Nasdaq suspends launch of digital asset custody business
Nasdaq (NASDAQ:NDAQ) has suspended the launch of its digital
asset custody business due to regulatory risks in the United
States. CEO Adena Friedman announced the decision during the
second quarter earnings conference call, citing the changing
regulatory and business environment. However, the company
reiterated its commitment to digital asset business development and
will continue to provide software solutions in this
field. Nasdaq is closely monitoring the market for upcoming
regulatory events. The company planned to launch the crypto
custody division by the end of July.
Forge obtains license for crypto services in France
Forge, a subsidiary of Société Générale (EU:GLE), obtained the
first highest access license for crypto services in
France. The license allows the company to offer services for
the custody, purchase and sale of digital assets. Société
Générale has been actively involved in the crypto sector, issuing
securities and security tokens on blockchains such as Ethereum and
Tezos. While France is cryptocurrency friendly, Binance is
under investigation in the country.
UK financial regulator warns of crypto memes
The UK’s top financial regulator has warned that crypto memes
could constitute criminal offenses if they don’t follow financial
promotion rules. A set of guidelines proposed by the Financial
Conduct Authority highlighted that any form of communication,
including memes, can be considered financial promotion and is
subject to the law. The FCA noted the prevalence of meme usage
in the cryptocurrency industry and stressed the importance of
companies being aware of the rules when running financial
promotions. Crypto firms such as Coinbase (NASDAQ:COIN) have
praised UK regulators for providing legal clarity regarding
compliance with the law. Recently, lawmakers passed a bill to
develop a regulatory framework for digital assets.
US Senate proposes strict law for DeFi protocols
The United States Senate is about to tackle the crypto industry
again with a new bill that would impose strict anti-money
laundering requirements on decentralized financial (DeFi)
protocols. The Crypto-Asset National Security Enhancement Act
of 2023 would require DeFi protocols to implement bank-like
controls for their users. The project aims to fight
cryptocurrency-related crimes and close loopholes in money
laundering and sanctions that affect national security. The
bill addresses entities controlling DeFi protocols and establishes
identity verification requirements at cryptocurrency kiosks, as
well as expanding the Treasury Department’s authority to police
suspicious activities in nontraditional financial environments,
including crypto.
Congressman asks SEC for clear cryptocurrency rules
Congressman Ritchie Torres has sent a letter to US Securities
and Exchange Commission (SEC) Chairman Gary Gensler calling for
clear rules for cryptocurrencies. Torres expressed his
dissatisfaction with the SEC’s lack of clear guidance for the
cryptocurrency industry and criticized the agency’s mixed
messages. He applauded the recent ruling in SEC v. Ripple
Labs, stating that it challenges the SEC’s claim that most digital
assets are securities. Torres highlighted the SEC’s lack of
fair notice regarding the classification of digital assets as
securities.
US presidential candidate proposes tax exemption for Bitcoin
US Democratic presidential candidate Robert F. Kennedy Jr. has
proposed exempting Bitcoin (COIN:BTCUSD) from capital gains tax
when converting it to US dollars. He also plans to support the
dollar with hard assets like gold, silver, platinum and Bitcoin to
strengthen the currency and control inflation. Kennedy
advocates for Bitcoin’s self-custody, neutral energy regulation,
and encouraging the growth of the technology industry in the United
States. The US presidential elections are scheduled for
November 4 next year.
US Secret Service seizes Deltec Bank accounts
The US Secret Service has seized accounts controlled by Deltec
Bank of the Bahamas in an investigation into money laundering
through cryptocurrencies. More than $58 million was seized
from escrow accounts at Mitsubishi Bank in New York. 74 shell
companies are involved in the fraud scheme, which used fake
websites to entice victims to deposit assets. The Secret
Service discovered that these companies transferred wire fraud
proceeds to accounts in the Bahamas, avoiding the usual scrutiny of
international payments. Authorities also highlighted the lack
of KYC information on the companies Axis Digital Limited and GTAL,
held by Deltec Bank.
Bitcoin Adoption in El Salvador Faces Challenges
Two years after Bitcoin (COIN:BTCUSD) was adopted as legal
tender in El Salvador, adoption remains low and citizens question
the cryptocurrency’s benefits, according to Lane Rettig, former
lead developer of Ethereum. While the government has promoted
Bitcoin significantly, Rettig found that most Salvadorans are not
using the cryptocurrency on a day-to-day basis. While there
have been improvements in reducing crime and expanding Bitcoin
ATMs, concerns persist regarding human rights under the rule of
President Nayib Bukele. More work is still needed to build
trust and promote financial inclusion through Bitcoin in El
Salvador.
Financing for Web3 companies declines in Q2
Funding for Web3 companies from venture capitalists has seen a
significant drop in the second quarter of 2023 compared to the same
period last year, according to Crunchbase data. Web3 startups
raised just over $1.8 billion this quarter, up from $7.5 billion a
year earlier. In the first half of 2023, Web3 startups raised
$3.3 billion, a 78% decrease from the $16 billion in the first half
of 2022. AI startups, on the other hand, continue to attract
significant funding.
Bitget adopts artificial intelligence to improve processes and
security
Cryptocurrency exchanges are embracing artificial intelligence
(AI) to improve their internal processes, according to Gracy Chen,
managing director of Bitget. The exchange is incorporating AI
tools into various departments such as translation and customer
service. Furthermore, Bitget is developing a customized and
encrypted chatbot based on ChatGPT to assist users’ trading
activities. Zero-knowledge proof technology (ZK-proofs) is
also highlighted as a solution to increase the privacy and security
of exchanges, protecting user data and enabling self-custody.
