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Brazil Legalizes Crypto as a Method of Payment – Top Crypto Updates

Brazil legalizes crypto as a method of payment

Brazil’s Chamber of Deputies approved a regulatory framework legalizing the use of crypto as a method of payment in the country. This gives a regulatory boost to the adoption of digital currencies and the expansion of the ecosystem. However, it does not grant cryptocurrencies the status of legal tender.

Crypto prices today: Bitcoin up 2.4%, ETH rises 5.3%

Bitcoin is currently trading at $16,878.94, an increase of 2.4% over the previous day. Ethereum rose 5.3% over the last 24 hours to $1,270.33. Solana rose 0.21% to $13.71, while Cardano is trading higher by 1.1% at $0.314. Avalanche (AVAX) is up 3.27% to $12.91. The global crypto market cap stands at $853.04 billion, a 2.07% increase over the previous day.

Phantom Solana wallet adds support for Ethereum, Polygon

Phantom, a self-custody wallet for Solana-based decentralized applications and NFTs, has added support for rival blockchains Ethereum and Polygon to its desktop, iOS, and Android apps. The company said an easy-to-use self-custodial wallet is essential as an alternative to centralized exchanges and firms that handle sensitive user data.

Phantom aims to offer a simple, easy-to-use wallet with a unified interface for storing and viewing assets across multiple blockchains.

FTX fallout os ‘opportunity’ to refocus on trust: OpenSea CEO

The CEO of NFT marketplace OpenSea, Devin Finzer, described the entire FTX collapse as an “opportunity” for the industry to rebuild with a focus on trust while further embracing decentralization. “I think for the broader crypto ecosystem, this is really an opportunity to invest in strong, continual trust with users,” he said.

Dominica releases national crypto token with Huobi, Tron

The Commonwealth of Dominica in the Caribbean reportedly issued its national token, DMC, on Tuesday. The country partnered with crypto exchange Huobi Global, TronDAO, and DMC Labs. The nation would roll out a Dominica Digital Identifier (DID) as a know-your-customer (KYC) verification standard. This can be used to open bank accounts, apply for loans, and other financial transactions.

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Binance Backs Out of Deal to Buy FTX – Top Crypto Updates

Binance backs out of deal to buy FTX

Binance, the world’s largest crypto exchange by volume, has walked away from a proposed deal to acquire FTX. CEO CZ Zhao confirmed in a series of tweets that Binance would not pursue the potential acquisition of FTX. He cited reports regarding “mishandled customer funds and alleged US agency investigations.” FTX is now on the verge of collapse.

As per a Bloomberg report, the Securities & Exchange Commission (SEC) and the Commodity Futures Trading Commission are investigating alleged violations at FTX.

Crypto prices today: Bitcoin falls 8%, ETH down 6.8%

Bitcoin is currently trading at $16,812.92, a decline of 8% over the previous day. Ethereum fell 6.8% over the last 24 hours to $1,194.64. Solana crashed 21.6% to $15.7, while Cardano is trading lower by 6.2% at $0.350. Avalanche (AVAX) fell 6% to $14.54. The global crypto market cap stands at $840.9 billion, a 7% decline over the previous day.

Crypto.‌com pauses withdrawals of USDC, USDT on Solana

Crypto exchange Crypto.com has suspended all deposits and withdrawals for Tether’s USDT and Circle’s USDC on the Solana network. The crypto platform’s announcement comes amid one of the more chaotic weeks in crypto history. Sam Bankman-Fried of FTX tentatively agreed to sell his exchange to competitor Changpeng Zhao of Binance.

OpenSea pledges to enforce NFT royalties after creator backlash

NFT marketplace OpenSea said it will continue to enforce creator royalty fees going forward. A royalty fee is set by the NFT artist or creator and typically falls between 5-10% of the secondary sale price. On Saturday, OpenSea said it was reconsidering its policy towards enforcing creator royalty fees on NFTs after many rival marketplaces had either rejected such fees or made them optional for traders to pay.

Crypto officials ask for clearer US regulatory policy after FTX collapse

The CEOs of Coinbase, Ripple, and Circle stated that the lack of a clear regulatory framework is the reason that the majority of crypto trading in the United States occurs on offshore exchanges (like the struggling FTX). The unprecedented collapse of industry heavyweight FTX has pushed regulators into overdrive, with FTX facing investigations from both the Justice Department and SEC.

