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☕️The Morning Cup: Brazil moves to regulate crypto payments, Russia’s largest bank to support MetaMask
Good morning, good day, and good evening. Welcome back to The Morning Cup. It’s your weekly recap of the latest in crypto news and your start to the week, no matter where you are. Don’t worry, we’ve selected just what you need to stay up-to-date, so you won’t spend time pouring through the news you don’t need, only the news you care about.
First up, we have some exciting news to share…
We have formed a partnership with fellow crypto exchange Huobi!🥳 Our new relationship means working together on ecosystem expansion, project cooperation, liquidity support and global compliance. Read the partnership announcement👇
Weeklong rally for DOGE, BTC & ETH see green
Both leading cryptocurrencies, Bitcoin (BTC) and Ether (ETH), are in the green by press time and it seems like both coins have begun a modest recovery losses sustained due to uncertainty in the crypto market, according to Decrypt. BTC is now trading at $17,249 while ETH is now at $1,292.
Meanwhile, Dogecoin (DOGE) has experienced a weeklong rally thanks to Twitter’s new CEO, Elon Musk, as he posted a few screenshots from the Twitter company talk, with one mentioning the word: “payments”, which aroused a lot of speculation in the market.
Something you can’t miss!👇
Launch of Cross-Margin Beta
Poloniex has launched the beta version of cross-margin trading, which allows margin balances to be shared across different positions of spot accounts to mitigate risk.
With the “Auto-Borrow & Repay” feature, users are able to automatically borrow crypto when trading with up to 3x leverage on the spot market to enhance their liquidity and financing flexibility.
Currently, Poloniex supports USDT, BTC, ETH and TRX as margin assets, and will support more in the future. Come and join the whitelist and go on an exciting ride with Poloniex!
New interface of Futures Trading Webpage
Poloniex has upgraded its perpetual futures trading webpage, enhancing the page layout and trading performance to offer a smoother and finer user experience.
The new look features a broader view of candlestick charts for the convenience of professional traders, and a futures onboarding guide to help newcomers get their heads around futures trading.
Most importantly, the new interface allows you to make larger trading volume for the Futures Championships, which enables you to win a new iPhone, Tesla or Maserati. New image, new experience. Click here to try it out now!
What happened this week?
One step closer to make Bitcoin as payment in Brazil
Brazilian lawmakers have approved a bill regulating the use of Bitcoin (BTC) as payment and as an investment asset, according to Bitcoin Magazine. At present, the bill requires the outgoing President Jair Bolsonaro’s signature to officially make it a law before his tenure ends on December 31, 2022.
In addition to the approval of the use of BTC as payment, Brazil’s lower house of Congress last Tuesday also approved the bill that aims to boost the responsibility of the country’s cryptocurrency sector, which broadly refers to “virtual assets” and would apply to legal entities that exchange virtual currencies for local or foreign currencies, exchange virtual assets and conduct transfers or are involved in financial services connected to issuers or vendors of virtual assets. However, the bill doesn’t make BTC or another cryptocurrency legal tender in the country.
Brazil is one of the top 10 active markets globally for crypto, based on 2022 Chainalysis data, Tether (USDT), the world’s biggest stablecoin by market cap, announced in October that it has partnered with Brazilian payment company SmartPay to make the conversion of USDT Brazilian Reals ($R) available at 24,000 ATMs in Brazil starting from November 3. Simply put, users can send USDT from any wallet to an ATM.
Russia’s largest bank to support crypto wallet MetaMask
Russia’s largest bank, Sber, (formerly Sberbank) is moving into Decentralized Finance (DeFi) and Web3 by integrating its blockchain platform with the Ethereum-based cryptocurrency wallet, MetaMask, as Cointelegraph reported.
Subsequently, the report suggested that the new blockchain will “include compatibility with smart contracts and applications on the Ethereum network”, and the new integration will allow the bank to unite developers and financial institutions. As the largest bank in Russia, Sber has been at the forefront of developing blockchain projects.
