Top Crypto News: 05/27

At the time of publication, Bitcoin is trading at $38,255. The U.S president is set to announce a $6 trillion budget that may fuel BTC price above the $40,000 resistance. Meanwhile, the second-largest cryptocurrency, Ethereum, is trading close to $2,733.

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

1 – Polygon Launched Multi-Chain SDK Amidst LABS Full-Stack Scaling Solution

Polygon (formerly Matic) has declared the launch of its SDK to convert Ethereum into a full-fledged multi-chain system. The Polygon SDK is a modular, adaptable framework for Ethereum scaling and infrastructure development. This allows developers to develop and launch multiple scaling and infrastructure solutions quickly and efficiently. Further, this SDK launch will support two major types of solutions, such as secured chains (aka Layer 2 solution) and stand-alone chains. Initially, Polygon SDK supports the building of stand-alone chains and will extend further in the near future. Additionally, to enhance the developer experience and use cases, the team is working on some of the exciting features as listed below:

  • Inter-chain messaging protocols and modules.
  • Data availability services.
  • Adaptors for external blockchain networks.
  • Enterprise modules and products.
  • Premium products and solutions.

In addition to the above features, LABS Group has integrated with Polygon to offer a full-stack scaling solution. Polygon offers an Ethereum scaling structure which means LABS users can enjoy its low gas fees. The LABS Group facilitates an end-to-end blockchain-based real estate investment ecosystem. As stated, LABS Group would utilize Polygon to deploy smart contracts, which will help their investors and clients to enjoy fast transaction speeds.

2 – Binance Unveils Its NFT Marketplace Exclusive Creators

Binance, one of the leading cryptocurrency exchanges, recently declared its NFT marketplace. Moreover, Binance will launch this premier marketplace for NFTs and digital collectibles on June 24. As stated, this NFT marketplace will feature work from some of the world’s top creators, artists, athletes, celebrities, and more.

In addition to this, Binance has declared the first slate of exclusive launch creators. This exclusive list consists of BRIT Award winner Lewis Capaldi, visual artist Trevor Jones, eStarPro, and football stars Michael Owen and Alphonso Davies. Notably, users can access this NFT marketplace from their existing Binance wallet. Binance strives to offer the most reliable and seamless NFT experience to its users. Its low transaction fees and fast blockchain network speed also act as a catalyst to entice more users in the exciting world of NFTs and digital collectibles.

3 – NFTify Reveals Plan to Launch Its IDO on Ignition & RedKite Launchpads

NFTify revealed it will launch its IDO on the PAID Ignition and PolkaFoundry’s RedKite platforms. As per the tweet, NFTify will whitelist on both the launchpads for the IDO on June 4, 2021. The team has allocated $100,000 for this IDO with an initial price of $0.08 per token.

NFTify is a one-stop-shop to create an influential NFT marketplace and brand. It a next-generation NFT e-commerce platform, which helps in highly secure, transparent, and copyright-protected NFT transactions. The native utility token of the NFTify platform is $N1, which is accepted as a payment method from customers when trading NFTs on its platform. Shop owners can utilize this token to create their stores, while users can use it for voting on the future development of the NFTify protocol.

4 – The Economist Intelligence Unit | Reveals that COVID-19 Increased Digital Currency Adoption

Last year, Bitcoin crashed below $4,000 due to the coronavirus pandemic threat, and its market cap was plunged below $100 billion. However, this year, demand and acceptance for crypto assets grew rapidly with a 1,000% price surge in BTC. To evaluate these factors, the Economist Intelligence Unit (EIU), in collaboration with, released a Digimentality 2021—Digital currency from fear to inflection report. In the 2020 report, roughly 72% of respondents stated a shift towards a cashless society. In the 2021 report, this figure increased to over 81%. The study also shows that 55% of respondents are at least aware of cryptocurrencies. Hence, these figures indicate that cashless payments and digital currencies are gaining acceptance, and COVID-19 acted as a catalyst to stimulate this move away from cash.

5 – RenVM | Polygon Partnership to Deploy First Direct RenVM Bridge

RenVM has integrated with Polygon to launch its first direct bridge. Users can utilize this bridge to deposit and withdraw native Ren-assets directly to Polygon without using Ethereum. RenVM is an open protocol that provides access to inter-blockchain liquidity for decentralized applications. With this coalition, the Ren-based assets can be added to all dApps within the ecosystem. Initially, this RenBridge will support the bridging of BTC, ZEC, BCH, and DOGE with the launch of more assets in the near future.

6 – Paralink Teams up With Shield Finance to Boost Security & Multi-Chain Oracle Solutions

In the last bit of crypto news for today, we have Shield Finance partnering with Paralink Network to provide security and insurance coverage to their ecosystem. As per the tweet, this alliance would help users to cover smart contracts from market crashes, hacks, malicious threats, exploits, and more. Shield Finance is a DeFi insurance aggregator that offers insurance to users against hacks, rug pulls, and more. Further, Shield Finance would integrate Paralink’s multichain oracles to utilize its secure price feeds. Additionally, applications can implement the highest degree of security utilizing Paralink’s on-chain consensus algorithm, running on Polkadot Substrate.

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