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The largest cryptocurrency ticked down for a couple of hours after a report that the Bank of Japan was mulling a change to its yield curve control policy before regaining ground.

If the SEC decides to change course and approve one or more of of the current spot bitcoin ETF applications, “it must do so in a fair and orderly manner,” the statement said.

The token climbed on news that about 7 trillion KIN tokens worth $156 million will be burned.

The vaunted VC firm told investors earlier in the year it would shrink the fund to reflect a changed market.

A source told The New York Times that Santos and two others appeared to try a crypto-centric version of the classic Nigerian prince email scam.

Aiming to streamline the process of creating a digital wallet and sending digital crypto, a company called Suku launched a solution it says allows users to do both using just their Twitter handles.

More than 48,000 people downloaded the wallet, the web3 firm said in a statement.

Suku’s “wallet allows users to receive and send funds instantly, including to those who haven’t set up a wallet yet, all via a Twitter handle as a crypto address,” the company said.

The announcement comes amid several months of speculation that Elon Musk, the owner of Twitter, will eventually integrate digital currency transfers with the social media platform popular with crypto enthusiasts.

In order to speed “the adoption of web3 among everyday internet users,” Suku said it’s creating “intuitive products that don’t require prior knowledge of the crypto space.” Adoption and interest of crypto has suffered recently in response to a prolonged downturn and a series of scandals and bankruptcies.

‘Tweet-minting’

The company said it also set out to demonstrate the simplicity of its tools by partnering with Polygon for the unveiling of an “open edition NFT collection.” Suku and Polygon will allow people to mint 50,000 NFTs by posting to Twitter, the company said.

“Tagging @0xPolygon and @SukuThis in a new tweet” enables users to mint an NFT, the company said. After “tweet-minting,” users can then manage their NFT by downloading either a Google Chrome extension or logging into Suku’s wallet app using their Twitter account handle.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Kin Foundation, the organization behind the protocol Kin, has concluded a vote that will see a vast percentage of total KIN supply burned. 

The vote concluded on July 27 at 10 a.m. ET after a three week voting period. Ted Livingston, founder of the messaging platform Kik, proposed to fully decentralize the Kin protocol on July 6. 

Two parties hold vast swathes of the cryptocurrency that has a total supply of 10 trillion. After the vote, Kin Foundation will burn 4.96 trillion of its KIN reserves, and Kik will burn another 2.1 trillion afterward.

The total 7.06 trillion tokens to burned makes up almost 71% of the total supply.

‘No inflation, no foundation, and no website’

“This would make Kin the only meaningful cryptocurrency on Solana that is fully decentralized, with no inflation, no foundation, and no website. This could be a new and exciting era for Kin,” Livingston wrote in the proposal. 

The KIN token traded at $0.00001829 at 10 a.m. ET Thursday. In the three weeks leading up to the burn vote deadline, the coin saw a notable increase with the peak price of $0.000029 on July 23. 

Kin has a fully diluted market capitalization of $175.5 million, according to the crypto price tracker CoinMarketCap.

The path to shut down

Ted Livingston saw the burn of trillions of KIN tokens as necessary for the future of the protocol, explaining his reasoning in the July 6 proposal. 

“My proposal is for Kin to go all in on decentralization by burning the Kin Reserves, putting the Kin Foundation on a path to being shut down,” Livingstone wrote. “This would not only make Kin one of the fastest cryptocurrencies for developers to build with, but also one of the safest from a regulatory perspective.” 

The Kin Foundation enacted a test burn of 1 billion KIN in May. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The British Brexiteer could call on the media and his far-right friends in his debanking fight. But most of us aren’t so lucky.