February 27, 2021

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Answers to BeInCrypto’s Weekly Quiz

3 min read

Are you sure you know everything about what’s been happening this week? Here are the answers to BeInCrypto’s weekly quiz, which will help you stay on top of what’s happening right now.

1. Tesla revealed it bought a large amount of bitcoin (BTC) in an SEC filing last month. But how much?

Answer: $1.5 billion

On Monday morning, Feb. 8, global financial messaging service First Squawk revealed that Tesla Inc. (TSLA) had joined an elite group of firms to hold bitcoin on their balance sheets. Tesla invested an aggregate of $1.5 billion into the leading cryptocurrency.

2. In another Tesla-themed news story, a DeFi derivatives platform announced plans to host sTSLA, a derivative that tracks Tesla stock. Which platform?

Answer: Synthetix (SNX)

According to an official announcement as of Feb. 2, Synthetix will introduce sTSLA, the synthetic asset that tracks the price of the shares of Tesla, Inc.

3. Which computer software and hardware company did IOTA partner with this week?

Answer: Dell

On Feb. 11, the IOTA Foundation revealed a new collaboration with Dell Technologies called Alvarium. The project intends to measure the trustworthiness of data. Alvarium will record the flow of data as it moves between Internet-of-Things (IoT) devices. 

Synthetix SNX

4. It has been a stellar week for Bitcoin, climbing to set a new all-time high. How high did the top currency go?

Answer: $48,985

On Feb. 11, BTC increased slightly, creating a bullish engulfing candlestick in the process. It followed it up the next day by reaching a new all-time high price of $48,985.

5. The banking industry stepped up its cryptocurrency offering, this week. Which famous American bank announced its plans to offer crypto custody to its clients?

Answer: BNY Mellon

America’s oldest bank, Bank of New York Mellon Corp., will officially offer crypto-custody services to its clients. Mellon Corp. said the bank would also issue cryptocurrencies for clients of its asset management wing. The bank plans to integrate crypto into its legacy systems in the long run.

6. Ethereum experienced a surge in value and use too, as the market went to new highs. How high did the network’s gas fees go this week?

Answer: $25

It comes as no surprise that ethereum (ETH) miners are the only ones benefitting from the surge in transaction fees on the overladen network.The profitable news for miners correlates with the surge in gas prices which, according to BitInfoCharts, have also hit an all-time high. The on-chain metrics provider reported that the average transaction cost on Ethereum reached a peak of over $25 on Feb. 5.

ethereum

7. Which global e-commerce retail platform hinted at the plans to launch a crypto-payments service, this week?

Answer: Amazon

Major global companies like Square, PayPal, and Tesla have already invested or integrated crypto into their business models. Now, Amazon, one of the largest retail companies on Earth, has released a job post looking for someone to develop a project that:

“Will enable customers to convert their cash into digital currency using which customers can enjoy online services including shopping for goods and/or services like Prime Video.”

8. Football fans will get the chance to participate in club decisions via blockchain-based fan tokens. Which famous football club launched their own fan token this week?

Answer: AC Milan

AC Milan has partnered with Chiliz to launch its fan token ACM, prompting the team to ask fans for a new motto. The token will be made available on the fan engagement and rewards app Socios. Together with the launch, the AC Milan marketing team asked fans to devise a new motto for the group.

Yearn YFI Nexus Mutual

9. The Binance Universe is redshifting, as it adds more products, its token (BNB) also adds more altitude. Which significant level did the token reach?

Answer: $100

Binance Coin (BNB) breaks past the $100 handle as Changpeng Zhao’s Binance continues to add products and services to its exchange offering. BNB is soaring to record highs, setting a new all-time price at $106.74. BNB saw its market capitalization increase to $16.27 billion.

10. Finally, Grayscale made a number of filings for cryptocurrency-based ETFs again this week. Which DeFi tokens were included in the filings?

Answer: YFI, SUSHI

Less than a month after institutional crypto fund giant Grayscale first pivoted to DeFi, it has filed a number of new trust filings, including Yearn Finance and SushiSwap.

The post Answers to BeInCrypto’s Weekly Quiz appeared first on BeInCrypto.

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