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Instagram Plans NFT Minting, Trading Tools – Top Crypto Updates

Meta’s Instagram plans NFT minting, trading tools

Instagram is developing an NFT minting and sale feature through its app. The upcoming “end-to-end toolkit” for NFTs will allow users to create and launch their own NFTs for sale through the social media platform. Instagram will use the Polygon blockchain for NFT minting. It will also pull NFT metadata from OpenSea so that collection names and descriptions can be viewed on the app.

[Non-fungible tokens (NFTs) are unique blockchain tokens that signify ownership over an asset, typically a piece of digital art.]

Crypto prices today: Bitcoin falls 0.2%, ETH down 0.7%

Bitcoin is currently trading at $20,335.57, a decline of 0.27% over the previous day. Ethereum fell 0.72% over the last 24 hours to $1,550.90. Solana is up 0.8% to $31.86, while Cardano is trading higher by 1.26% at $0.397. Avalanche (AVAX) rose 3.62% to $18.65. The global crypto market cap stands at $1.01 trillion, a 0.06% decline over the previous day.

Arweave’s native token surges 60% on Meta integration

AR, the native token of blockchain-based data storage solution Arweave, surged 60% as Meta said it will utilize the Web3 platform to archive its creators’ digital collectibles. The rally has boosted the token’s market cap to $838 million, making it the third-largest Web3 token worldwide. Instagram users can now issue digital collectibles for their posts stored on Arweave.

Robinhood’s crypto revenue declined 12% to $51M in Q3

Online trading brokerage firm Robinhood reported $51 million in crypto revenue in Q3 CY22, down 12% from $58 million in the second quarter. The company’s monthly active users (MAUs) fell to 12.1 million from 14 million in Q2 and 15.9 million in Q1 as “customers continued to navigate the volatile market environment.”

OpenSea rolls out two NFT theft protection features

OpenSea, the world’s leading NFT marketplace by trading volume, has launched new theft detection and prevention features. One feature detects and disables scam links shared on the platform, while the other identifies stolen NFTs and blocks their resale. The platform’s new theft prevention feature will proactively scan URLs to prevent malicious links from appearing on fraudulent collection listings.

India’s ‘Digital Rupee’ will be launched in November

The Reserve Bank of India (RBI) will launch a digital version of the rupee for retail purposes this month. RBI is set to launch a central bank digital currency (CBDC) after announcing its digital rupee project in February. The CBDC will be made available in select locations initially, with plans to roll it out nationwide. 

Read more here.

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OpenSea Adds Avalanche NFT Support – Top Crypto Updates

OpenSea adds Avalanche NFT support

OpenSea has added non-fungible tokens (NFTs) from the Avalanche blockchain to its online marketplace. Avalanche is an open-source network with the native token AVAX and three different blockchains, one of which is called the C-Chain. The C-Chain is optimized for Ethereum compatibility and smart contracts, which NFTs use. OpenSea currently features 200 Avalanche-native collections. 

Crypto prices today: Bitcoin up 0.4%, ETH rises 1.4%

Bitcoin is currently trading at $19,133.85, an increase of 0.4% over the previous day. Ethereum is up 1.43% over the last 24 hours to $1,296.83. Solana fell 0.6% to $31.33, while Cardano is trading lower by 0.54% at $0.394. Avalanche (AVAX) rose 0.333% to $16.04. The global crypto market cap stands at $923.8 billion, a 0.52% increase over the previous day.

SEC investigating Yuga Labs over securities violations: Report

As per a Bloomberg report, the US Securities & Exchange Commission (SEC) is investigating Yuga Labs over whether its Bored Ape Yacht Club Ethereum NFTs and the ApeCoin token are unregistered securities. The report claims that SEC is exploring whether the crypto startup broke federal law by issuing NFTs that act like stocks. It is also probing the distribution of the Ethereum-based ApeCoin token that launched earlier this year. 

