This week in crypto: Binance launches its oracle network, invests in Elon Musk’s Twitter takeover

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This week in crypto: Binance launches its oracle network, invests in Elon Musk’s Twitter takeover

By Hassan Maishera - min read

Binance was in the news this week for numerous activities as the crypto exchange continues to grow despite the bear market.

Binance to launch its oracle network soon

The world’s leading cryptocurrency exchange announced earlier this week that it would launch the Binance Oracle network this month. 

The crypto exchange said Binance Oracle will support multiple blockchain partners within the BNB Chain ecosystem, becoming yet another stepping stone on Binance’s path to the role of the leading infrastructure services provider for the digital asset sector.

Binance was also confirmed as an investor in Elon Musk’s Twitter acquisition. Elon Musk completed the Twitter acquisition a few hours ago. Earlier this week, Binance CEO, Changpeng Zhao said Binance will still back Elon Musk’s acquisition of Twitter. 

The crypto exchange had previously committed $500 million to Elon Musk’s Twitter deal, and reports now suggest that Binance went through with the investment. 

In yet another positive news for Binance, CZ revealed earlier this week that the National Bank of Kazakhstan (NBK) had agreed to test the country’s central bank digital currency (CBDC) on the BNB Chain, Binance’s blockchain network. 

Google Cloud to launch a blockchain node service

Google Cloud announced earlier this week that it would launch a blockchain node engine. According to the tech giant, the engine will streamline the process of setting up a brand new node and also the complications of hosting it on your own hardware.

Google added that it would start with the Ethereum blockchain. Google Cloud has been assembling a web3 team and is slowly entering the blockchain ecosystem.

Revolut to add a crypto payment feature soon

Fintech firm Revolut revealed earlier this week that it would be adding cryptocurrency payment features t its platform soon.

The neobank informed its customers would get 1% back “for a limited time” if they with their Revolut cards using crypto. This latest development comes roughly a month after Revolut introduced 29 new tokens to its crypto offerings, including SOL, AVAX and Shiba Inu.

FTX is working on creating its stablecoin

Binance already has its BUSD stablecoin, and now FTX cryptocurrency exchange is planning on creating its stablecoin. FTX’s CEO Sam Bankman-Fried revealed earlier this week that there are discussions regarding its stablecoin. He revealed that the value of FTX’s stablecoin would be tied to that of another asset.

Hong Kong plans to legalise retail crypto trading

A Bloomberg report earlier this week revealed that Hong Kong’s government plans to allow retail investors to trade cryptocurrencies. However, retail investors would trade cryptos on locally licenced cryptocurrency exchanges. 

The move is part of Hong Kong’s plan to position the city as a center for virtual asset service providers. Details of the new plan are expected to be revealed next week at an annual fintech conference in the city.