Weekly Digest: Elrond, Shiba, KuCoin and Paxos

By CoinJoy | CoinJoy Magazine | 11 Mar 2022

Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to find out what companies’ representatives and media think about all things crypto.


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📌 Elrond Will Host Itheum In Its Ecosystem

Elrond, one of the pioneers in blockchain technology development, has announced the launch of Itheum, a Web3 project aiming to create a new digital economy without restrictions. Newly developed blockchain architecture will allow for a 1000x increase in throughput and transaction processing speed. Elrond will support Itheum on the path of transitioning to a collaborative Internet economy model. Iteum’s CEO has emphasized that financial and technological resources are currently being spent on finding new ways to collect user data in order to sell it to ad creators. If users and businesses manage to balance their interests, the Internet will be able to move on to the next level – the Metaverse. Itheum is expected to launch on Elrond in the next two months. 

📌 Lugano Is To Make Bitcoin And Tether Official Payment Means

The Swiss city of Lugano partnered with Tether to make Bitcoin, Tether, and Lugano’s LVGA Points legal tender in the city. When the bill is approved, residents will be able to carry out various transactions using cryptocurrency. Unlike El Salvador, where Bitcoin is the only cryptocurrency accepted, Lugano will support the use of several different digital assets for everyday payments. On March 3rd, Lugano’s mayor Michele Foletti noted that despite the upcoming innovation, the Swiss franc will remain the actual legal tender in Lugano and Switzerland overall. In addition, 2022 World Bitcoin Forum will be held in Lugano on October 26-28.  

📌  Shiba Inu Wants To Donate Tokens For Supporting Ukraine

The official member of the Shiba Inu portal under the name of MILKSHAKE published a tweet saying that the Shiba Inu community is willing to help Ukraine by donating SHIB tokens. Earlier, the Vice President of Ukraine said that the country is ready to accept donations in Bitcoin (BTC), Tether (USDT), Ethereum (ETH), Polkadot (DOT) and posted a link to the Dogecoin wallet address. The Ukrainian authorities have not responded to Shiba Inu’s proposal yet; however, the SHIB token may become the next asset for future donations. SHIB has already been used before to fund India’s COVID-19 relief center. 

📌 KuCoin Enters The List Of Best Crypto Apps Of 2022

The Motley Fool’s Ascent has named KuCoin one of the best crypto apps of 2022. Over the past two decades, the exchange platform has increased its trade volume and number of users in more than 200 countries. Users can access over 600 digital assets, 5 million trading bots, and 1,100 trading pairs on the KuCoin platform. The exchange also supports 51 fiat currencies. KuCoin offers various features, which include online multilingual support, a social trading platform for newbies, a trading tool for averaging dollar costs, five free trading strategies, a portfolio rebalancing tool, etc.

📌 Airdrop On The Occasion Of VeUSD Launch

On March 14, VeChain is launching its first stablecoin, VeUSD, on its mainnet. It is expected that VeUSD will open up new opportunities for Web3 and DeFi on VeChain. To celebrate the launch, $550,000 will be distributed to users in two separate airdrops. In January, VeChain was given the High and New Technology Enterprise status by the Chinese government. However, VeChain is aiming for international success. The company has just opened its first office in Europe and partnered with major European brands, including government agencies. In 2020 VeChain surpassed Ethereum in terms of security and scalability. 

📌 SHIB Now Accepted by US Mattress Retailer

Beds to Go, an American mattress retailer, now accepts Shiba Inu for payments via Coinbase. The Tennessee-based store already supports Bitcoin, Ethereum, Litecoin and HEX. Lately, Shiba Inu has been receiving more worldwide recognition as several international companies announced they will start accepting SHIB, including Australia’s 1st Energy, SlingTV, SuperJeweler, and Bitexen. Bitexen is a Turkey-based cryptocurrency exchange. It was later revealed that a member of the SHIB Army met with the former economic minister of Turkey, Mustafa Elitaş, where they discussed ways to increase SHIB adoption in the country. 

📌 Paxos Wins Regulatory Approval From Monetary Authority of Singapore

New York-based cryptocurrency trading and custody platform Paxos has been given a license from the Monetary Authority of Singapore, becoming the first crypto firm to acquire regulatory approval in both New York and Singapore. Rich Teo, the co-founder and CEO of Paxos Asia, noted that Paxos has been present on the Singaporian market since 2012. Suffice to say, receiving a licence from the Monetary Authority of Singapore is rather difficult, with over 100 applicants having been turned away, according to last year’s reports.

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