Crypto firm 21Shares lists Bitcoin ETP on Nasdaq Dubai

Crypto investment products firm 21.co’s subsidiary, 21Shares AG, has listed a Bitcoin exchange-traded product (ETP) on Nasdaq Dubai. It is the Middle East’s first physically-backed Bitcoin ETP. The 21Shares Bitcoin ETP trades in the same way as the 21Shares Bitcoin ETP in Europe. Following the Dubai listing, 21Shares has 46 listed products across seven countries.

Solana DeFi trading platform Mango Markets loses $100M in hack

Mango Markets, a decentralized platform hosted on the Solana blockchain, faced an exploit for over $100 million. Mango’s token MNGO was severely impacted and crashed over 40% in the past 24 hours. According to the blockchain auditing website OtterSec, the attacker temporarily drove up the value of their collateral and then took out loans from the Mango treasury.

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Metamask Unveils Digital Asset Portfolio dApp – Top Crypto Updates

Metamask unveils all-in-one digital asset portfolio dApp

Metamask has launched a new beta decentralized application (dApp) that serves as a one-stop shop for managing crypto and non-fungible token (NFT) portfolios on different platforms. Users can access this dApp by clicking the “Portfolio” link on their browser extension’s home screen to connect multiple accounts. The dApp is available on the browser extension and for mobile users as well.

Crypto prices today: Bitcoin up 1%, ETH rises 1.3%

Bitcoin is currently trading at $19,530.66, an increase of 0.92% over the previous day. Ethereum is up 1.37% over the last 24 hours to $1,339.76. Solana rose 2.45% to $34.11, while Cardano is trading higher by 1.32% at $0.436. Avalanche (AVAX) rose 1.2% to $17.38. The global crypto market cap stands at $944.04 billion, a 0.72% increase over the previous day.

ETHW surges as Binance launches Ethereum Proof-of-Work mining pool

Crypto exchange Binance announced an Ethereum Proof-of-Work (ETHW) mining service for its users. Those who take part in the pool will not be charged a fell until October 29. Following this news, ETHW (the new asset born out of Ethereum’s merge earlier this month) surged 12% over 24 hours.

Mining pools are formed when groups of crypto miners want to share resources to allow other miners to work with them and collectively have a better chance of processing a transaction.

Warner Music Group partners with OpenSea

Warner Music Group will partner with NFT marketplace OpenSea to accelerate its artists’ expansion into Web3. The collaboration will grant Warner Music artists early access to new OpenSea products, improved discoverability on the NFT marketplace, and featured portions of the OpenSea site for upcoming NFT projects.

Meta opens NFT sharing on Instagram, FB to all US users

Meta has launched NFT collectibles support for all Facebook and Instagram users in the United States. Users can now connect wallets from Coinbase, Dapper Labs, MetaMask, Rainbow, and Trust with Instagram to post digital collectibles minted on Ethereum, Polygon, and Flow. Insta users can also crosspost their NFTs to their Facebook accounts.

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Busan Taps FTX to Develop Crypto Exchange – Top Crypto Updates

Busan taps FTX to develop crypto exchange

South Korean city Busan signed an agreement with crypto exchange FTX to develop blockchain-based businesses in the coming months. This partnership is in line with the city’s broader plans to become a global blockchain and financial hub. Busan City and FTX will work together to develop and promote various blockchain-focused businesses and establish the Busan Digital Asset Exchange.

Crypto prices today: Bitcoin, ETH falls 1%

Bitcoin is currently trading at $20,204.46, a decline of 1% over the previous day. Ethereum is down 0.94% over the last 24 hours to $1,573.41. Solana fell 1.91% to $32.17, while Cardano is trading higher by 0.2% at $0.454. Avalanche (AVAX) has fallen by 3.56% to $19.52. The global crypto market cap stands at $986.23 billion, a 0.8% decline over the previous day.

OpenSea adds Polygon support to expand features

NFT marketplace OpenSea announced the integration of the layer two scaling solution Polygon into its Seaport protocol implementation. The most important new feature is the ability to use the native token of the Polygon network, MATIC, to list and buy on OpenSea. In the coming months, OpenSea will be adding support for Klaytn and other Ethereum virtual machine (EVM)-compatible chains as well.

