Bitcoin is enjoying a good day today. Its price has jumped up 13% over the last 24 hours and is trading at $37,250. Ethereum, the world’s number two cryptocurrency, has risen by 5.5% today and is trading at $2,607.
Now let’s examine some crypto news stories from today.
The president of the Republic of El Salvador, Nayib Bukele, announced that the Bitcoin law has been voted by a “supermajority” in the Salvadoran Congress. Overall, 62 members of the legislature voted for the bill, with only 19 opposing and three abstaining.
The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.
62 out of 84 votes!
— Nayib Bukele (@nayibbukele) June 9, 2021
Notably, this is also the first time a country will officially accept Bitcoin as a satisfactory form of payment for any sort of monetary debt. El Salvador’s president, Nayib Bukele, submitted the proposal to the Legislative Assembly, asking for the country to “regulate Bitcoin as unrestricted legal tender.”
The bill is expected to ensure businesses accept BTC as a means of payment for goods or services. However, the government will be a backstop for entities that are not willing to take on the volatility risk. A government trust will be created at the Development Bank of El Salvador to convert Bitcoin to U.S. dollars. Thus, covering potential risks and holding about $150 million in the trust fund.
The news has been largely welcomed across the cryptocurrency community.
Kylin Network announced its strategic partnership with Wanchain via its Twitter account.
The partnership between Wanchain and Kylin Network is geared towards “shaping and safeguarding the future of interoperable DeFi.” It also brings about the possibility of combining Wanchain’s industry-leading blockchain interoperability solution alongside Kylin Network’s innovative cross-chain data services.
We are extremely thrilled to be partnering with @wanchain_org!
Read more below 🔽🔽🔽https://t.co/VWzAH6QnKU
— Kylin Network ⚡ (@Kylin_Network) June 8, 2021
Additionally, both parties will complete a token swap. Kylin Network will also launch and operate a Wanchain Storeman node. In addition, Wanchain will have their sights on integrating $KYL into its decentralized cross-chain infrastructure, giving Kylin users access to a suite of DeFi applications before the launch of the Kylin Network mainnet.
Li Ni, the business development and operations VP of Wanchain, said, “We are committed to connecting all the world’s siloed blockchains. The Kylin partnership marks an important step towards this goal and allows us to provide several key partners with competitive Polkadot data services to fuel the development of interoperable DeFi.”
Convergence Finance revealed that its first pre-IDO token sale is set to take place on behalf of Lithium Finance.
💥Excited to share the pre-ido whitelist details with all our users.
— Convergence Finance (@ConvergenceFin) June 9, 2021
According to reports, the whitelist will start on June 17, 2021, and the sale event takes place on June 24, 2021. The pre-IDO gives individual investors the extra edge of an entry price like many VC funds, which allows them a significant first-mover advantage over those users that will come later on.
Additionally, the sales will take place on ConvO (Convergence Offering). The eligible CONV token holders will be allowed “premium access” to the Lithium Finance pre-IDO.
In our last bit of crypto news for the day, Kraken announced that clients interested in supporting their preferred Kusama projects can now participate in the parachain auctions from the Kraken platform. The initial projects Kraken users can support are Karura, Moonriver, Crust Shadow, and Shiden.
Kraken also pointed out that:
- It is important for users to understand how parachain auctions work before participating as they are an entirely new mechanism for supporting projects.
- Only verified intermediate accounts and above will be eligible to participate in the parachain auctions.
- Parachain auctions will not be accessible by residents of the United States, Canada, Japan, and Australia.
Read our blog to learn more: https://t.co/qqMW7RiUmg
*Not available to clients in US, CA, AU or JP pic.twitter.com/AFXsdT8ayE
— Kraken Exchange (@krakenfx) June 9, 2021
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