TheCoinRise is back with yet another week’s summary about the launches, announcements, and developments in the crypto market.
Recent launches, announcements, partnerships, and developments in the crypto space
Due to the current unfavorable socioeconomic conditions, which include record U.S. inflation and the decline of the cryptocurrency market, the well-known investment and trading platform Robinhood has decided to dismiss about 23 percent of its workers.
Following the collapse of the Terra ecosystem back in May, digital currency venture capital firm Hashed has disclosed that it lost as much as $3.6 billion on its LUNA bet.
An anti-counterfeiting software company MarqVision recently announced that it had raised $20 million in its series A fundraising round.
Cryptocurrency fundraising data provider Dove Metrics has been acquired by crypto intelligence company Messari for an unknown amount. The purchase involves acquiring Dove Metrics’ businesses and assets to broaden its product offerings.
Cloud-based business-to-business (B2B) company PayStand has purchased Mexican competitor Yaydoo as part of efforts to broaden its product offerings outside of the United States.
Well-known Blockchain staking infrastructure provider Ankr recently unveiled the release of its new Staking SDKs. With the new offering, developers may incorporate liquid staking on their projects across the several supported Proof-of-Stake chains while also customizing the branding of their staking solution.
Michael Saylor, a billionaire who supports bitcoin and is well-known for tweeting encouraging and uplifting messages to other bitcoin users, has resigned as CEO of MicroStrategy. He will start serving as the board of directors’ executive chairman this upcoming Monday.
Blockchain data service provider W3BCloud and Social Leverage Acquisition Corp. have agreed to unite. According to the deal, the combined company will list on the NYSE via the Special Purpose Acquisition Company (SPAC) mechanism.
The owner of Socio.com and a global leader in blockchain infrastructure, Chiliz, has purchased nearly a quarter of F.C. Barcelona’s digital content creation division.
Block Inc. reported a 6% YOY decline in second-quarter sales to $4.4 billion. The data revealed a $208 million loss for Q2 2022 while beating Wall Street’s projection of $4.35 billion.
Voyager Digital Holdings has announced that it will resume cash withdrawal on its platform after suspending services for more than a month. Clients can now access funds kept in a Metropolitan Commercial Bank For Benefits of Customers (FBO) account, thanks to the court’s consent.
Bitcoin miner Argo Blockchain keeps selling some of its holdings in order to pay off a loan it obtained from Galaxy Digital.
Revolut has announced that in the upcoming six months, it will expand its crypto-focused workforce by 20% across the United Kingdom, the United States, and the European region.
Revolut has introduced crypto trading services in Singapore as it seeks to increase its business opportunities as a fintech company and inside the ecosystem of virtual currencies.
Henri Arslanian, the former global head of PWC’s crypto division, reportedly quit the accounting firm to launch a $75 million crypto hedge fund in Dubai. As a market-neutral cryptocurrency fund, the new venture known as Nine Blocks Capital Management will primarily target institutional investors.
According to Katherine Molnar, the chief investment officer for the Fairfax County Police Officers Retirement System, the return from the “yield farming” strategy may suddenly be alluring, given that so many other players have given up.
Galoy has recently announced a $4 million capital raise and unveiled Stablesats, a new product that is a fake dollar backed by bitcoin.
As per a recent press release, Cardano has recently joined the group of cryptocurrencies supported by the staking offerings of the Swiss-based digital asset bank Sygnum.
Sometime in July, the bitcoin mining business Riot Blockchain ceased operations at its Texas facility at the request of the Electric Reliability Council of Texas (ERCOT).
CoinShares, the largest European investor in digital assets, has disclosed a loss of more than $21 million during the Terra collapse.
Tuesday saw the announcement of a partnership between the web3-focused Blockchain business Alchemy and the innovation hub Aster Network, a parachain of the Polkadot Network.
On July 28, Luis Lubeck, a technical education specialist at Halborn, warned of a new phishing scam that is going after users of the well-known crypto wallet MetaMask.
As the unpredictability of the crypto winter persists, the derivatives cryptocurrency trading platform BitGet has announced the creation of a $200 million Protection Fund for its users.
Regulatory involvement around the world
The cryptocurrency-focused division of online brokerage business Robinhood, Robinhood Crypto, has been fined $30 million by the New York State Department of Financial Services (NYDFS) for allegedly breaking laws related to consumer protection, cybersecurity, and anti-money laundering.
In a press release on Monday, the U.S. Attorney’s Office in California said that the co-founders of Dropil had been sentenced to federal prison for defrauding investors out of over $1.9 million.
A petition to remove Gary Gensler from office for his role in the obstruction of justice over the operations of Citadel Securities has received about 18,873 signatures and is being sponsored by “A.I. from Boston.” Despite Citadel’s reputation as a market maker with shady dealings, Gensler hasn’t taken any enforcement action, the petition summary claims.
The Monetary Authority of Singapore (MAS), one of the most progressive regulatory bodies in the world, is on track to communicate with the general public over the laws governing stablecoins in Singapore.
By the end of this year, the Bank of Thailand (BoT) intends to start its retail CBDC testing. The CBDC’s retail trial was characterized as a component of the bank’s efforts to put itself in a favorable position for the financial system’s future, which it expects would be dominated by retail central bank money.
The United States has decided to provide up to $10 million in exchange for crucial details regarding North Korean crypto hacking outfits. This sum is twice the $5 million reward that the nation promised in March of this year.
