Crypto News Recap: ETH Soars As The Merge Draws Closer

Published September 11th, 2022 - 08:16 GMT
Crypto News Recap: ETH Soars As The Merge Draws Closer
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As the long-awaited Ethereum network’s upgrade, known as the Merge draws closer, Ether (ETH) has soared 13.11% in the last 7 days, this watershed moment in crypto history has spread a new wave of positive sentiment throughout the crypto markets.

On another happy note, MENA is still leading the list of crypto-favored regions, as VARA grants the green light and Lebanon hosts it’s first NFT event!

Without any further ado, let’s spill the beans!

The Merge to Go Live in a Few Days!

The Bellatrix upgrade on Tuesday brought the Merge one step closer. Bellatrix prepped Ethereum's Beacon Chain for The Merge with its mainnet Execution layer, the final stage before the Ethereum blockchain shifts from proof-of-work to proof-of-stake consensus.

It’s worth mentioning that the Merge will result in significant improvements to Ethereum, including a reduction in the network's energy consumption and the production of new tokens. Miners will be replaced by validators. As a result, Ethereum will be safeguarded by the economic worth of ether tokens staked by participants rather than mining. The Merge, on the other hand, will make Ethereum more scalable but won't reduce transaction fees. 

OasisX is Hosting the First NFT Event in Lebanon NFT LB

The MENA community empowering multichain NFT Marketplace and Creator Studio, is inviting local and regional artists to display, promote, and sell their digital creations at its biggest NFT event NFT LB which will take place in on Sep 20!

The event will bring together creators, collectors, and NFT aficionados to demonstrate what this technology is capable of. It will give opportunities for networking among attendees, speakers, and the OasisX team. NFT-LB includes a variety of events such as an art gallery, virtual reality experiences, keynote speakers from well-known personalities, and much more.

Crypto News Recap: ETH Soars As The Merge Draws Closer

While is not live yet, however, it promises that it will allow users to create, list and trade their favorite NFTs on Ethereum, Solana as well as Polygon blockchains. Their Creator Studio will allow brands and project creators to launch NFT projects similar to BAYC and Adidas in a matter of clicks!

Russia’s Central Bank Eyes Cross-Border Crypto Payments

According to reports, the Bank of Russia (BoR) has approved the use of cryptocurrency for cross-border payments. According to the report, the central bank accepted the inevitability of crypto payments due to present geopolitical events. 

With many Russian enterprises battling to stay afloat due to their isolation from the global financial system, the move is meant to facilitate overseas trade and imports of critical products. "It is necessary to do this in Russia, involving entities supervised by the central bank, which are obliged to comply with anti-money laundering (AML) and know-your-customer (KYC) requirements," said Deputy Finance Minister Alexei Moiseev, adding that the BoR and the finance ministry expect to legitimize cross-border crypto payments soon.

GameStop Teams Up with FTX US Crypto Exchange

In a promotional cooperation, GameStop has joined forces with cryptocurrency exchange FTX US. With new Web3 gaming section, the collaboration aims to introduce more GameStop customers to FTX's community and marketplaces for digital assets.

Also, GameStop will begin carrying FTX gift cards in certain stores, in addition to cooperating with FTX on new ecommerce and online marketing activities. According to CEO Matt Furlong during a Q2 fiscal year earnings call, GameStop has a long-term strategy for crypto engagement. Gets Provisional Approval from VARA, a London-based cryptocurrency company, announced that it has received a provisional license to conduct business from Dubai’s crypto regulator Virtual Assets Regulatory Authority (VARA). This makes it the latest in a line of digital asset companies to expand in the Gulf as the region strives to become a center for blockchain technology.

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