Crypto

Latest Crypto News: Reserve Invests $20 Mn In Convex, Curve And Stake DAO; Spot Bitcoin ETF Renews Optimism

Here are some recent developments in the crypto space over the past few days

Advertisement

Latest Crypto News: Reserve Invests $20 Mn In Convex, Curve And Stake DAO; Spot Bitcoin ETF Renews Optimism
info_icon

Stablecoin Protocol Reserve has invested $20 million in yield optimiser platform Convex (CVX), yield farming app Curve (CRV), and non-custodial platform Stake DAO (SDT) to help develop new products, like collateralised loans and wallets, etc., it said on June 20.

It will also help boost the liquidity of RTokens, Reserve's stablecoins. Additionally, it will give Reserve more clout in the decision-making processes of these apps.

With the Reserve stablecoin system, users can design their own coins backed by any asset. Stablecoins created with help of Reserve include Electronic USD (eUSD), High-Yield USD (hyUSD), Reserve (RSV), Reserve Dollar (RSD), and ETH+.

Advertisement

Reserve was already the seventh-largest holder of convex tokens prior to the news, trailing only Mochi, Redacted, JPGd, Badger, Clever, and FRAX. The protocol acquired these tokens by using Convex extensively to generate yield for its customers.

Blackrock’s Spot Bitcoin ETF Renews Optimism

Investment managers WisdomTree and Invesco have filed for spot Bitcoin ETFs, hot on the heels of BlackRock. Following financial behemoth BlackRock's decision to submit a comparable application for its own spot Bitcoin ETF on June 15, at least two investment firms have made new files for spot Bitcoin exchange-traded funds (ETF).

The most recent investment company to submit a fresh filing for a spot Bitcoin ETF is New York-based asset management fund WisdomTree. WisdomTree obtained permission from the Securities and Exchange Commission (SEC) on June 21 to list its “WisdomTree Bitcoin Trust” on the Cboe BZX Exchange under the ticker “BTCW.”

Advertisement

Czech Automobile Conglomerate Škoda Auto Launches NFT Platform

The nonfungible token platform was launched in partnership with Near Protocol.

Koda India, the Indian arm of Czech automaker Koda Auto, launched a Web3 and nonfungible token (NFT) platform on June 20 in collaboration with Near Protocol. The platform, dubbed “kodaverse India,” will, according to its developers, have cheap petrol costs, interoperable NFTs, and eco-friendly, scalable NFTs. The firm wrote: “Škodaverse India will also unlock bespoke utilities and experiences for NFT holders which will be revealed along with the first drop details. All NFTs will be minted on carbon-neutral blockchains, aligning with our sustainable vision.”

The first-ever Koda NFT collection is slated to go on sale “soon,” with no set date or price. When the NFT is dropped, users will be able to mint it by adding money to their wallets.

Ownership of a special digital asset that represents a piece of artwork or collectible from Koda, the potential for future “value appreciation” and resale, and access to special benefits, incentives, or experiences linked to NFT ownership are all advantages for NFT holders, according to creators.

Advertisement

Advertisement

Advertisement

Advertisement

Advertisement

Advertisement