This week’s top-5 stories curated to catch up with the crypto world.
In this article, we have curated a list of the top-5 crypto stories from this week that will help you stay in sync with the crypto ecosystem.
Win for VeChain
VET, the token that powers the VeChain blockchain, has caught the attention of the blockchain industry for its specific use case in supply chain management. Though investors are gloomy on the recent price performance, the VeChain foundation seems to be working round-the-clock to secure a future for VET. In a recent move, VeChain partnered with crypto payment services Alchemy Pay to allow people to use their VET tokens as a payment option in over 2 million stores across 70 countries. This news came along with the inclusion of VeChain on the newly launched Binance Bridge 2.0 which provides a new way to bridge tokens from Ethereum to the BNB chain.
VeChain also announced that it has joined the Blockchain Infrastructure Alliance (BIA), an organization that links industry experts and provides funding for blockchain-related research projects. VET is currently trading at $0.05, with a circulation of around 64 billion VET.
Telegram hits a TON
Telegram, a messenger app with 550 million users, has successfully rolled out the crypto payments feature through Toncoin (TON). TON stands for The Open Network and was created by Telegram in 2017 for decentralized services such as decentralized storage, anonymous networks, DNS, instant payments, and others using a proof-of-stake (PoS) mechanism.
To utilize the feature, users will need to opt in via Telegram’s official Wallet Bot, which allows them to buy crypto assets by bank card, exchange, and transfer to other wallets.
Indian exchanges at crossroads
India is considered to be one of the emerging leaders in spearheading the digital movement. It had resounding success with UPI (Unified Payments Interface) which has managed to do INR 73-lakh-crore worth of transactions in 2021. Yet, when it comes to new technologies such as Blockchains, the government’s stance has not been very encouraging.
While industry players have received the taxation of crypto assets in the right spirit, the investors have not been able to digest the flat 30% tax on profits that came into effect this April. There is an additional 1% tax deducted at source (TDS), effective July 1. TDS was proposed to trace transactions and prevent tax evasion. Despite the good intentions, there is a lot of ambiguity in incorporating such a framework into algorithmically run orderbooks. The Centre has said it will provide procedural clarifications on TDS in two months.
Polygon in the news
Twitter and Stripe have announced a new rollout of crypto payouts for payment solutions Stripe Connect. A select group of creators on Twitter will soon be able to receive their profits on the platform in the form of the USD Coin (USDC) stablecoin. Payments will occur via the layer-2 blockchain, Polygon (MATIC) network.
Polygon has also launched a new network for Web3 development called the Polygon Supernet. The Polygon Supernet chain gives developers the ability to build their projects in a customizable environment without hosting or operational costs. To fund the costs, it has pledged $100 million to early users who can help fast-track adoption.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
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