Yesterday, global stocks and crypto assets took a beating amidst Russia’s invasion of Ukraine. Today, the markets recovered with increasing risk appetite as gold dwindled and crypto assets such as Bitcoin appreciated by 7%. The bump in prices of riskier assets appears to have arrived after the US and other countries announced new sanctions against Russia. In this article, we will briefly cover some of the relevant crypto stories that occurred in the world in the past week despite the lingering global crisis.
Crypto adoption on the rise
Brazil, one of the largest Latin American nations, approved a bill that legitimizes crypto transactions. The crypto bill attempts to create ground rules for the day-to-day usage of Bitcoin in financial transactions. However, the bill still needs to be approved in the Senate and the lower house. In another recent move, Brazil-based crypto asset managers launched a decentralized exchange-traded fund (ETF) on the B3 stock exchange. Along with the crypto bill, crypto ETFs will likely be a much needed catalyst for Bitcoin adoption in Brazil.
Yieldstreet, an online platform specializing in investments like real estate and art, has announced the launch of its first-ever crypto fund in partnership with venture capital firm Pantera Capital. Investors can gain exclusive access, via Yieldstreet, to the Pantera Early Stage Token Fund I, which makes direct investments in pre-ICO tokens. An initial coin offering (ICO) is the cryptocurrency industry’s equivalent to an initial public offering (IPO). Yieldstreet expects to raise approximately $20 million for the fund.
Opera and Web3
Opera browser, which has close to 350 million users, released a web3 browser that is compatible with Ethereum to accelerate the adoption of native crypto products and services. The main feature of the browser is that users can switch between applications without having to sign into their wallets for every new tab.
Meanwhile, Opera, the group company behind Opera browser, has integrated decentralized finance (DeFi) trading platform DeversiFi, a layer 2 Ethereum wallet, to its users. With this deal, Opera for android becomes the first mobile browser with a layer 2 Ethereum wallet. DiversiFi aims to help traders and investors avoid the high Ethereum fees by enabling layer 2 capabilities. Web browsers which played an important role in web2 are likely to evolve to web3 with Opera trying to take an early lead.
ASCI releases guidelines for Indian crypto ads
The Advertising Stands Council of India (ASCI) has released guidelines for crypto and virtual digital assets (VDA) related advertisements, which will be applicable on or after April 1 this year. The primary guideline requires all ads for VDA products and exchanges to carry a disclaimer explaining the risks associated with the crypto assets industry. While there are some nuances that need to be addressed, this is welcome news to the ecosystem overall as government bodies begin to guide investors to safer ways of investing in crypto assets.
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Disclaimer: This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.