Here's a quick roundup of all that's happened in the crypto market in the past 24 hours.
1. Governance Platform Common Protocol Raises $3.2 Million from Dragonfly Capital and Others
Governance focused project Common Protocol has raised $3.2 million in a funding round led by Dragonfly Capital and ParaFi Capital. Other funding round members include Framework, Hashed, IDEO, Nascent and angel investor Balaji Srinivasan. The funding will go towards new hires and building a community for token holders.
Common Protocol is building a platform that helps users keep manage governance discussion and proposals in the DeFi market. The multi-chain platform will support Ethereum, Polkadot and Cosmos-based assets, making it easy for users to keep track of various projects.
2. Indian Government May Not Ban Crypto After All
Local media outlet The Economic Times reports that the Indian government may not ban crypto, and may form a new panel to help tackle cryptocurrency regulation in the country. The report indicates that the government will use blockchain technology in various initiatives, while forming a regulatory framework for crypto assets.
The previous panel, led by ex-finance secretary Subhash Garg, resulted in a report that hinted that authorities would ban the asset class. India has flip-flopped between a ban and regulation over the past 2 years, and a final decision was expected this year. The national parliament was expected to make a decision in March, but the discussion has been postponed.
3. MicroStrategy Adds Another $10.9 Million in BTC while Market Dips
MicroStrategy has purchased 229 BTC, worth $10.9 million, as revealed in a tweet by CEO Michael Saylor. The total BTC held by the company now amounts to 92,079, which comes to approximately $3.7 billion.
The company’s big bet on Bitcoin is partly responsible for the market’s bull run to $50,000. Following its initial purchase last year, several other companies began holding Bitcoin in their reserves. CEO Saylor has become a prominent figure in the crypto market, after originally shying away from Bitcoin many years ago.
4. Auction House Sotheby’s to Sell Curated Crypto Art, Including CryptoPunks NFTs
Auction house Sotheby’s will be selling NFTs from the Pak and CryptoPunks collection in a dedicated curated sale for crypto art. The auction will take place between June 3 and 10, and will feature artwork from across 4 continents. Other NFTs on sale include Larva Labs Autoglyph and TERRA0 - artwork which will ‘burn’ itself if global temperatures reach above 2 degrees Celsius.
Christie’s is another major auction house that made the headlines when it began selling CryptoPunks NFTs. It is most well known for selling a Beeple NFT for a whopping $69 million. Sotheby’s only entered the NFT space in March, and is working with Nifty Gateway for the sales.
5. Steve Harvey Launches NFTs, with Proceeds Going Towards Charity
Comedian Steve Harvey announced on May 14 that he has launched a new series of NFTs, proceeds from which would go towards the Steve and Marjorie Harvey Foundation. Harvey joins a long list of celebrities releasing their own NFTs -- though, unlike others, the money raised will go towards a good cause.
The NFT collection is available on Rarible, which Harvey chose because they were the most open to collaboration. There are currently 3 NFTs on sale. Harvey has also mentioned that he owns Bitcoin and Ethereum, and “doesn’t prefer one over the other”.
6. Ethereum Escaped Unharmed as Ethereum Foundation Reveals Critical Vulnerability Patched with Berlin Hardfork
The Ethereum Foundation revealed in a blog post on May 18 that the network had a critical vulnerability that was first discovered in April 2020. The post states that it could have resulted in the mainnet crashing at a relatively low execution cost of a few thousand dollars. The vulnerability was patched with the Berlin upgrade, which reduces the potential of the exploit by 50 times, the blog post states.
The information was an “open secret” which was accidentally disclosed to the public. With the implementation of Berlin, the foundation estimates that “the threat is low enough that transparency trumps.” The team also notes that the public should be given a chance to understand that changes such as raising gas costs and limiting refunds is sometimes used to protect the network.