Crypto Scoop: UST Replaces BUSD As Third Largest Stablecoin In Market Cap

It’s been an exciting week here at Yellow Card, and we are more than thrilled to bring you this week’s crypto updates. In this week’s edition of the crypto scoop, we’ll be reviewing

• Bitcoin’s price dips and UST's new position as one of the top 3 stablecoin
• Yellow Card’s exciting brand refresh
• Nigeria’s blockchain association’s plea to CBN
• Snoop Dogg’s latest introduction to the metaverse and much more exciting news.

Bitcoin’s price dip and UST's new position as one of the top 3 stablecoin

This week's bearish run of BTC had bitcoin enthusiasts holding their breath as the top cryptocurrency dipped past its $40,000 benchmark to $38,000, its lowest this month. While BTC has experienced a rather volatile market in the last few weeks, crypto enthusiasts still maintain a positive market sentiment with anticipation of a bullish run that will drive it to its ATH and even higher.

While crypto enthusiasts celebrated the happy news of bitcoin’s return to $40,000, they were even more excited at the price gains of one of Terra’s stablecoin, UST. UST was not only able to record significant price gains but soon replaced Binance USD as the third-largest stablecoin only after USDT and USD.

Following the price gains of UST, LUNA, Terra’s native token, experienced a price surge bringing just a breath of $100. Terra has also, over the month, attained the position of the largest buyer of Convex’s CVD token with over $17 million. Terra has indeed set the pace this week and can only look forward to more.

Pan African exchange, Yellow Card, Unveils new brand identity.

Yellow Card has always been about providing the best for its customers as it pursues its mission of financial inclusion for all in Africa. Over the last months, Yellow Card has recorded significant milestones with the launch of its academy, Yellow Card Academy, its series A fundraise and has expanded to 16 African countries. Yellow Card announced its new brand identity that reflects its expansion, influence, and positioning Across The Continent.

With new exciting colors, designs, illustrations, and company logo Yellow Card announced a brand new identity while assuring its many customers. Its mission and commitment to them remain the same. Alice Tomdio, Chief Financial Officer of the company, says that even though the company's visual identity has changed, Yellow Card’s vision and direction is still steadfast.

“We are still in ruthless pursuit of our mission to provide financial freedom for everyone on the African continent. However, we want to re-emphasise our customers as central to everything we do and be relentlessly focused on them. And we see our brand refresh as a way in which we can demonstrate that” she says.

In the coming weeks, the new branding will be rolled out in different phases across the app, website, social media platforms, the play/app store, and internal and external marketing and communications.

Read more about Yellow Card's rebrand story

Nigeria’s blockchain association’s plea to CBN

Since the CBN ban on financial institutions facilitating crypto transactions, crypto trading in Nigeria has only thrived and expanded. Recently, KuCoin crypto exchange reported that over 33.4 million Nigerians trade cryptocurrencies, with 35% of its adult population investing in crypto despite the ban. Following this, the Stakeholders in the Blockchain Technology Association of Nigeria (SIBAN) implored the government to stop restricting crypto adoption.

Although there is no law that allows for the arrest or prosecution of crypto organisations, the association noted that industry players are being targeted in their statements.

"Persons or entities involved in any blockchain or cryptocurrency activity in Nigeria have experienced instances of arbitrary arrest and detention, bank account blocking and closures, discrimination, extortion, harassment, intimidation, seizures, and queries from time to time, particularly since the CBN cryptocurrency directive of 2021," the statement said.

If treated the same, the CBN’s very own blockchain-powered eNaira and any other blockchain-powered product or service in the country would be affected in Nigeria’s banking and financial system. This, of course, is not the intention of the CBN. The association warned.

While SIBAN works to convince the CBN to change its stance on cryptocurrency, A South African school, the University of Johannesburg, has announced intentions to issue blockchain-based certificates to graduating students.

Snoop Dogg’s latest introduction to the metaverse

After launching several NFT projects, Snoop Dogg has announced his interests in  Mobland, a prominent mafia-themed metaverse considered the crypto version of the cult video game Mafia Wars. In a statement to CryptoSlate, Mobland noted that the collaboration would include launching a limited collection of Snoop Dogg-branded digital weed farms and some exclusive collectables from Champ Medici.

Morland co-founder Roy Liu added that bringing digital cannabis to Mobland will drive more adoption to the metaverse and GameFi 2.0. Well, that's a fascinating addition that will drive interest more interest in the NFT space.

Read also: Top 7 Celebrities Who Have Joined The NFT Space

Andre Cronje Returns to The Crypto Space

A few weeks after his sudden announcement to exit the DeFi space, Cronje returns to the crypto space with some exciting news. Although he clarified that he had no interest in DeFi, he would pursue new regulation-focused crypto projects. Cronje revealed that he and his unidentified collaborators were working on several crypto compliance and regulation initiatives. Compliant custody solutions, risk reporting, and state-backed national blockchains are among the items on the list.

Cronje explained that “Instead of trying to fight regulatory bodies because of crypto regulation, we should be trying to engage and educate on regulated crypto." To this effect, he noted that on-boarding institutions will be one of his core objectives.