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F1 Monaco GP: Bybit’s Red Bull Racing NFT, Crypto-F1 Partnerships

From NFTs and fan tokens to multi-year partnerships, the cryptocurrency community continues to support the F1 landscape in many ways.

Cryptocurrencies have taken the world by storm and Formula 1 was no exception to the disruption. From NFTs and fan tokens to multi-year partnerships, the cryptocurrency community continues to support the F1 landscape in many ways.

The 2022 Monaco Grand Prix saw F1’s fastest pit crew, Oracle Red Bull Racing (ORBR), partnering with cryptocurrency exchange Bybit to launch ORBR’s 2022 NFT collection, minted on the Tezos blockchain. . The Limited Edition NFT Collection is available via auction, in which bidders can collect digital collectibles representing various aspects of Red Bull’s past, present and future.

In parallel, Bybit premiered “The Search for the Next Level”, a film starring Red Bull drivers Max Verstappen and Sergio “Checo” Pérez – (spoiler alert) that circulated around the launch of the new RB18 car.

Some notable collaborations active during the 2022 Monaco Grand Prix are Ferrari and blockchain company Velas, Mercedes and cryptocurrency exchange FTX, and the Alfa Romeo and Shiba Inu-inspired Floki (SHIB) meme token.

Related: Blockchain, Cryptocurrency Set to Take Esports Industry Beyond NFT Collectibles

A recent study by fintech giant Deloitte concluded that it uncovered the potential of blockchain and cryptocurrencies to open up new markets and revenue opportunities for the sports industry:

“A nexus will form around sports collectibles, tickets, betting and games. We are just beginning to see its [cryptocurrency] potential, as well as the new markets it can lead to.”
The study also highlights the possibility of new markets that allow “fractional ownership of season tickets and suites and a reinvention of the ticket resale process.”

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Team Terra officially activates the Terra 2.0 Pheonix-1 mainnet

The official Terra 2.0 launch announcement is finally here, as the team activates the Terra 2.0 Pheonix-1 mainnet by generating the first block on the blockchain network. The official announcement from Earth says:

Block 1 of the new Terra blockchain (with chain_id of "Phoenix-1") was officially produced at 06:00 UTC on May 28, 2022! Kudos to the #LUNAtic community for this quick collaboration.

The announcement adds that LUNA token qualifiers can check their wallet balances by selecting the new Phoenix 1 network via the Terra Station browser extension. Terra founder Do Kwon wrote:

To see your $LUNA (or $LUNA2 as some exchanges call them) token balances, you just need to login to the station and refresh the page For new users coming from IBC and others, create a station wallet with the same book and station guide you through the remaining steps

With their new liquid LUNA tokens, users can do a number of things, such as staking on Terra Station to earn rewards. Users can use them in dApps after launch, trade them, and even participate in governance decisions.

Terra 2.0 is a completely new blockchain and not a fork. As a result, dApps running on Terra Classic must be restarted on the new chain. Some of the dApps have already migrated to the new chain, including RandomEarth, Astroport, Spectrum, Prism, Nebula, EdgeProtocol, TerraSwap, and others.

How to verify LUNA bet?

Terra explains that for the portion of the LUNA airdrop that is already staked and purchased, users need to follow a simple three-step process.

Open the Terra Station desktop app

Select Phoenix-1 network

Click on the "bet:" tab to see the coins wagered and the validator being wagered for.

Users are free to choose the validator of their choice and start earning staking rewards. Users can do this by redelegating or delegating and then delegating the share again.

Users will continue to receive staking rewards even when their LUNA is staking and in the process of being acquired.

“Today marks the beginning of the next chapter for the Terra community; one where our potential is limitless and our collective creativity can flourish,” says Terra.

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Tether Launches Mexican Peso Tokens on Ethereum, Tron, and Polygon

Stablecoin issuer Tether Operations Limited announced that the company has launched a new token pegged to the value of the Mexican peso. According to the team, the newly launched MXNT tokens will initially be hosted on Ethereum, Polygon, and Tron.

Stablecoin MXNT is pegged 1:1 to the Mexican peso

Stablecoin and blockchain firm Tether has revealed that it has launched a new fiat-backed token that will join the company’s pool of stablecoins. Tether launched MXNT, a stablecoin pegged to the value of the Mexican peso.

Tether’s other fiat token offerings include the popular USDT, which is pegged to the US dollar, and EURT, which is pegged to the value of the euro. The company also offers CNHT, a token pegged to the offshore Chinese yuan, and Tether gold XAUT, a token pegged to the value of an ounce of fine gold.

Tether USDT is the largest stablecoin in existence today as it currently has a market valuation of around $73.2 billion. The token’s market cap represents 5.77% of the $1.27 trillion crypto economy.

Of the $86.43 billion in digital currency trading volume on Thursday, the connection volume is around $45.42 billion, or 52.55% of today’s global trading volume. In terms of bitcoin (BTC) trading pairs, USDT is the top pair with bitcoin, capturing 55% of today’s BTC trading volumes. Tether says that the launch of MXNT will be a “testing ground for the integration of new users in the Latin American market.”

