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Cardano and Tron Fall as eToro Restricts Access for US Users

eToro announced on Tuesday that it will restrict access to the two cryptocurrencies cardano (ADA) and tron (TRX) for users in the United States.

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A plot of digital land in Axie Infinity, an animated, metaverse pet-training game, sold for $2.5 million  which is about 550 Ethereum (ETH) on Thursday.

Genesis plots are particularly rare in the game, currently only 220 such plots exist, a factor that has driven up their value as the title’s popularity continues to balloon.

Earlier this week, a plot of digital land on the metaverse game Decentraland sold for some $3.2 million – this virtual real estate is snapped up by Tokens.com. The latter bought the virtual real estate in Fashion Street, a part of the map that has been earmarked as a new fashion and e-commerce hub. The Adidas brand Adidas Originals, meanwhile, has also brought virtual real estate on The Sandbox.

The Prices of these digital real estate is more than most homes in New York City and San Francisco cost

Grayscale, Bitcoin (BTC) trust operator who released a report on the metaverse this week believe that party is just getting started, Metaverse is still emerging but many key components have started to take shape and are revolutionizing everything.

Greyscale added in there report that the metaverse had the potential to change the world’s “business models, culture and politics, and claimed that tech companies like Meta (formerly known as Facebook) and its own metaverse plans had acted “as a catalyst” for the fast-growing sector.

 

The Israel-based social trading platform eToro announced on Tuesday that it will restrict access to the two popular crypto coins Cardano (ADA) and Tron (TRX) for users in the United States. The price of both tokens fell sharply after the announcement.

“US users will not be able to open new ADA or TRX positions starting on December 26, 2021. Additionally, staking for those assets will end on December 31, 2021,” eToro said.

US users who hold positions in ADA or TRX can still continue to hold on to their positions, or to sell the assets on the platform for USD, eToro said, while emphasizing that only the opening of new positions that will be restricted for now.

However, they further said that selling of these two coins will also be restricted on the platform at some point during the first quarter of 2022, which effectively means that coins will be completely delisted. It emphasized that affected users will be notified before this happens.

It is important to note that, the restrictions on Cardano (ADA) and Tron (TRX) will only apply to US users, and that eToro also has a large presence in Europe and in other countries outside of the US.

Ben Caselin, Head of Research & Strategy at AAX Said – “At AAX, we pay great attention to any regulation that may apply to any of the tokens or financial services we offer on our platform,” Caslin further added, before adding that while they consider what their peers do “neither Cardano (ADA) nor Tron (TRX) are being considered for delisting” on their exchange.

As the regulatory pressure continues to build up, however, Caslin made it clear that decentralization is becoming increasingly important for crypto projects, with “bitcoin and other more decentralized protocols” set to benefit the most. “[..] we generally see this process as a positive development that will bring more legitimacy to crypto and render the industry as a whole more robust,” said Caselin.

According to data from CoinGecko, eToro-operated eToroX was responsible for 1.12% of ADA’s trading volume over the past 24 hours, which is roughly equivalent to the amount of trading volume seen for the coin on Kraken and Binance.

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