The Ledger: Optimism re-emerges amid fallout from Terra USD

Just today we have reported that several major exchanges are signalling their willingness to back Terra’s revival plan, a new blockchain called Terra 2.0.

Crypto.com, Huobi, Bitfinex, Bybit, Gate.io, Bitrue, FTX and Binance are all understood to have pledged their support for the project, which in its first iteration wiped billions off the value of the crypto market when its stablecoin TerraUSD crashed earlier this month.

Terra outlined its plans to relaunch in a document titled Proposal 1623 earlier this week, sparking both congratulations and condemnation from opposing contingents of the crypto industry.

The international head of the Luno crypto exchange Vijay Ayyar expressed his concern over the plan to relaunch the failed project by saying: “This is a very crowded space already with aDraft number of already well entrenched platforms that have lots of developer activity. I don’t see why Terra would succeed here.”

However, Terraform Labs CEO Do Kwon is ploughing forward after most of the community voted for the reboot. Many commentators believe that investors have given the thumbs up to the project in a desperate bid to do whatever they can to recoup some losses.

Elsewhere, the crypto downturn hasn’t dampened everyone’s spirits. In fact, many see the crash as an opportunity for the crypto market to rebuild on a firmer footing. US acting comptroller of the currency Michael Hsu said the industry was due a “reset”, implying that the current turbulence may be the impetus needed.

Meanwhile, DraftKings CEO Jason Robins has said he sees a clear business case for integrating crypto payments into the sports betting and gaming ecosystem. Speaking on Decrypt’s gm podcast, he said: “Certainly people want it. Certainly, within the marketplace, we should be able to do that, so we're working towards it.”

Robins is not the only one with high hopes for a mainstream crypto sports betting convergence. Cloudbet has said it anticipates tomorrow’s Champions League final between Liverpool and Real Madrid will be the biggest Bitcoin (BTC) sports betting event in history.

Citing data from software developer Softswiss, the operator said the use of cryptocurrency in sports betting had increased 116.7% year-on-year in the first quarter of 2022, compared to 60% growth in overall sports betting.

“In the four years since Liverpool’s last Champions League Final against Real, the Bitcoin market has grown exponentially, offering tremendous potential returns for soccer fans despite recent market fluctuations”, Cloudbet director Leandro Rossi pointed out.

He has a point. Even after the recent crypto slump, BTC is still up by more than 250% in the current market compared to the last time the two teams met in the final, in May 2018, when it was trading at $8,500.

While the industry rallies from its losses and gets excited about the growth potential in various gambling verticals, regulators are still struggling to keep up. This week saw US Securities and Exchange Commission commissioner Hester Peirce criticized her own organisation’s failure to act in time to protect consumers.

After speaking at the DC Blockchain Summit this week, Peirce told reporters she felt: “We have dropped the regulatory ball” but suggested there was scope to “go after fraud and we can play a more positive role on the innovation side”, urging her peers “we have to get to it, we’ve got to get working”.

While we take a break from crypto analysis for the weekend, you can safely enjoy a flutter with your crypto at Bitcasino, 1xBit or FortuneJack.

Looking for your next crypto casino? Check out: Bitcasino, 1xBit or FortuneJack.

Written by Hannah

Hannah is editor of CryptoGamblingNews.com and has almost 15 years experience in journalism, including reporting on law, TV, gambling, crypto and alternative finance. She is particularly interested in the future of money, the transition of gambling from 'vice' industry to mainstream entertainment and the application of blockchain technology to wider society.

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