El Salvador has postponed its unprecedented $1 billion bitcoin bond offering over unfavorable market conditions, the country’s Finance Minister Alejandro Zelaya said on TV. The bond issue was scheduled to launch between March 15-20.

Grayscale has launched a new fund offering investors exposure to a variety of smart contract networks other than Ethereum that have emerged amid the growth of decentralized finance (DeFi).

Cryptocurrency exchange Crypto.com has become an official sponsor of the 2022 FIFA World Cup in Qatar. FIFA has said Crypto.com’s branding will appear both inside and outside of stadiums for the event, scheduled to begin in November.

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Top stories in the Crypto Roundup today:

• El Salvador Postpones Bitcoin Bond Offering
• Grayscale Launches Fund Focusing on Ethereum Alternatives
• Crypto.com Becomes Official FIFA World Cup Sponsor
• What Are Staking Pools?
• Sponsored: Register for a Rewarding Bybit Experience

El Salvador Postpones Bitcoin Bond Offering

El Salvador has postponed its unprecedented $1 billion bitcoin bond offering over unfavorable market conditions, the country’s Finance Minister Alejandro Zelaya said on TV. The bond issue was scheduled to launch between March 15-20.

Russia’s invasion of Ukraine and its impact on the price of bitcoin and the wider market caused the El Salvadoran government to change the date. Zelaya noted that now is not the time to issue the bond, but added he prefers the issuance to take place between March and April, saying:

"In May and June sometimes you can, but the market variables get different. After September, it is difficult to raise, unless you are previously funded, as in the case of bitcoin bond.”

Zelaya added the bitcoin bond will have a “substantial oversubscription” that could be as high as $1.5 billion. The bond is set to be issued by the state-owned thermal energy company La Geo instead of the Salvadoran government itself. It will have a sovereign guarantee provided by the government.

Grayscale Launches Fund Focusing on Ethereum Alternatives

Grayscale has launched a new fund offering investors exposure to a variety of smart contract networks other than Ethereum that have emerged amid the growth of decentralized finance (DeFi).

The fund, called the Grayscale Smart Contract Platform ex Ethereum Fund (GSCPxE), holds alternative smart contract ecosystems Cardano ($ADA), Solana (SOL) Avalanche (AVAX), Polkadot (DOT), Polygon (MATIC), Algorand (ALGO) and Stellar (XLM).

According to Grayscale CEO Michael Sonneshein, the fund enables investors to bet on a variety of developing platforms instead of betting on one emerging as the primary venue for DeFi and decentralized applications.

The fund’s holdings are weighted by market capitalization with Cardano and Solana having the two highest weights in the fund, each making up over 24% of holdings.

Crypto.com Becomes Official FIFA World Cup Sponsor

Cryptocurrency exchange Crypto.com has become an official sponsor of the 2022 FIFA World Cup in Qatar. FIFA has said Crypto.com’s branding will appear both inside and outside of stadiums for the event, scheduled to begin in November.

The cryptocurrency exchange will provide opportunities for its users to attend matches and win official merchandise as part of the deal, which according to FIFA chief commercial officer Kay Madati will help grow the games “on a global scale.”

Notably, Qatar’s central bank banned cryptocurrency trading in 2018, with the move being reaffirmed in January 2020 by the Qatar Financial Centre Regulatory Authority. Given the popularity of soccer on the world stage, Crypto.com will nevertheless reach a global audience.

What are Staking Pools?

Staking pools are somewhat similar to mining pools. A staking pool is created when a group of network participants combine their funds in a bid to increase their chances of being rewarded. Setting up and maintaining a staking pool is a lot of work and requires technical expertise.

Their purpose is similar to that of mining pools, as they allow participants with fewer resources to earn rewards while securing the network. While in mining pools miners pool their hashrate to increase their chances of finding a block and share the rewards, in staking pools, participants pool together their funds with the same purpose.

Learn more with CryptoCompare’s complete guide on Staking.

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