Instagram Explores NFTs, Justin Sun Is Heading To Space And Who Has All Bitcoin? These stories and more this week in crypto.
Instagram CEO Adam Mosseri said the social media app is exploring the idea of NFTs. While there is nothing to announce yet, Instagram is actively exploring NFTs and how to make them more accessible to a wider audience. He added that Instagram is also exploring how non-fungible tokens can be of use in particular to its creators.
Founder of the blockchain platform TRON, Justin Sun revealed he was the anonymous bidder who paid $ 28 million for a seat to join Jeff Bezos on his first trip to space, but missed the launch more early this year. Now he is planning a new trip to space with five people he will name from members of the TRON community, longtime crypto holders and other executives from various industries.
The Binance crypto exchange has changed the way it removes Binance coins (BNB) from circulation, a process known as etching. The new system, dubbed Auto-Burn, will run continuously and replace a quarterly burn schedule reflecting the use of tokens on various trading products offered by Binance’s central exchange. This decision aims to offer more transparency to the entire BNB community.
One of the world’s most popular derivatives exchanges, BitMEX, will release its native cryptocurrency called BMEX in February 2022. Existing and new verified users will be able to receive the tokens as an airdrop from a maximum supply of 450 million pieces. BitMEX described BMEX as a reward and engagement token with discounts on trading fees and enhanced returns.
The US crypto exchange, Kraken, is working on a new feature that will allow its clients to borrow funds against their non-fungible tokens. If a client deposits an NFT on Kraken, the exchange will reflect the value of the NFT on their accounts and it can then be used as collateral to borrow funds.
T-Systems, the innovation division of Europe’s largest telecommunications company, Deutsche Telekom, will provide node infrastructure to users who stake assets on the Polkadot network. The telecommunications company also integrated crypto activity into its accounting system and revealed that it holds a “significant” amount of Polkadot’s native cryptocurrency, DOT, to invest in its own name.
The Dogecoin Foundation published its future plans through the so-called Dogecoin Trailmap which includes a unique proposal for a community staking version of a proof-of-stake model. The foundation says it will allow everyone, not just the big players, to participate in a way that will reward them for their contribution to running the network.
A study by the National Bureau of Economic Research found that the top 10,000 bitcoin investors, who make up only one-hundredth of 1% of the community, own a total of 5 million bitcoins. That’s 27% of the total BTC supply. The results suggest that the bitcoin ecosystem is still highly concentrated and dominated by large players, such as miners, holders, and large-scale exchanges.
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That’s what happened this week in crypto, see you next week.