Weekly Crypto News Bites: Italy to Provide $46M for Blockchain Projects, Argentines Resort to Stablecoins Amid Crisis, ENS Domain Sells for $345,000

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

Italian Government to Provide $46 Million for Blockchain Projects

Starting September, public or private research firms that develop blockchain technology, AI, or Internet of Things (IoT) are qualified to apply for up to $46 million in government subsidies. According to the decree, the projects should benefit certain sectors such as tourism, industry and manufacturing, health, aerospace, and the environment. 

Italy’s subsidy plan will boost its growing community of entrepreneurs and tech leaders. According to Minister of Economic Development Giancarlo Giorgetti, “We support companies’ investments in cutting-edge technologies with the aim of encouraging the modernization of production systems through management models that are increasingly interconnected, efficient, secure and fast.” 

Argentines Resort to Stablecoins Amid Crisis

DAI, a stablecoin whose value is close to $1, is being purchased by Argentines as collateral in order to acquire loans in Argentine pesos and as insurance against the currency’s possible devaluation. 

Argentina’s stablecoin market rose six times in the past year. Moreover, the country is in 10th place on the Crypto Adoption Index that was published by Chainalysis. According to a study by Wunderman Thompson, Buenos Aires, Argentines invest in crypto to protect their savings from the growing economic crisis and inflation. 

ENS Domain Sells for USD 345,000

On July 3, the Ethereum Name Service (ENS) domain 000.eth was sold by an OpenSea marketplace user named EtheOS to another user called B34D84 for 300 ETH or USD 345,260. 

The ENS domain was first listed in September 2021 for 100 ETH ($300,000) and was re-listed in January 2022 for 500 ETH. The user re-listed the name again in March before it got accepted three months later. This is the second-highest ENS domain name purchase following the sale of paradigm.eth which was sold for 420 ETH or $1.5 million last October 2021. 

Ethereum Name Service is a technology that replaces a user’s long crypto address with a unique URL that is much simpler and easier to read.

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