Crypto Flipsider News – August 24th – El Salvador, Tribe on Binance and Huobi, Solana’s Institutional Inflows, Tether Prints, Visa, Shiba Inu, Justin Sun
Read in the Digest:
- El Salvador Equips the Country With 200 BTC ATMs
- New Listings: Tribe Appeared on Binance and Huobi
- Solana Experienced Largest Institutional Inflows During the Past Week
- Tether Is Back To Printing: Started Ticking Already?
- NFT News: Visa (NYSE:) Bought Cryptopunk, Shib on Opensea, Justin Sun and His NFT of a Rock
El Salvador Equips the Country With 200 ATMs
El Salvador began installing ATMs as part of the government’s plan to make Bitcoin legal tender. Furthermore, citizens will be able to convert the cryptocurrency into U.S. dollars and withdraw it in cash.
According to the plan, the government will install 200 teller machines along with its digital wallet called Chivo, which, in local terms, means ‘cool.’
President Nayib Bukele also announced on Twitter (NYSE:) that transactions would be commission-free. Across the country, there will be 50 financial branches with an option to withdraw or deposit money. The government has also created a $150 million fund to back the conversions. Perhaps the plan is off to a success?
También habrán #CajerosChivo en todas partes y podrán retirar en EFECTIVO, las 24 horas del día y SIN COMISIONES, por más que la oposición diga lo contrario.El problema para ellos es que podrán convencer a algunas personas de que sí habrán comisiones, pero solo hasta el 7 pic.twitter.com/H8gkYTEucc
— Nayib Bukele (@nayibbukele) August 23, 2021
Flipsider:
- While the crypto injection into the system looks solid – citizens are saving $400 million/year in remittance fees and $150 million in government funds to support the transition – there are still some threats waiting to come to light. Not only could this lead to a major shakeup of the global financial system but El Salvador’s assurance of maximum security for the system is urgently needed.
New Listings: Tribe Appeared on Binance and Huobi
Binance experienced hard times during the last several months. DailyCoin already described this situation as a “whale being attacked by piranhas.” On the other side, there is such a phenomenon as the “Binance effect,” when minor coins were surging right after being listed on the exchange. Now, we can clearly observe if Binance still has something left in the tank.
Tribe (TRIBE) was listed on Binance and Huobi today. On the first exchange, available trading pairs are TRIBE/BTC, TRIBE/USDT, TRIBE/BNB, and TRIBE/BUSD. Tribe is the governance token of Fei Protocol, which is a fully decentralized DAO.
Flipsider:
- I don’t think that the Binance effect is strong enough to bring small projects to the top 100, for instance. For now, TRIBE is in the 231st position by market cap, although it’s quite a new project; the token was launched in April this year.
Solana Experienced Largest Institutional Inflows During the Past Week
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