U.S. Congressional Committee probes Coinbase, FTX, Binance on fraud prevention

A U.S Congressional Committee has sent letters to the leading crypto exchanges in the U.S., requesting “information and documents” showing how each company is working to combat crypto-related fraud. Coinbase, FTX, Binance, Kraken, and KuCoin received a four-page letter requesting all documents related to crypto fraud since 2009.

The Federal Trade Commission estimates crypto fraud will con victims out of a whopping $1 billion in 2022 alone.

Japan’s FSA proposes tax breaks for crypto

Japan’s Financial Services Agency (FSA) proposed easing corporate tax rules for crypto assets and lighter levies for individual stock investors. Companies could be exempted from paying taxes for paper gains on crypto coins that they hold after issuing them. The move supports Prime Minister Fumio Kishida’s “New Capitalism” vision, which seeks to boost the world’s third-largest economy. He has offered support to help the country’s Web3 businesses grow.

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OpenSea Debuts Solana NFT Launchpad – Top Crypto Updates

OpenSea debuts Solana NFT launchpad

NFT marketplace OpenSea has rolled out its new launchpad feature for minting new Solana non-fungible token (NFT) projects. A launchpad lets collectors mint (i.e. generate and purchase) NFTs during a primary sale. Zoonies, an alien-themed Solana NFT profile picture project, debuted on the platform yesterday. However, it’s been more than a day since the Zoonies mint began on OpenSea, and the project has yet to sell out.

Crypto prices today: Bitcoin down 0.15%, ETH up 0.3%

Bitcoin is currently trading at $23,117.6, a decline of 0.15% over the previous day. Ethereum rose 0.3% over the last 24 hours to $1,599.61. Solana fell 0.57% to $42.89, while Cardano is trading lower by 0.44% at $0.498. Polygon (MATIC) fell 0.13% to $0.903. The global crypto market cap stands at $1.05 trillion, a 2.3% increase over the previous day.

SEC claims Coinbase lists nine crypto assets that are securities

The U.S Securities and Exchange Commission (SEC) claimed in a new court filing that at least nine digital assets listed on the crypto exchange Coinbase are unregistered securities. The SEC and the Department of Justice also announced charges against former Coinbase Product Manager Ishan Wahi and two others. They are accused of running an insider-trading scheme that earned them more than $1.1 million in illicit gains. 

No plan to exempt crypto transactions from taxes: Indian Govt

The Indian Government is not considering any plan to reduce taxes on crypto transactions. In a written reply to a query in the Rajya Sabha on whether the Government wants to exempt crypto transactions from taxes, Minister of State for Finance Pankaj Chaudhary said, “There is no such proposal under consideration.”

In Budget 2022, the Government has announced a flat 30% tax on income from crypto and also 1% TDS on crypto transactions.

Read more here.

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CoinDCX Extends Withdrawal Restrictions – Top Crypto Updates

CoinDCX extends withdrawal restrictions

Crypto exchange CoinDCX has extended the withdrawal restrictions that have been in place since May 13 until further notice. The company said these extreme steps are necessary to implement enhanced compliance and risk frameworks. The recent liquidity crises at several institutions (including Celsius Network), which paused crypto withdrawals and transfers, have stirred fear among Indian investors.

Crypto prices today: Bitcoin falls 1%, ETH down 2.1% 

Bitcoin is currently trading at $21,258.98, a decline of 1.02% over the previous day. Ethereum is down 2.1% over the last 24 hours to $1,220.1. Solana fell 3.9% to $40.05, while Cardano is trading lower by 4.5% at $0.499. Avalanche (AVAX) is down 4.83% to $20.42. The global crypto market cap stands at $952.19 billion, a 1.41% decline over the previous day.

Harmony offers $1M reward after discovering $100M altcoin hack

The team behind Harmony Protocol is offering a $1 million reward for information leading to the return of $100 million in altcoins stolen from its Horizon bridge. Last week, hackers stole $100 million in Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT), and USD Coin (USDC) and swapped them for Ethereum. Harmony also halted all Horizon bridge activity following the hack.

Klaytn partners with OpenSea for NFT expansion in Asia

Singapore-based public blockchain platform Klaytn has partnered with non-fungible token (NFT) marketplace OpenSea to boost the Asian NFT ecosystem. The partnership includes conference collaborations and ecosystem grants to promote Asian NFT projects to the global audience.

