​​Meta’s Instagram to Support NFTs From Ethereum, Polygon, Solana, Flow

NFTs from some of the most popular blockchain networks for crypto art are coming to Instagram with the announcement of a pilot as soon as Monday.

The social media powerhouse owned by Meta is planning non-fungible token (NFT) integrations for Ethereum, Polygon, Solana and Flow, CoinDesk has learned. Those networks host the vast majority of trading in digital collectibles, with Ethereum and its Bored Apes leading the way by market cap.

The pilot will feature a small group of NFT aficionados based in the U.S. It wasn’t immediately clear whether Instagram would support NFTs from all four chains at launch.

Instagram intends to support widely used crypto wallets such as MetaMask. Plugging in their wallets, users will be able to prove NFT ownership, showcase them on their profiles and tag the creators who made them.

CoinDesk has confirmed Instagram will not charge users for posting and sharing NFTs, as Twitter initially did for its hexagonal NFT profile pictures in January.

The decision likely spells a rush of new cultural visibility for NFTs. Instagram has over one billion monthly active users; many of whom use the platform to promote and market their art.

Meta CEO Mark Zuckerberg teased the initiative in March without divulging much details.

The Financial Times previously reported that Meta would follow up its NFT pilot on Instagram with minting and group membership options on Facebook.

An email to Meta seeking comment wasn't immediately answered.

​​China broadens digital yuan trial to select hospitals, Tianjin civil salaries

The city of Tianjin has begun paying the wages of some finance department workers in digital yuan, while local Chinese media reported that selected hospitals in Hangzhou and Guangzhou have begun accepting digital yuan payments for medical treatments.

See related article: Central banks double down on CBDC issuance: BIS report

Fast facts:
The Tianjin Municipal Finance Bureau on Saturday urged government employees to set up digital yuan wallets in preparation for a further expansion of the digital payment system.

The Zhejiang Provincial Hospital of Traditional Chinese Medicine has begun accepting digital yuan payments, becoming the first hospital in Hangzhou to take part in the payment system, according to local media Zhejiang Daily.

The Guangdong People’s Hospital Huifu Branch has also started accepting digital yuan, becoming the first hospital in the province to participate in the trial, according to local media Guangzhou Daily.

The use of the digital yuan has recently been expanded to include a variety of public transport and municipal services, including metro, buses, trains, highway toll gates, taxation, and social insurance.

China’s digital yuan, or e-CNY, is being tested in 23 cities following its initial rollout in October 2020.

Total transactions using e-CNY reached 87.565 billion yuan (US$11.238 billion) at the end of 2021, the People’s Bank of China announced in January.

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​​NYDIG Partners With Jack Henry & Associates To Offer Bitcoin Services To Banks

Jack Henry and Associates has partnered with NYDIG to enable its 7 million bank users access to bitcoin.

Jack Henry will use its existing SaaS platform to enable payments to and from NYDIG.

This service offers a new revenue stream for banking institutions and credit unions.
Fintech software company Jack Henry & Associates, Inc. (Nasdaq: JKHY) has announced a partnership with bitcoin bank, NYDIG to enable seven million banked customers access to bitcoin, in a press release sent to Bitcoin Magazine.

Many institutions and individuals are holding out on their banks offering bitcoin services due to the fears of overcoming new technology. Business and consumer account holders will be able to utilize NYDIG’s buy-hold-sell capabilities through the Banno Digital Platform serviced by Jack Henry.

The platform will facilitate payments to and from NYDIG over Jack Henry’s network which includes both community and commercial banking institutions reaching over 7.1 million users.

“Jack Henry is a key access point to community financial institutions and Main Street America. Together, we are bridging access to broader financial tools for Jack Henry customers,“ said Rahm McDaniel, head of banking solutions at NYDIG. “This relationship marks an important step toward making bitcoin services more obtainable for both financial institutions and their account holders."

