Bitcoin Ordinals Surpass 10M Inscriptions

The number of Ordinals inscriptions on the Bitcoin network has exceeded 10 million, achieved shortly after the project's creator relinquished their role as caretaker. Casey Rodarmor, the former lead maintainer, shared on Twitter on May 28 that they had stepped down due to the inability to dedicate sufficient attention to Ordinals. The responsibility has been transferred to a pseudonymous coder named Raphjaph.

Reddit NFTs Hit $32M In Sales

The Reddit NFT collection, released in July 2022, has gained immense popularity among the platform's community. With over 9.9 million Reddit accounts holding NFTs, the collection's market capitalization exceeds $38 million. Notably, trademark collections like Foustlings, The Senses, and poieeeyee have individually generated sales of over $1 million each. Additionally, out of the 9 million NFT holders, 7.7 million hold a single collective avatar, showcasing their loyalty to the platform. The Reddit avatar marketplace on Polygon also features NFTs created by independent artists from the Reddit community.

Bybit Gets Pre-Approval In Kazakhstan

Following the receipt of "in-principle" approval from Kazakhstan's regulators, cryptocurrency exchange Bybit is further expanding its operations. Bybit recently announced that it has obtained pre-approval from Kazakhstan's Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre (AIFC). Ben Zhou, the co-founder and CEO of Bybit, expressed confidence in the promising potential of the Commonwealth of Independent States (CIS) as a region for the growth of the cryptocurrency industry.

USDT Market Share Jumps

Over the past year, the market dominance of USD-pegged stablecoins has experienced fluctuations. While most have shown a decline, Tether (USDT) has reached its all-time high, according to data from CoinGecko. During the past 12 months, Circle's USD Coin (USDC) has witnessed a decrease in market share from 34.88% to 23.05% at present. Binance USD's market participation has dropped from 11.68% to 4.18% in the same period, and Dai's (DAI) share of the crypto market stands at 3.66%, down from 4.05% in May 2022.

Chinese City Drafts Policy For Metaverse Industry Development

The city of Zhengzhou in China has proposed policies to support the development of the metaverse industry. These policies include the establishment of a dedicated fund worth 10 billion yuan ($1.42 billion) to foster industry growth. Metaverse companies that relocate their headquarters to Zhengzhou may receive a startup capital investment of up to 200 million yuan ($28.34 million) and other benefits such as rent subsidies. Additionally, any company involved in metaverse development in the city can receive up to 5 million yuan ($710,000) for certified projects.

Circle Launches Euro Coin on Avalanche

Circle, a prominent issuer of stablecoins, has expanded its offerings by launching the Euro Coin on the Avalanche network. This strategic move aims to enhance accessibility and increase acceptance of the stablecoin beyond its Ethereum foundation. By leveraging the Avalanche blockchain, Circle aims to establish a multi-chain presence for the Euro Coin, providing users with more choices. The selection of Avalanche, known for its scalability and cost-efficiency, reflects Circle's commitment to innovation and customer satisfaction through a diverse range of options.

Coinbase Reveals Base Layer-2 Network Roadmap

Coinbase's layer-2 network, Base, has released its highly anticipated roadmap outlining its future plans. Unlike other networks, Base does not have plans to issue a token. Its primary focus is on establishing a secure and efficient infrastructure for cryptocurrency transactions. The Base test network is currently underway, and the recent Regolith hard fork has brought significant enhancements to the network. Through collaboration with the OP Labs team, thorough evaluations have been conducted to improve the usability, security, and performance of the underlying infrastructure.

Binance Launching NFT Loan Feature

Binance is set to introduce a novel feature in its marketplace, enabling users to obtain ETH loans by utilizing their non-fungible tokens (NFTs) as collateral. This service, known as Binance NFT Loan, aims to bring the advantages of decentralized finance (DeFi) to the Binance NFT community. In a press release, Binance highlighted that the platform offers competitive interest rates, instant liquidity, zero gas fees, and liquidity protection. By adopting a "Peer-to-Pool" model, Binance will serve as the loan pool for this innovative tool.

Gemini Eyes UK As ‘Second Headquarters’

The co-founders of Gemini, Cameron and Tyler Winklevoss, are reportedly exploring the possibility of establishing a second headquarters in the United Kingdom. As per a report from The Telegraph on May 24, the Winklevoss brothers held meetings with representatives from the Financial Conduct Authority (FCA) and the Bank of England. This move is part of their broader strategy to expand Gemini's presence beyond the United States, especially in light of the growing regulatory scrutiny in the industry.

Ripple Acquires Stake in Bitstamp

According to the first-quarter report of crypto investment management firm Galaxy Digital, Ripple, a prominent crypto payment firm, has acquired a minority stake in Bitstamp, one of the oldest crypto exchanges. The transaction involved Pantera Capital, a cryptocurrency-focused hedge fund. The report highlights that Galaxy Digital played a crucial role in advising Pantera on the sale of its Bitstamp stake to Ripple Labs during the first quarter. This deal further strengthens Galaxy Digital's position as a top investment bank for digital assets, following its remarkable success in the past year.