «Global Tokenization Market Trajectory & Analytics Report 2020», report published by Business Wire notes that the Tokenization and non-fungible tokens (NFT) market to surpass $4.000 billion by 2027. According to the report, the global tokenization market is growing at an impressive pace, due to the ease and security it provides by allowing the digital representation of different real-world objects, uniquely within a blockchain. Currently, everything from works of art, music, intellectual property or real estate, and many other things, are being tokenized on the blockchain.
Technology
📍The protocols of DeFi Aave y Balancer announced plans to create a hybrid automated marketplace that seeks to maximize user earnings. According to a publication de fernando martinelli, CEO of Balancer, both projects are partnering to build the first asset manager for Balancer V2The new AMM will allow idle assets in Balancer V2 pools to earn yield on Aave, meaning liquidity not being used within the Balancer protocol will be moved to Aave to improve Balancer’s capital efficiency within the token offering offered by this protocol, helping to generate higher yields for users.
📍The Linux Foundation y Algorand announced a new joint project that aims to support digital identity accreditation. Called DizmeID FoundationThe project seeks to empower users with ownership and control over their digital identity and access to and distribution of their own data. In an increasingly connected world, both the Linux Foundation and Algorand want to become industry pillars, driving the adoption of decentralized digital identity with a broad vision that allows users to exchange verifiable credentials, develop new vertical applications, and even add a monetization layer based on Algorand’s blockchain protocol on top of their data.
Cybersecurity
📍Nimbus Platform, a DeFi arbitrage platform, is being labeled as a cryptocurrency Ponzi scheme, and one of the largest to date, bringing together more than $135 million in scams from an indefinite number of users, who have fallen victim to it. The research firm Tulip Research shared on his Twitter account the multiple scams in which both the platform and its CEO seem to be involved.
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