While this service offers a great deal of accessibility to millions of users, Jack Henry also notes this will be a boon to the banking institutions and credit unions themselves. Services offering allocation to bitcoin create a new and interesting form of revenue that is not reliant on interest payments, such as fractionalized investment opportunities. This enables legacy banking infrastructure to participate in the growing economy of today’s consumers.

“It's important for financial institutions to be at the center of financial transactions, and our work with NYDIG is a great example of how we can collaborate to make this a reality,” said Julie Morlan, senior managing director of digital solutions at Jack Henry. “Our relationship with NYDIG helps more banks and credit unions meet today's modern payment demands.”

​​Gaming and Metaverse Tokens Bounce: Decentraland, Gala, STEPN Up 35% or More

It’s been a brutal week for the cryptocurrency market, with hundreds of billions of dollars’ worth of value wiped off the map as Terra’s LUNA and UST collapsed—and apparently dragged much of the market along with them.

But after a few days marked mostly by declines, crypto prices are perking up today. The wider market is up nearly 8% over the past 24 hours, with Bitcoin and Ethereum logging solid gains and altcoins like Solana, Avalanche, and Cardano up more than 20% each.

However, it’s gaming and metaverse tokens that are seeing some of the largest price increases over the past day, including a couple that have popped up more than 40% during the span, per data from CoinMarketCap.

Gala Games (GALA) and Decentraland (MANA) both match that description. GALA, the token of Gala’s burgeoning ecosystem of crypto games, is up 50% over the past 24 hours at a current price just below $0.10. It’s still down nearly 27% over the past week, but it's starting to claw back some of its recent lost value.

Bitcoin, Ethereum Mount 9% Recovery as Crypto Markets Rebound
Meanwhile, MANA—the token of long-running metaverse game Decentraland—has risen 41% to $1.11 in the past 24 hours. Competing metaverse game The Sandbox has seen its SAND token gain 19% (now at $1.44) in the same span. Both tokens have lost much of the value gained since last October when Facebook revealed its own major metaverse plans.

GMT, the token of recently hot “move-to-earn” mobile running game STEPN, is up nearly 39% to $1.66 today. Enjin Coin (ENJIN), the token of crypto gaming firm Enjin, has gained 26% at a current price of almost $0.74.

ApeCoin, the recently launched Ethereum-based token of the Bored Ape Yacht Club ecosystem, hasn’t logged as dramatic an upward pop at 9% over the past 24 hours to a current price of $9.21. However, given that it was trading under $6 as recently as early Thursday, it’s another gaming and metaverse token that is bouncing back from some serious lows.

We’ll see whether these gaming tokens and others can maintain this upward momentum after a brutal few days, or whether it’s temporary relief—a “dead cat bounce” before potentially added losses ahead.

​​Turkish Referee Flips Bitcoin at Istanbul Derby Kick-Off, Soccer Authority Launches Probe

A soccer referee’s decision to toss a bitcoin before the start of a recent match between Istanbul giants Beşiktaş and Fenerbahçe has sparked controversy in Turkey. The country’s football authority is trying to establish why a crypto coin was used for the ritual when that role should have been reserved for the Turkish lira.

Bitcoin Coin Toss at Soccer Game Under Investigation in Turkey
The latest clash between Istanbul soccer clubs Beşiktaş and Fenerbahçe ended in a 1-1 draw but it’s not the tight game that drew the most attention, the Turkish daily Hürriyet wrote in article about the sports event. With photos posted on social media showing the referee flipping a Bitcoin-branded coin, it’s the kick-off ceremony that came to the forefront, the newspaper notes.

Before every soccer match, the referee would flip a coin to determine which team is going to start with the football. The Turkish Football Federation (TFF) is now examining the case as according to its rules, referees are only allowed to use either a 1-lira coin or a special referee coin with one side showing a goalpost, and the other a football.

Former referee Murat Fevzi Tanırlı has been quoted describing the derby’s referee Arda Kardeşler’s coin choice as “monkey tricks.” Tanırlı accused his colleague of besmirching the profession’s reputation, expressed hope the investigation will shed light on his real intention and warned that Kardeşler may be punished for his act. In further comments on the incident, the veteran referee stated:

This is not forgetfulness, it is a move. I really cannot understand why such an experienced referee has scandalized this event.

