Crypto News Weekly roundup July 31

TheCoinRise is back with yet another week's summary about the launches, announcements, and developments in the crypto market. (2)
TheCoinRise is back with yet another week's summary about the launches, announcements, and developments in the crypto market. (2)

While a recent study predicts 1 billion users in the crypto industry by 2030, the current market pattern isn’t aligning with the prediction. TheCoinRise is back with yet another week’s summary about the launches, announcements, and developments in the crypto market.

Launches, partnerships, announcements, and fundings

Two new veterans have been added to the executive team of The Crypto Center for Innovation (CCI), a non-profit organization that aims to broaden the global perspective of crypto technologies. Linda Jeng and Brett Quick, the new hires, will take the lead in promoting the center’s policy efforts with regulators in Washington, DC.

FOMO Pay, a major player in Singaporean payments, and blockchain payments company Ripple Labs Inc have announced a fresh relationship between them. Through the new collaboration, FOMO Pay will make better use of Ripple’s technology for its cross-border payments.

According to a survey conducted by one of the Big 4 accounting companies, KPMG, in partnership with HSBC, Asian Pacific entrepreneurs are more likely to use NFT and DeFi technology.

OSL Digital Securities Limited (OSL), a Hong Kong-based regulated cryptocurrency platform, recently declared that it has become “the first Type 1 SFC-licensed digital asset broker to distribute security tokens to professional investors in Hong Kong via a private security token offering (STO).”

Curve Finance, a well-known DeFi technology, recently requested a grant of one million OP tokens from the Ethereum layer-2 network Optimism.

An increasing number of investors are supporting the digital currency startup Copper, including Barclays Bank of the United Kingdom. According to internal sources cited by Sky News, Copper is now receiving funds from both existing and new investors in an effort to raise its valuation to $2 billion.

Tokyo-based video game business Square Enix Holdings Ltd will soon introduce digital collectible cards and figures commemorating Final Fantasy VII’s 25th anniversary. The Enjin platform-powered Efinity blockchain, where the collection will debut, will host the launch.

With the assistance of the blockchain payment company RippleNet, the Qatari National Bank is extending Ripple’s remittance technology and capabilities into the Philippines. According to QNB, the new service will make it easier for Filipino nationals living in Qatar to send money home.

The startling finding of a recent report is that, with a score of 8.6 out of 10, Hong Kong, a special administrative area of China, is the most crypto-ready country in the world. The champion from 2021, the United States of America, is ranked second with 7.7 points out of 10.

The Ethereum scaling platform Polygon recorded a consistent increase in the number of network addresses and transaction volume this past quarter, despite the general market selloff. The average cost of transactions, as reported by the Q2 data, dropped by 49% to $0.018 QoQ.

Chainalysis Government Solutions, a division of the blockchain analytics company Chainalysis dedicated to assisting American regulators in their investigations of digital asset theft, has just been launched.

According to a recent update from the firm, the eagerly anticipated Vasil hard fork of the public blockchain network Cardano has been postponed for a few more weeks. As the network is ready for the upgrade, the team doesn’t want to rush the process to make sure no significant issues are missed.

Axie Infinity co-founder and CEO Trung Nguyen shifted $3 million worth of AXS, the game’s native token, to the significant cryptocurrency trading platform Binance hours before the hacking incident was made public. However, Nguyen dismissed any accusations of insider trading and said that the action had pure intentions.

Digital currency payments of over $2.2 million have been sent to pro-Russian militias since the conflict in Ukraine began. Up to 54 groups have been identified as having benefited from such donations, according to a recent analysis by Chainalysis.

The early-stage cryptocurrency investing company, Variant, has raised $450 million involving two venture funds. The co-founders and general partners at Variant Li Jin, Jesse Walden, and Spencer Noon co-led the funding round.

The movement-driven digital currency app, Sweatcoin, has raised $13 million through a private token sale. The health and fitness app is aiming at Web3.0 and trying to leave the Web2 market with the money it has amassed.

The company that creates the USDT stablecoin, Tether Holdings Ltd, has resurfaced to debunk concerns regarding the make-up of its reserve asset. The corporation claims that it does not currently have any Chinese Commercial Paper in its reserve assets.

According to a new pitch deck from Babel Finance, one of the most troubled cryptocurrency companies, it has lost as much as $280 million by trading with customers’ funds.

Komainu, a cryptocurrency custodian funded by Nomura, has been granted a provisional license for virtual asset operators in Dubai while it is still in the due diligence phase.

Naoris Protocol announced the conclusion of a fundraising round that brought in $11.5 million. With this funding, the startup hopes to reinvent network security for Web3. 

After Harmony layer-1 blockchain lost $100 million worth of Ether as a result of the bridge hack, the developers have begun looking into ways to compensate consumers for their lost money.

Unstoppable Domains recently achieved unicorn status after concluding a $65 million Series A fundraising round that was co-led by Pantera Capital.

One of the most ardent institutional backers of Coinbase Global Inc., an American publicly traded digital currency trading platform, Ark Invest, appears to be losing faith in the business. According to a recent filing, Cathie Wood’s famed investment vehicle, Ark Invest, sold more than 1.4 million shares in Coinbase.

One month after its launch, Nubank registered 1 million users on its cryptocurrency trading platform Nucripto. This was revealed in an interview with a local news outlet, Neofeed, by the digital bank.

Global regulatory involvement in the crypto market

The deadline for drafting the stablecoin bill, which aims to address the risk and uncertainty around the digital asset, has been postponed by American legislators. The House of Representatives members opted to postpone the bill because they felt that it contained some unresolved issues.

An Atlantan film producer has recently been accused by the U.S. Department of Justice of money laundering, wire fraud, and promoting fraudulent cryptocurrency investment schemes. The producer scammed investors out of more than $2.5 million and pleaded guilty to the DOJ.

