Daily Crypto News | June 8th, 2022

1. Binance US Offers High-Yield Staking for Solana, Avalanche and More.

Binance US is now offering cryptocurrency staking services to its clients, which make the company more competitive against other US-based rivals. Binance’s customers in US holding any of 7 selected proof-of-stake cryptocurrencies: BNB, SOL, AVAX, ATOM, GRT, LPT, and AUDIO.

According to the company’s Twitter account, more options will be made available in the future.
Proof of stake is a consensus mechanism used by many blockchain networks that require users to lock up their coins for permission to validate the next block. When validating, these users typically earn a reward that is tied to the transaction fees collected from that block.

2. New York: Bitcoin mining ban is not yet.

New York governor will not yet publicly commit to signing the controversial Proof-of-Work crypto mining ban bill, she will look into it closely in the next few months.

If the bill is issued, PoW crypto mining operations backed by fossil fuels would no longer be able to set up shop or renew existing licenses in New York. Under the new regulations, only PoW operations backed by 100% renewable energy would be able to operate.

At this stage, it appears that the Democrat has no intentions of rushing the decision and she is heading the upcoming primary election on June 28.

3. Budweiser partnered with Ethereum NFT Racing Game Zed Run.

The iconic beer brand Budweiser will zip through digital races via NFTs, with competitions and other perks ahead for owners.
Budweiser had a unique path through the NFT space. They started with buying the ‘beer.eth’ ENS name to releasing its own collectibles and having Bud Light join a DAO and put their NFTs into a Super Bowl ad. Now the beer brand is back to the races with a partnership with a notable crypto game named ‘Zed Run’. The game previously inked an alliance with beer brand Stella Artois.

Budweiser will release in-game horse skins based on its familiar Clydesdale mascots, along with Budweiser-themed race track in the game. The brands will also collaborate on in-game challenges, with $185,000 in total prize money committed, as well as exclusive co-branded merchandise.

4. PayPal Lets Users Transfer Crypto to External Wallets.

Finally, PayPal has offered a long-demanded function that let users move their crypto to external wallets and hardware devices. This will make the company more like other popular cryptocurrency services.
PayPal first launched its crypto services in late 2020, allowing users to buy, sell, and hold just 4 cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. However, users are not allowed to move the funds to external wallets (both hot and cold ones) like MetaMask, Coinbase, etc. The fact users now can do this is significant because PayPal, which also owns the popular app Venmo, is used by hundreds of millions of people across the world to move money, and is increasingly used by merchants as a payment platform. It’s also remarkable that PayPal is chasing its ambitious crypto plans despite the crypto winter and the economics downturn which battered PayPal’s share price in recent months.

5. Grayscale Boosted its Legal team toward BTC ETF Approval.

Grayscale Investments LLC has strengthened its legal team with the addition of Donald B. Verrilli Jr. as the digital asset firm continues its mission to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF).

Verrilli has served as a solicitor general for the U.S. from 2011-2016 under the Obama administration. During that time, Verrilli was the top lawyer representing the government’s side in dozens of U.S. Supreme Court cases, and he’ll now work as additional counsel for Grayscale. The firm is pushing a productive meeting with the SEC in which it made its case for an approval.

 

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