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Web3 software company Lucky Friday has launched Teddy DAO, a perpetual non-fungible token (NFT) collection that donates its proceeds to charity in partnership with global fundraising organization JustGiving. Starting June 23, Teddy DAO will conduct daily auctions for teddy bear NFTs created by digital artist Yumi and minted on Moonbeam's cross-chain smart contract platform. Auction winners can donate the proceeds to one of 400 charities supported by JustGiving, where the crypto is converted to fiat and donated through the platform. Teddy DAO eventually aims to leverage 450,000 charities supported by JustGiving to help solve real-world problems via cryptocurrency donations. The project was inspired by an NFT sale last year, which raised $15,000 for UNICEF and demonstrated the potential of NFT-backed charity donations. Teddy DAO, a decentralized autonomous organization (DAO) registered as a 501(c)(3) organization, hopes to build a community that collectively contributes to social good.
EDX Markets, a crypto exchange backed by Fidelity Digital Assets, Charles Schwab, and Citadel Securities, has officially launched in the U.S. after nine months of technology development. The platform, which aims to bring traditional asset values and standards to the crypto market, recently completed an investment round that included Miami International Holdings, DV Crypto, and GTS. Unlike other exchanges, EDX Markets does not custody customers' digital assets; users must go through financial intermediaries to trade crypto assets, similar to the NYSE or Nasdaq. This separation between the exchange function and the broker-dealer function is viewed positively by regulators. Currently, the exchange offers four tokens – bitcoin, ethereum, litecoin, and Bitcoin Cash – due to the unclear regulatory landscape in the U.S. Later this year, the company plans to launch EDX Clearing to settle trades matched on EDX Markets. Although international expansion may be considered in the future, EDX Markets will currently focus on its operations in the U.S.
Nike's .SWOOSH platform has partnered with Fortnite, bringing a virtual experience called "Airphoria" to the game's 240 million users. The collaboration with Epic Games and Beyond Creative will run until June 27, rewarding players who participate for 10 minutes or more with an Air Max 1 '86 Back Bling digital sneaker in Fortnite. Players can also claim an "Achievement" on .SWOOSH by linking their Epic Games and Nike accounts. The partnership is part of a broader effort to integrate Nike's Air Max brand into Fortnite through cosmetics, islands, and account linking. However, no NFTs or digital item trading marketplaces are being integrated into the Fortnite economy. Nike has also worked with Fortnite on other digital items such as the Airie and Maxxed Out Max outfits. Linking Epic Games and .SWOOSH accounts will grant players early access to a future .SWOOSH Air Max virtual collection and allow for interoperability between virtual goods. Nike's .SWOOSH recently released its first NFT sneaker collection, Our Force 1, which surpassed $1 million in sales. The company plans to expand its digital creations across gaming platforms, having recently partnered with EA Sports to bring .SWOOSH creations to their gaming ecosystem.
Bitcoin (BTC) is being accumulated by illiquid entities at the fastest rate in six months, indicating long-term investors' confidence in the cryptocurrency despite macroeconomic uncertainty and regulatory risks. Glassnode's illiquid supply change metric rose to 147,351.58 BTC ($3.9 billion) on Monday, with the total held by illiquid entities reaching a record high of 15,207,843 BTC. In the past four weeks, this figure has increased by 215,000 BTC. The recent U.S. Federal Reserve decision to keep interest rates unchanged and lawsuits filed against Coinbase and Binance by the U.S. Securities and Exchange Commission have not dampened investor enthusiasm for bitcoin. Glassnode analyst James Check notes that the market appears to be in a period of quiet accumulation, suggesting an undercurrent of demand despite regulatory headwinds. Faster accumulation could result in weakening supply and potential price increases, with technical charts indicating a bull revival as long as crucial support at $25,200 remains intact.
Crypto exchange Binance has set up Lightning nodes on the Bitcoin network to offer users Lightning-based bitcoin deposit and withdrawal services, according to a recent tweet. The Lightning network is a second layer of the Bitcoin blockchain that speeds up transaction times and reduces network congestion by enabling off-chain transactions between users for minimal fees. In May, Binance announced plans to integrate the Lightning network to facilitate deposit and withdrawal activities after temporarily pausing bitcoin withdrawals due to network congestion, raising concerns about the exchange's reserve funds. Other exchanges such as Kraken and Bitfinex already provide Lightning network services, and Coinbase CEO Brian Armstrong has hinted at future integration. As of Tuesday morning, the Lightning network holds nearly $145 million worth of bitcoin designated for fast payments.