With the crypto market going down, several crypto companies are suddenly putting the brakes on their marketing and advertising expenditure. We at TheCoinRise summarize the crypto market for this week, ranging from regulatory involvement to increasing adoption.
Regulatory involvement in the crypto industry
As the strain on the National Grid grows increasingly concerning, the Iranian power officials plan to turn off power to authorized cryptocurrency miners operating in the nation.
The South Korean authorities have prohibited old and new Terraform Labs developers and staff from moving out of the country by imposing a travel ban. These authorities are in charge of the Terra-LUNA collapse and are working hard to prevent the staff from impeding their investigations.
The UK government will not put into effect its suggested modification of a controversial law that aimed to mandate all senders of money to private cryptocurrency wallets to collect information regarding the recipients, according to a document published by the UK Treasury.
Famous British politician Philip Hammond urged the UK government to think about giving the digital asset market a chance. He said that other countries are constantly jumping on the bandwagon to become world leaders in cryptocurrency, and he doesn’t want his country to pass up the chance.
Russian President Vladimir Putin has accused the United States and other G7 countries of causing the global inflation crisis. Under these conditions, he projected, the world would soon start to transition its reserves away from sovereign debt to “real resources.”
According to a recent development, the Ontario Securities Commission (OSC) took enforcement actions against the cryptocurrency exchanges KuCoin and Bybit after they violated regional securities laws.
Partnerships, launches, fundings, and future plans
On June 21, the largest provider of Bitcoin-linked ETFs, ProShares, introduced the first-ever short Bitcoin-linked ETF in the United States.
The largest and most established digital asset company in Europe, CoinShares, released its digital asset fund flow weekly report, which shows that at the start of last week, Short-Bitcoin Assets under Management (AuM) reached a new record high of $64 million.
In a Series B funding round, Magic Eden, one of the first Non-Fungible Token (NFT) exchanges on the Solana blockchain system, has raised $130 million. The most recent investment puts Magic Eden in a good position to create the infrastructures required to scale the entry of the upcoming batch of 1 billion users into the Web3.0 ecosystem.
After months of an inactive halt due to its funds being drained when a damaging hack disrupted its operations, Axie Infinity’s Ronin Bridge is set to begin operations this week.
To create a platform for kids’ digital collectibles, OnChain Studios, the NFT platform that is building the Cryptoys platform, has raised $23 million from venture capital companies. Andreessen Horowitz led the initial capital raise.
A funding round led by industry heavyweights B Capital and GIC netted $150 million for the American crypto firm FalconX. With the new fundraising effort, the company’s valuation has increased to $8 billion.
One of the most well-known professional services firms, Deloitte and Bitcoin service provider NYDIG have teamed up to make it easier for all companies to adopt and support Bitcoin. According to Deloitte, the new collaboration will make it very simple for businesses interested in integrating Bitcoin services to do so.
To begin developing and testing digital asset custody services, the multinational financial services major Citibank has partnered with the provider of digital asset custody, METACO.
As per a recent announcement, Goldenstone Acquisition Ltd. has agreed to a $3.6 billion SPAC agreement with blockchain infrastructure company Roxe Holding so that it can become a publicly-traded company.
Crypto exchange news
Singapore-based crypto trading platform Bybit has announced its intention to trim off some of its employees amid ongoing concerns about market volatility. According to unidentified sources cited by independent crypto-journalist Colin Wu, the company is likely to lay off 20–30% of its employees. However, the partial lay-off rate could go up to 50%.
According to a report by WSJ, crypto trading platform FTX reportedly intends to purchase a part of crypto exchange and wallet BlockFi after it received a $250 million credit from FTX. Moreover, the US subsidiary of exchange giant FTX US has acquired Embed, a regulated Whitelabel brokerage services firm.
The largest crypto exchange in the U.S., Coinbase, has announced the release of BIT or Nano Bitcoin futures, its first listed crypto derivative product. Retail investors will be able to trade the new product starting this Monday.
