Daily Crypto News | August 5th, 2022

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Welcome to Barmy’s Daily Crypto News – August 5th, 2022

1. Binance & Mastercard Launch Prepaid Rewards Card In Argentina

In order to make it easier for individuals to use cryptocurrencies for everyday purchases in an area where the national currency has among of the highest rates of inflation worldwide, Binance and Mastercard have launched a prepaid rewards card in Argentina.

According to a Thursday announcement by Binance, the largest cryptocurrency exchange in the world by volume, the card would allow users to make purchases and pay bills using Bitcoin and other cryptocurrencies.

The prepaid card will convert cryptocurrency users’ holdings on the Binance app into fiat money (US dollars or Argentine pesos) in real time at the point of sale, according to the company’s release. Additionally, users will be able to receive up to 8% in bitcoin cash back rewards.

2. Massachusetts Senator Against OCC’s Crypto Guidance for Banks

On Capitol Hill, Massachusetts Senator Elizabeth Warren is gaining backing for a letter asking the Office of the Comptroller of the Currency (OCC) to revoke crypto instructions that banks have relied on.

According to a report from Bloomberg News, Warren is asking her fellow senators to sign the letter and intends to send the office’s acting comptroller, Michael Hsu, a final copy of it soon.

According to the legal advice Warren is focusing on, banks can maintain deposits that serve as the reserves underpinning stablecoins, providing the groundwork for banks to provide clients with other crypto-related services. According to the request, which Bloomberg News has obtained, the OCC should collaborate with the Federal Reserve and the Federal Deposit Insurance Corporation to create a fresh strategy.

3. Instagram Supports Flow Blockchain NFTs, Boosting FLOW’s Value

Parent company Meta today announced that Instagram is expanding its NFT project to more than 100 countries and introducing support for NFTs made on the Flow blockchain. As a result, the FLOW token is currently pumping.

According to data from CoinGecko, FLOW has increased by around 44 percent in the last day, with almost all of that increase occurring after Meta’s announcement this morning. FLOW is currently trading at $2.76 per token, pushing its 30-day increase to around 72 percent with the most recent price movement.

Collectors can now display their verified Flow NFTs on their Meta account thanks to Instagram’s growing connection. The project was first made available to a small group of users in the United States in May, and it has since been made available to nations in Asia, Africa, and the Middle East as well.

4. Tinder’s Parent company Abandons Metaverse Plans

The parent firm of the widely used dating software Tinder, Match Group, has decided to temporarily stop investing in the metaverse and digital token industries and shift its innovative focus elsewhere.

Bernard Kim, the newly appointed CEO of Match Group, acknowledged that a “metaverse dating experience” has the potential to “capture the next generation of users,” but he cited concerns about its usability and adoption rate as reasons for retreating to reflect at this time. This letter was published in the company’s Q2 shareholder report.

According to Kim’s letter to shareholders, Match Group had paid $1.7 billion for the Seoul-based video and augmented reality startup Hyperconnect in 2021, but now, Kim has told the business to “iterate but not invest heavily in metaverse at this time.”

5. Halliday Raises $6M To Promote ‘Buy Now, Pay Later’ NFTs

Web3 company Halliday has acquired $6 million in a new venture round led by Andreesen Horowitz to transform how players purchase and use digital assets in virtual environments as more game publishers aim to add collectibles and digital assets into their products.

In November 2021, Akshay Malhotra and Griffin Dunaif introduced Halliday, a “play now, pay later” gaming platform named after Ready Player One hero James Halliday. Halliday intends to reduce the cost and inconvenience of in-game purchases and proof of ownership for NFTs for gamers who may object to the high pricing of non-fungible tokens in their games.

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