Web3 News: Your Source for the Latest in Decentralized Tech
This weekend wasn’t left out as it was a busy week for the world of cryptocurrency. Some of the significant events that happened this weekend include:
Binance.US Struggles to Find New Bank Partner
Binance US is struggling to find a new bank partner for fiat transactions due to regulatory crackdowns on banks with crypto clients.
Recent failures of Silvergate and Signature Bank have affected U.S. dollar deposit services, forcing Binance.US to rely on middleman banks.
While Prime Trust is holding customer funds, Binance.US is still searching for a new bank partner to directly hold its clients’ U.S. dollars.
Russia´s Mining Dominance?
Despite regulatory uncertainty and sanctions, Russia has reached a record high for energy capacity used in cryptocurrency mining, making it the second-largest country in the world for this purpose.
In the first quarter of this year, Russia’s total power capacity for digital currency production hit 1 GW, second only to the United States, which leads with 3–4 GW. This surge in Russian mining activity is due to a decline in Kazakhstan’s mining centers due to electricity shortages.
While the US leads in global hashrate share, its growth is slowed by rising electricity rates, reduced mining profitability, and regulatory actions drawing attention.
Dogecoin or BiteCoin?
Burger King U.K.’s recent “office doge” tweet has caused a surge in Dogecoin’s price, making it the center of attention in the crypto world.
Adding fuel to the fire, the fast-food chain hinted at launching its own crypto token, “BiteCoin.” Burger King Brazil had previously accepted DOGE for their dog snack, Dogpper, in 2021. In Paris, Instpower and Burger King are partnering to accept digital assets through Binance Pay and Alchemy Pay, including Dogecoin and Shiba Inu.
As a result, both meme coins are trading positively.
US Bank Lending Drops’
Bank lending in the US has fallen by a record $105 billion in just two weeks, with commercial and real estate loans being hit the hardest. Trillions of dollars are also being withdrawn from banks and deposited into money market funds, raising concerns about the stability of the banking system.
Elon Musk has warned that this trend will accelerate, sparking fears about the future of the US banking industry and the economy.
Ethereum’s PoS Leap
Ethereum is nearing the completion of its transition to a proof of stake consensus mechanism with the Shapella fork. This milestone follows a series of upgrades, including the launch of the Beacon Chain in December 2020 and the successful migration of live applications from the proof of work chain to the Beacon Chain in September 2022.
Starting April 12, 2023, Ethereum validators can withdraw some of the $34B+ staked funds, around 850 days after depositors locked ETH into the deposit contract.
This move poses uncertainty about the impact on the network and its native asset, making it a crucial moment for Ethereum’s future.
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