Mode

Chainlink

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Spot

<p>Welcome to this week’s crypto news review. As usual, we will cover the most significant developments in the cryptocurrency world. This edition highlights major industry movements, including the <a href="https://blockchainreporter.net/ftx-japan-acquired-by-domestic-rival-bitflyer/">acquisition</a> of FTX Japan by domestic rival bitFlyer, enhancing stability in Japan’s burgeoning crypto market. We also delve into Mode Innovations’ <a href="https://blockchainreporter.net/chainlink-and-mode-join-forces-a-revolutionary-leap-in-blockchain-interoperability/">collaboration</a> with Chainlink, a partnership aimed at boosting blockchain interoperability and security. MicroStrategy’s substantial $800 million convertible <a href="https://blockchainreporter.net/microstrategy-completes-800m-convertible-note-offering-at-2-25-for-bitcoin-purchases/">note offering</a> signifies its continued commitment to Bitcoin investments. Binance’s <a href="https://blockchainreporter.net/binance-introduces-hodler/">launch</a> of HODLer Airdrops for BNB holders introduces new rewards for engaging with Simple Earn products. Finally, SITE Network’s ambitious $39 billion virtual tourism <a href="https://blockchainreporter.net/site-network-begins-a-39b-virtual-tourism-project-with-enjin/">project</a> with Enjin is set to revolutionize the travel experience through advanced AR and VR technologies. Stay tuned as we unpack these pivotal stories shaping the crypto landscape.</p> 
<h2 class="wp-block-heading" id="ftx-japan-acquired-by-rival-bitflyer">FTX Japan Acquired by Rival bitFlyer</h2> 
<p>FTX Japan, a subsidiary of FTX Trading, has been <a href="https://blockchainreporter.net/ftx-japan-acquired-by-domestic-rival-bitflyer/">acquired</a> by its domestic competitor bitFlyer following FTX Trading’s Chapter 11 bankruptcy filing in the U.S. last year. FTX Trading’s bankruptcy in November affected about 130 group companies, leading to FTX Japan’s temporary suspension of asset withdrawals. Amid the fallout, FTX Japan sought a buyer, with bitFlyer’s parent company emerging as the frontrunner. The acquisition, estimated at several billion yen, involves bitFlyer purchasing all shares of FTX Japan.</p> 
<p>This acquisition coincides with significant growth in Japan’s cryptocurrency market, where accounts surpassed 10 million by April, according to the Japan Cryptocurrency Exchange Association. Despite this growth, user safety and protection remain concerns. The deal marks a pivotal moment in Japan’s cryptocurrency landscape, expected to strengthen bitFlyer’s market position and provide stability for former FTX Japan users.</p> 
<h2 class="wp-block-heading" id="chainlink-and-mode-collaborate-on-blockchain-interoperability">Chainlink and Mode Collaborate on Blockchain Interoperability</h2> 
<p>Mode Innovations, an Ethereum Layer 2 solution, has <a href="https://blockchainreporter.net/chainlink-and-mode-join-forces-a-revolutionary-leap-in-blockchain-interoperability/">partnered</a> with Chainlink to integrate the Chainlink Cross-Chain Interoperability Protocol (CCIP) with Mode. This integration enhances Mode’s security for various decentralized (DeFi) and real-world asset (RWA) applications. Chainlink CCIP is recognized as a market standard for security and interoperability. Mode will enable cheap programmable token transfers and support cross-chain messaging through Chainlink CCIP-integrated oracles.</p> 
<p>This update will promote the use of Mode’s Layer 2 solutions, creating a more inclusive blockchain network. Mode aims to help developers build and maintain interconnected applications and rewards those who run their apps in its ecosystem. Chainlink’s infrastructure, securing over $12T in transaction value, provides a robust foundation for Mode. The Risk Management Network independently monitors cross-chain activities to prevent security breaches.</p> 
<h2 class="wp-block-heading" id="microstrategy-completes-800m-convertible-note-offering-at-2-25-for-additional-bitcoin-purchases">MicroStrategy Completes $800M Convertible-Note Offering at 2.25% for Additional Bitcoin Purchases</h2> 
