Here comes TheCoinRise with yet another week’s summary about the launches, announcements, and developments in the crypto market.
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Regulatory involvement this week
After a Reuters report came out revealing that Binance has continued to handle transactions for Iranians despite the ban by US, sanctions are likely to be imposed on the exchange. The United States had put Iran on a trade embargo and warned financial institutions to stop doing business with the country.
The US Treasury Department has presented a comprehensive framework aimed at the digital currency ecosystem in accordance with the Executive Order issued by President Joe Biden back in March of this year.
After the SEC denied the company’s request to transform its flagship Grayscale Bitcoin Trust into a spot Bitcoin Exchange Traded Fund, Grayscale Investments is now fully involved in a lawsuit against the agency (ETF).
The Travelers Companies, Inc. has recently been sued by British jeweler Graff Diamonds Corp. The former has been accused of failing to offer compensation for the former’s $7.5 million loss to ransomware attackers.
Blockchain technology has been named a significant innovation that can assist Shanghai’s government in accomplishing its anticipated digital transformation in the city’s “14th Five-Year Plan for Shanghai’s Digital Economy Development.”
The Ukrainian government has busted more than $1.7 million in fiat currency, as well as valuable silver and real land. The cryptocurrency was recovered from over-the-counter (OTC) brokers who were thought to be collaborating with Russians. The Ukrainian government argues that these brokers gave illegal assistance to Russian buyers of cryptocurrencies.
In order to promote financial inclusion in Indonesia, American payments giant Mastercard Inc. and Middle Eastern digital assets gateway Fasset Technologies have recently teamed up. The partnership’s ultimate objective, according to the announcement, is to “create economic opportunities for the underserved segment.”
India’s potential to develop into a digital and blockchain center is seriously affected by the government’s strict attitude to the crypto sector. The Blockchain and Crypto Assets Council (BACC) has declared the termination of the organization after only five years of operation, according to a report by Yogita Khatri, a writer at TheBlock.
According to information from court filings, troubled cryptocurrency lender Celsius Network has officially filed for Chapter 11 bankruptcy in New York. A month after it ceased withdrawals due to insolvency concerns, it filed for bankruptcy. According to the documents, Celsius Network claimed to have between $1 billion and $10 billion in assets as well as up to 100,000 identified creditors at the time it stopped the withdrawals.
According to Bankless Times research, the crypto industry has recently gained a lot of interest from Americans. However, the situation’s drawback is that con artists are profiting from it. A method they have developed to mislead the nation’s citizens is the use of romance scams.
Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), recently stated that the financial authority body could potentially modify disclosures to accommodate crypto companies.
Partnerships, launches, fundings, and future plans
The gaming software and venture capital company Animoca Brands has announced that it has raised $75 million in funding, bringing its pre-money valuation to $5.9 billion. The company said in a press release that this most recent investment round represents an expansion of the $358.8 million it raised in January when its valuation reached $5 billion.
Evan Cheng, Sam Blackshear, Adeniyi Abiodun, and George Danezis, four former employees of Meta Platforms Inc., are financing $200 million for their new blockchain technology Mysten. The business is aiming for a $2 billion value should the funds reach the target amount, according to The Information.
Brazilian finance business PicPay has added a new Web 3.0 and crypto unit to its platform. Payments may be made using Bitcoin (BTC) and other cryptocurrencies as a result of the new launch, which is modeled after past targeted entries by reputable organizations.
Recently, the leading platform for managing digital assets, Gnosis Safe, rebranded itself to Safe and revealed that it had raised $100 million in a capital round.
Change, a startup technology charity, has reportedly raised $5 million in a seed fundraising round. Several sources claim that well-known venture capital firms Freestyle and NEA led the funding round. The business intends to use the money to increase the size of its development staff in order to better support Web3 companies and innovative Blockchain applications.
Revolut, a British fintech business, has introduced a course to further educate its users about Bitcoin (BTC) and other cryptocurrencies. This creative action was accomplished in collaboration with Polkadot. Users who complete the courses can receive up to $15 in DOT, the native token of Polkadot.
American fintech company M1 Finance has stated that it will begin offering trading services and establishing crypto exchange accounts in the upcoming weeks.
The metaverse of Animoca Brands The Sandbox has partnered with KEB Hana Bank, the largest provider of foreign exchange products in South Korea and a commercial bank. The two organizations hope to grow global metaverse business in the banking industry with their new alliance.
The multinational banking and financial services corporation ING Group has announced that it is selling its digital asset platform Pyctor to GMEX.
