Altcoins at a Glance – Latest Updates on Your Favorite Coins

Welcome back to Altcoins at a Glance, where we condense news about your favorite crypto projects. Aside from Bitcoin, there are thousands of other crypto projects, and nobody has the time to monitor them all.  So here at Cryptonewsbytes, we have scoured the crypto space for the latest and most important news so that you don’t have to.

Keep Your Favorite Altcoins using The Shiba Inu x Tangem wallet

  • Shiba Inu has partnered with Tangem to create a SHIB-inspired hard Wallet.
  • Tangem is known for creating hard wallets that look like credit cards.
  • Shiba Inu developers have not given a lot of details, but it will probably have all the features of the basic Tangem crypto hard wallet.
  • Tangem wallets do not need any power source and do not have any buttons on the device.  It works with a Near Field Communication (NFC) phone with the Tangem app installed.  Users need to tap the card to approve transactions.
  • Users of Tangem wallets do not need to remember their recovery phrase since it is generated and stored on the card itself.  The package usually comes with 3 cards that back up each other.
  • Tangem wallets can survive extreme temperatures and abuse – a feature not usually found in a crypto hardware wallet
  • The Shiba Inu-inspired hard wallet was originally limited to 2000 units but Tangem has tweeted a possibility of increasing the supply due to demand.
  • Pre-selling starts on May 29, 2023

A short video on how a Tangem wallet works:

A New Bill Might Save Altcoins from Being Labeled as Securities

  • Congressmen Tom Emmer and Darren Soto have introduced a bill that aims to clarify the regulatory classifications of digital assets
  • The Securities Clarity Act provides clarity for digital assets by setting a distinction between an asset and the securities contract that it may or may not be part of.
  • In a nutshell, tokens of crypto projects will not be classified as securities.   Though it is possible that the crypto project itself will have separate securities contracts.
  • Assets are classified as securities if they satisfy all four questions on the Howie test which is based on a 1946 court decision.
  • The SEC has been accused of using regulation by enforcement to regulate digital assets.  The agency sees most altcoins as securities.  If passed, this new bill will give a more concrete legal framework on how to approach crypto.

Zimbabwe Launches Gold-backed Crypto

  • The African Country of Zimbabwe has launched a gold-backed crypto
  • The Reserve Bank of Zimbabwe (RBZ) is the issuer of the new gold-backed digital currency. 
  • It is intended as a legal tender and a store of value alongside the Zimbabwean dollar and bonds.
  • Users can buy and sell using local and foreign currencies.
  • The country intents to use the new altcoin as a tool to combat the state’s economic problems.

Optimism Bedrock: A Game-Changer for Altcoins

  • Optimism, a layer 2 of the Ethereum (ETH) chain, is set to launch its Bedrock Upgrade
  • It is expected to happen on June 6, 2023.
  • It is estimated to lower gas fees by as much as 47%.
  • Bedrock upgrade is also expected to increase the blockchain’s security.

Strike Announces USDT Support

  • Strike, a global Bitcoin payments service, has announced that it has added support for the USDT stablecoin.
  • This was announced at the 2023 Bitcoin Conference.
  • It will give users the ability to easily switch between BTC and USDT.

Thank you joining us and see you next week.

Featured image from Unsplash