Crypto Market Highlights: General News
- 11 Billion USDT Just Burned. On the morning of June 21, via the official Twitter page, Mr. Paolo Ardoino, CTO of Tether company announced that the platform is burning a large number of stablecoins. Specifically, Mr. Ardoino said the organization will burn 6.6 billion tokens on the TRC-20 network and an additional 4.5 billion tokens on the ERC-20 network. This is one of the largest token burns Tether has ever conducted.
- Ethereum Starts Deploying The Merge On Sepolia Testnet. The development team has officially tested Ethereum 2.0 on Sepolia, Ethereum’s main testnet. After merging with Beacon Chain, the Sepolia testnet will begin to reach consensus through the Proof-of-Stake (PoS) mechanism. The exact date of the merger is yet to be revealed. Bringing The Merge to Sepolia is necessary to ensure the upgrade works properly on all tesnets before it goes live on mainnet in early August, if all goes according to schedule.
- Burberry Has Announced The Release Of Joint NFT Character, Minny B, ahead of NFT.NYC, after teasing the second chapter of its Mythical Games Blankos Block Party collaboration last week. Burberry’s collaboration with Mythical Games, which debuted Blankos Block Party last year, continues with Minny B. The initiative connects the worlds of NFTs and gaming by allowing players to personalize their NFT characters with branded accessories and socialize with other users.
- Korea Is Being Strict With Terra. According to the Korean news agency JTBC News, the financial task force “Death” newly re-established by the Seoul government to investigate LUNA-UST has issued a decision to ban the exit and movement of employees and former employees by Terraform Labs, the company behind the Terra cryptocurrency project and stablecoin UST.
- Hex Trust Has Been Granted A Virtual Asset License In Dubai. Hex Trust, a Hong Kong-based crypto custodian, is the latest crypto company to get temporary approval from the Dubai government to conduct business in the region. According to a statement released Monday, Hex Trust is in the process of getting a Virtual Asset MVP License from the Virtual Assets Regulatory Authority (VARA) in order to provide a range of services to institutional clients and sophisticated investors.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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