Google’s cloud unit is forming a team to build services for developers running blockchain applications in a bid to capitalize on the growing popularity of the crypto space.

Meta’s Instagram is reportedly planning to integrate non-fungible tokens (NFTs) from multiple blockchain networks, including Ethereum, Polygon, Solana, and Flow. These networks currently host the vast majority of digital collectibles.

The Luna Foundation Guard (LFG) has said it will lend out $1.5 billion worth of Bitcoin and its stablecoin UST in order to defend the latter’s peg. The announcement came shortly after UST’s price dipped below $1.

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Top stories in the Crypto Roundup today:

• Google Forms Web3 Team
• Instagram to Support NFTs from Ethereum, Polygon, Solana, and Flow
• Luna Foundation Guard Lends $1.5 Billion in BTC to Defend UST Peg
• CryptoCompare Asset Report Snapshot: April 2022
• Sponsored: Bybit - Earn Up to $60 in BTC Welcome Rewards!

Google Forms Web3 Team

Google’s cloud unit is forming a team to build services for developers running blockchain applications in a bid to capitalize on the growing popularity of the crypto space.

According to CNBC, in an email sent to employees Google Cloud vice president, Amit Zavery, said that while Web3 is still in its early stages the market “is already demonstrating tremendous potential with many customers asking us to increase our support for Web3 and Crypto related technologies.”

The search giant is looking to be the number one choice for developers in the Web3 space, although it does not want to “be a part of that cryptocurrency wave directly.” Instead, Google is looking to support developers building Web3 software through backend services.

The team will sit under Google’s cloud computing unit. The move comes after Google’s cloud unit revealed plans for a Digital Assets Team to work with customers on the back of the emerging non-fungible token (NFT) trend.

Instagram to Support NFTs from Ethereum, Polygon, Solana, and Flow

Meta’s Instagram is reportedly planning to integrate non-fungible tokens (NFTs) from multiple blockchain networks, including Ethereum, Polygon, Solana, and Flow. These networks currently host the vast majority of digital collectibles.

It isn’t clear whether Instagram will support NFTs from all four chains at launch. The platform is planning on supporting widely-used cryptocurrency wallets such as MetaMask and will allow users to prove NFT ownership, showcase them on their profiles, and tag the creators who made them.

Instagram is reportedly not going to be charging users for posting and sharing NFTs, a move that contrasts with Twitter’s initial charge for its hexagonal NFT profile pictures in January.

Instagram has over one billion monthly active users and the move could lead to a rush of new cultural visibility for NFTs and the wider crypto market.

Luna Foundation Guard Lends $1.5 Billion in BTC to Defend UST Peg

The Luna Foundation Guard (LFG) has said it will lend out $1.5 billion worth of Bitcoin and its stablecoin UST in order to defend the latter’s peg. The announcement came shortly after UST’s price dipped below $1.

In a thread on social media, LFG said that it would “proactively defend the stability of the $UST peg & broader Terra economy, especially under volatility and the uncertainty of macro conditions in legacy markets.”

According to the organization, traders will “ trade the capital on both sides of the market to help accomplish both” of its goals. LFG was formed in January to support Terra’s ecosystem and the “sustainability and stability of Terra’s algorithmic stablecoins.”

The organization has raised more than $3 billion in Bitcoin to defend the UST stablecoin’s peg.

CryptoCompare Asset Report Snapshot: April 2022

CryptoCompare’s latest Asset Report has been released. A snapshot of the report shows the least volatile digital asset last month was bitcoin at 48.7%, despite yielding investors negative returns of 17.3%.

The flagship cryptocurrency was outperformed by Ethereum, which dropped 16.9% last month, and saw its transaction fees jump 21% to $513 million, breaking a downward trend from February.

Read the full report for a detailed analysis on the latest developments surrounding Bitcoin, Ethereum, Ripple, Solana, and Cardano.

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