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1. Using Strike, Twitter offers iOS users free, instant global payments using Bitcoin Lightning

The Facts:

  • Twitter became Strike’s first API partner, offering Bitcoin Lightning payments to Twitter users through the just released Strike API.
  • The function allows a user to send a small amount (“tip”) to any other user in the Twitter network, instantly and at negligible cost.
  • The functionality will be rolled out to Android users over the coming weeks.

Why it’s important:

  • Having more than 200m daily active users, Twitter multiplies the number of people being exposed to Bitcoin/Lightning on a regular basis in an environment they are familiar with.
  • A single move by one platform player enables a network of 320m people globally to transfer money instantly and at negligible cost. This may over time put a dent in the high-fee remittance market with an estimated size of close to $600B.

 

2. Sorare raises $680 million in Series B

The Facts:

  • Sorare, a soccer NFT trading platform, raised $680 million in a Series B round led by SoftBank, valuing Sorare at $4.3 billion.
  • The Paris-based startup has 600’000 registered users and licensed players from over 180 soccer teams, with card sales of $150 million so far this year.
  • In “fantasy games” users form virtual teams consisting of professional sports players to win points based on their real-life performance.

Why it’s important:

  • NFTs are a new way for fans to participate in fantasy gaming, a $20 billion market expected to further grow in the coming years.
  • This fundraise could interest more teams and players to enter the crypto space using NFTs or fan tokens, another form of fan engagement.
  • I thought Bitcoin was a good idea in August of 2020. Every single month for the past 13 months there have been fundamental developments in the space that have made it a better idea.
    Michael Saylor, CEO of MicroStrategy

3. OpenSea launches mobile application

The Facts:

  • OpenSea, the largest NFT marketplace, has launched a mobile application for iOS and Android.
  • Inside the app, users are able to discover new works and view statistics on NFT collections.
  • The app allows users to connect a mobile crypto wallet to their user profile or to enter a watch-only Ethereum address.

Why it’s important:

  • This app could build on OpenSea’s momentum in the NFT space by offering users an additional channel for NFT transactions.
  • The new application will improve the user experience for mobile users, particularly with the option to directly interact with the marketplace through mobile wallets like MetaMask or Rainbow.
Illustration_OpenSea_Volume
Source: Dune Analytics (@rchen8)

 

4. Evergrande debt fears trigger market de-risking

The Facts:

  • Evergrande, a Chinese property development giant, has been reported to be $300b in debt, with interest payments of $84m due last Thursday.
  • The reports triggered a sell-off in both traditional and cryptocurrency markets as part of investors’ move to de-risk.
  • As a reaction, The People’s Bank of China has injected the equivalent of $25b into the banking system through reverse repo agreements.

Why it’s important:

  • The event highlights the correlation of traditional markets and cryptocurrency markets, particularly during liquidity shifts to less risky assets.
  • A collapse of Evergrande could have significant impacts on the world economy, reminiscent of 2007’s subprime mortgage crisis.
  • Number of the week
    $300 billion
    Amount of Chinese developer giant Evergrande’s debt obligations at risk

 

5. Only 5% of South Korean Exchanges registered with FSC days before deadline

The Facts:

  • Back in April, the South Korean Financial Services Commission (FSC) announced registration requirements for cryptocurrency exchanges engaging in won (KRW) trading.
  • So far, only four exchanges have fully registered with the South Korean regulator’s anti-money-laundering enforcement unit.
  • Those non-compliant after the deadline of September 24 face being blocked by the South Korean authorities.

Why it’s important:

  • With the deadline this week, more than 60 South Korean exchanges could be forced to suspend trading services partially or fully.
  • Such a suspension of trading services would have a negative impact on consumer choice, especially when it comes to smaller-cap cryptocurrencies not offered by the major exchanges.

 

In other news

  • Coinbase cancels planned crypto lending product after SEC Wells notice (via The Block)
  • SushiSwap leader “0xMaki” moves to advisor role (via The Block)
  • US officials investigate Binance on alleged insider trading (via The Block)
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