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Posted 1 min ago | by Catoshi Nakamoto
GameStop unveils its new crypto wallet for sending and receiving in-game items and NFTs; Fantom jumps twelve percent on Fantome stablecoin development and speculation surrounding Andre Cronje returning to DeFi; and SWIFT experiments with CBDC interoperability.
My name is Ben, this is your nightly crypto news wrap-up. Let’s get it.
GameStop shares rose three percent with the announcement of a new, self-custodial crypto wallet. The wallet is currently in beta stage, and available for download on Gamestop’s Website. Later this year, GameStop plans to launch an NFT marketplace built on Ethereum-based platform Immutable X, that will feature in-game digital assets.
The wallet shares similarities with Metamask, allowing users to send and receive game items directly on their web browsers.
Fantom’s FTM token jumped 12% over the past 24 hours. Speculation of Andre Cronje’s return to DeFi sparked the rally, when crypto reporter Colin Wu announced the developer’s address recently added almost 100 million FTM, and Cronje’s release of the Fantom fUSD optimization proposal. In a tweet, Wu says this is “considered (a return) to Fantom”.
Three months ago, Cronje announced he was leaving crypto for good . Often called the Godfather of DeFi, Cronje popularized yield farming with his work on Yearn.Finance, or YFI, and became known for his work on Fantom project Solidly, which attracted billions of dollars in liquidity to the Fantom network. He also developed Keeper’s Fixed Forex, which provides alternatives to USD-dominated stablecoins and exposes liquidity providers to foreign currencies like the Euro and Australian dollar.
Cronje and fellow developer Anton Nell bowed out of crypto, handing over control of their websites in early March. In a twitter post, Nell said their departure was “coming for a while now” and back in 2020, Cronje told decrypt that the “toxic” defi community was bringing him to the edge of quitting.
Recently though, Cronje was spotted on GitHub working on FMint protocol—Fantom’s platform for minting its collateralized stablecoin, fUSD. Over the past few weeks, the stablecoin has undergone significant depegging as market pressure increased, following the depegging of Terra’s USDT and the downfall of the network’s native token, LUNA.
The Fantom Foundation released a statement that unlike USDT, fUSD is over-collateralized by FTM staking, and users create fUSD by borrowing against staked FTM.
Over the past 7 days the price of FTM is up over 45%.
Belgian global provider of secure financial messaging, Society for Worldwide Interbank Financial Telecommunication– or SWIFT–has stated that CBDCs will be tested for cross-border transactions.
CBDCs, or central bank digital currencies, are similar to cryptocurrencies, and are issued by a central bank. They are pegged to the value of a country’s fiat currency, and many countries are currently developing and implementing them.
SWIFT enables financial institutions worldwide to communicate with each other, and right now they are working on integrating digital currencies. In a blog post, SWIFT affirmed that different systems of CBDCs need to work together, and “facilitating interoperability and interlinking between different CBDCs being developed around the world will be critical if we are to fully realize their potential.”
Head of Innovation for SWIFT, Nick Kerigan, says that CBDCs will increasingly become a “new form of fiat currencies”, and SWIFT aims to create a highly-scalable solution that is easy to integrate, as multiple platforms emerge that parallel the traditional payment system.
One of the main features that SWIFT is experimenting with is a gateway on the network that will intercept cross-border transactions, “translate them, and send them to the SWIFT platform for onward transmission to another CBDC network or established payment system.” The three use cases SWIFT is experimenting on are communications between CBDC to CBDC, as well as fiat to CBDC and CBDC to fiat.
The goal in developing CBDCs is to provide privacy, convenience and financial security, as well as decrease cross-border transaction costs, and provide alternatives to current money transfer methods.
Seven Caribbean Union countries have already developed CBDCs to include people without bank accounts in their financial system. Antigua, Dominica, Grenada and St Kitts are among the seven countries that have already developed digital currency. Nigeria became the first African country to establish a CBDC in 2021, and India has announced a digital rupee that will be introduced in 2023.
That’s all I got! Be Blessed, Bitboy out.
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