Bitpanda, an Austrian platform for trading stocks and cryptocurrencies, has added its name to the growing list of companies reducing their staff. It made the “difficult decision” to cut its staff from roughly 900 to around 730.
The world’s biggest crypto exchange, Binance’s United States division, Binance US, has announced a new pricing model for its users. According to a recent announcement, Binance US will charge zero fees for several Bitcoin trading pairs, including BTC/USD, BTC/BUSD, BTC/USDT, and BTC/USDC.
Portuguese star Cristiano Ronaldo has joined the Binance trading platform as a major partner as the two looks to encourage participation in Web3.0 activities.
Another move by BNB Chain to strengthen its position as a leading provider of blockchain education worldwide is the announcement of a cooperation with the University of Zurich.
The CEO of Binance, Changpeng Zhao, has commented on the ongoing trend among troubled crypto companies to ask for bailouts from those with sufficient liquidity positions. According to him, every industry has more projects that are expected to fail than succeed; thus, assisting such platforms won’t be beneficial to the sector in the long run.
The Monetary Authority of Singapore has finally given Crypto.com in-principle approval to provide a variety of payment services in the city-state. The MAS has also approved Genesis and Sparrow to offer similar kinds of products and services.
According to a recent announcement from OKX, the company now provides customers with new custodial trading sub-accounts that are simpler to set up, manage, and grant access to.
NFT and Metaverse
Luxury fashion brand Burberry has presented its second NFT collection in conjunction with Mythical Games in its popular game, Blankos Block Party. The company’s intentions to launch a customized social area within the game for users to provide a “unique virtual experience” are also revealed in the release.
Leading decentralized crypto exchange Uniswap has announced that it has successfully closed a new deal to acquire NFT marketplace aggregator Genie for an undisclosed sum.
Multinational e-commerce company eBay announced that it had acquired KnownOrigin, a British NFT marketplace with cutting-edge features. Unknown in terms of the purchase price, KnownOrigin will now assist eBay in broadening its attractiveness as a marketplace for buying and selling items.
In an effort to introduce its first collection, the British luxury car manufacturer Bentley Motors Limited announced its entry into the NFT world. The collection, which the company recently disclosed, is expected to debut in September 2022 and will include 208 collectibles with unique designs.
An investigation of crypto scams
- MUSHE (XMU) Scam
- Firepin (FRPN) Scam
- ParodyCoin (PARO) SCAM
- Gnox (GNOX) scam
- Pacman Frog (PAC) Scam
- Sanzooz Finance (SZFT) Scam
- CashFi (CFI) Scam
WeChat bans accounts in connection to crypto
The most widely used messaging and calling app in China, WeChat has outright prohibited public accounts on its platform from engaging in any type of issuance, trading, or financing of digital assets, including NFTs.
Celsius Network, a troubled crypto lending platform that halted withdrawals on its platform a few weeks back, has reaffirmed its dedication to overcoming its current issue to expand the scope of its offerings.
Celsius Network is now fighting to survive this crypto bear market. According to numerous reports, it has appointed consultants from the management consulting firm Alvarez & Marsal to help it handle its potential bankruptcy. As the rumors of bankruptcy spread, the investment banking firm Goldman Sachs offered to purchase the crypto assets of lending platform Celsius Network at a discounted price.
The crypto lending platform Babel Finance announced last Monday that it had reached an agreement with a number of counterparties to settle a number of significant debts. The move to finalize preliminary agreements is intended to help the company resolve its immediate liquidity crisis.
Attack on Harmony
Recently, an attack on the Harmony layer-1 blockchain’s Horizon Bridge caused a loss of at least $100 million in alternative currencies, the majority of which were exchanged for Ethereum.
Exclusive reviews and announcements
Xels: It is an eco-friendly platform that claims to be the future of decentralized climate action disclosure for companies seeking transparency in their carbon emissions reporting.
Mummy: It is one of the few blockchain gaming platforms developed using Unreal Engine 5 to produce breathtaking and immersive gameplay.
TheCoinRise will come back with another week of crypto roundup next Weekend.