August 18th · Latest Web3 News

1️⃣Thailand launched a pilot program allowing foreign tourists to directly exchange cryptocurrencies for Thai baht to facilitate local consumption, with a maximum exchange limit of 100,000 baht per transaction. This move aims to attract digital nomads and stimulate tourism.

2️⃣Dutch crypto company Amdax plans to list a Bitcoin reserve company on Euronext, banking on strong institutional investor demand for Bitcoin as a corporate asset.

3️⃣Metaplanet purchased an additional 775 Bitcoins for approximately $93 million, bringing its total holdings to 18,888. This move reflects Japan's growing interest in Bitcoin as a reserve asset.

4️⃣Japan approved its first yen-backed stablecoin, JPYC, which is expected to simplify cross-border payments and promote the integration of traditional finance and blockchain technology.

5️⃣ An early Ethereum ICO wallet dumped $ETH worth $19 million on the Kraken exchange. This move occurred amidst a broader market downturn, wiping out over $100 billion in crypto market capitalization overnight.

Overall, the web3 space is actively expanding through fiat-crypto bridges and reserve strategies.