Krystal Blog Logo

Krystal Newsflash (24th June 2022)

●   3 min
1*OcMQbtrEAVotOcIa2fN 7A

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”.

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,

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.

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 by MAS

Singapore and the Monetary Authority of Singapore (MAS) have been very strict with crypto companies operating in the country.

However, 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.

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.

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.

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.

If you prefer a seamless trading experience, you can consider using Krystal, where you can get the best rates on 8 networks with SmartSwap.

Moreover, Coinbase has also announced support for the Polygon (ETH, MATIC and USDC) and Solana (USDC only) networks.

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.

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.

We’ve added Solana on our platform, and you can harness the power of our Multi-Chain wallet on iOS and Android!

Do you think Bitcoin is good or bad for the environment? Will you buy an NFT from Cristiano Ronaldo? Do tweet us or send us a message on Telegram to let us know!

🔍 Navigate the DeFi Space now with Krystal!

Start your journey NOW on Desktop, iOS or Android

📱 Social Media

How do you rate this article?


Leave a comment

Your email address will not be published.