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This week in crypto: Instagram adds support for Polygon-powered NFTs

Meta announced this week that it would soon allow Instagram users to mint and sell Polygon-powered nonfungible tokens (NFTs).

Instagram users to mint and sell NFTs

Meta, Facebook’s parent company, announced this week that Instagram users would soon be able to mint and sell NFTs on the social media platform.

The social media giant added that users could mint, showcase and sell digital collections powered by NFTs on Polygon. Meta added that the move is designed to enable creators on Instagram monetise their work.

The feature will soon be available to a select group of creators in the United States, but Meta intends to expand it to more users and countries soon.

MoneyGram adds BTC, ETH, and LTC trading options to its app

MoneyGram, a publicly traded peer-to-pay payments company, announced earlier this week that it had added crypto investment tools to its mobile app. According to the company, its users in the United States can now buy, sell and hold bitcoin, ether and litecoin via its mobile app.

MoneyGram added that it intends to expand the list over the coming months as it looks to support more cryptocurrencies. 

Deribit exchange losses $28 million in a hack

Another week, another hack. This time, the victim is Deribit, the leading Bitcoin options exchange in the world. Deribit revealed earlier this week that it had suffered an exploit, resulting in a $28 million loss.

The exchange had to temporarily halt withdrawals on its platform while it investigated the matter. Deribit informed its users that its hot wallet was compromised, but client funds are safe, and the loss is covered by company reserves.

Santander UK imposes a £3,000 monthly limit on crypto-related transactions

The UK unit of the Santander bank announced earlier this week that it was imposing a monthly limit on cryptocurrency-related transactions.

According to the bank, customers will be limited to making crypto transactions worth £3,000 ($3,360) during a 30-day period. Furthermore, there is a £1,000 ($1,120) limit on individual crypto transactions for customers.

Santander UK claimed that it made this move to protect its customers from the effect of cryptocurrencies and help safeguard their wealth. While there is a limit to how much users can send from Santander to crypto exchanges, there is no set limit to how much they can receive from crypto exchanges.

Visa collaborates with Crypto.com to launch Visa Masters of Movement

Payment giant Visa partnered with Crypto.com to launch its Visa Masters of Movement ahead of the FIFA World Cup 2022. 

Visa claims that its Masters of Movement is a first-of-its-kind hybrid experience featuring a pre-event NFT auction and immersive activation. The feature is designed for fans at FIFA World Cup Qatar 2022.

The Visa Masters of Movement auction features digital art inspired by some of the iconic goals of some legendary footballers.

Kraken’s NFT marketplace goes live in beta

Crypto exchange Kraken announced earlier this week that its NFT marketplace went live in private beta. The marketplace is expected to offer customers access to more than 70 NFT collections across the Ethereum and Solana ecosystems in the beta launch.

Furthermore, customers can buy and sell Kraken custodied NFTs without incurring any gas fees. However, moving the NFTs off the Kraken platform will incur fees. 


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