Daily Crypto News | June 2nd, 2022

1. Binance Labs Closes $500M Investment Fund.

A new $500M Investment Fund has been raised by Binance Labs with support from leading global institutional investors. This Fund is to boost Blockchain, Web3, and Value-Building Technologies. The new fund will invest in projects that have the potentials in expanding cryptocurrency use cases and drive the adoption of Web 3 and blockchain technologies. The fund will invest in 3 different stages: incubation, early-stage venture, and late-stage growth. 

Since 2018, Binance Labs has invested in and incubated more than 100 projects from over 25 countries. Its portfolio includes industry-leading projects such as: 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox, and STEPN.

2. Solana is Down for 4 hours due to Bugs.

A bug has stopped Solana Blockchain from operating, its validator operators successfully completed a cluster restart of Mainnet Beta at 9:00 PM UTC, following a roughly 4 and a half hour outage after the network failed to reach consensus. Network operators and dapps will continue to restore client services over the next several hours. 

According to Solana co-founder Anatoly Yakovenko and other developers on Twitter, the issue was due to a bug with the durable nonce feature of the blockchain. Yakovenko tweeted that the issue caused part of the network to consider the block is invalid.

Following the unexpected problems, $SOL has decreased over 12%, from its nearest peak of $45.49 to $39.39. This is not the 1st time the blockchain faced errors.

3. Kayne West filed 17 Trademarks related to NFT and Metaverse.

The Mascotte Holdings Inc., owned by Kayne West, has filed 17 trademark applications with the United States Patent and Trademark Office—including mentions of potential “non-fungible assets” and “metaverse experiences.” In particular, one filing notes the potential for providing an online marketplace for buyers of crypto and/digital collectibles, currencies, tokens, and assets.

If West does enter the Web3 realm with NFTs and metaverse experiences, he will enter a space increasingly crowded with other prominent rappers.

Earlier, Kayne West showed his opinion against NFT. Despite that apparent reticence, he may now have plans to enter the space, based on newly-filed trademark applications.

4. Chipotle now Accept Cryptocurrency in US stores.

The famous Mexican Grill mechanism Chipotle will now accept cryptocurrency payments through Flexa, a digital payments platform. Flexa supports around 98 currencies, including $BTC and $ETH. Customers can use the app to pay for food items in any of the nearly 3,000 Chipotle restaurants in the US. 

Chipotle joins a long list of restaurants that recently accept cryptocurrency. Subway, one of the first to accept Bitcoin in stores, started as early as 2013. Pizza Hut in Venezuela also began accepting crypto back in 2020. Starbucks allowed its reward members to turn cryptocurrencies cash balances on the Starbucks app, using a third-party app. 

5. JPMorgan CEO Jamie Dimon Warns of Incoming Economic Hurricane.

At a financial conference sponsored by Alliancebernstein Holdings, The CEO of JPMorgan & Chase, Jamie Dimon, warned about an incoming economic hurricane. He explained that central banks “don’t have a choice because there’s too much liquidity in the system … They have to remove some of the liquidity to stop the speculation, reduce home prices and stuff like that.”

Dimon is also worried about the Russia-Ukraine war and its impact on commodities, including food and fuel. He warned that oil could potentially hit $150 to $175 a barrel.

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