In statement quoted by Anadolu Agency, the TFF said that Kardeşler flipped a “commemorative Bitcoin” without the knowledge or approval of the federation or Turkey’s Central Refereeing Committee. The 34-year-old, a FIFA-licensed referee with 25 matches in his record this season, is suspected of having signed an agreement with a cryptocurrency platform without the approval of the governing bodies.

Turkish media outlets remark that the kick-off ceremony for the Beşiktaş – Fenerbahçe derby was also covered by many global sports websites, with commentators suggesting that FIFA, the International Federation of Association Football, and UEFA, the Union of European Football Associations, may also get involved in the case.

Hürriyet notes that several online shopping websites sell commemorative coins of Bitcoin. The daily also points out that a number of cryptocurrency platforms have signed commercial and sponsorship agreements with sports teams and Turkish athletes have already participated in some of their advertisements in the past few years.

​​BinanceUS Hires Ex-Uber Compliance Lead Krishna Juvvadi as Head of Legal

BinanceUS has hired Krishna Juvvadi, former global head of operations compliance at Uber, as its new head of legal.

Juvvadi was also the Uber's chief regulatory counsel and its first regulatory attorney, helping the firm's efforts to secure legislation and registration at local, state and federal level in the U.S.

The hire echoes the efforts in BinanceUS's parent firm to bolster its legal and compliance team, with Bloomberg reporting this week that the firm is looking to hire 30 lawyers, predominantly in data privacy and regulatory counsel roles.

Binance has been attempting to forge more benevolent relations with regulators in recent months following a string of warnings issued against it from regulatory bodies and other entities last year.

"I have been impressed by the significant, purposeful steps the company has taken in recent months to bolster its legal and compliance efforts,” Juvvadi said.

Juvvadi follows the path of CEO Brian Shroder, who spent two years as head of strategy and business development for Uber in Asia Pacific from 2016 to 2018.

​​Regulate Ledgers and Not Individual Crypto Providers, BIS Study Says

Using distributed-ledger technology (DLT) to cut the cost of cross-border payments requires regulators to stop looking at individual entities like banks, and start looking at the whole decentralized network, a working paper produced for the Basel, Switzerland-based Bank for International Settlements (BIS) has found.

International standard setters are hoping to streamline current clunky and expensive systems for cross-border remittances – but to unlock the potential of blockchain-style tech, first they may need to turn away from rules that traditionally assume a single central player is in charge.

“Enhancing cross-border payments is a multifaceted problem requiring a comprehensive approach, and DLT could be one way of addressing these inefficiencies,” as noted by the working paper, written by a team led by University of Luxembourg professor Dirk Zetzsche. However, “financial law traditionally assumes that functions are concentrated in a single entity,” the paper noted.

That hits the nub of why regulators and the crypto world are often in such conflict. Traditional financial regulations are focused on institutions such as banks, and it isn’t easy to shoehorn blockchain payments or smart contracts into that model. In practice, regulators tend to look for intermediaries on to whom obligations such as anti-money laundering checks can be piled, for example those providing crypto exchange or wallet services.

That may need to change, Zetzsche said – with rules switching to a mentality where by default you regulate, not individual nodes, but the distributed system as a whole.

Blockchain benefits
Existing cross-border payments, which often hinge on banks forming “correspondent” partnerships with overseas equivalents, allow them to charge “oligopolistic rents” that let them push up prices for the ordinary user, the paper said.

But “DLT could be used to create competition” among payment service providers by allowing people to easily select the best deal on the market, the paper said. The study also cites as a benefit easier client identification, meaning more people get into the financial system without raising money laundering risks.

Regulations should focus on the ledger when looking at issues like how the system takes decisions and manages risks, and in any other case where it would improve efficiency due to DLT’s transparency or security, the authors argue – with developers setting out the exact details in advance in a Plan of Operations that regulators have to approve.