Indian investors lose Rs 1,000 Crore to fake crypto apps, website scam

As per a report by cyber security research company CloudSEK, Indian crypto investors have lost about Rs 1,000 crore to several ongoing fake crypto exchanges scam. Attackers replicated an exact copy of original crypto websites and made it difficult for people to differentiate between the original and duplicate. A host of phishing domains and Android applications with the keyword ‘CoinEgg’ were used to dupe victims.

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Blockchain Security Firm Forta Launches Native Token – Top Crypto Updates

Blockchain security firm Forta launches native token

Blockchain security firm Forta introduced a native token, FORT, to provide an incentive to secure the network. Forta was born from blockchain security startup OpenZeppelin late last year. It takes a decentralized approach to security by working with researchers who deploy bots to patrol various corners of the blockchain world.

Crypto prices today: Bitcoin rises 2.6%, ETH up 4%

Bitcoin is currently trading at $21,796.45, an increase of 2.6% over the previous day. Ethereum is up 4.2% over the last 24 hours to $1,171.26. Solana jumped 17% to $32.91, while Cardano is trading higher by 10.16% at $0.509. Avalanche (AVAX) rose 11.56% to $17.13. The global crypto market cap stands at $938.20 billion, a 3.14% increase over the previous day.

The crypto market responded positively to the U.S. Federal Reserve’s move to raise interest rates by 75 basis points on Wednesday.

OpenSea moves to Seaport Protocol to cut ETH gas fees by 35%

OpenSea has moved to the “Seaport Protocol,” a new smart contract that will allow its 1.8 million users to save money on Ethereum gas fees. With the Seaport contract, users will be able to save roughly 35% on transaction fees. New accounts will no longer require the one-time “setup fee” OpenSea previously charged.

MetaMask, Phantom patch serious security bug

Solana wallet Phantom said it is rolling out a new update next week to strengthen its security after it patched a “demonic vulnerability” discovered by blockchain cybersecurity firm Halborn in May 2021. The bug affected MetaMask, Phantom, Brave, and XDefi browser extension crypto wallets.

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Coinbase Makes India Push With UPI Payments – Top Crypto News

Crypto giant Coinbase makes India push with UPI payments

Coinbase is adding support for the popular UPI payment instrument in India. This move will make the crypto exchange functional in the world’s second-largest internet market for the first time. Coinbase made the official launch at its maiden event in India on Thursday, saying that it is working to broaden its product offerings in the country. Users in India will be able to add and withdraw money from their accounts by using the UPI network.

Crypto prices today: Bitcoin, ETH down 4.3%

Bitcoin is currently trading at $43,504, a 4.36% decline over the previous day. Ethereum is down 4.3% over the last 24 hours to $3,222.6. Solana crashed 9.4% to $115.7, while Cardano is trading lower by 6.4% at $1.08. Terra (LUNA) fell 7.2% to $109.11. The global crypto market cap stands at $2 trillion, a 4.6% decline over the previous day.

The crypto market fell after Federal Reserve governor Lael Brainard reiterated the central bank’s commitment to quickly tightening monetary policy.

Meta to create tokens for Facebook’s Metaverse: Report

As per a Financial Times report, Meta (parent company of Facebook) is reportedly still interested in creating tokens for use within the metaverse. The company is exploring a centralised in-app token similar to ROBUX for the game Roblox. Some Meta staffers are reportedly referring to the tokens as “Zuck Bucks.” 

Solana NFTs can now be traded on OpenSea

Non-fungible tokens (NFTs) minted on the Solana blockchain network can now be traded on OpenSea, the largest NFT marketplace in terms of volume. OpenSea is primarily based around Ethereum and currently dominates the NFT trading space by a large margin. Solana saw $173 million in NFT trade volume during March, according to data tracker CryptoSlam. 

Binance.US valued at $4.5 billion after inaugural funding

Binance.US, the American subsidiary of Binance, has closed its first funding round for a pre-money valuation of $4.5 billion. Led by RRE Ventures, Foundation Capital, VanEck, and others, the $200 million seed round makes the firm the latest of several that have reached unicorn status. Binance.US said it offers the most competitively low trading fees (0.1%) of crypto exchanges available to U.S. investors.

