The central bank of Honduras has issued a statement clarifying that bitcoin is not regulated as a currency in the country, shooting down social media chatter about a potential announcement that BTC was set to become legal tender in the country.

A beta version of GameStop’s non-fungible token (NFT) marketplace has been launched on Loopring L2, an Ethereum scaling provider that allows users to transact for a fraction of the cost of the main ETH layer.

Investment bank Cowen has launched a digital assets unit that will allow institutional customers to trade 16 cryptocurrencies including Bitcoin, Ethereum, Solana, AAVE, and USDC.

CryptoCompare's Digital Asset Summit is returning on 30th March at Old Billingsgate, London. As Europe's flagship institutional summit for digital assets, this is the perfect opportunity to connect with key industry decision-makers and leading names in finance who are adopting and embracing the digital asset revolution.

Top stories in the Crypto Roundup today:

• Honduras’ Central Bank Shoots Down Bitcoin as Legal Tender Rumors
• Beta Version of Gamestop’s NFT Marketplace Launches on Loopring
• Investment Bank Cowen Launches Digital Assets Unit
• Analyzing The NFT Revolution
• CCDAS Summit - Get 10% Off for Being a Loyal Reader

Honduras’ Central Bank Shoots Down Bitcoin as Legal Tender Rumors

The central bank of Honduras has issued a statement clarifying that bitcoin is not regulated as a currency in the country, shooting down social media chatter about a potential announcement that BTC was set to become legal tender in the country.

In an announcement, the central bank explained BTC is not regulated in Honduras or considered legal tender in the majority of other countries. It reminded the public that the central bank is the only entity legally allowed to issue bills and coins.

The central bank also referenced previous announcements it made addressing cryptocurrencies, in which it clarified it does not supervise or guarantee cryptocurrency transactions.

Honduras' adoption of Bitcoin as legal tender would be significant as its neighboring country, El Salvador, was the first country in the world to do so. After adopting BTC as legal tender in September, El Salvador announced plans to create a new “Bitcoin City.”

Beta Version of GameStop’s NFT Marketplace Launches on Loopring

A beta version of GameStop’s non-fungible token (NFT) marketplace has been launched on Loopring L2, an Ethereum scaling provider that allows users to transact for a fraction of the cost of the main ETH layer.

The beta version of GameStop’s NFT Marketplace is now live, allowing users to set up their usernames and profiles and add funds to their accounts to prepare for the marketplace’s full launch.

The platform aims to become a destination for “new global digital economies,” with users being able to mint NFTs on Loopring for under $1.

In its fourth-quarter earnings report, GameStop revealed it plans to launch its NFT marketplace by the end of July. The firm partnered with layer-2 system Immutable X to launch its NFT plans earlier this year.

The retailer reported a fiscal fourth-quarter loss of $1.94 per share, versus the consensus analyst estimate of an $0.85 gain. The firm said on its earnings call it sees long-term potential in the NFT market.

Investment Bank Cowen Launches Digital Assets Unit

Investment bank Cowen has launched a digital assets unit that will allow institutional customers to trade 16 cryptocurrencies including Bitcoin, Ethereum, Solana, AAVE, and USDC.

The company has announced it will offer “full-service trade execution and custody solutions.” Cowen’s CEO, Jeffrey Solomon, added that the firm’s clients “now have access to the crypto and digital asset markets with our institutional quality and fully integrated end-to-end execution and custody capabilities.”

Cowen’s custodial services are being offered through a partnership with Standard Custody and PolySign after the firm invested $25 million in the latter last year.

In the future the firm is looking to offer crypto derivatives and futures, as well as access to non-fungible tokens (NFTs).

What are NFTs?

Non-fungible tokens (NFTs) have taken the crypto industry and world by storm this year. In 2021 alone, NFT marketplace, OpenSea, facilitated 12bn worth of NFT transactions — with many other platforms and marketplaces also seeing significant growth in their volumes.

NFTs allow you to buy, sell, trade and verify ownership of a digital item on the blockchain. The phrase “NFT” beat “cheugy” to be Collins Dictionary’s word of the year, and as per Collins, it is defined as: “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible.”

An NFT can come in many shapes and sizes, varying from digital art, to songs, real-life artworks, collectibles in a video game and much more. Many outsiders that are new to the world of NFTs criticize them saying: “I just right-clicked saved this for free” or “This is just a JPEG”, but NFTs are far more than this, for they have created a way for artists to monetize digital versions of their content via the creation of ownership.

Usually, NFTs come in the form of an ERC-721 or ERC-1155 token on the Ethereum blockchain (other blockchains have different standards), for this is the chain that popularised the NFT trend.

Other blockchains, such as Solana, Avalanche and Tezos, have also seen a boom in NFT activity.

Read more about NFTs on CryptoCompare’s blog.

CCDAS Summit - Get 10% Off for Being a Loyal Reader

CryptoCompare's Digital Asset Summit is returning on 30th March at Old Billingsgate, London. As Europe's flagship institutional summit for digital assets, this is the perfect opportunity to connect with key industry decision-makers and leading names in finance who are adopting and embracing the digital asset revolution.

Time is running out to secure your place at The CryptoCompare Digital Asset Summit! CryptoCompare readers can save 10%  today with code NEWSLETTER10. You can find more information here

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