The Week in Crypto
In this letter:
🚀The Ukrainian airdrop that never happened
🚀OpenSea and Metamask are blocking customersÂ
🚀Bitcoin and Tether became a "de facto" medium of exchange in a city in Switzerland
🚀KPMG Canada buys a NFT from World of WomenÂ
🚀The Ukrainian airdrop that never happenedÂ
Tensions between Ukraine and Russia (and the rest of the world) continue to rise.Â
This week, Europe has experienced one of the largest migrations for the last 80 years. At the same time, the Ukrainian government is continuing its campaign to collect donations in Bitcoin and Ethereum + accepting other cryptocurrencies such as Polkadot and Dogecoin. More than $ 57 million has been raised to help Ukrainian citizens. However, it is interesting that the funds are used both for the purchase of first aid products and for the purchase of weapons.
With the donations, people from all over the world can get involved in the war indirectly, with some of them not assuming that part of their donation goes for the next bomb purchase. In my opinion, this would expand the war, and it may escalate to the next level. The persistence of the Ukrainian people was not expected even by Putin.
However, in addition to the new cryptocurrencies that can be donated, the Ukrainian government had an idea to make an airdrop to anyone who decided to help the cause of Ukraine. The news instantly spread on crypto Twitter, with some headlines saying that Ukraine would be the first country to make such a move.Â
However, it was a 3 days miracle (or even less). It turned out that the government has changed the decision and there will be no airdrop. They may not have considered the financial cost of the purpose and instinctively decided that such an idea would increase the interest in donations, as it happened.
🇧🇬The destination this weekend was Veliko Tarnovo. For more than two centuries Tarnovo is the capital of the Second Bulgarian Kingdom and a center of important political, religious, administrative, and cultural issues.
🚀OpenSea and Metamask are blocking customers
Although Ethereum is decentralized, this week showed us that some of the platforms built atop are under someone's control.
In this case, the NFT market OpenSea and the wallet Metamask stopped the access of some customers registered in Iran and Venezuela. The choice of these two countries is not accidental. They are on the US sanctions list. The companies said that because they are registered in the United States, they are forced to comply with their regulations.
Another news of a similar nature shone in the media. Brian Armstrong, CEO of Coinbase, said the exchange would freeze the accounts of Russian citizens only if it was written into law in the United States. However, he strongly insisted that the crypto industry is for everyone and that most Russians see crypto as an escape from the devaluation of the ruble.
All in all, it is interesting how centralization is trying to penetrate decentralized technologies. In my opinion, this will give a big boost to organizations like DAO, which do not have registrations in a certain territory.
🚀Bitcoin and Tether became a "de facto" means of payment in a city in Switzerland
Lugano is a city in Switzerland that seems to want to become the European crypto capital. Bitcoin and Tetter will be able to be used as a means of exchange. They will be able to pay taxes, fees for most services, and more than 200 businesses are expected to start accepting payments.
Along with BTC and USDT, the local LVGA token will be introduced.
This looks like the Bitcoin law in El Salvador, although it is not provided by a specific law. In my opinion, many similar cities and states will follow suit, especially with the removal of some Russian banks from the SWIFT system. This will open a serious question about the reserve status of the dollar.
🚀KPMG buys a NFT from World of WomenÂ
KPMG Canada is one of the most striking examples of a traditional institution that explores crypto. The company recently bought Bitcoin and Ethereum, and although it did not reveal exactly how much, we know how much it costs to buy a NFT of World of Women… 25 Ethers.
In my opinion, this is great news - one of the top financial companies not only buys cryptocurrencies but also bets on NFT. One thing is for sure and it is that we are still early.