Welcome to this week‘s crypto news summary. All the essential news and events in the crypto world from last week (Jan. 30 to Feb. 3) are summarised below, so you‘ll be entirely up to date again before you head into the weekend.
Do you want to know what news there was in the crypto world this week? Then read along quickly!
New NFT partnership: Ethereum NFTs in the English Premier League
Sorare is a non-fungible token (NFT) platform based on Ethereum (ETH)
. The Sorare platform focuses heavily on soccer and enters into partnerships with many well-known leagues worldwide. Players of the fantasy game can buy and sell digital cards in the form of NFTs. The platform focuses not only on soccer. You can also play in leagues of basketball and baseball, among others. Users can draft players of their choice for each round; based on the performance of the chosen players on the field, you earn points. Based on your points, you enter a ranking and can earn rewards in rare cards, crypto and special privileges.
The English Premier League was the only major league in the world that Sorare had yet to partner with. Following speculations about talks with the Premier League, Sorare announced that it has entered into a partnership with the English league.
The Premier League now joins the Paris-based platform along with 280 global soccer teams, 30 Major League Baseball (MLB) teams and the entire National Basketball Association (NBA) league.
Cardano stablecoin 'Djed' an instant success ADA price rises
On January 31, Cardano's stablecoin, Djed (DJED), was finally launched after more than a year of development. After 24 hours, the total value locked (TVL) had already passed $10 million. TVL is the amount users locked into the protocol.
So after a year of development, Djed was finally launched. After the launch, the Cardano network immediately experienced a significant change. DeFi activity on the network increased by over 20% 24 hours after the launch. ADA's share price also significantly increased, up to 4% 24 hours after the rise.
The stablecoin Djed is backed by 400% at all times. For every dollar of Djed, $4 in reserve is maintained. This reserve consists of Cardano's native token, ADA, and SHEN, Djed's unique reserve token.
Bitcoin and crypto funds have seen significant inflows since July 2022
The crypto market went down hard last year. Not only did investors suffer, but crypto investment funds also lost a lot of money last year due to investors leaving. But there is hope again for these funds. Funds for cryptocurrencies are attractive again.
Listed crypto investment funds are starting to bounce back from their fall. In the last week of January 2023, 117 million dollars came back into these funds, the most significant inflow since July 2022. The total amount that funds now manage is $28 billion. This is 43% more than at the low point in November 2022.
This increase in money was mainly for bitcoin funds; these grew by about $166 million. Funds that could "go short" on BTC also experienced an increase. These grew by $4.4 million. Companies that grew significantly less were those that also offer the ability to buy altcoins for you.
Binance and Mastercard launch crypto payment card in Brazil
The largest crypto exchange Binance, in partnership with Mastercard, released a crypto payment card in Argentina in August 2022. Meanwhile, the two companies have announced that Brazil will be the following country to launch the Binance Card.
With the launch of the Binance Card in Brazil, anyone with a valid Brazilian ID will be able to make purchases and pay bills with their cryptocurrency. Popular cryptocurrencies, including Bitcoin (BTC)
, Ethereum (ETH), Cardano (ADA)
, XRP (XRP)
and BNB (BNB), are supported by the Binance Card.
Binance Card users can take advantage of transactions in which their cryptocurrency is converted into fiat currency in real-time at the time of the transaction.