El Salvador has reached a deal with the IMF to make Bitcoin payments optional in a $1.4 billion loan package, reducing government roles in cryptocurrency initiatives. Other notable developments include Coinbase’s court approval to delist wBTC, Exodus’s strong stock debut, and Fraction AI securing $6 million in funding.
In a significant shift, El Salvador has agreed with the International Monetary Fund (IMF) to make Bitcoin payments optional. This decision is part of a broader $1.4 billion loan deal aimed at addressing the country’s financial challenges and stabilising its economy. The agreement will also see a reduction in governmental roles in Bitcoin-related projects, a step that signals a change in the government’s previous heavy involvement with cryptocurrency.
The move to render Bitcoin transactions voluntary appears to be an effort to ease concerns among citizens who may not be ready or willing to engage with cryptocurrency. By stepping back, the Salvadoran government seems to be acknowledging the volatility and risks associated with digital currency, prioritising financial stability for its citizens over unyielding adoption.
In other news from the cryptocurrency world, a California court has ruled that Coinbase is allowed to delist wrapped Bitcoin (wBTC), refusing BiT Global’s appeal for a temporary injunction against this decision. This ruling could have implications for wBTC trading and its availability on the major crypto platform, highlighting ongoing regulatory challenges in the sector.
Meanwhile, Exodus, a crypto wallet service, made quite a splash on its first trading day. The company’s shares surged over 37%, hitting a high of $64.50 within the session. This initial performance reflects strong investor interest in the platform, which allows users to manage and trade cryptocurrencies securely.
In another development, Fraction AI, which operates at the intersection of crypto and artificial intelligence, successfully completed a $6 million Pre-Seed financing round. This funding was led by well-known firms such as Spartan Group and Symbolic Capital, underscoring investor confidence in the growth of AI integration within the blockchain space.
Metaplanet has also announced that its shares have commenced trading on the U.S. OTCQX market under the symbol $MTPLF. This move could help boost its visibility to a wider pool of investors as it navigates the complexities of launching on public markets.
Further, Grayscale has opened access to its Bittensor Trust, now available for accredited investors. This step reflects the increasing interest in structured investments in the cryptocurrency ecosystem as institutional players continue to diversify portfolios.
Lastly, in a notable transaction, World Liberty conducted a significant purchase using 250,000 USDC to acquire 231,726 ENA. This exchange underlines the active trading environment and the potential for USDC to facilitate large transactions seamlessly.