In 2021, the bank filed an application to launch its stablecoin, named Sbercoin. Subsequently, Sber launched a digital deal this year following the approval of the application.
Telegram to build crypto wallets, decentralized exchange
Messaging app Telegram plans to build a decentralized cryptocurrency exchange and non-custodial wallets to restore people’s trust in the crypto space.
Pavel Durov, founder and Chief Executive Officer of Telegram, revealed the plan last Wednesday that the instant messaging platform will build a set of decentralized tools to give users the full control of their private keys and crypto assets.
Announced the piece of news on Telegram, Durov didn’t specifically mention which platform and its underlying blockchain that Telegram will use, but he mentioned Fragment, a decentralized auction platform he helped build, and The Open Network (TON), which is a blockchain-based decentralized computer network technology that was originally developed by the Telegram team. It’s expected more details will be coming soon.
New Listings on Poloniex
Here’s what we’ve listed recently:
This week we covered The Open Network (TON), which we just listed! Below please find the article to learn more:
This week, we explain the crypto glossary, fan tokens, which are a form of cryptocurrency to allow holders access to a variety of fan-related membership perks and even change the sports clubs’ directions through voting. In recent years, many sporting clubs have issued their official fan tokens, such as Manchester City ($CITY), Arsenal ($AFC), and Paris St. Germain ($PSG).
Apart from the fan tokens which present the domestic or league football clubs, some national football teams, like Argentina ($ARG) and Portugal ($POR), also issued their respective fan tokens to bring the football fandom to its zenith, especially during the World Cup 2022, and all of the aforesaid fan tokens are listed on Poloniex.
As for the rising star amongst all fan tokens, you can’t ignore Dominic Coin (DMC), which is the world’s first national token that is powered by TRON, a blockchain-based operating system, under the authorization of the government of the Commonwealth of Dominica to promote the heritage and tourism of the island.
What’s happening here at Poloniex?
This is what Poloniex’s week looked like
Highlights for the week
Our recap of ongoing campaigns that YOU can get involved in!
Poloniex Futures Championship: Join to Win a Maserati & $1,000,000 Rewards! (12/10–12/30/22)
Poloniex Futures VIP+1 Program
Poloniex FIFA World Cup Carnival: Trade Fan Tokens to Split $100,000! (10/24–12/19/22)
🧑🚀Space Traveller Campaigns to Celebrate the FIFA World Cup Qatar 2022! (Runs until December 2022)
Become a Poloniex KOL to Win a Commission of up to 60% and Share 10,000 USDT (10/1–12/31/22)
The community megaphone📢
Highlights from the community
Poloniex Exchange on Twitter: "What country are you watching the #WorldCup from?🌎 / Twitter"
What country are you watching the #WorldCup from?🌎
Poloniex Exchange on Twitter: "What would be a life-changing amount of money for you? / Twitter"
What would be a life-changing amount of money for you?
Poloniex Exchange on Twitter: "💡⚽️ #Polofunfacts @FCPorto's nickname is Dragões🐉 for the mythical creature on the club's crest, and Azuis e brancos (Blue & whites), for the shirt colors.Buy #Porto on Poloniex to subscribe for fan rewards! https://t.co/5DhLvFOLt4#Poloniex #portugal #WorldCup2022 #Porto pic.twitter.com/g48XNDDWtZ / Twitter"
💡⚽️ #Polofunfacts @FCPorto's nickname is Dragões🐉 for the mythical creature on the club's crest, and Azuis e brancos (Blue & whites), for the shirt colors.Buy #Porto on Poloniex to subscribe for fan rewards! https://t.co/5DhLvFOLt4#Poloniex #portugal #WorldCup2022 #Porto pic.twitter.com/g48XNDDWtZ
And that about covers it for this week! Curious about our campaigns or upcoming events? Give us a shout in our Telegram channel-
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Thanks for spending some time with us as we went over what’s going on. And wherever you are, from the team here at Poloniex, good morning, good day, and good evening!
☕️The Morning Cup: Brazil moves to regulate crypto payments was originally published in The Poloniex blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
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