Crypto News Weekly roundup June 12

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Here is yet another stagnant week for the crypto investors with a slight pinch of redness on their portfolios. Ethereum co-founder Anthony Donofrio argued that Bitcoin consumes “way too much” energy. We at TheCoinRise summarize the crypto market for this week, ranging from regulatory involvement to increasing adoption.

Regulatory involvement in the crypto industry

Following President Joe Biden’s Executive Order from March 2022, which directed US agencies to coordinate their approaches to the emerging digital currency ecosystem, many of these agencies have already begun to respond. The White House Office of Science and Technology Policy (OSTP) is on pace to deliver a report on cryptocurrency mining and the broad claims made about its environmental impact.

Authorities in Japan are considering ways to introduce a new modification to a bill that will allow digital currencies used in crimes to be seized. According to Yomiuri Shimbun, a local news outlet, the Justice Ministry is required to review the new law with the Legislative Council before moving forward with the associated specifics.

As TheCoinRise reported, the Luna 2.0 would be considered a gift because it is given out for free through a Terraform Labs airdrop. As a result, the new token becomes another headache for Indian investors as it will be subject to appropriate taxation in the nation.

Grayscale Investments’ legal team has added Donald Verrilli Jr, a famous legal practitioner and former Solicitor General of the United States under President Barack Obama. The SEC is anticipated to provide its final decision on Grayscale’s proposal to transform its popular Bitcoin Trust into a full-fledged ETF product by July 6; thus, the onboarding of Verrilli comes ahead of that deadline.

Residents of Ethiopia are still banned from transacting in cryptocurrencies, according to the National Bank of Ethiopia. It encouraged them to keep utilizing the Ethiopian Birr as a medium of exchange. Notably, the NBE has yet to recognize Bitcoin and other cryptocurrencies as legal payment methods.

According to a report by the Swedish Central Bank, the energy-intensive Bitcoin and Proof of Work (PoW) crypto mining should be banned. The report was titled “Cryptocurrencies and their Impact on Financial Stability” by Riksbank, the world’s oldest central bank.

Governor of the Reserve Bank of India, Shaktikanta Das, has stated that the central bank is in continual communication with the government on the cryptocurrency matter. According to the RBI’s chief, the bank constantly expresses its opinions to the government.

People should not rely on crypto investments as part of their retirement strategy, according to Janet Yellen, the renowned American economist who serves as the 78th US Treasury Secretary. Crypto assets, she claims, are “very risky,” and Congress should issue a warning to the public about them.

Regulatory officials told the US Securities and Exchange Commission (SEC) that co-founder and CEO of Terraform Labs, Do Kwon, has withdrawn $80 million (100 billion won) monthly to external wallets numbering up to dozens, according to South Korean media site Naver News.

Partnerships, launches, fundings, and future plans

The financial technology behemoth Ant Group is moving beyond China’s borders into Singapore by receiving approval from the Monetary Authority of Singapore (MAS) to launch a digital bank there.

This week, 3iQ Digital Asset Management (3iQ), Canada’s biggest digital asset investment fund manager, has announced the introduction of the 3iQ CoinShares Bitcoin and Ether Feeder ETF in Australia. The funds will invest in the Canadian-domiciled 3iQ CoinShares BTC ETF and ETH ETF, which were launched on Cboe this Monday.

One of Brazil’s most successful soccer clubs, Sao Paulo, has allowed the use of digital tokens to purchase match tickets. It became the first team in the country to achieve so.

Solana Ventures, in partnership with the Solana Foundation, has announced a $100 million fund to invest in South Korean Web3.0 startups. Solana Labs General Manager Johnny Lee told TechCrunch that the fund is intended for companies building GameFi, NFT, and Decentralized Finance (DeFi) solutions.

Samsung Asset Management (SAMHK), a Hong Kong-based subsidiary of Samsung’s investment arm, is launching a Blockchain-based ETF. The company plans to establish its Samsung Blockchain Technologies ETF on the Hong Kong Stock Exchange, according to the official release.

The Bitcoin Academy, founded by Jack Dorsey and American music sensation Shawn Carter, nicknamed Jay-Z, is an educational center for inhabitants of Marcy Houses in Brooklyn, New York, where Jay-Z grew up.

Polygon USDC, a bridged version of the USDC housed on Ethereum, is now available for transfers and withdrawals via Circle systems, which is both a peer-to-peer payments technology company and the issuer of the stablecoin.