The Cayman Islands-based cryptocurrency trading platform MoonXBT has started implementing a zero-fee service across all of its trading pairs. This policy’s implementation for the spot market started last week and is supposed to remain indefinitely. Users are therefore capable of completing all of their multiple pairs transactions without paying any additional fees.
Four new funds totaling $7.1 billion have been allocated to investments in the blockchain, cryptocurrency, and Web3.0 ecosystems by renowned venture capital firm Lightspeed Venture Partners.
To make it easier for consumers to purchase virtual currencies on the latter platform, blockchain-based domain name supplier Unstoppable Domains has partnered with Moonpay, a crypto infrastructure service provider. The two stated that it is now as simple as writing an email to purchase digital currencies on Moonpay using Unstoppable Domains. This enables customers to copy their Domain names into the MoonPay purchase flow.
A group of Ethereum Developers led by Tim Beiko, is working on eagerly awaited Ethereum’s The Merge, which will show its final attempt to switch from its present Proof-of-Work (PoW) model to a Proof-of-Stake (PoS) model on September 19.
The use of crypto mixer as a service has increased, according to a recent Chainalysis analysis, driving it to an All-Time High (ATH) this year. According to the survey, roughly 10% of all funds transferred to illegal addresses are routed to crypto mixers, a problem that regulators and security operators across the globe have had to deal with for years.
Crypto exchange news
OKX is fostering a stronger connection with the English football team Manchester City. The business recently announced that it had achieved an agreement to deepen its existing partnership with the team and take on the role of its official training kit partner for the 2022–23 campaign.
Bitfinex recently allocated early-stage small businesses and entrepreneurs 36 Bitcoin (BTC) units valued at about $726,000 and 600,000 Tether (USDT). The action is in line with its promise to assist economic development in a community that has traditionally struggled with gang-related violence in El Salvador.
The cryptocurrency exchange CoinFLEX is finally back with further details on how customers can finally withdraw their assets under certain conditions. Notably, withdrawals on the platform were halted a few weeks back as a crypto whale’s account went into negative equity.
The Virtual Assets Regulatory Agency (VARA) in Dubai has given the interim virtual assets (VA) license to the crypto trading platform OKX. The exchange will now be allowed to offer services to qualified investors in the UAE in a controlled environment.
NFT and Metaverse
GameStop’s new NFT marketplace generated around $45,000 in transaction fees on its first day of business. The NFT marketplace, which was introduced in beta on Monday after months of excitement and waiting, appears to be drawing interest.
Magic Eden, a well-known NFT marketplace with headquarters in Solana, has expanded its offerings in Web3.0 gaming by establishing its own venture capital division, Magic Ventures. The recently established investment arm will mainly work with Web3.0 gaming.
Leading NFT marketplace OpenSea has stated it will reduce the number of employees at the company by 20%. Devin Finzer, the CEO and co-founder of OpenSea, announced the news on Twitter. Nevertheless, he had previously sent out a note to all of the company’s employees.
Statements by big players
According to Bitwise CEO Hunter Horsley, the dominant crypto bear market is witnessing a “fascinating development” in the sector. In the course of a slow-moving and pessimistic market, Bitwise is now analyzing some investment tendencies and patterns that the CEO revealed in a recent interview.
In a recent Twitter post regarding The Merge, Vitalik Buterin, the co-founder of Ethereum, took the side of PoS consensus and asserted that Ethereum is “not a security.”
The chief security officer at CoinShares, Meltem Demirors, claims that the crypto winter may persist through the beginning of the real winter in Q4 and even into early Q1 of 2023. According to Demirors’ analysis, there are no signs that an upward catalyst is imminent, which would cause a swift reversal of the month-long downward trend.
In an interview with the Australian Financial Review, Charlie Munger, a 98-year-old experienced investor and vice chairman of Warren Buffett’s company Berkshire Hathaway, discussed his investment options and said he avoids investing in cryptocurrencies and will never do so.
Liquidity crisis
Su Zhu, the well-known figure behind the shuttered cryptocurrency hedge fund Three Arrows Capital (3AC), recently posted his first tweets in around four weeks following the notable collapse of his company. Investors want information about the future; therefore Zhu’s silence has prompted widespread criticism. Moreover, the whereabouts of the founders of 3AC, Su Zhu and Kyle Davies, are unknown.
Exclusive reviews and announcements
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TheCoinRise will come back with another week of crypto roundup next Weekend.
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