Top‌ ‌Crypto‌ ‌News:‌ ‌07/16

Today Bitcoin made a new daily low of $31,164 and is now trading at $31,374. Meanwhile, the second-largest cryptocurrency, Ethereum, is trading close to $1,875.

Let’s examine some interesting crypto news in detail for today.

1 – Square Unveils Plan to Create a New Bitcoin Platform for Financial Services

The digital payments company, Square, has decided to build a new Bitcoin platform for financial services. CEO Jack Dorsey tweeted that this platform’s name is to be determined, and the platform will make it easy to create non-custodial, permissionless, and decentralized financial services.

Dorsey stated that this initiative is led by Mike Brock and will be “completely in the open.” Open is the keyword as Dorsey tweeted, “Open roadmap, open development, and open-source.” He also noted that this new division will be different from Square Crypto. However, Square Crypto will support with the direction and funding for this work. In addition, Square Crypto will also work on the Lightning Development Kit. Additionally, to provide all updates on the project, the team will set up a dedicated Twitter and Github account.

2 – Drops | Enjin Partnership to Add Utility to ERC-1155 NFTs

Drops has integrated with Enjin to boost utility for ERC-1155 NFTs. This integration helps users to stake and borrow a variety of popular NFTs and in-game items. Along with this, users can also borrow a range of Ethereum-based assets and stablecoins, such as USDC, ETH, and WBTC.

In addition, Drops Vaults would streamline the yield-farming, which will help to utilize borrowed funds in different strategies. Enjin is a pioneer in the NFT space and the originator of the ERC-1155 NFT standard. Therefore, the ENJ tokens will be whitelisted in the Drops loans protocol to use as collateral. Additionally, the Drops team also has plans to integrate Efinity, which is Enjin’s upcoming Polkadot-based blockchain for NFTs.

3 – Cardano Reveals Successful Alonzo Upgrade to Support Smart Contracts

IOHK has declared today the successful upgrade of the Cardano testnet to Alonzo White. Moreover, Alonzo White is an upgrade of Cardano’s initial testnet named Alonzo Blue, which offered smart contracts with limited technical features. As stated, this upgrade allows roughly 500 validators, developers, and stake pool operators to test the features.

In addition, this phase of Alonzo White will run for two to four weeks before it moves to the next phase. The team also stated that the final phase of the Alonzo upgrade will take place in the month of September 2021. Notably, once Cardano launches smart contracts on its mainnet, this will help developers to launch dApps, non-fungible tokens (NFTs), and more.

4  – NFTify Bridge Launched to Swap N1 Tokens With Different Blockchain Networks

In our last bit of crypto news for the day, e-commerce platform NFTify has announced the launch of its bridge. NFTify is a next-generation NFT e-commerce platform and one-stop-shop for designing an influential NFT marketplace. Hence, users can utilize this NFTify bridge to swap N1 tokens with different blockchain networks within a few seconds.

Interestingly, this NFTify bridge integrates transaction history, which will trace all previous transactions to show a clear picture of the financial N1 situation. Recently, the NFTify platform also went live. Hence, this NFTify bridge will fuel its platform adoption.

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