The first nation to accept Bitcoin as legal tender is receiving both admiration and criticism from people all around the world. Alejandro Zelaya, the El Salvador finance minister, recently defended the nation’s plan, which has recently come under fire during the crypto winter season.

Senator Sherrod Brown (D-OH), the chair of the Senate Banking Committee, has written to the CEOs of Apple and Google to request a response on the listing process of fake crypto apps that have been going around in their respective app stores.

While there are always new hires, onboardings, and job openings in the cryptocurrency business, European Banking Authority (EBA) asserts that it is having trouble finding qualified personnel to carry out its duties. 

In its most recent World Economic Outlook assessment, the International Monetary Fund, or IMF, claims that 2022 has been “gloomy and more uncertain.” The continued upheaval in the cryptocurrency market, the IMF added, has not impacted the stability of the global financial system.

Joe Cisewski, a legal advisor at Pantera Capital, a cryptocurrency venture firm, has been chosen to join the CFTC or Commodity Futures Trading Commission as chief of staff and senior counsel.

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) is looking into crypto trading platform Kraken for allegedly allowing individuals from sanctioned nations to access it.

The Central African Republic (CAR), a landlocked nation in Africa, has just started to coordinate measures for the launch of its Bitcoin (BTC) investment platform. The currency is currently for sale, according to data from the Sango official website. The Sango Platform will act as a hub for distribution, community support, and crowdsourcing.

The largely unregulated cryptocurrency business in France continues to be affected by the absence of clear and sufficient laws. Due to their decision to exercise caution, numerous cryptocurrency companies decided not to use their branding rights during Sunday’s GrandPrix.

Alex Bornyakov, Ukraine’s deputy minister for digital transformation, reiterated his support for cryptocurrencies on Tuesday, calling them “essential” to the country’s struggle against Russia.

Crypto exchange news

The Securities and Exchange Commission (SEC) is reportedly investigating the cryptocurrency exchange Coinbase as it allegedly allows Americans to trade unregistered securities.

Many top-tier cryptocurrency exchanges have abandoned India due to regulatory uncertainty and the bear market, but Johnny Lyu, CEO of KuCoin, is upbeat about the long-term prospects of the local business. His confidence in the health of the Indian crypto business was mostly attributed to “a welcoming market” and the availability of “expertise.” Moreover, the launch of its NFT ETF Trading Zone was announced by KuCoin on July 29, intending to increase the liquidity of NFTs and lower the minimum investment requirement for blue-chip NFTs.

Troubled cryptocurrency lending company Voyager Digital rejected the offer from FTX Derivatives Exchange and Alameda Ventures, describing it as a “low-ball bid dressed up as a white knight rescue” that solely benefits FTX.

On Monday, Bloomberg Businessweek’s Hong Kong publisher Modern Media Company Limited was sued by Binance CEO Changpeng Zhao, also known as “CZ,” for allegedly defaming him.

Exchange-traded funds (ETFs) and stocks can now be traded by the FTX US’s investors in all 50 U.S. states. Following the introduction of the stock trading service, FTX US is apparently going to start offering stock options trading.

Asia Pacific’s top digital asset exchange platform Zipmex recently filed a number of petitions for moratoria under Section 64 of Singapore’s Insolvency, Restructuring, and Dissolution Act 2018 on behalf of five of its entities.

The last several months have shown that Turkey is seriously looking into the crypto sector. The most recent revelation claims that Dr. Nureddin Nebati, the finance minister of Turkey, virtually met Changpeng Zhao, the founder and CEO of Binance, to talk about cryptocurrencies and the blockchain ecosystem.

Bitstamp declared that Italy has now recognized it as a virtual assets service provider (VASP). The exchange was registered with Organismo Agenti e Mediatori, Italy’s anti-money laundering (AML) authority (OAM). Bitstamp now has complete permission to conduct business as a bitcoin exchange in the area.

NFT and Metaverse sector

Yuga Labs was accused of “inappropriately inducing” the NFT community to buy Bored Ape Yacht Club NFTs and its native token, ApeCoin, according to a recent class-action lawsuit proposal. The legal team Scott+Scott announced a proposed class action lawsuit on Thursday, stating that Yuga Labs had inflated the value of the BAYC NFTs and the APE tokens by employing celebrity endorsers and promoters.

The University of Tokyo, often known as Todai, is set to announce a series of educational initiatives later this year that will take place in the Metaverse.

Renowned cryptocurrency gaming company Immutable has reportedly let go of more than 20 staff members, including key contributors to its NFT trading free-to-play card game Gods Unchained.

The metaverse business of American multinational technology firm Meta Platforms Inc., Reality Labs, reported a $2.8 billion loss in its most recent Q2 report.

Over the past three months, the frequency of hacks on Discord, a prominent social networking site for NFT projects, has increased. According to a recent analysis by TRM Labs, phishing attempts connected to NFT minting schemes carried out using compromised Discord accounts increased by 55 percent in June 2022 compared to the previous month.

Exclusive announcements on TheCoinRise

TRON DAO recently introduced its Developer, Community Ambassador, and Influencer Grant Programs to BUIDLers on the TRON network with the goal of enabling developers and users to produce and share content without restrictions.

MetaCity has partnered with, X2Y2, iNFTSpace, MultiverseDao, LooksRare, and Xiao-i, thanks to the concept and business approach.

Tezro has developed a new method by which holders of USTC tokens can trade them for TezroST, a token that is primarily used to pay for various services and goods and is also backed by Tether.

The goal of Vault Coin is to use its native token $VTC to make it easier for people to buy and sell NFTs on the market. The token will also be used to pay out stake rewards for NFTs that are staked.

TheCoinRise will come back with another week of crypto roundup next Weekend.