Today is Bitcoin Pizza Day
Members of the crypto community celebrated the anniversary of Bitcoin Pizza Day, the first notable exchange of Bitcoin (COIN:BTCUSD) for physical goods. Laszlo Hanyecz bought two pizzas for 10,000 BTC on May 22, 2010. The event has become an annual celebration, with cryptocurrency enthusiasts enjoying pizzas around the world. However, it is speculated that there may have been a previous sale involving 500 BTC for an image, involving Satoshi Nakamoto himself. With only 2,854,700 Bitcoin in circulation at that time, Bitcoin’s total market cap was equivalent to around 571 large pizzas. Although it sold for 0.44 cents each, today that pizza is worth over $265 million. However, adjusted for average inflation of 2.5% per year, the cost of pizza is approximately $365 million.
STEPN: Simplified NFT Token Purchase with Apple Pay
The Web3 STEPN game is integrating Apple Pay as a payment method, allowing users to purchase non-fungible token (NFT) shoes required for the game directly with their credit card. This integration aims to make the game more accessible by removing the need to connect a crypto wallet. STEPN hopes to attract a wider audience by becoming the first blockchain gaming app to secure Apple Pay integration. “With this integration with Apple Pay, we are making the user journey much simpler, removing barriers to entry for everyone who wants to move to win, and ensuring that the Web3 space reaches a level of maturity needed to go mainstream,” said Jerry Huang, co-founder of Find Satoshi Labs (FSL).
Strike integrates USDT for efficient and secure digital payments
Digital payments platform Strike has integrated Tether’s stablecoin USDT (COIN:USDTUSD) into its platform to facilitate fast and secure payments. The integration allows Strike users to transfer their cryptocurrencies without worrying about volatility, driving stablecoin adoption. The move also marks Strike’s expansion to more than 65 countries, including El Salvador, where the company will move its headquarters. This expansion aims to reach nearly 3 billion people and promote the use of cryptocurrencies globally. “With the Tether stablecoin as an intermediary, users gain the ability to quickly convert their digital assets into fiat currency, overcoming liquidity challenges that previously hampered adoption,” said Paolo Ardoino, CTO of Tether.
Vitalik Buterin warns about risks of extending Ethereum consensus
Vitalik Buterin issued a warning about the weakness of the Ethereum (COIN:ETHUSD) consensus and the need for caution when extending its functionalities. He highlighted the risk of forks in the chain and the introduction of high systemic risks when trying to increase the scope of blockchain consensus. “As soon as a blockchain tries to ‘connect’ to the outside world, conflicts from the outside world start to impact the blockchain as well,” Buterin said. Buterin argued that we must resist such attempts and emphasized the importance of keeping the protocol low-risk and protecting participants. He mentioned that incorporating real-world price indices can bring external conflicts to the Ethereum chain and turn it into a financial tool, increasing costs and risks for validators. “Any expansion of the Ethereum consensus ‘duties’ increases the costs, complexities and risks of running a validator.”
Hotbit ceases operations due to unfavorable conditions and strict regulations
Hotbit announced the closure of its operations due to deteriorating operating conditions, changing crypto sentiment and stricter regulations. The exchange faced cyberattacks, losses and criminal investigations. New licensing rules in Hong Kong and Estonia may also have influenced their decision. “The Hotbit team believes that centralized exchanges (CEX) are becoming increasingly complicated, with highly complex and interconnected businesses that are difficult to fulfill, whether for compliance or decentralization, and are unlikely to meet long-term trends”, said Hotbit in a statement.
BitMEX prepares to apply for license in Hong Kong
BitMEX has announced that it is preparing to apply for a Virtual Asset Service Provider (VASP) license in Hong Kong in compliance with anti-money laundering and terrorist financing regulations. The platform will launch BitMEX Hong Kong on May 29, offering exclusive services to verified Hong Kong users. The company sees the regulatory framework as a significant milestone for the crypto industry. “Historically, Hong Kong has not only been one of the most popular breeding grounds for crypto innovations, but it is also where our founders met and conceived BitMEX (…) We are optimistic that Hong Kong will achieve its ambition to become a model city World leading Web3 and potentially the Web3 hub for China for years to come”, said Stephan Lutz, interim CEO and Group CFO at BitMEX.
Malaysian Securities Commission orders Huobi shut down for operating unregistered
The Securities and Exchange Commission (SC) of Malaysia has ordered the closure of Huobi Global Limited’s operations in the country, due to the lack of registration of its cryptocurrency exchange. The regulator claimed the company operated illegally and urged Malaysian users to withdraw their investments from the platform. Huobi denied the allegations and said it complies with global regulations.
