Web3 🌒 Saturday Insider: Binance NFT Marketplace, Brine Fi, Blockchain, and Coinbase
1/ 🔚 Binance NFT Marketplace to end support for Polygon.
2/ 🌟 New DEX Brine Fi challenges Coinbase and Binance.
3/ 💰 Blockchain could have solved Nigeria's Naira scarcity.
4/ 🌐 Coinbase's global expansion plans.
For further details, let's keep reading! 👇
The world of cryptocurrency is constantly evolving, with new developments taking place all the time. Catch up on today's news with us, with Binance NFT Marketplace ending support for Polygon, Brine Fi raising $16.5 million in funding, blockchain technology has the potential to solve naira scarcity in Nigeria and Coinbase plans global expansion in regulated markets.
1/ Binance NFT Marketplace to end support for Polygon. 🔚
Binance NFT Marketplace announced that it will end support for Polygon on September 26, 2023. This means that users will no longer be able to buy, list, or stake Polygon NFTs on the marketplace. The exchange said that the decision was made to streamline its product offerings and that users should withdraw their Polygon NFTs by the end of the year.
The news comes as Polygon is facing some challenges. The blockchain's native token, MATIC, has lost over 20% of its value in the past month. Polygon is also facing competition from other scaling solutions, such as Solana and Avalanche.
Despite the challenges, Polygon remains a popular choice for NFT projects. It is the fifth-largest blockchain for NFTs, with a 24-hour trading volume of over $800,000.
It remains to be seen how the end of support for Polygon will impact the NFT market. However, Binance NFT Marketplace is still one of the largest NFT marketplaces, so the decision is likely to have a significant impact on Polygon NFTs.
Mat Di Salvo
2/ New DEX Brine Fi challenges Coinbase and Binance. 🌟
Brine Fi, a decentralized exchange (DEX) that offers the benefits of a centralized exchange (CEX), has raised $16.5 million in a Series A funding round. The round was led by Pantera Capital and included participation from other investors.
Brine Fi is built on Starkware's StarkEx scaling solution, which allows it to offer fast and secure trading without sacrificing decentralization. The DEX also features an order book, which is a key feature for institutional traders.
Brine Fi is one of a number of DEXs that are emerging to challenge the dominance of CEXs. These DEXs offer a number of advantages over CEXs, including decentralization, privacy, and cost-effectiveness.
Annie Njanja and Rita Liao
3/ Blockchain could have solved Nigeria's Naira scarcity. 💰
Blockchain technology could have helped Nigeria avoid the naira scarcity that occurred in 2022. According to local experts, the decentralized finance (DeFi) system could have been used to make the decision to print new naira notes in a transparent and inclusive manner. This would have helped to build trust and confidence in the government's ability to manage the economy.
The current Nigerian President, Bola Tinubu, has expressed support for the use of blockchain technology in the country's banking and finance sector. If implemented, this could help to further develop the Nigerian economy and make it more resilient to future shocks.
Amaka Nwaokocha
4/ Coinbase's global expansion plans. 🌐
Coinbase is planning to expand its operations internationally, but it is only considering markets that have clear regulations for the cryptocurrency industry. The company is currently focused on acquiring licenses in the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia. The company is also planning to expand its derivatives offering to new markets and establish partnerships with banks and payment providers.
The expansion plans come as the cryptocurrency industry is facing increasing scrutiny from regulators around the world. Coinbase is hoping to position itself as a leader in the regulated cryptocurrency market.
Jamie Crawley
Inconclusion: The cryptocurrency world is a dynamic and ever-changing landscape. The latest headlines show that there is a lot of activity happening in the industry, with new developments and challenges emerging all the time. It will be interesting to see how these developments play out in the future and how they impact the cryptocurrency market.
Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.