DLT isn’t the only way to cut the cost of cross-border transfers. Another recent BIS paper examined the impact of more prosaic changes, like having central banks stay online at night and on weekends.

But international payments – making it easy to send salaries home to the developing world via remittances, for example – were a key motivation for stablecoin projects such as the now-abandoned Libra, then renamed Diem. Global regulators may be starting to hear the message.

​​South Korea May Hold Exchanges Accountable For Terra Crash

South Korea’s ruling party has reportedly arranged an emergency meeting to take place Tuesday with representatives from the country’s five largest cryptocurrency exchanges. The authorities are expected to hold the exchanges responsible for failing to protect investors during Terra’s collapse.

South Korea Continues Probes Into Terra Crash
South Korean crypto exchanges could be held responsible for some of the damage Terra investors suffered due to the network’s collapse.

According to a Monday report from the local outlet Newspim, South Korea’s ruling party has scheduled a May 24 emergency party meeting with representatives from the top five local crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, to discuss the consequences of Terra’s $40 billion collapse. Per the report, it is expected that the exchanges will be held accountable for failing to implement adequate investor protections and prevent damages to their clients during the crash.

“We will check the exchanges’ investor protection measures,” Yoon Chang-Hyeon, a member of South Korea’s ruling party and chairman of the parliament’s special virtual assets committee, said in a Monday Facebook post. Previously, Chang-Hyeon, who pushed for an emergency National Assembly hearing on Terra last Tuesday, raised questions regarding the local exchanges’ response to Terra’s collapse, implying that high trading volumes and transaction fees may have incentivized the exchanges to keep LUNA and UST trading open despite the apparent risks for their customers.

In the meantime, South Korea’s financial regulators are conducting emergency probes into all 34 crypto-related businesses in the country, including 26 crypto exchanges and eight crypto wallet and security management companies. According to Newspim, they are assessing whether the exchanges have adequately implemented all necessary anti-money laundering and investor protection mechanisms.

According to local news sources, Terraform Labs CEO Do Kwon, who has reportedly been invited to the emergency party hearing, is under investigation by the Seoul Southern District Prosecutors Office on suspicions of running a Ponzi scheme by promoting unsustainable yields on UST deposits via Anchor Protocol. The investigation comes after South Korean investors announced their plans to Kwon and his co-founder, Daniel Shin, for fraud and other financial violations over Terra’s collapse.

​​Hydropower plant in China’s Hubei province fined for powering crypto mining

Chinese authorities have fined a hydropower plant in Central China’s Hubei province 43,493 yuan (US$6,528) for “illegally supplying electricity to virtual currency mining operations,” as the country continues to crack down on cryptocurrency operations.

Fast facts:
In addition to the fine, the authorities will seize income of 21,747 yuan from selling power to crypto mining operations, according to a penalty notice dated May 11 and released last week by a local branch of the National Energy Administration.

China started a series of intensive crackdowns on crypto mining in May 2021 and introduced a blanket ban in September.

However, underground mining operations persist, with companies finding means to stay off the government’s radar.

Even after the ban, China in January controlled 21.1% of the global Bitcoin hashrate, to become the second-largest Bitcoin producer after 37.8% in the U.S., according to a study from the Cambridge Centre for Alternative Finance.

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​​Paraguay Approves Crypto Regulation Bill Via 40-12 Vote

After El Salvador and the Central African Republic approved Bitcoin as legal tender, other nations, like Paraguay, are hurrying to catch up and implement regulations for this unique asset class.

Countries in Latin America are taking cryptocurrencies more seriously and are currently striving to ratify legal and other relevant frameworks.

Due to its inexpensive electricity and “crypto-friendly” environment, Paraguay has historically been viewed as a mining haven for cryptocurrency mining operations.

Despite resistance from the country’s central bank, the Chamber of Deputies of Paraguay adopted a plan to regulate cryptocurrencies on Thursday.

