TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Nike patents tokenized shoes. Santander redeems blockchain bonds on Ethereum. BitPay introduces stablecoin payments. Matic loses 70% of its value in an 30 minutes, and Keybase aborts Stellar airdrop.
Nike Receives Patent for Tokenized Shoes
Nike received a patent for tokenizing shoes on the Ethereum blockchain. Every shoe could have an Ethereum EC721 token associated with it, that would be linked to the owner’s ID and would also store the genotype of the shoe (size, color, fit, model). The patent also introduces more compelling options for shoe owners, such as the possibility of controlling how many copies can be issued. Limited editions are creating a vibrant market and Nike surely wants to get into it offering something new to the mix.
Santander Redeems Bonds Issued on Ethereum
Santander, the Spanish bank behemoth, announced they redeemed $20 million of a blockchain bond issued earlier this year on the Ethereum network. The bond redeemed was the first experiment of a bank issuing a bond using a public blockchain like Ethereum. Joss Whelan, head of Digital Investment Banking at Santander, stated this “unequivocally proves that a debt security can be managed through its full lifecycle on a blockchain (public in this case).”
BitPay Introduces Stablecoin Payments
BitPay started accepting stablecoins to issue payments and settlements on their platform, a long-awaited feature for many users. BitPay chose Gemini Dollar, Paxos Standard, and USD Coin as the three stablecoins to be integrated with their system. It is expected this will bring more people to spend crypto on the platform without having to worry about volatility at the moment of making payments.
Matic Token Lost 70% in 30 Minutes
Matic, a cryptocurrency token listed on Binance, lost more than 70% of its value in less than 30 minutes. The event was believed first to be linked to an insider trading event from the Matic team, due to a tweet showing them supposedly liquidating a big amount of currency; however, the team blamed the incident on market manipulators that shorted the currency. Changpeng Zhao, CEO of Binance, declared the Matic team had nothing to do with the pump, and explained some traders panicked, causing a cycle that made prices drop.
Keybase Aborts Stellar Airdrop due to Proliferation of Fake Users
Keybase, a Stellar associated and cryptocurrency-friendly messaging app, will stop the current Stellar airdrop because it has attracted fake users to the platform. Keybase stated: “Starting in the last week or so, hordes of fake people were beginning to come in, far beyond the capacity of Keybase or SDF to filter.” The final distribution of the funds (100 million lumens) will be completed by December 15. The airdrop was originally thought to run for 18 months and deliver 2 billion lumens to Keybase userbase.
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