Every week, the Crypto News Recap will keep you up to date on all of the major news stories from the previous week. This week, we'll talk about how the Saudi government is considering implementing crypto and blockchain technology. And speaking of adoption, a Saudi man purchased a car using crypto!
All of this and much more, shall we dive in?
Saudi Buys Mercedes Benz from Jeff Wyler Automotive Via ETH
A Saudi Arabian customer purchased a Mercedes Benz S580 using Ethereum (ETH) at Jeff Wyler Automotive in the United States. The payment procedure was much quicker than any wire transfer as the transaction was simple, convenient, and timeliness.
Jeff Wyler Automotive Family accepts Bitcoin and 11 other cryptocurrencies as a means of payment and also allows buyers to pay a portion or the entire transaction in any of the approved cryptocurrencies, or a mix of them.
TRON Launches USDD Decentralized Stablecoin
TRON has launched USDD decentralized algorithmic stablecoin, an entirely new stablecoin on the TRON blockchain, marking the company's official entry into the field of decentralized stablecoin, per the founder’s announcement on Twitter:
(1/6)?It is time to build a decentralized reserve dedicated to the blockchain industry.
— H.E. Justin Sun ???? (@justinsuntron) April 21, 2022
?The #TRON network is now taking a step further to found the TRON DAO Reserve, the #blockchain industry’s first decentralized reserve. #TRONDAOReserve pic.twitter.com/61IVUj12Sh
The USDD will be released and put into circulation on May 5, 2022. Through the BTTC cross-chain protocol, it will also be available on Ethereum and the BNB Chain. Leading blockchain institutions are encouraged to back the USDD, which is available on TRON, Ethereum, and the BNB Chain. Per the announcement, USDD will work in the same way that Terra's UST does; when the stablecoin falls below its peg price, users will be able to exchange 1 USDD for 1 USD of TRX. If the stablecoin's price increases over its $1 peg, they can do the exact reverse.
Kooora.com to Enter NFT Arena
The popular Arab sport website Kooora.com has announced that it will enter the NFT and Web3 arena teaming up with Sport Ink, the strategic partner in the field of innovation and development for the site, and DECA4 Advisory, the leading blockchain company. The partnership will create Sphera Inc., a blockchain-based ecosystem that will launch the Sphera digital token that will be related to sports activities ranging from sports memorabilia and event tickets as well as matches, in addition to launching an NFT collection.
Saudi Arabia Mulls the use cases of Blockchain and crypto in Government
According to Unblock media, Saudi Arabia's Assistant to the Saudi Minister of Interior for Technology, Prince Bandar Bin Abdullah Al Mishari, indicated support for the implementation of Blockchain projects in the Kingdom, as well as the prospect of authorizing the use of cryptocurrencies.
"The Saudi Ministry of Communications and IT is studying the possibility of implementing Blockchain and cryptocurrencies in the government alongside the Digital government authority," Prince Al Mishari said in an interview with Gulf TV station Rotana when asked about the possibility of allowing crypto usage in the Kingdom of Saudi Arabia. They've talked about Web3 technologies and what they can accomplish with them."
Coinbase Launches its Own NFT Marketplace
Coinbase, the only US public listed crypto exchange, launched an early beta of its NFT marketplace this week for a restricted group of testers.
HERE’S SOME ALPHA:
— Coinbase NFT (@Coinbase_NFT) April 20, 2022
we’re in beta pic.twitter.com/HMdTPat5vP
With more than 8.4 million email addresses were on the waitlist for Coinbase NFT, the platform is only available to create online profiles and buy and sell NFTs at this time, according to Cointelegraph.