Paolo Ardoino, CTO of Tether, detailed during the announcement that the company has seen the popularity of digital currencies increase in Latin America. “We have seen an increase in the use of cryptocurrencies in Latin America in the last year, which has made it clear that we need to expand our offerings,” Ardoino said in a note sent to Bitcoin.com News.

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Second largest bank in Japan to launch institutional Bitcoin and cryptocurrency custody services

Sumitomo Mitsui Trust will partner with Bitbank to form a company focused on institutional custody services for bitcoin and other cryptocurrencies.

Japanese bank Sumitomo Mitsui Trust is launching a new company for institutional clients seeking custody services for bitcoin and other cryptocurrencies.

The new company will be called Japan Digital Asset Trust and is a joint venture with 85% owned by Bitbank and 15% owned by Mitsui Trust.

The company reportedly has $2.3 million in committed capital for the launch and expects to raise a total of $78 million.

Sumitomo Mitsui Trust, Japan’s second-largest bank, is creating a new company called the Japan Digital Asset Trust to offer custody services for bitcoin and other cryptocurrencies to institutional clients, according to a report by Nikkei Asia.

The new company will hold assets such as bitcoin and other cryptocurrencies for large investors and corporations because the company believes investors will feel more comfortable if custody of these assets can be held by trusted financial institutions.

The Japan Digital Asset Trust will be a majority-owned joint venture by Bitbank, a Tokyo-based cryptocurrency exchange, which will control 85% of the company. The remaining 15% of the property will be owned by Mitsui.

The new company is expected to have $2.3 million in equity at launch and hopes to raise enough capital from investors to reach a target of $78 million.

This announcement follows news that competing Japanese bank Nomura Holdings Inc. also recently announced that it would create a subsidiary to offer escrow services to institutional clients looking to acquire bitcoin and other cryptocurrencies.

When scaled down to the global scale, the adoption of bitcoin as an institutional asset class is on the rise as the Mitsui Trust joins other financial institutions such as BNY Mellon, which last year supported a cryptocurrency exchange. Likewise, Fidelity created Bitcoin First, which was a resource to show institutional investors why they should invest in bitcoin before any other cryptocurrency, and subsequently offered bitcoin-based products.

World banking leader Morgan Stanley also published a report on the viability of bitcoin as a currency following the events of Jack Maller’s Bitcoin 2022 announcement, where he announced that Strike, his Bitcoin infrastructure company, had integrated with the provider. the world.

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Fidelity Lets Customers Fund Their 401K With Cryptocurrencies

Not long ago, Fidelity Investments announced that clients would be able to invest in cryptocurrencies like bitcoin through their 401K and retirement accounts. Additionally, several companies offering 401Ks to their employees could soon see these individuals buying assets like BTC, ether, and perhaps even Dogecoin through their company-funded retirement profiles.

Fidelity advances with encryption

The news was very well received in the crypto space, with many analysts saying it would be a big step towards mainstream status and legitimacy. Financial advisor Ric Edelman, founder of the Digital Assets Council of Financial Professionals, announced in a statement:

This will be remembered as a pivotal moment in the evolution of cryptocurrencies. For the average American worker, their only place to save for retirement is through a company retirement plan. Millions of workers will now start buying bitcoins they would never have otherwise.

However, while Fidelity appears to be implementing various cryptocurrency retention options for its 401K customers, there are a number of individuals and industry leaders who claim that companies are unlikely to use or implement cryptocurrency withdrawal options for employees. Therefore, people who gain access to 401K Fidelity accounts through their companies may not yet have access to bitcoin or its altcoin cousins.

The fact is that it is still a very speculative industry, and many companies are concerned about the well-being of their workers. They don’t want them to pour money into a space that could end up scraping the bottom of the financial barrel the next day. Bitcoin and many other forms of cryptocurrency remain highly volatile, meaning their prices are extremely difficult to predict. These changes come with little to no signal and therefore companies may not want to take the risk right away.

Now, several retirement professionals are emerging to say that if one is really going to fund their retirement accounts with cryptocurrencies through Fidelity, one should take the necessary precautions and expect a little up and down behavior from time to time. . One such figure is Rob Greenman, a financial advisor at Vista Capital Partners. He commented:

Returns are based purely on speculation in the hope that some future buyer will be willing to pay a higher price than the purchase price.

What makes investing in cryptocurrencies risky during retirement is that these funds are most often used to take care of yourself when you are elderly or sick. Therefore, this money is often set aside for medical bills and utility payments, especially when you are no longer of working age.

Crypto can balance some things

Financial advisor Jim Shagawat of Advice Period also did his part, saying about cryptocurrencies:

They don't behave in the same way as stocks, bonds, gold or commodities, so adding them to your investment mix can increase return and reduce risk.