Welcome to this week’s article on the most relevant crypto news. Keeping up with the latest industry news is key to making strategic moves with your crypto assets. With this new article series, we hope to help users catch all the important information conveniently. For this edition, we will be covering all the market news you need to know in the week of 3 – 7 October 2022, including news about the upcoming Cardano Voiltaire era and ADA staking, institutional sentiments towards crypto, and other major industry and adoption news. Let’s dive in!
Cardano Voltaire is Coming Soon, Promises to Enhance ADA Staking Experience
Just a little while after completing its milestone Vasil upgrade, Cardano is already quick on its heels to prepare for the next big update: The Voiltaire Age. According to Founder Charles Hoskinson, this next era of Cardano will focus on further decentralizing the network’s governance, as well as empowering users and builders. With the introduction of a voting and treasury system, network participants will be able to use their stake and voting rights to influence the future development of the network.
As expected, user sentiments on the future of Cardano are largely bullish, despite the recent Vasil hard fork having little impact on ADA’s market price. We’ll just have to wait and see how it will all unfold, but it is always great to see such enthusiastic continued developments for blockchain networks, which is one of the most appealing aspects of the Cardano ecosystem that makes it stand out in the market. And as always, Moonstake will be closely monitoring all developments to provide you with prompt support for the best ADA staking experience!
Polkadot, Ripple, and Cardano Are Amongst The Top 10 Cryptos Chosen By Banks
A new report by the Bank for International Settlements (BIS) revealed the top 10 cryptos popular with banks: BTC, ETH, DOT, XRP, ADA, SOL, LTC, XLM, and BNB, with Bitcoin and Ethereum expectedly making up almost 90% of the reported exposure due to their massive market capitalization. As expected, cryptocurrencies with a focus on scalability and interoperability make up most of this list and according to the report, the largest activity adding to banks’ crypto exposure was custody or wallet-related services.
The report details that institutional investors looking to gain regulated exposure to the digital asset space are “likely to turn to the growing number of crypto investment products” and adds that these make “crypto more accessible to investors because they can be traded on traditional stock exchanges”. Indeed, it will be interesting to see how institutions will utilize these crypto assets and decentralized networks to improve the banking industry. We have a whole article dedicated to institutional adoption of crypto and why some crypto users oppose it here if you’d like to explore this aspect further.
Users Can Cross-post NFTs Between Facebook and Instagram
Since changing its company name into Meta, Facebook has been getting more and more involved in the decentralized space. From developing its own blockchain programming language, Move, to integrating more NFT supportive features on both Facebook and Instagram. Now, the company has taken the support for NFTs to the next level by allowing users to cross-post NFTs between these two social media platforms, which are the largest in the world. Currently, users can connect their crypto wallet to both Facebook and Instagram to start using their NFT features. This is development serves as a key part of Meta’s plan to expand their presence in the Metaverse and increase the use cases and flexibility of NFTs.
Kazakhstan Going Big with Cryptocurrency
After the Chinese government formally enforce a ban on cryptocurrency mining in its territory, several mining companies there has migrated operations to neighboring pro-crypto states such as Kazakhstan. Recently, the Central Asian country has received support from Russia with electricity supply to bolster crypto mining activities, as it is one of the major contributors to the Kazakshstan economy. And just earlier this week, Binance CEO Changpeng Zhao announced that they have obtained presidential approval to develop a crypto marketplace in Kazakshtan. Even though the governmental ban seems to be doing little to slow down the growth of crypto in China, it is interesting to see that the mining exodus from China is benefitting another country competitive in the crypto adoption scene.
Major Telecommunications Company Now Supports Ethereum with Infrastructure
Deutsche Telekom, the largest telecommunications provider in Europe by revenue and parent company of T-Mobile, recently announced that it “supports Ethereum with infrastructure”. Specifically, they are supporting the Ethereum network with infrastructure in the form of validation nodes. This development notably follows Ethereum’s monumental development, The Merge, where their blockchain network transition from Proof-of-Work to Proof-of-Stake. Representatives from the company note that the new PoS Ethereum should solve many common problems of the blockchain regarding to scalability and energy consumption, and they expect high demand for the new upgraded network, thus the decision to take part in the Ethereum network as a validator.
Regardless of your feelings towards The Merge, this is great news for crypto adoption as a whole and will hopefully reflect on market prices or at the very least, demand.
EU Takes A Major Step Towards Crypto Regulation Following Recent US Movements
This Wednesday, the European Council has agreed on the text for the Markets in Crypto Assets Regulation (MiCA) framework. This is a proposal that establishes rules for how digital asset exchanges and other service providers should operate in EU member states and will be voted on on the 10th October. If passed, this crypto regulatory framework wil come into effect at the start of 2024.
Specifically, MiCA proposes measures like identity checks and minimum requirements on stablecoin reserves for crypto asset service providers, which has become a major concern after the now infamous incident with Terra. Additionally, the proposal seeks to impose restrictions on dollar-backed stablecoins like USDT and USDC due to their prominence in the industry over euro-backed stablecoins. Just recently, Biden signed an executive order on a paper signalling it is now time to start overseeing and potentially regulating crypto assets.
We hope you enjoy this carefully curated news roundup by Moonstake, as our team strives to only bring the most relevant information for your crypto experience. See you next week!