Suggested Reading | Binance Gets Clearance To Operate In Italy After 2021 Ban

Paraguay Advances Crypto Bill In Majority Vote
In a special session, deputies voted by a margin of 40 to 12 in support of approving the modified law draft.

In spite of the Senate’s initial acceptance of the law in December of last year, the Chamber of Deputies’ recent revisions will need the Senate to reconsider the draft before submitting it for presidential approval.

The law, which was initially filed in the Paraguayan Senate in July of last year, aims to govern commercial activity involving digital assets. This involves licensing and overseeing cryptocurrency mining firms operating within the nation. The proposed legislation does not make any cryptocurrencies legal tender.

​​PayPal Ventures Invested in Team Reviving Diem Blockchain

Aptos Labs, a team bringing Facebook’s star-crossed Diem blockchain to life, told CoinDesk that PayPal Ventures was one of the investors in a $200 million funding round confirmed in March. The investment was PayPal Ventures’ first in a base layer project.

“We believe in the work that the Aptos Labs team is doing to build a safe and scalable layer 1 blockchain,” PayPal Ventures Investment Partner Amman Bhasin said in a statement. “With the promise of improved reliability and security, faster transactions, and lower fees, the Aptos blockchain is designed in a way that makes it both conducive to building new rails and compelling to corporate clients and crypto-native developers.”

Notably, PayPal (PYPL) was involved in the initial launch of Libra, committing at least $10 million to become a member of the Libra Consortium. The company quickly pulled out following backlash on Capitol Hill.

The Aptos funding round was led by Andreessen Horowitz (a16z) with participation from Multicoin Capital, a16z alum Katie Haun, Three Arrows Capital, ParaFi Capital and Coinbase Ventures, among others. PayPal Ventures’ participation wasn’t revealed with the initial announcement.

The Aptos team is made up of the original creators, researchers, designers and builders of the Diem (formerly Libra) blockchain. Meta (formerly Facebook) announced the blockchain as the backbone of a stablecoin project in 2019 but never made it out of the gate due to regulatory hurdles.

Earlier this year, Meta confirmed the shutdown of Diem and sold the technology and other assets to Silvergate Bank. However, much of the work done by Deim-affiliated teams was placed under open-source licenses, meaning the intellectual property is fair game. Aptos is led by Avery Ching and Mo Shaikh. Ching co-created the Diem blockchain’s DiemBFT consensus protocol, which Aptos is using.

Aptos’ developer testnet launched two months ago. The firm expects the mainnet launch to happen during the third quarter.

​​How Is Tesla’s Bitcoin Investment Performing So Far?

The cryptocurrency sector is still in its infancy, and no one wants to fall behind the competition. Several tech companies are trying to establish a foothold in the sector, whether through financial investment or by jumping on the bandwagon of creative innovation. Tesla's investment in Bitcoin was one of the most talked-about subjects in the cryptocurrency world.

In February of last year, Tesla announced it is spending $1.5 billion to purchase bitcoin. In this article, we will take a look at this investment and try to answer the question: How is Tesla's investment in Bitcoin performing so far?

According to a filing made with the Securities and Exchange Commission, Tesla stated that it decided to buy bitcoin so that it would have “more flexibility to further diversify and maximize returns on our cash.” It was also around this time that the electric motor manufacturer made public its intentions to start accepting Bitcoin payments from customers. Since then, however, it has reversed its decision, citing environmental concerns associated with the mining of digital assets.

Performance of Tesla's Bitcoin Holdings
At the time, the news caused a stir in the crypto community, with some praising Tesla for its forward-thinking approach and others questioning the wisdom of investing in a volatile commodity. How has Tesla's Bitcoin investment done thus far? Well, the answer is ... great and not great. Great in the sense that the company did make some profit on the investment.

As of the end of March last year, the company reported that its investments were worth $2.48 billion due to the price increase of bitcoin in the first quarter. It liquidated a portion of its Bitcoin assets and reported a net gain of $128 million. Not so great in the sense that its investment has been negatively impacted by market volatility.

