🚘 Rolls-Royce to sell car NFTs

🚘 Rolls-Royce to sell car NFTs 🫣 Binance admitted BUSD wasn’t properly backed 🤯 Crypto Com delists USDT for Canadian users

GM, frens.

In case you missed it, we just got listed on OKX wallet and DEX!

What does this mean? Well, first of all that means more exposure for $VEMP, so more people will now be trying to get their hands on it. Also, now you can do more with your $VEMP tokens.

We keep building, and you keep hodling. This is the winning combo.

Now for what’s been happening out there:

🚘 Rolls-Royce to sell car NFTs 

🫣 Binance admitted BUSD wasn’t properly backed

🤯 Crypto Com delists USDT for Canadian users

Rolls-Royce to sell car NFTs

Rolls-Royce has decided to join the NFT market by teaming up with artist Sacha Jafri to create a collection of six hand-painted cars. Each car represents an “element”, which apparently was inspired by Jafri's "Journey of Humanity" painting.

We can only wonder what the other five elements are for these luxury cars – perhaps a diamond-encrusted door handle, or maybe a gold-plated engine? One thing is certain: it's sure is going to an *expen$ive* ride.

Rolls-Royce aims to raise $1 million to benefit charity organizations that support education, health and sustainability. And as an extra incentive, they are launching the “Rolls-Royce That Keeps on Giving” NFT initiative. This includes six fly-through animations which are unique, and linked to the six Phantoms. In other words, you can have the same cars without actually having them.

It's not the first luxury brand to enter the NFT market, and it's definitely not going to be the last. Doesn't matter whether you're going to buy one of these car NFTs or not – it's certainly worth it from the crypto adoption perspective, meaning that luxury brands are starting to recognize the potential of blockchain technology. And that's something we should all be celebrating.

Binance admitted BUSD wasn’t properly backed

According to a recent report from Bloomberg, Binance's BUSD stablecoin may not have been backed with actual reserves in the past. Apparently, the token was undercollateralized at times in 2020 and 2021.

While Binance has now taken steps to fix this issue, it's hard not to feel a bit misled by such actions. After all, one of the main selling points for stablecoins is that they provide near-instantaneous transactions and are backed by actual reserves.

In a blog post submitted a bit after Bloomberg's report, Binance claims there was a "timing mismatch" in backing BUSD with reserves. They noted that they now rebalance more frequently to ensure the stablecoin is fully backed.

Whatever the case, it's a dreadful oversight from Binance that could have easily tipped the whole industry into chaos. Stablecoins are the lifeblood of the crypto ecosystem, and hopefully this serves as a reminder that we need to put in place proper protocols and checks to ensure their integrity. Otherwise, it could be the end of the trustless financial revolution.

Crypto Com delists USDT for Canadian users

Crypto com is going to delist USDT for its Canadian users, and they must review their balances before January 31st, or else all their USDT will be converted to USDC.

https://twitter.com/charlestrussel/status/1612740555691425792

Crypto com also mentioned that all USDT spot orders will be canceled, and no USDT deposits in the crypto.com wallet will be credited after January 31st. This comes just a bit after the Canadian Securities Administrators (CSA) announced that it would strengthen its oversight of crypto trading platforms. Who knew that such a move could have such huge implications?

Crypto com has been struggling with an increasing number of regulations as well as the market in general lately. This delisting of USDT for Canadian users only seems to be adding fuel to the fire. It's a shame that such an important asset has been let go, and one might wonder what the long-term implications of this move will be for Canadian crypto users.