<p>MicroStrategy has <a href="https://blockchainreporter.net/microstrategy-completes-800m-convertible-note-offering-at-2-25-for-bitcoin-purchases/">completed</a> an $800 million convertible-note offering at a 2.25% coupon rate with a 35% conversion premium. The notes, sold privately to eligible institutional purchasers, have a principal amount of $800 million, including a $100 million purchase option. The notes bear an annual interest rate of 2.25%, payable semi-annually on June 15 and December 15, starting December 15, 2024.</p> 
<p>The notes will mature on June 15, 2032, unless repurchased, converted, or redeemed earlier. Holders can require repurchase on June 15, 2029, or during certain events at 100% of the principal amount. The notes can be converted into cash or MicroStrategy Class A stock at a rate of 0.4894 shares per $1,000 principal amount. MicroStrategy plans to use the proceeds to buy more *BTC* and for general corporate purposes.</p> 
<h2 class="wp-block-heading" id="binance-launches-hodler-airdrops-for-bnb-crypto-holders">Binance Launches HODLer Airdrops for BNB Crypto Holders</h2> 
<p>Binance has <a href="https://blockchainreporter.net/binance-introduces-hodler/">introduced</a> HODLer Airdrops for BNB holders, rewarding users who subscribe to Simple Earn products with tokens from emerging projects. *BNB* holders engaging with Flexible and Locked Simple Earn products will be eligible for these airdrops.</p> 
<p><a href="https://binance.com/" target="_blank" rel="noopener">Binance</a> announced the initiative on June 19, 2024, emphasizing their commitment to a sustainable market. Snapshots of user balances will be taken randomly to calculate hourly average balances, determining rewards. For example, snapshots from June 1 to June 7, 2024, may be used for airdrops on June 11, 2024. Rewards will be distributed to eligible users’ Spot Wallets within 24 hours of the airdrop announcement. Participation requires account verification (KYC) and adherence to BNB holding limits, specified in each announcement. Sub-accounts are also eligible, with separate snapshots for master and sub-accounts.</p> 
<h2 class="wp-block-heading" id="site-network-launches-39b-virtual-tourism-project-with-enjin">SITE Network Launches $39B Virtual Tourism Project with Enjin</h2> 
<p>SITE Network has <a href="https://blockchainreporter.net/site-network-begins-a-39b-virtual-tourism-project-with-enjin/">launched</a> a $39B virtual tourism project in partnership with Enjin Blockchain, blending Augmented Reality and Virtual Reality to transform global tourism. This initiative connects consumers with top destinations through authentic digital exploration experiences. Metinburgh is a virtual replica of Edinburgh, focusing initially on Castlehill at Edinburgh Castle’s foot. The Mayaverse revives the ancient Mayan civilization. Metahattan showcases New York City’s vibrant culture and is developed with Parallel Worlds.</p> 
<p>SITE Network, leveraging MRKD’s patented technology, will offer interoperable, rights-verified digital objects. These can be won and accessed across SITE Network’s virtual worlds. New York Culture Club (NYCC) also supports this project, aiding in integrating tokenized items and playing a role in New York Fashion Week and the music industry. This virtual tourism initiative aims to enhance real-world visits and providing immersive experiences.</p> 
<p>In summary, this week has been transformative for the crypto industry, with significant acquisitions like bitFlyer’s purchase of FTX Japan, strategic partnerships such as Mode Innovations’ collaboration with Chainlink, and innovative projects including SITE Network’s $39 billion virtual tourism initiative with Enjin. MicroStrategy’s substantial investment further underscores the ongoing interest in Bitcoin. As the crypto landscape continues to evolve, these developments highlight the dynamic nature and expansive potential of blockchain technology. Stay tuned for more updates in the ever-changing world of cryptocurrency.</p>

BlockchainReporter Weekly Crypto News Review: Key Acquisitions and Innovations

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