According to its yearly comprehensive financial report to the SEC, the company's Bitcoin holdings concluded the year with a loss of $101 million. It is important to note that bitcoin closed the year at around $47,000. Therefore, Tesla’s loss on its holdings would be currently more as Bitcoin recently broke the $30,000 mark.

What Are The Risks of Tesla's Bitcoin Investment?
Tesla has been quite bullish on blockchain technology, even to the point of investing in the sector. Its CEO is a popular supporter of Bitcoin and Dogecoin. However, there are a few risks associated with this investment.

The first is that Tesla may not have the expertise to properly invest in Bitcoin and blockchain technology. While they may be good at making electric cars, they may not have the same level of expertise when it comes to cryptocurrencies. There is also the possibility that Tesla's investment would not perform as well as expected. Bitcoin and other cryptocurrencies are highly volatile and susceptible to huge price fluctuations.

Tesla's investment could continue to lose value if the market crash persists. While the future of Bitcoin is uncertain, investing in cryptocurrency is a sign of confidence in the technology. Tesla's investment is not large compared to other companies, but it is still significant for a major corporation. As more and more companies continue to invest in the crypto market, we could see a mass influx of institutional investors. This could be the catalyst for a huge growth surge. Only time will tell.

​​Ethereum mining revenues fell by roughly 27% in May

Ethereum miners generated 27.2% less in revenues in May compared to the previous month, according to data compiled by The Block Research.

Last month, Ethereum miners generated a total of $969.4 million in revenue.

Most of these revenues came from the block subsidy ($888.95 million) and a relatively small amount from transaction fees ($80.46 million) and from uncle rewards ($41.2 million).

The share of Ethereum transaction fees over total revenue fell in May to about 5.6%.

Ethereum miners also made about 1.08 times more revenue than Bitcoin miners in May.

​​Crypto Thief Who Stole $3 Million From a Woman Arrested

Zhang Tianzhe, who recently stole $3 million worth of crypto assets in a robbery attempt, was arrested. The man broke into a home in California, tied up the woman with duct tape, and threatened her to transfer millions from her account to his.

The 31-year-old Zhang reportedly wore ski goggles, gloves, and a hood during the burglary. The woman was threatened with a knife and was given instructions through an iPad that was hanging on Zhang’s neck.

The burglary, which took place in March, was thought to go out in the shadows after Zhang fled to Taiwan. However, American investigators were trying to track him down ever since the burglary. They eventually flew to Taiwan to capture him.

Zhang was detained in Taiwan, and he had with him $8,000 cash, a tablet, a laptop, crypto wallets, and further pieces of evidence of the crime. He has been taken to San Francisco, where he will be facing charges for first-degree residential burglary and kidnapping for ransom and criminal threats.

With the increased crypto adoption, burglars are trying to get their hands on cryptocurrencies, which they believe will be hard for the cops to trace. As the number of crypto adopters rise, so does the number of crypto scams.

A report by the FTC revealed that over $1 billion was lost due to cryptocurrency scams in the last year. The only way to avoid falling victim to such scams is by staying informed, says crypto investors. “It is equally essential to Do Your Own Research (DYOR) before pouring money into any project.”

​​Miami International Holdings, Lukka Form Pact in Plan to Launch Crypto Derivatives

Miami International Holdings (MIH), owner of the Miami International Securities Exchange, entered a pact with blockchain data firm Lukka to launch crypto derivatives.

The deal gives MIH a multiyear license to use Lukka data for its crypto derivative products. The initial suite – including cash-settled bitcoin (BTC) and ether (ETH) futures and options – is expected to be listed on the MIH-owned Minneapolis Grain Exchange (MGEX) via CME's Globex trading platform.

Subsequent products – naturally subject to regulatory approval – will include Bitcoin Volatility (BitVol) and Ether Volatility (EthVol) futures and options, said the company.

"Our strategic alliance with Lukka allows us to leverage its institutional-grade crypto data to develop proprietary products in the U.S. and international regulatory frameworks that meet the emerging needs of the crypto-asset ecosystem," Thomas Gallagher, CEO of MIH said.

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