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FTX in Talks to Invest in Indian Gaming Startup MPL – Top Crypto News

bitcoin crosses $50000

FTX in talks to invest in Indian gaming startup MPL

India’s Mobile Premier League (MPL) is in talks to raise capital from several investors, including crypto exchange FTX as it prepares to make a push on Web3 capabilities. MPL operates over 60 mobile games, including sports-based, card-based, and fantasy. In recent weeks, it has informed some existing and new potential investors that it plans to launch play-to-earn and NFT-based games later this year.

Crypto prices today: Bitcoin falls 0.6%

Bitcoin is currently trading at $46,163.45, a 0.6% decline over the previous day. Ethereum is down 0.06% over the last 24 hours to $3,498.31. Solana fell 1.26% to $136.18, while Cardano is trading higher by 3.8% at $1.22. Meanwhile, Avalanche (AVAX) fell 2.5% to $96.94. The global crypto market cap stands at $2.16 trillion, a 0.25% decline over the previous day.

Crypto volumes in India see a dip as new tax rules kick in

According to Bitcoin.com, crypto volumes in India have dropped as the tax on digital assets kicked in on April 1. Finance Minister Nirmala Sitharaman, in her Budget speech, announced a 30% flat income tax on crypto income or digital asset investments. A 1% tax-deductible at source (TDS) on all digital-asset transfers above a certain size will start on July 1.

OpenSea to allow NFT purchases with bank cards, Apple Pay

OpenSea will allow users to buy non-fungible tokens (NFTs) using credit cards, debit cards, or Apple Pay. The move comes through a partnership with MoonPay, a fintech player that builds payment infrastructure in the crypto space. The move is set to expand OpenSea’s customer base to more non-crypto natives. 

Nearly half of crypto owners first bought digital assets in 2021: Survey

As per a survey by crypto exchange Gemini, almost half of all crypto owners in the United States, Latin America and Asia Pacific purchased digital assets for the first time in 2021. It was a blockbuster year for crypto, with inflation driving crypto adoption in countries that have experienced currency devaluation. Brazil and Indonesia lead the world in crypto adoption.

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Blockchain Firm Ronin Hit by $615M Crypto Heist – Top Crypto News

Bitcoin cryptocurrency representation is pictured on a keyboard in front of binary code in this illustration taken September 24, 2021. REUTERS/Dado Ruvic/Illustration/file photo

Blockchain firm Ronin hit by $615 million crypto heist

Blockchain company Ronin said hackers stole crypto worth almost $615 million from its systems. It is considered one of the largest cryptocurrency heists on record. On March 23, unidentified hackers stole nearly 173,600 ether tokens and 25.5 million USD Coin tokens. The hacker had used stolen private keys (the passwords needed to access crypto funds) to make off with the funds.

Crypto prices today: Bitcoin down 0.3%, ETH up 0.2%

Bitcoin is currently trading at $47,289.7, a 0.3% decline over the previous day. Ethereum is up 0.16% over the last 24 hours to $3,399.31. Solana rose 1.6% to $111.78, while Cardano is trading lower by 1.5% at $1.19. Meanwhile, Terra (LUNA) rose 2.4% to $105.97. The global crypto market cap stands at $2.14 trillion, a 0.05% decline over the previous day.

Web browser Opera adds support for Bitcoin, Polygon, Solana

Opera, a popular web browser, is adding support for eight new blockchain networks to ease access to decentralized apps (dApps) and services. These include well-known projects like Bitcoin, Solana, Polygon, Nervos, StarkEx, etc. Earlier this year, Opera rolled out the public beta version of its new Crypto Browser Project for mobile and desktop devices.

OpenSea to start listing Solana NFTs in April

Leading NFT marketplace OpenSea has confirmed that it will indeed add support for NFTs minted on the Solana blockchain in April. Solana is the second-largest NFT ecosystem behind Ethereum, with an estimated market cap of $1.5 billion across its collections.

UAE firm BitOasis gets provisional approval from Dubai’s new crypto regulator

Crypto exchange BitOasis has received provisional approval from Dubai’s new crypto regulator. The move comes on the back of the UAE’s push to become a centre for the virtual asset sector. BitOasis will continue operations in Dubai while it applies for a full Virtual Asset Regulatory Authority (VARA) license.