Gemini faces loss of payment of $630 million from DCG
Cryptocurrency exchange Gemini said Digital Currency Group (DCG) missed a $630 million payment on a loan Gemini made to DCG subsidiary Genesis. Gemini is seeking a resolution through mediation and is considering filing an independent reorganization plan. Furthermore, it is preparing a claim to recover over $1.1 billion worth of cryptocurrencies from Genesis. “Among other things, as part of the ongoing mediation process, the parties are discussing potential forbearance terms, a standalone Chapter 11 plan for Genesis, and other options to recover assets and maximize value for stakeholders”, Genesis said.
Crypto Divorce: The challenge of tracking and sharing digital assets
After the divorce, a housewife named Sarita discovered 12 bitcoins (COIN:BTCUSD) worth half a million dollars in a previously undisclosed crypto wallet by her ex-husband, according to CNBC. The law has a hard time dealing with cryptocurrency tracking, which has become a sophisticated form of financial infidelity. Savvy investors are able to hide their digital assets, but blockchain forensic investigators are developing methods to track them. Although some cryptocurrencies offer anonymity, forensic analysis of crypto assets is still possible. In the case of divorce, proof of the existence of cryptocurrency is usually enough for the court to take steps to recover it.
TON launches $25 million fund for projects in its ecosystem
Blockchain The Open Network (TON), previously created by Telegram, has launched the “TON Accelerator Program,” a $25 million fund for projects in its ecosystem. The initial focus will be on DeFi projects that participated in a TON hackathon, with investments of up to $250,000 per project. TON has the capacity to process millions of transactions per second and recently secured a $250 million commitment to its ecosystem. “Funding is part of our local hub launch strategy and our ecosystem will work to attract new developers as well as successful repeat founders based in a variety of key global locations,” commented Justin Hyun, Head of Incubation and Growth at TON Foundation.
Listing of new religious meme coins on Uniswap raises security concerns
Three new religious-themed meme coins have been listed on Uniswap: $GOD, $MARY, and $BABYJESUS. Although they are among the top cryptocurrency earners, it is important to be careful when investing in new DEX coins due to low liquidity and warnings in the contracts. Jesus Coin (JESUS) is also among the outstanding assets. Big gains don’t always indicate genuine interest, and a lack of liquidity can result in sudden price drops. Caution is advised when considering these tokens.
Lido proposes betting program to increase LDO token utility
Ethereum staking provider Lido (COIN:LDOUSD) has proposed a staking program for its LDO token, allowing holders to stake the LDO in exchange for a share of future earnings. The proposal also sets a minimum threshold for the Lido insurance fund and a grace period for rewards. The community generally supports the proposal, but the price of LDO has dropped since the announcement.
RockX expands staking services with native ETH solution
RockX, a preeminent provider of institutional-grade staking solutions in Asia, is expanding its staking solutions with a new native ETH offering, seeking to overcome the challenges of the Ethereum (COIN:ETHUSD) ecosystem. The company aims to provide robust and secure solutions that simplify the staking process, meeting the growing institutional interest. RockX also plans to launch a Staking API with support for multiple blockchains and has already gained the trust of important players in the market.
BXB Capital raises capital exclusively in Bitcoin
Crypto hedge fund BXB Capital is raising capital exclusively in Bitcoin (COIN:BTCUSD) for its new fund. The founders intend to raise up to 1,000 Bitcoins and launch the fund in July. With a focus on margin futures trading, BXB Capital takes a unique approach in enabling investors to earn in Bitcoin without getting involved in fiat currencies. The fund sees Bitcoin as a safe and deflationary asset compared to traditional currencies. “You basically have to earn [more] dollars to beat inflation,” said JJ Petersen, founder of BXB Capital. “If you earn more Bitcoin, you just own your token, so you increase your total percentage of the circulating supply permanently.”
Sort raises $3.5 million to expand Web3 development products
The Sort platform, which facilitates the creation of smart contracts in Web3 applications, raised $3.5 million in a funding round led by Lemniscap and The General Partnership. The startup will use the proceeds to expand its team and develop its user interface platform for blockchain contracts. “Once the contract is paid on Sort (and is sponsored), it is available for anyone to use for free (…) the developer from the contract get two great benefits: Sort is the backend (no need to manage any infrastructure/servers) and they can go into their community/discord/twitter and say they build apps on Sort for free when using the contract,” said the co-founder Jason Zucchetto.