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Itau Unibanco Selected by Central Bank of Brazil to Build a DeFi Liquidity Pool

Daily Market Wrap

  • Crypto market cap: 0.99 trillion, up 1.71%

  • BTC price stands at USD 20,361, up 0.01%

  • ETH price stands at USD 1,591, up 3.83%

  • Top gainer: Lido DAO (LDO), up 12.79%

  • Top loser: Helium (HNT), down 9.67%

News of the Day

Why it matters:

  • Itaú Unibanco, one of the biggest bank conglomerates in Brazil, has been selected by the country’s central bank to work on a system with a stablecoin pegged to the value of the Brazilian real

  • The system was one of the eight proposals selected by the Central Bank of Brazil as part of the Laboratory of Financial and Technological Innovations (LIFT), the government’s public program that seeks to strengthen financial inclusion

  • Seven other projects were announced by the Banco Central do Brasil, including include a solution for granting credits to vulnerable people in the Brazilian favelas that involves people of the community as facilitators of these grants, and so on

Crypto Daily Spotlight

Brief introduction: Facebook (the parent company) rebranded its name to Meta last year, in reference to the metaverse, which combines social media with virtual and augmented reality. Starting in March 2022, its VR product line also changed its social media, and websites to Meta Quest.

Why it matters:

  • Meta announced today that it will allow users to post their NFTs across both Instagram and Facebook. It has been testing support for NFT “digital collectible” posts on Instagram since May

  • “As we continue rolling out digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram. This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both,” Meta said in its blog post

  • Apart from extending support for showcasing different NFTs, Zuckerberg had mentioned that Meta will work on displaying NFTs through Instagram Stories earlier in the year

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