Author: Michelle Lazo

NodeMonkes, the leading Bitcoin-based NFT collection, once again led CryptoSlam’s daily sales chart on Wednesday, achieving US$935,770 in sales.

This marks the second time NodeMonkes has topped the sales chart this week. The recent surge has propelled NodeMonkes’ cumulative sales volume to US$229.06 million, placing it 26th on the all-time sales chart, surpassing the Avalanche-based Crabada.

The second highest-performing collection of the day was Guild of Guardians Avatars on Immutable, with daily sales reaching US$693,704, moving up from third place the previous day.

In third place, DMarket on the Mythos chain recorded daily sales of US$672,737.

Just outside the top three, Ethereum’s Bored Ape Yacht Club had daily sales of US$415,991, while Solana’s DogeZuki Collection saw a sales volume of US$397,332.

Solana Monkey Business also made significant contributions with US$317,537 in sales, aiding Solana’s total daily sales of US$2.42 million.

NodeMonkes’ performance significantly boosted the Bitcoin network’s standing on the blockchain NFT sales chart, which totaled US$5.17 million in sales on Wednesday, up from US$4.23 million the previous day.

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Mastercard Inc. (NYSE:MA) has launched a new service called “Crypto Credential,” aimed at enhancing the security and ease of peer-to-peer crypto transactions across various European and Latin American countries. This service enables users to create a Mastercard username for sending and receiving Bitcoin and other cryptocurrencies via exchanges such as Bit2Me, Lirium, and Mercado Bitcoin, operating in regions like Brazil, Argentina, and France.

Walter Pimenta, Mastercard’s Executive Vice President of Product and Engineering for Latin America and the Caribbean, highlighted the need for secure transactions in the expanding blockchain and digital assets space. “With the rising interest in blockchain and digital assets in Latin America and globally, it is crucial to provide trusted and verifiable interactions across public blockchain networks,” Pimenta stated.

Crypto transactions traditionally involve complex wallet addresses, which are lengthy and random strings of characters. Mistakes in these addresses can lead to lost funds. Mastercard’s new service addresses this issue by alerting the sender if the recipient’s wallet does not support the specific asset or blockchain, thereby preventing the transaction and protecting users from potential losses.

Additionally, the service combats scams involving lookalike addresses. Fraudsters often exploit truncated wallet addresses, showing only the first and last few characters. Mastercard’s Crypto Credential mitigates this risk, ensuring safer transactions for users.

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Crypto bridging protocol LayerZero is expanding to the Solana blockchain, providing a new pathway for transferring crypto assets between Ethereum and its largest competitor, starting Wednesday.

This integration will allow Solana users to move their assets to Arbitrum, Ethereum, Polygon, and 70 other connected chains, and vice-versa, according to LayerZero Labs, the company behind the bridging protocol.

LayerZero functions as a bridging platform, enabling communication between blockchains that do not naturally interact. In the first quarter of 2024, LayerZero users transferred $6.7 billion worth of cryptocurrencies, generating $11.5 million in revenue, as reported by Messari.

In April, private venture investors valued LayerZero Labs at $3 billion during a significant funding round. The protocol is expected to issue its own token soon.

Solana, whose native token $SOL is the fifth-largest cryptocurrency by market cap according to CoinGecko, already has three major bridging protocols linking it to the larger Ethereum ecosystem, with Wormhole being the most notable.

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The State of Wisconsin Investment Board has become the first public institution in the U.S. to invest in cryptocurrency, putting $187.1 million into bitcoin and related crypto companies, as revealed in a May 14 quarterly filing with the U.S. Securities and Exchange Commission.

SWIB manages the assets of the Wisconsin Retirement System, the State Investment Fund, and other funds, with total assets exceeding $156 billion as of the end of 2023. The cryptocurrency investment represents a small portion—about one-tenth of 1%—of its total assets.

Bob Bukowski, managing partner of Alpha Investing Consulting, described the investment as a speculative bet. He explained, “If bitcoin doubles or triples in value, they can say they were invested. If it goes to zero, the loss is negligible.”

The largest portion of SWIB’s crypto investment is $99.1 million in iShares Bitcoin Trust (NYSEARCA:IBIT), an exchange-traded fund managed by BlackRock (NYSE:BLK), which launched in January after SEC approval. The fund closed at $38.98 on Tuesday, up about 46% from its January launch.

In addition to iShares Bitcoin Trust, SWIB invested $63.6 million in Grayscale Bitcoin Trust and $24.5 million in Coinbase (NASDAQ:COIN), a leading cryptocurrency exchange platform.

Bloomberg Senior ETF Analyst Eric Balchunas noted on Twitter that other public institutions might follow SWIB’s lead, saying, “Expect more, as institutions tend to move in herds.”

When contacted for comment, SWIB stated it “does not comment on specific investments.”

SEC Chair Gary Gensler emphasized caution, noting that bitcoin is a speculative asset often associated with illicit activities. He said, “Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”

Bukowski added that the SEC’s involvement is crucial for investor protection, stating, “The SEC now has the authority to monitor how these investments are managed and traded.”

Bitcoin traded between $66,685 and $70,314 per coin over the last five days, closing at $68,305 on Wednesday.

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Maple Finance, a cryptocurrency lending firm, has introduced Syrup, a new loans platform and rewards token aimed at integrating institutional-friendly yield-bearing digital assets with the decentralized finance sector.

Maple’s Syrup platform offers users up to 15% yields by depositing Circle’s USDC stablecoin. Users receive LP tokens (syrupUSDC) and additional yield in the form of “Drips,” a loyalty payment derived from the usage of the SYRUP rewards token, as announced in a press release on Tuesday.

Holders of MPL, Maple’s native token, will be able to migrate to the SYRUP token on a one-for-one basis.

While many centralized crypto lending firms have struggled over the past few years, Maple has endured the bear market by maintaining a stringent approach, accepting deposits only from accredited investors with comprehensive know-your-customer checks. This method allows Maple to operate within the U.S. and serve regulation-conscious institutions, according to Maple co-founder Joe Flanagan.

“We aim to keep our institutional focus while staying true to our DeFi origins,” Flanagan said in an interview. “The launch of Syrup allows us to function within the broader DeFi ecosystem. This enables us to bring institutional-quality yields sourced from over-collateralized loans to the largest institutions and a DeFi audience.”

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