The Weekly Crypto Digest: ANZ’s Stablecoin, Crypto Island and more
ANZ Bank creates AUD stable coin
ANZ bank has created an Australian dollar stablecoin: the first time a bank has minted a digital asset tied to the Australian dollar. The stablecoin was used to move 30 million dollars of behalf of a Melbourne investment company, a process which typically would take a few days, but using the stablecoin, only took about 10 minutes, according to reports.
It also allowed the investment group to buy other cryptocurrencies without having to lose on foreign exchange fees, whereas under normal circumstances, a company would have to buy Tether, a US dollar stablecoin that crypto markets often use as a base currency. Converting between US and Australian dollars often presents some risk with foreign exchange fluctuations, and when tens of millions of dollars is at play, that gets extremely amplified.
Ethereum burns its own supply
The second-largest coin is intentionally destroying a portion of its own supply. The platform has reportedly cut down on 65 per cent of new issuance of the currency since last August, according to Ethereum data dashboard Watch The Burn. That number equates to roughly $6 billion worth of Ether taken out of circulation and is a part of a multifaceted strategy to upgrade the blockchain network to its Consensus Layer.
Vanuatu Prime Minister agrees to Satoshi Island crypto project
The Prime Minister of Vanuatu, the Honourable Bob Loughman, has endorsed the Satoshi crypto Island project. Satoshi Island is an 800-acre private island located in Vanuatu where everything is paid for in crypto, and NFTs are the tickets to owning land and being a citizen of the island.
The whole economy is set to run on cryptocurrencies and blockchain technology – the selling point is that Vanuatu has no tax on profits, dividends or income for corporations or individuals. There is no capital gains tax, no withholding tax and no death tax either, all things that are very attractive to digital nomads.
The official letter states that “the Government of Vanuatu welcomes the Satoshi Island project and its community to our country,” while highlighting that “Vanuatu is looking for new ways to attract investment and people to our country.”
Meta files trademark crypto applications
Meta has filed eight trademark crypto applications to the US Patent and Trademarks Office for its logo and covering Meta’s interests in the metaverse regarding currency and blockchain.
It can take up to eight months for these types of applications to be processed, and if they indicate anything it’s that Meta is gearing up to make a sizable impression in Web3.
This news rides on the back of Zuckerberg’s comments on NFT on Instagram. The Founder of Meta remarked at the South by South West Festival last week, that the company is looking to bring NFTs to Instagram in the near term, but could not confirm exactly when.