Ukraine Suspends Use of Hryvnia on Crypto Exchanges

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PancakeSwap’s V3 upgrade will go live in April; Ukraine suspends the use of hryvnia on crypto exchanges; Snoop Dogg co-founded the Web3 powered application called Shiller.

Ukraine has temporarily suspended using the national currency hryvnia via banking cards for fiat deposits and withdrawals on crypto exchanges. While this move immediately impacted investors’ funds transfer to and from exchanges, Binance reminded users how helpful peer-to-peer (P2P) services are for trading cryptocurrencies.

Following the temporary suspension of the Central Bank of Ukraine, crypto exchanges such as Binance and Kuna made official announcements informing investors about the glitch. Michael Chobanian, founder of local crypto exchange Kuna, confirmed the service outage. However, he stated that he will reveal the details of the development later.

Binance acknowledged the issue as regulators suspended the use of hryvnia on crypto exchanges. But Binance had an alternative solution:

“We recommend using the P2P service so that you can continue to use Binance comfortably.”

The crypto exchange took this opportunity to inform users that its P2P services allow users to exchange crypto and fiat currencies directly with other users without the need for an intermediary such as banks.

Ukraine’s anti-crypto stance comes as a shock considering the country has raised over $70 million in crypto donations since the start of the Russia-Ukraine conflict.

“If we used the traditional financial system, these days would be gone. We were able to secure the purchase of vital products via crypto in no time, and what was surprising was that about 60 percent of suppliers were able to accept crypto,” Alex Bornyakov, Ukraine’s Deputy Minister of Digital, said on February 24. “I wasn’t expecting that,” he said.

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PancakeSwap’s V3 upgrade will go live in April

The V3 upgrade of decentralized exchange PancakeSwap will go live on BNB Chain in the first week of April.

PancakeSwap, with a total transaction volume of 438 billion dollars, will present its new features to its users. These features include improved liquidity supply, yield farming touches, and competitive trade fees.

The head of PancakeSwap, Mochi, used the following statements about the new version:

“The new features we have introduced aim to provide a better experience for our users, while making the DeFi ecosystem accessible to even more people.”

CAKE, the native token of decentralized crypto exchange PancakeSwap, is trading at $3.81 at the time of writing, according to data from CoinGecko.

PancakeSwap vs Uniswap

While PancakeSwap is the most dominant decentralized exchange on BNB Chain, Uniswap V3 is also expected to go live on BNB Chain soon. If this happens, it is thought that about half of PancakeSwap’s market share could pass to Uniswap.

Snoop Dogg co-founded the Web3 powered application: Shiller 

It turned out that US rap music artist Snoop Dogg is one of the co-founders of the live broadcasting application called “Shiller” supported by Web3. However, a new one has been added to the Web3 partnerships of the famous musician.

Web3 initiative by Snoop Dogg

The application is characterized as a live broadcasting platform that aims to combine Web3 technology with real-time live broadcast content. Snoop Dogg was also cited as co-founder of the app, along with tech entrepreneur Sam Jones.

The rap star partnered with Bored Ape Yacht Club (BAYC) and Yuga Labs, the team behind CryptoPunks, to perform on a metaverse-converted stage at MTV’s Video Music Awards on August 29.

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According to Shiller, blockchain technology will feature heavily on the platform, allowing creators to “token-gate” their streams and promote NFTs or other products from e-commerce websites.

Content creators can be paid with digital assets such as Ethereum (ETH) or NFT. These coins can also be converted into cash as fiat currency.

However, according to the statements from Shiller on March 2, the application was planned to be available last January. However, it was reportedly postponed until next April.