This week’s top 5 stories have been curated to keep up with the cryptocurrency world.
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In this article, we have curated a list of the top 5 crypto stories from this week that will help you stay in sync with the crypto ecosystem.
Algorand scored a goal
Algorand, the Proof of Stake (PoS) blockchain protocol, has entered into a deal with the global football governing body FIFA as the official blockchain partner. According to the agreement, Algorand will be a regional supporter of North America and an official sponsor of the Women’s World Cup in Australia and New Zealand next year. FIFA will receive assistance from Algorand in developing its virtual asset strategy and Algorand will have the opportunity for promotions and media coverage through FIFA. ALGO, the token used by Algorand, surged more than 20% after news of the partnership spread.
Binance invests in Twitter
Global cryptocurrency exchange Binance has participated in a $44 billion acquisition of Twitter led by Musk, according to the US Securities and Exchange Commission. Binance is one of 18 investors participating in the acquisition along with major players in the crypto industry such as Sequoia Capital Fund and Fidelity Management and Research Company. Interestingly, Elon Musk had a small fight on Twitter with the CEO of Binance regarding some of the issues that investors are facing in the exchange. Given the popularity of Twitter among crypto enthusiasts, Binance is looking to capitalize on Musk’s move with this acquisition.
Goldman Sachs takes digital gold
Goldman Sachs, an investment firm with more than $2.5 trillion in assets under management (AUM), has issued a Bitcoin-backed loan to US crypto exchange Coinbase, bridging the gap between traditional (TradFi) and decentralized (TradFi) financing. DeFi). The loan was secured by a portion of Coinbase’s total holdings of 4,487 Bitcoins. The loan from Coinbase requires the Bitcoin collateral to be increased if the price drops significantly. While Bitcoin-backed loans are common in DeFi protocols, Goldman’s presentation demonstrates the willingness of institutions at TradFi to test new technologies.
Argentine banks offer BTC
The largest private bank in Argentina, Banco Galicia, decided to offer its clients different types of crypto assets such as Bitcoin, Ethereum, USD Coin and XRP. According to the bank, “Banco Galicia is launching a new and innovative service for its customers, offering the purchase, sale and custody of cryptocurrencies in a simple and secure one-stop location.” One of the main reasons for the popularity of cryptocurrency in Argentina is that the country has one of the highest inflation rates (50% YoY) in the world.
Gucci accepts bitcoin
Italian high-end fashion company Gucci has announced its decision to accept crypto-asset payments by the end of May for US customers, with plans to expand to all of its stores in North America. Gucci is said to accept 12 crypto assets including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin, and five US dollar stablecoins. Customers who pay with in-store cryptocurrencies at selected demo locations will be emailed with a QR code for payment via their digital asset wallet.
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Not giving an opinion: This article was written by Giottus Crypto Exchange as part of a paid partnership with The News Minute. Crypto-asset or crypto-currency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your research before investing and get independent legal/financial advice if you are unsure about investments.