Ethereum’s only Proof-of-Work testnet, Ropsten, has launched its Proof-of-Stake Beacon chain, with a merge between both platforms expected on June 8. The launch brings Ethereum one step closer to its move to a Proof-of-Stake consensus algorithm in what’s referred to as the “Merge.”

MoneyGram International, one of the world’s largest transfer services in the U.S., is partnering with the Stellar blockchain to create a stablecoin-based remittance platform. The platform would allow users to send stablecoins and easily convert them into fiat currency.

The pseudonymous founder of the meme-inspired cryptocurrency, Shiba Inu, has walked away from the community after deleting their social media presence. The founder, Ryoshi, held a hands-off approach to the memecoin.

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Top stories in the Crypto Roundup today:

• Ethereum Moves Closer to Proof-of-Stake with New Testnet Launch
• MoneyGram to Partner with Stellar for Stablecoin Remittances
• Shiba Inu Founder Deletes Social Media Presence
• Chart of the Week: ETH Price vs. Network Activity
• Sponsored: Get 5 BUSD & Stand a Chance to Win 1 Bitcoin in Token Voucher with Binance Card!​

Ethereum Moves Closer to Proof-of-Stake with New Testnet Launch

Ethereum’s only Proof-of-Work testnet, Ropsten, has launched its Proof-of-Stake Beacon chain, with a merge between both platforms expected on June 8. The launch brings Ethereum one step closer to its move to a Proof-of-Stake consensus algorithm in what’s referred to as the “Merge.”

Earlier this month, Ethereum developer Preston Van Loon announced on Twitter that the Ropsten Testnet was expected to merge with its beacon chain on June 8, an event he deemed a “huge milestone” towards seeing the Ethereum mainnet merge.

The Ropsten Testnet was created in 2016 and is seen as one of the best replications of the Ethereum mainnet. Its resemblance allows developers to conduct realistic tests on it before implementing changes to the Ethereum network.

The beacon chain scanner shows the first few blocks on the Ropsten testnet were produced on May 30. The launch comes shortly after Ethereum’s mainnet beacon chain suffered a 7-block reorganization over out-of-date client software.

MoneyGram to Partner with Stellar for Stablecoin Remittances

MoneyGram International, one of the world’s largest transfer services in the U.S., is partnering with the Stellar blockchain to create a stablecoin-based remittance platform. The platform would allow users to send stablecoins and easily convert them into fiat currency.

The service, once fully launched, will allow users on the Stellar blockchain to convert their holdings into USDC and cash the funds out through MoneyGram’s network.

The service is expected to help spread cryptocurrency adoption in emerging markets. Remittances in low- and middle-income countries reportedly grew to $589 billion last year, and are projected to rise this year, according to the World Bank.

In an interview, MoneyGram CEO Alex Holmes said the firm is in talks with third-party companies that provide digital wallets in El Salvador alongside the government-backed Chivo wallet, which was introduced when the country made BTC legal tender.

Such a deal would see MoneyGram compete for BTC transfers as well, with Holmes saying that consumers should “be able to transfer Bitcoin to El Salvador or transfer dollars and convert them to Bitcoin” through MoneyGram.

Shiba Inu Founder Deletes Social Media Presence

The pseudonymous founder of the meme-inspired cryptocurrency, Shiba Inu, has walked away from the community after deleting its social media presence. The founder, Ryoshi, held a hands-off approach to the memecoin.

Lead Shiba Inu developers including Shytoshi Kusama have stated that the project will carry on and continue to “actualize Ryoshi’s vision and plan for this grand experiment” of building a decentralized ecosystem.

Ryoshi had hinted numerous times they would eventually walk away from the project, and had significantly downplayed their significance in Shiba Inu, saying they are “a nobody” and “not important.”

The meme-inspired cryptocurrency has maintained a strong community over the bear market, and currently has well over one million token holders on the Ethereum blockchain.

Chart of the Week: ETH Price vs. Network Activity

Ethereum’s price has fallen 62.8% to $1,791 from its all-time high reached in early November. Despite the fall, activity on the network has remained constant.

Ethereum has, along with the rest of the cryptocurrency market, recently been seeing its price recover. Daily active addresses and daily transactions, on the other hand, haven’t experienced any swings along with its price.

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Disclaimer

Terms and conditions apply. Cryptocurrencies are unregulated. Cryptocurrency profits may be subject to Capital Gains Tax. The value of investments is variable and can go down as well as up.

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