Bitcoin Ordinals have become the latest layer-2 solution to enable storing of art directly on the Bitcoin blockchain, allowing users to migrate their Ethereum ERC-721-based non-fungible tokens (NFTs) onto the Bitcoin blockchain.

Cryptocurrency exchange Bybit has revealed plans to withdraw from the Canadian market as early as May 31, following several other trading platforms that have departed the country.

The company behind the popular USDT stablecoin, Tether, has recently announced its expansion into the renewable energy sector and sustainable Bitcoin mining in Uruguay, in a move that sees it diversify its operations.

Top stories in the Crypto Roundup today:

• Ethereum NFTs Can Now Be Bridged to Bitcoin
• Bybit Announces Plans to Cease Operations in Canada
• Tether Diversifies into Renewable Energy and Bitcoin Mining in Uruguay
• Chart of the Week: BTC-AUD Sees Major Discount on Binance

Ethereum NFTs Can Now Be Bridged to Bitcoin

Bitcoin Ordinals have become the latest layer-2 solution to enable storing of art directly on the Bitcoin blockchain, allowing users to migrate their Ethereum ERC-721-based non-fungible tokens (NFTs) onto the Bitcoin blockchain.

The move is possible through the launch of the BRC-721E standard, which was unveiled through a joint effort between the Bitcoin Milady’s NFT collection and Ordinals protocol marketplace, Ordinals market.

The new BRC-721E standard enables the conversion of verifiable ERC-721 NFTs to Ordinals. While the metadata isn't stored on-chain initially, it offers users the possibility to house a lower-grade preview image, including a reference to Ether's raw image data.

To migrate an NFT, users have to first burn the ERC-721 token with an ETH call function in an irreversible action serving as an on-chain engraving method. For the ETH burn to be claimed on Bitcoin, the user needs to engrave valid BRC-721E data, subsequent to which the bridged NFT will manifest on a specialized Ordinals market collection page featuring comprehensive metadata.

This process is overseen by indexers that scrutinize the engraved NFT data to ensure each token has no more than one valid engraving and that the genesis address aligns with the burn transaction call data.

Bybit Announces Plans to Cease Operations in Canada

Cryptocurrency exchange Bybit has revealed plans to withdraw from the Canadian market as early as May 31, following several other trading platforms that have departed the country.

In a blog post, the firm said its primary objective has always been to operate in compliance with all relevant rules and regulations, but added that given recent regulatory developments it “made the difficult but necessary decision to pause the availability of our products and services.”

As of May 31, the company will cease to accept new account registrations. Current customers will be given a grace period until July 31 to initiate new deposits and contracts. The exchange stressed that customers will have the ability to withdraw or downsize their positions after the final closure date.

The move places Bybit amongst other leading crypto exchanges, like Binance, that have ceased their operations in Canada. This followings  a challenging regulatory landscape that has been shifting since February, when Canada issued fresh directives for crypto companies.

These guidelines necessitate crypto asset trading platforms to gain approval from the Canadian Securities Administrators (CSA), a process that involves stringent due diligence checks.

Tether Diversifies into Renewable Energy and Bitcoin Mining in Uruguay

The company behind the popular USDT stablecoin, Tether, has recently announced its expansion into the renewable energy sector and sustainable Bitcoin mining in Uruguay, in a move that sees it diversify its operations.

The firm is set to invest in renewable energy sources to support BTC mining operations, in partnership with a licensed local company.

The project seeks to combine the domains of energy and cryptocurrency, showing how these sectors can collaborate for more eco-friendly practices. To achieve this, Tether is looking for experts from the energy sector to join its team as part of this new venture.

Paolo Ardoino, CTO of Tether, has expressed the company’s commitment to sustainability, stating that Tether aims to minimize the ecological impact of Bitcoin mining by leveraging renewable energy sources available in Uruguay

Chart of the Week: BTC-AUD Sees Major Discount on Binance

Recent banking issues experienced by Binance Australia have seen the Bitcoin to Australian dollar (BTC-AUD) pair trading at a discount on the platform.

As of May 28, the BTC-AUD pair was trading at roughly A$34,000, marking a significant 22% price reduction when compared to other Australian exchanges.

State of the Crypto by Top Tier Exchange Volume

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