El Salvador, was one of the first countries to embrace Bitcoin and they have come up with a green initiative to enhance Bitcoin mining using volcanic energy. This greenish push not only exploits geothermal resources but also strengthens the country’s endeavors towards adopting Bitcoin as a form of digital currency in a sustainable manner. Since September 2021, about 479 Bitcoins worth $29 million have been mined from the Tecapa volcano using geothermal technology.
To bridge the gap between traditional finance and digital assets, Cantor Fitzgerald proposed a $2 billion program that uses Bitcoin as collateral through Tether. Also, the firm had acquired about a 5% stake worth over 600 million from Tether. Further, the CEO of Canto Fitzgerald, Howard Lutnick, would be handing over his role to his son after taking over as the Secretary of Commerce under Trump. With Lutnick at the political helm, potential threats against Tether can be averted.
While speculations are rife for the next pick of Trump, Elon Musk and Vivek Ramaswamy pinpointed that the government is losing about $15 billion on empty government buildings. The duo, handling the Department of Government Efficiency (DOGE) stated that such expenses could be curtailed and channeled into crypto trading. In support of this statement, FTX, the defunct crypto exchange, stated that it would repay its creditors at the earliest. Each member would be receiving about 119% of what they had stored in their wallet at the time of bankruptcy.
Over the last 24 hours, the province of Asia has witnessed vast developments. Creating a historical moment, Zhong An Bank (ZA Bank), the largest virtual bank in Hong Kong, has launched a retail service for trading crypto. Partnering with HashKey Exchange, users can trade their Bitcoin or Ethereum directly using fiat. Further, for the first three months after activation, the bank is providing 0% commission, with minimum investments of USD 70 or HKD 600.
On the other hand, the Singapore Gulf Bank is seeking about $50 million to expand its stablecoin payments firm. This funding will enhance product growth and expand the bank’s digital and traditional services. The bank, backed by Whampoa Group, is in talks with Middle East sovereign wealth fund and other investors to sell less than a 10% equity stake by early 2025. Notably, the bank had received its Bahrain license earlier in February.
At the market front, while Bitcoin plays truant in hitting the $100K, XRP bounced back to the green zone, rising by 6%, fuelled by the Ripple-Archax partnership. Also, the first tokenized fund on XRP Ledger (XRPL) was launched. With the Fear and Greed Index at 82, a bullish outlook is expected in the market. In significant to the market sentiment, the crypto gaming section is showing signs of momentum, with The Sandbox (SAND) leading the pack with a 25% rally. This surge has opened up new ways for players to participate and invest.
On an overall note, the world of crypto is evolving fast, from green Bitcoin mining in El Salvador to new trading options and exciting market trends, making digital money more accessible and sustainable for everyone. With creativity and adaptability, crypto is moving toward transformative progress.
