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Top 5 Crypto News – Tesla Will Begin Accepting Dogecoin As Payment For Its Product

Top 5 Crypto News – Tesla Will Begin Accepting Dogecoin As Payment For Its Product

Kavya Barua

Kavya Barua is a voracious learner captivated by crypto and Fintech breakthroughs. Graduated from the University of Delhi's B.A (Hons) English program at Janki Devi Memorial College. She desires to be a successful professional with a strong interest in learning and accomplishing outcomes.

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Tesla Will Begin Accepting Dogecoin As Payment For Its Products

Are you baffled by the sudden increase in the price of “DOGECOIN”….Again!!! Making the loyal investors of Dogecoin start dancing. Can you guess a common name to support the reasoning. Yesss you are right – Its none other than richest person on earth – “Elon Musk”

Elon Musk has stated that Tesla will begin accepting Dogecoin as a payment for certain products of Tesla using the meme cryptocurrency.

Tesla will make some merch buyable with Doge & see how it goes Musk tweeted on Tuesday.

Dogecoin’s price had a declined trend before Musk’s statement, but it has now risen by more than 30%. According to the cryptocurrency monitoring website Coinmarketcap, it was recently up 26% at $0.2092.

Tesla CEO Elon Musk has long been a backer of Dogecoin, a Japanese Shiba Inu dog-themed cryptocurrency.

Solana Ventures Announce The Launch Of A New $150 Million Fund For Blockchain Gaming

Solana Ventures”, Solana Labs investment arm, unveiled a new $150 million fund on Tuesday to support blockchain gaming entrepreneurs.

The fund was created in collaboration with Forte, a blockchain gaming business that recently secured $725 million in additional investment, and Griffin Gaming Partners, a gaming-focused venture capital firm that was a key investor in Forte.

A Solana Labs spokesman informed The Block that the fund supported by the trio is denominated in dollars, not Solana (SOL) tokens. It intends to invest in Solana blockchain-based gaming firms. 

According to Solana Ventures, the network’s capacity of 65,000 transactions per second and average transaction cost of $0.00025 makes it an excellent blockchain for gaming applications.

According to the spokesman, the new fund will invest in startup equity as well as token rounds and is expected to be completely deployed over the next 18 months.

Following Sparkasse, Two More German Banks Are Planning Crypto Services

Commerzbank and Volks- und Raiffeisenbank — a German universal bank and a cooperative bank brand, respectively are planning crypto services that would allow consumers to purchase and trade Bitcoins.

The story was published on Monday by the Frankfurter Allgemeine Zeitung, a liberal-conservative German daily.

According to a Volks- und Raiffeisenbanken spokeswoman, the company is “moving ahead” on determining if the bank should provide crypto services and how consumers should be able to trade with them directly.

Meanwhile, Commerzbank stated that they are working “intensively” on the issue of cryptocurrency, namely on the trading and storage of digital assets.

Sparkasse, Commerzbank, and Volks- und Raiffeisenbanken may be able to provide simple crypto access to the great majority of Germany’s banking industry if they work together.

In Its Struggle Against Military Authority, Myanmar’s Shadow Government Employs Tether

Myanmar is a troubled Southeast Asian country with a turbulent political past. Cryptocurrency is now helping to shape the country’s political destiny. Tether has been acknowledged as an official currency by Myanmar’s National Unity Government, which is run by supporters of jailed former leader Aung San Suu Kyi.

According to a Bloomberg article the NUG finance minister Tin Tun Naing announced in a Facebook post on Sunday that the NUG will accept Tether for “domestic usage” to “make it easier and faster to utilise the present trade, services, and payment systems.”

Accepting Tether is also a clear rejection of military policy. In May of last year, the government and its central bank, the Bank of Myanmar, banned cryptocurrency. As a result, Tether; the world’s largest stablecoin by market capitalization, has become a weapon for Myanmar’s shadow government to oppose military control.

Furthermore, Tether, like all cryptocurrencies, cannot be blocked by governments; and the peer-to-peer transfer method provides better anonymity than fiat currency. 

As a result, tracing and stopping Tether transfers to NUG would be impossible for the junta; allowing the revolution to prosper.

The Revenue of CleanSpark Rises 400%

CleanSpark’s overall revenues rose 400% in its fiscal year 2021; but the sustainable Bitcoin mining and energy technology business also reported a net loss of $21.8 million, or $0.75 per share; on Tuesday.

CleanSpark produced $49.4 million in revenue for the fiscal year ending September 30; up from around $10 million the prior year. As Bitcoin’s price soared, the company received more than $27 million in the fourth quarter. The net loss was marginally smaller than the $23.3 million, or $2.44 per share, deficit for its 2020 fiscal year.

CleanSpark’s adjusted EBITDA for the year was $9 million, or a $0.31 gain per share, compared to a $10.2 million; $1.07 loss per share in the same time last year.

Over the previous eight months, the firm has grown tremendously. It made commitments to buy 22,680 Bitcoin mining devices in April.

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