Crypto Flipsider News – Shiba Inu Announces Its Metaverse, Dogecoin Founder Fires Criticism; U.K. Extends Crypto Registration; Cardano Whales on Buying Spree; Polygon Launches Web 3.0 ID to Keep Users Safe; BNB Eyes $520, Binance Launches Bridge 2.0

Read in the Digest:

•  Shiba Inu announces its metaverse, Dogecoin founder fires criticism.

• The U.K. extends registration for crypto firms, while Washington passes bill to expand blockchain adoption.

• Cardano whales go on buying a spree, signalling more upsides for ADA.

• Polygon launches Web 3.0 ID to keep personal information of users private.

• Binance launches Bridge 2.0 to integrate CeFi and DeFi as BNB Eyes $520.

The Shiba Army’s expectations for the much-anticipated announcement were met, as the developers behind the project revealed its virtual reality project dubbed “SHIB: The Metaverse.”

The developers behind Shiba Inu announced that its metaverse will launch with 100,595 land plots released across four phases. Land owners will be able to generate passive income, gather in-game resources, and generate rewards.

• While the Shiba Army remains euphoric about the development, Dogecoin co-founder Billy Markus has condemned the move.

• According to Markus, the Shiba Inu metaverse is a valueless cash grab project.

• The developers were also criticized for picking Ethereum as the land pricing token.

With Revolut and other crypto firms looking to exit the U.K. over the March 31st expiry of its temporary FCA registration, the regulatory agency has elected to give firms more time to complete their registration.

The update to its policy will allow crypto firms like Revolut and Cooper to continue operating in the U.K. even after the temporary registration regime closes on March 31st.

In the United States, Governor Jay Inslee of Washington state passed a bill that establishes a blockchain workgroup in the northwest state. The move aims to accelerate the adoption of blockchain in Washington.

The bill, according to Senator Sharon Brown, will see the state collaborate with the private sector to advance blockchain technology for the benefit of all Washington residents, employers, and workers.

• Despite the extension, the FCA has still been criticized for making the registration process difficult for firms, and for its delay in issuing approvals.

According to the on-chain data tracker, ‘IntoTheBlock’, crypto whales, and institutional investors have been scooping up significant amounts of ADA for their portfolios. 

IntoTheBlock also reports that the volume of on-chain transactions of Cardano (ADA) with values above $100k has increased by 50 times since the beginning of 2022. On January 1st, the volume of ADA traded was 1.35 billion ADA (at a price of $1.34).

Since then, the volume of ADA traded has only increased, peaking at 76.55 billion ADA on March 20th. Over 61 billion ADA has been traded over the past 24 hours.

The rising institutional demand for Cardano has helped ADA close out its first month in the green after seven consecutive losses. ADA opened for trade in March at $0.9599, but looks set to conclude the month at above $1.17 – representing a 21% price rise.

• Cardano remains one of the coins hit the hardest in the top 10 ranked by market cap. ADA is still trading 62% short of its levels recorded in September 2021, when it peaked at $3.1.

With security becoming an integral part of the cryptoverse, Layer 2 scaling solution Polygon has launched a new self-sovereign, zero-knowledge proof (ZKP) identity service –  ‘Polygon ID’. 

Polygon ID is designed to give users greater privacy and sovereignty when accessing dApps and DeFi services. Polygon claims that it is the first Web 3.0 identity platform to adopt cryptographic-based ZKP technology.

Polygon ID will help users provide proof of their identity when engaging in airdrops, initial coin offerings (ICOs), decentralized exchange (DEX) trading, and for processes in which strict Know Your Customer (KYC) requirements apply.

Notably, Polygon boasts that Polygon ID allows users to verify their credentials and identity without revealing any of their personal information. The service is expected to debut in Q2 and become fully operational in Q3 of 2022.

The world’s largest crypto exchange, Binance, has rolled out Binance Bridge 2.0 – a service that will allow users to bridge assets from any blockchain, including those not listed on Binance, to the Binance Chain.

Binance Bridge 2.0 also supports almost all Ethereum-based native tokens. The new feature will allow more users to tap into the growing DeFi industry while enjoying the seamless benefits of centralized finance (CeFi).

Prospering from the developments, the native token of Binance, BNB saw a shift in fortunes, making a strong uptrend and setting a new 60-day high in the process. Binance Coin rose to as high as $452 before settling at $433.8.

• Bridge networks have come under severe scrutiny regarding their security, especially in light of the recent $625 million Ronin hack.