Circle Internet Financial, the creator of the second largest stablecoin, has made two important announcements to a live audience at Circle's Converge22 conference on Thursday.
- USDC would soon be available on five additional blockchains
- unveiled Cross-Chain Transfer Protocol
USDC will be compatible with Arbitrum, Cosmos, NEAR, Optimism, and Polkadot by the beginning of next year - to strengthen its market position and broaden accessibility across multiple chains.
Circle currently supports USDC natively across Algorand, Avalanche, Ethereum, Flow, Hedera, Solana, Stellar, and TRON.
USDC will be operating on Arbitrum, NEAR, Optimism, and Polkadot by the end of the year and Cosmos compatibility is expected to launch in early 2023. - bringing the total number of USDC-compatible blockchains to 14.
"Extending multi-chain support for USDC opens the door for institutions, exchanges, developers and more to innovate and have easier access to a trusted and stable digital dollar," says Circle's V.P. of Product Joao Reginatto
About the Cross-Chain Transfer Protocol for USDC: The protocol is supposed to improve USDC transactions between different blockchains. Yes, easing the interoperability and thus user experience just like that.
It will enable "USDC to function as a universal dollar liquidity layer across ecosystems."
It will also allow general users and developers to access the USDC functionality on the platform.
The platform can be used by any developer who is building bridges, financial services tools, payment apps, wallets, and other similar tools to deliver cross-chain USDC transactions.
The protocol is expected to be available on Ethereum and Avalanche by the end of the year and with cross-chain compatibility by 2023.
Someone Just bought a CryptoPunk for $4.5 Million.
People used to spend millions on JPEGs during the NFT hype phase. Though this trend slowed down during the current bear market, it did not deter one user from paying 3300 Ethereum for a CryptoPunk NFT, which ended up being one of the most significant transactions in NFT history.
The Punk, one of just 24 Apes punks, was last sold to DJ Seedphrase in November 2020 for 150 ETH ($71,300).
The modern crypto art movement is commonly recognised as having its beginnings with CryptoPunk NFTs, which have been known to sell for millions when resold. The largest selling for a CryptoPunk NFT occurred in June 2021 when CryptoPunk 7523, popularly known as "Covid Alien," sold for $11.7 million.
"I was running low on liquidity, and NFT sales volume has taken a nosedive recently, so I knew it would take an exceptional grail to get some market movement," said DJ Seedphrase
Meta Opens NFT Sharing on Instagram and Facebook to All US Users
Instagram has announced that its long-awaited digital collectible feature has finally arrived for millions of users in the United States.
Users can link their Instagram accounts to wallets like Coinbase, Dapper Labs, MetaMask, Rainbow, and Trust and share NFTs with their followers. The NFTS you own or have made can be pinned to your feed with your other photographs via this feature, which is almost like a digital art gallery.
Since May, NFT capability on Instagram has been in testing; but as of Thursday, it is now accessible to all users in the United States.
The platform might soon make it simpler to mint or conduct business with digital collectibles, thereby increasing the functionality of its Shop.