Welcome to our recap of the major stories in the crypto world! Things seem slightly better compared to last week’s bloodbath, and we have more positive news this week!
Here’s what has happened so far:
Bitcoin is actually energy efficient?
A report published by Michel Khazzaka concluded that Bitcoin “uses 56 times less energy than the banking sector”.
Take that energy FUD! Bitcoin uses just 89 TW/H and traditional banking uses well over 5,000 TW/H according to a new report. https://t.co/X6eySNi8Sv
— Cointelegraph (@Cointelegraph) June 16, 2022
Khazzaka is the founder of Valuechain, a consulting startup that focusing on integrating crypto payments.
When calculating the amount of energy generated by the banking sector (e.g. creating and transporting money, energy consumed by the physical infrastructure), the report suggests that Bitcoin consumes 88.95 TWh per year.
Meanwhile, the traditional banking sector is estimated to consume 4,981 TWh!
Bitcoin has received a lot of attention due to its Proof-Of-Work consensus mechanism, where miners compete to solve complex math problems.
There have been many concerns that Bitcoin mining may harm the environment,
Mining for #Bitcoin is energy intensive. It is estimated that Bitcoin mining consumes ~200TWh per year, roughly the same amount of annual electricity used by all data centers in the world. So just how big is Bitcoin’s impact on the environment today? https://t.co/JENioVDHfN pic.twitter.com/gshoWmiUNv
— Combustion Marketing (@air_fuel_spark) June 21, 2022
so having an alternative view may put pressure on the traditional finance sector to reduce emissions too.
Ronaldo joins Binance
Binance has signed a partnership with football superstar Cristiano Ronaldo to promote NFTs.
Proud to be partnering with @binance
Together we’ll give you the opportunity to own an iconic piece of sports history.
— Cristiano Ronaldo (@Cristiano) June 23, 2022
Binance and Ronaldo will create multiple collections of NFTs, which are available exclusively on the Binance NFT marketplace.
With this partnership, it will help to onboard Ronaldo’s fans across the world into NFTs and Web 3.0
After buying NFTs, you can connect your wallet and view them on Krystal!
In-principle approval of Crypto.com by MAS
Singapore and the Monetary Authority of Singapore (MAS) have been very strict with crypto companies operating in the country.
However, Crypto.com has managed to receive in-principle approval for the Major Payment Institution (MPI) License in Singapore, which allows the company to provide Digital Payment Token (DPT) services to Singapore users.
— Crypto.com (@cryptocom) June 22, 2022
There are now 14 firms that have received this licence, including DBS Vickers and Coinhako.
This is positive news for Singaporeans after MAS banned crypto advertisements to retail consumers in January.
The Monetary Authority of #Singapore (MAS) to to tighten guidelines on governing cryptocurrencies. Crypto related ads will be prohibited. #Bitcoin (#BTC) was down by 2% to $42,275.https://t.co/IvZpvcHePY
— BIT Crypto Exchange (@bitcom_exchange) January 17, 2022
Say goodbye to Coinbase Pro
Coinbase is merging the features of Coinbase Pro with the Coinbase app, which will help to reduce confusion between these 2 applications.
We think it’s important to clarify some information that we’ve seen about Coinbase Pro and our plans to launch Coinbase Advanced Trade.
— Coinbase (@coinbase) June 23, 2022
In the past, you would need to transfer from your Coinbase app to the Coinbase Pro app if you would want to use Advanced Trading features.
However, with this new change, you are now able to access these advanced trading features on the Coinbase app itself.
Moreover, Coinbase has also announced support for the Polygon (ETH, MATIC and USDC) and Solana (USDC only) networks.
We’re making it faster, easier, and cheaper to access web3: over the next month, eligible Coinbase customers will be able to send and receive ETH, MATIC, and USDC on @0xPolygon and USDC on @solana.https://t.co/vVLnk1DTZ2 pic.twitter.com/j93F4rKd6C
— Coinbase (@coinbase) June 23, 2022
This is welcome news as Coinbase used to mainly support the ERC20 network. However, due to high gas fees, it may not be the best platform to send and receive assets.
Web3 Mobile Phone coming soon?
The Solana network has unveiled that it will launch a mobile phone called “Saga”, an Android handset by the blockchain’s key stakeholder, Solana Labs.
It’s the toolkit you need to build beautiful, seamless web3 mobile experiences, coming first on Saga, a flagship device from @Solanamobile.
— Solana (@solana) June 23, 2022
This aims to enhance the mobile web3 user experience. While most of our lives now revolve around mobile devices, most web3 services still continue to be mostly optimised for only desktop users.
The Solana Mobile Stack will include:
- Seed Vault built into the secure hardware to store private keys deep within the recesses of the phone
- SolanaPay, to facilitate QR code-based on-chain payments
- Easy, platform-wide transaction signing
- Decentralized dApp store
At the phone’s unveiling event in New York, Solana Labs CEO Anatoly Yakovenko said that it will cost about US$1,000 and be available for delivery as soon as 2023.
Is this Crypto's iPhone moment?@solana co-founder and CEO Anatoly Yakovenko launched the Saga, world's first Android web3 smartphone in New York.
The $1000 smartphone has a 6.67 inch OLED screen, 512GB storage and 12GB RAM, available from Q1 2023. pic.twitter.com/sHXufRO76I
— Ankit.Today (@ankitv) June 24, 2022
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