Felix Capital, a venture capital firm based in London, has secured $600 million in order to expand its support for entrepreneurs working to advance commerce-related innovations. The fund will also be utilized to launch companies that complement these e-commerce businesses, such as cryptocurrencies and Web3.0.

Three Arrows Capital (3AC) led a group of investors who funded Orderly Network in its most recent funding round, which raised $20 million. Pantera Capital, Dragonfly Capital, Sequoia China, Jump Crypto, Alameda Research, GSR Ventures, and MetaWeb.VC, as well as a number of strategic partners, joined the investment round alongside 3AC.

Novatti Group, an Australian software behemoth, has introduced a new stablecoin, dubbed the AUDC, that will retain a 1:1 peg to the Australian Dollar. The Novatti Group wants to use the new token to improve its payment solutions and provide additional access to send and receive money from anywhere in the world to its clients.

NFT and Metaverse

The Republic of Palau announced the issuing of identification cards in the form of NFTs on Binance’s BNB Chain to its digital residents on Friday. Changpeng Zhao (CZ), the CEO and founder of crypto exchange Binance, has entered the country to unveil NFTs and meet with President Surangel S. Whipps, Jr.

Mastercard, the world’s largest financial services company, has announced functional cooperation with major crypto platforms to make purchasing Non-Fungible Tokens (NFTs) even easier.

Salesforce, an American software company, has announced the development of a pilot NFT platform called NFT Cloud, which will allow users to mint and trade digital assets. However, the company has not revealed any information on when the platform will be available to the general public, nor about the wallets or blockchains that will be supported.

Crypto exchange news

Binance Labs, the cryptocurrency exchange’s venture capital arm, has made a strategic investment in PancakeSwap, the largest decentralized exchange on the BNB Chain. It has also announced an official partnership with the Vietnam Blockchain Association this week. The two would collaborate in Vietnam on Blockchain Technology research and possible uses, as well as Human Resource Training.

Reuters’ reporting on Binance’s role in money laundering was half-baked, according to Binance. Despite the existence of an email trail between Reuters journalists and Binance, the Reuters team avoided meaningful discussions that could have offered more light on the story’s development.

The arrival of Web5

Jack Dorsey, the co-founder and former CEO of Twitter, as well as the creator and CEO of Block, is working on a new decentralized web. TBD, Jack Dorsey’s bitcoin-focused business unit that is also a part of Block Inc, wants to work on Web5, the company’s next venture.

XRP to $100

Matt Hamilton, a former Director of Developer Relations at Ripple Labs Inc, has joined a Twitter discussion in which users were debating the XRP coin’s future prospects. Hamilton, who departed Ripple earlier this year, expressed his thoughts on the possibility of XRP reaching a $100 price objective in the future.

Elon dropping out of Twitter?

Elon Musk, the CEO of Tesla, has threatened to drop out of the proposed takeover of Twitter if the social media giant continues to withhold spam bot data that the billionaire investor has sought.

Exclusive reviews and announcements

Hoo Exchange: It is a cryptocurrency and token trading platform. Popular cryptocurrencies traded on this platform include Bitcoin, Ethereum, Light Coin, Bitcoin Cash, Ripple, and Tether, among others. Simple trades and OTC transactions are available in addition to spot and futures contracts. On June 7, 2022, Hoo listed CloudChat Token (CC) and opened CC/USDT trading pairings.

Ballet, a crypto hardware wallet maker, has raised $13 million in a Series A round of funding. Ballet will be able to expand its product development and commercial operations thanks to the funding.

On Monday, May 23, APENFT and Valuart completed the first Vanity Fair NFT Cover Drops. The collection, which includes four 1:1 edition NFTs as well as a 1000-mint run of the original “H.E. Justin Sun 2022” edition NFT, is a true cross-over between art, entertainment, and the crypto sector.

The crypto comeback is being led by MoveZ, the newest blockchain-based platform to get into the lucrative move-to-earn industry. The MOVEZ token is up 30x from its IDO price just hours after being listed on the reputed crypto exchange OKX.

BC.Game is pleased to announce that they have won the Crypto Casino of the Year Sigma Award in Curaçao in June 2022, which is by far the most historic moment for the company. Every year, the Sigma Award is given to the best-deserved online gaming platform.

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

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