The Singapore-based bitcoin lender Vauld Group received a moratorium from Justice Aedit Abdullah that would continue until November 7. The lawsuit will give the company some relief because its 147,000 creditors will no longer be able to file a lawsuit against it.
Eleven people have been accused by the U.S. SEC of participating in the $300 million Forsage global cryptocurrency scam.
The Financial Conduct Authority or FCA has lately given the companies that advertise high-risk investments instructions to make risk warnings to the public clearer and more noticeable. Additionally, it will outlaw some investing bonuses like referral bonuses.
Letitia James, the attorney general of New York, recently sent out a warning to the state’s crypto investors, advising them to get in touch with the OAG if they feel misled or affected by the market drop.
The European Central Bank or ECB proclaimed CBDCs the winner among rivals, including banking, Bitcoin (BTC), and stablecoins, among others, in a recent study on selecting the best cross-border payment method.
Crypto exchange news
The relationship between Binance and the Indian crypto exchange WazirX, whose assets were recently seized by local authorities, has been made clear by the CEO of Binance, Changpeng Zhao.
After asserting that the asset is a security, Binance has announced to delist the AMP coin. In an effort to further its efforts in regulatory compliance, Binance recently announced the development of Binance Account Bound (BAB), a Soulbound Token on the BNB Smart Chain.
In an effort to introduce a prepaid cryptocurrency card in Argentina, Binance announced on Thursday that it is teaming up with the global leader in financial services, Mastercard, for its array of credit cards.
A former product manager at Coinbase who was publicly accused by the authorities of engaging in insider trading with two other people, entered a not guilty plea to the allegations on Wednesday.
A fresh lawsuit has been brought up against Coinbase in the U.S. This time, a group of investors claimed that the company’s inaccurate and deceptive statements caused the stock price of COIN to drop dramatically between April 14, 2021, and July 2022.
Moreover, this week, Coinbase has partnered with BlackRock to offer the latter’s Aladdin institutional clients direct access to digital assets.
As Portuguese banks are already closing the accounts of digital currency trading platforms, the narrative for a nation that was once dubbed a “crypto haven” appears to be shifting.
The Huobi crypto exchange has filed to operate as a supplier of digital currency services with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The action represents an expansion of the trading platform’s primary business goal of expanding its trading activities to key places while staying compliant with local laws.
NFT and Metaverse
The NFT feature on Instagram, which was once previously accessible to a select group of producers in the United States, is now available in more than a hundred nations. Users and companies from the Americas, the Middle East, Africa, and Asia-Pacific will be welcomed by the expansion.
Following its April experiment, New York-based luxury jewelry manufacturer Tiffany & Co. is prepared to delve even further into the NFT ocean. According to the company’s release, it has chosen to introduce 250 customized NFT pendants for owners of CryptoPunk NFT.
The recently finished Sotheby’s auction in New York saw the sale of F.C. Barcelona, a Spanish football teamfirst’s art-based Non-fungible Token (NFT). The late Barcelona star Johan Cruyff served as an inspiration for the NFT named “In a way, Immortal.”
Vitalik Buterin thinks that any company attempt to speed the implementation of the Metaverse would fail.
According to a study undertaken by the blockchain analytics firm Nansen, approximately $2.7 billion has been spent on the NFT minting so far this year.
According to the most recent research from DappRadar, blockchain gaming survived the current bear market and instead had a gain in its count of 9.51 percent in the second quarter of 2022.
Statements by big names
Musk, a leading advocate for DOGE, recently reaffirmed that he would always choose Dogecoin over Bitcoin for everyday transactions. Tesla CEO claimed that the DOGE blockchain has far more transactional capacity than BTC during an interview on the Full Send Podcast.
In a recent interview with Bloomberg, Mastercard’s CFO Sachin Mehra expressed his opinion that stablecoins and central bank digital currencies (CBDCs) have the potential to replace cryptocurrencies as payment instruments since they are less volatile.
Ethereum will reach $5,000 by the end of the first quarter of 2023, according to a new prediction by Arthur Hayes, a former CEO of the prominent crypto exchange and derivative trading platform BitMEX.
Changpeng Zhao, the CEO of Binance, has been meeting with authorities in various nations. In a recent tweet, he explained how spreading out the liquidity over 180 nations would make it 180x simpler for major traders to swing the markets and greatly increase the volatility.
Solana Hack
The Solana ecosystem has recently observed a mysterious fund drain on more than 8,000 addresses that belonged to some of the most well-known wallets for the blockchain protocol, including Phantom, Trust Wallet, and Slope.
Users had confirmed on Twitter that they received notices that their funds had been siphoned without their permission. However, the attack’s origin or reason is yet unknown. The hack has been linked to four separate wallet addresses, each of which contained at least $5 million in Solana-related tokens.
Exclusive announcements and reviews on TheCoinRise
ChainWars: Being a rising star in the Game-Fi ecosystem, it features an exciting tradable Card Game. It allows players to retain in-game assets and other tokenized rewards.
District 53: It is a voxel-based virtual metaverse game with unique characteristics that use SXP blockchain and the Minetest codebase.
Decentralized oracle network with its headquarters in Algorand Goracle has announced a technical alliance with Kleros. The alliance aims to assist in resolving conflicts that develop on the Algorand blockchain.
TheCoinRise will come back with another week of crypto roundup next Weekend.
Original Source: https://thecoinrise.com/crypto-news-weekly-roundup-august-7/
Author : Anisha Pandey
