This Week in Crypto News

Jack Dorsey’s first tweet auction

Jack Dorsey’s auction for the March 2006 tweet was closed on Monday with a winning bid of over $2.9 million. The CEO of Bridge Oracle, a public oracle system on the Tron Network, was the winner. Sina Estavi (@sinaEstavi), the winning bidder, offered around 1630.6 ETH on March 6, which was not surpassed for the remaining 16 days of the auction.

Sina Estavi will receive a digital certificate of the tweet, signed and verified using cryptography by its creator. The proceeds from the auction as mentioned by Twitter CEO will be donated to charity.

Buy Tesla using Bitcoin

Elon Musk said via Twitter on Wednesday, Teslas Vehicles can now be purchased using Bitcoin that will be stored and not converted into fiat. This option is only available for U.S citizens but will be made available outside the U.S. later this year. He added that Telsa operates Bitcoin blockchain nodes directly using internal and open-source software.

India adds Crypto holdings rule to Companies Act 2013

The Indian government added a new rule to the country’s Companies Act of 2013, stating that cryptocurrency companies in India are mandated to disclose their holdings in their financial statements. This announcement applies to both public and private companies that have traded or invested in cryptocurrency and virtual currency during the financial year. The amendments to the Companies Act of 2013 will be effective to all Indian companies as of April 1. This new rule appears on page 12 of the memo and will be added to the Companies Act of 2013.

DeFi Solana blockchain gets funding support

OKEx and MXC will be investing $40 million in a strategic investment fund to bootstrap development on the Solana network. The investment fund will be used in paying developers and project building on the ecosystem. The investment approach of OKEx will be through its newly founded Block Dream Fund, while MXC is making its investment straight up. Equity in the form of tokens will be given to both exchanges for their investment.

According to a Coindesk report, Solana is partnering with the Southeast Asian exchanges to fund developers and projects building on the platform.

“The [decentralized finance] ecosystem on Solana is strong and growing rapidly. Our focus is to offer the best possible experience for users, teams building on Solana and partners in the ecosystem. The Solana Foundation will continue to support innovative new approaches to DeFi around the world”, said Solana Foundation President Anatoly Yakovenko.

Buterin says NFTs should not be a casino, but help social causes

Non-fungible tokens (NFTs) have been a matter well discussed, viewed and analyzed in the crypto space. Vitalik Buterin believes that NFTs if channeled to a relevant and social cause such as charities and funding public goods, will transform its usability, but viewing it as a “casino that largely benefits already-wealthy celebrities” won’t make a social impact.  He believes with support and coordination, NFTs will have a real social impact in society. The center focus of NFTs should be on real impact on other areas in the society; if the focus is on celebrities the potential of NFTs could be lost.

“But they could also be a missed opportunity: there is little social value helping Elon Musk earn yet another $1 million by selling his tweet when, as far as we can tell, the money is just going to himself (and, to his credit, he eventually decided not to sell). If NFTs simply become a casino that largely benefits already-wealthy celebrities, that would be a far less interesting outcome,” said Vitalik Buterin.

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