Through Binance Connect, the Trust Wallet, now has a buy option

Hi there! Welcome to the weekly digest brought to you by the Good Crypto team. We know how important it is to be well-informed about the latest developments in the niche, so we have brought together the past week’s most exciting events. Below you will find the hottest news, the newest exchange listings, and even a meme to cheer you up. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Through Binance Connect, the Trust Wallet, now has a buy option

The Trust Wallet platform has incorporated Binance Connect, the company’s official fiat-to-crypto supplier, enabling customers to buy more than 200 cryptocurrencies directly using credit or debit cards, the company said on June 22.

Trust Wallet’s new crypto purchase option streamlines the process of purchasing cryptocurrency by allowing verified Trust Wallet customers to load their wallets with more than 40 fiat currencies. 

Users will need to move forward with the same Know Your Customer (KYC) requirements as those on Binance to add funds to Trust Wallet via Binance Connect. “It will keep a similarly high standard and process as Binance’s KYC.”

Tether will introduce GBPT, a stablecoin tied to the pound sterling

The new GBP-pegged stablecoin, GBPT, will be live in early July and be initially supported by the Ethereum blockchain, according to an official announcement made on Wednesday by Tether.

To offer a quicker and more affordable option for asset transactions, GBPT will be a reliable digital currency linked in a 1:1 ratio to the GBPT.

The largest stablecoin by market capitalization, USDT, and four other fiat currencies pegged to Tether (USDT) as stable coins are now joined by GBPT. Other stablecoins include the offshore Chinese yuan-egged CNHT, the euro-pegged EURT, and the recently announced MXNT, which is pegged to the peso of Mexico.

The announcement states that the Tether USDT development team will create GBPT, which will function under the Tether.to domain: “We hope to help lead this innovation by providing cryptocurrency users worldwide with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer […] Tether is ready and willing to work with U.K. regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins”.

All of May’s harvest was sold by bitcoin miners

The first week of June saw the start of a sell-off period in the cryptocurrency market, with the majority of cryptocurrencies seeing a 4-year low.

The deteriorating market circumstances hurt the profitability of Bitcoin (BTC) mining, pushing miners to sell their BTC holdings.

According to recent statistics from Arcane Research, public Bitcoin mining companies sold all of their production of BTC in May as opposed to the typical 20–40% in April.

Public BTC mining companies sold 30% of their mined output in the first four months of 2022; this percentage jumped thrice in May and is predicted to surge much higher in June.

Singapore’s financial regulators give Crypto.com its blessing

The Monetary Authority of Singapore (MAS) has given its major cryptocurrency exchange Crypto.com early permission for its Major Payment Institution License. The license would enable the platform to provide numerous payment services nationwide.

The clearance from MAS, which is required for providing the Digital Payment Token services within the boundaries of Singapore’s Payment Services Act, was announced by Crypto.com on Wednesday, June 22.

In the announcement, Kris Marszalek, co-founder, and CEO of Crypto.com, reaffirmed the company’s dedication to working with the MAS:

“The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while protecting consumers, and their in-principle approval of our application reflects the trusted and secure platform we have worked diligently to build. We look forward to continuing to collaborate with the MAS and deepening our roots in Singapore — a flourishing market for fintech innovation, renowned for its well-regulated business environment.”

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Top Crypto Meme of the Week

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