Crypto on LYO: The Blend — LYOMERCHANT Processes 90K Transactions, LYO Credit Burning, Binance Launches Industry Recovery Fund to Aid Projects Experiencing Liquidity Issues, St. Kitts and Nevis to Make Bitcoin Cash as Legal Tender

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What happened in the crypto world in the last week? Let’s see some interesting news together! 

LYOMERCHANT Processes 90K Transactions, LYO Credit Burning 

LYOMERCHANT, the crypto payment gateway of the LYOPAY ecosystem, successfully processed more than 90,000 transactions in the past week. The transactions have been conducted with private clients as the service is still in its initial phase, proving LYOMERCHANT’s efficiency and security. Once the service rolls out, it is expected that more transactions will be processed soon. 

On the other hand, the LYOPAY native token LYO Credit has gone through a token burning process, stripping down 23% of the total supply due to an unused amount of token intended for minting. The total supply has been reduced from 250,000,000 LYO to 190,861,445 LYO, which may increase the token’s value in the future.

Binance Launches Industry Recovery Fund to Aid Projects Experiencing Liquidity Issues

Binance announced that it is creating a fund to assist projects with strong potential that are currently going through liquidity issues. 

The fund seeks to mitigate the grave repercussions of the FTX collapse by helping projects that are “strong, but in a liquidity crisis,” according to a tweet by Binance CEO Changpeng Zhao. He also said that project teams who believe they fit the criteria can get in touch with Binance Labs.

St. Kitts and Nevis to Make Bitcoin Cash as Legal Tender

St. Kitts and Nevis Prime Minister Terrance Drew announced that the Caribbean nation may adopt Bitcoin Cash as legal tender by March 2023.  

During the Bitcoin Cash 2022 conference in the country that took place on November 12, Drew emphasized that St. Kitts and Nevis “has always been a forward-thinking nation and a leader in exploring new technologies” that can advance their people. 

He also added that he is open to exploring opportunities related to Bitcoin Cash mining and making the cryptocurrency legal tender in the country by early next year once the safety of the nation and the people are established. 

Stay tuned for next week’s crypto news! Follow LYOPAY social media pages: 

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