Prime Trust ordered to go into liquidation
The Prime Trust, a major cryptocurrency custodian facing
financial troubles, has been ordered into temporary liquidation by
Nevada courts. A trustee was appointed to oversee operations
and protect clients. The crisis began a month ago, when the
company was unable to respond to customers’ withdrawal
requests. Reports indicate a shortfall of more than $82
million.
Bitso partners with Stellar for crypto payments
Bitso cryptocurrency exchange, one of the main ones in Latin
America, has partnered with the Stellar Development Foundation to
join Stellar’s Anchor Network, which specializes in crypto
payments. This partnership aims to expand the payments
corridor between Latin America and the rest of the
world. Through this solution, companies worldwide will be able
to transact in USDC for Argentina, Colombia and Mexico, taking
advantage of Bitso’s direct connection to local banking
systems. During the second half of 2022, Bitso processed $3.3
billion in transactions between Mexico and the United
States. In addition, the company saw a 32% increase in the
total volume of international transfers.
ASIC revokes FTX Australia license
The Australian Securities and Investments Commission (ASIC)
revoked FTX Australia’s license, banning the exchange from
operating in the country. FTX Australia will still be able to
provide limited services to terminate existing derivatives with
customers until July 2024. The license cancellation comes after
ongoing ASIC investigations and a stricter stance by Australia
towards cryptocurrency exchanges. FTX is exploring options to
reboot its flagship platform, but the situation for Australian
users is still unclear.
Cronos Labs discusses artificial intelligence in the blockchain
industry
During the Ethereum Community Conference (EthCC), Ken Timsit,
Managing Director of Cronos Labs, discussed the emerging use cases
and limitations of blockchain-enabled artificial intelligence
(AI). He highlighted the importance of AI to increase
productivity and user experience in the blockchain industry,
especially in areas such as marketing and customer
support. Timsit also addressed challenges in implementing
decentralized identity and highlighted censorship resistance and
the possibility of frictionless commerce as benefits of using
blockchain in AI innovation. However, he recognized the need
to address security and efficiency issues for decentralized AI
computing at scale.
Casper Labs chooses INX for its stock listing
Casper Labs, a leader in enterprise blockchain software, has
chosen INX, a regulated exchange and ATS, as its preferred platform
to tokenize and list its equity in the secondary market. This
partnership will allow Casper Labs shares to be traded globally
through the INX Securities ATS. The listing is scheduled for
September 2023, solidifying tokenization as a key use case in the
digital asset industry.
Ankr and Matter Labs join forces for blockchain solutions
Ankr and Matter Labs have joined forces to make zkSync Era nodes
and Hyperchain blockchain solutions available on Ankr’s Azure
Marketplace. This partnership aims to integrate Microsoft’s
cloud infrastructure, the zkSync Era blockchain network, and Ankr’s
solutions to enable enterprises and web3 projects to develop
applications on top of the zkEVM Ethereum Layer-2
protocol. The collaboration seeks to lower barriers to entry
and drive enterprise adoption of blockchains while providing
improved scalability, performance and privacy. Ankr will also
provide support and engineering for companies interested in
building their own customizable hyperchain blockchain. This
partnership follows the recent announcement of the partnership
between Microsoft (NASDAQ:MSFT) and Axelar, aimed at facilitating
access to developer services and tools on the Azure Marketplace for
advancements in blockchain technology.
South Korean bank completes remittance test on Hedera network
Shinhan Bank, a South Korean banking giant, has successfully
completed a feasibility test for stablecoin remittance payments on
the Hedera network. The pilot involved SCB TechX, Siam
Commercial Bank’s technology innovation unit. The proof of
concept achieved real-time settlement and exchange rate
integration, demonstrating how Hedera’s EVM-compatible technology
can eliminate middlemen, reduce costs and speed up the remittance
process. Shinhan Bank is actively exploring the use of
blockchain and distributed ledger technology for cross-border
payments and crypto-related services.
Marinade Finance launches direct staking service for SOL tokens
Marinade Finance has launched a new service called Marinade
Native, which allows users to stake Solana tokens (COIN:SOLUSD)
directly to validators, eliminating smart contract risk. The
service seeks to attract institutional investors and promotes
decentralized staking in Solana. While net staking adoption in
Solana is lower compared to Ethereum, Marinade Native offers an
attractive option for SOL holders looking for yields. However,
the protocol still faces challenges due to technological
differences between the chains.
Polygon announces new decentralized governance structure
The Polygon team has announced its plans to implement a new
governance structure, seeking greater decentralization in its
ecosystem. Inspired by Ethereum’s governance models, the three
pillars of governance will focus on core protocol, smart contracts
and community treasury governance. Polygon is inviting
interested parties to participate in shaping this decentralized
governance.
Blockchain BNB Chain burns over 1.99 million BNB tokens
Blockchain BNB Chain held its 24th quarterly burn event on
Wednesday, burning over 1.99 million BNB tokens
(COIN:BNBUSD). About $484 million worth of tokens were
withdrawn from circulation. BNB uses an automatic burn system
to reduce its total supply over time. However, the event had
no immediate impact on BNB prices.
NFT artist holds solo exhibition in New York
Non-fungible token (NFT) artist Ellie Pritts is holding her
first solo exhibition in New York, entitled “In the Screen I am
Everything,” at the pioneering Bitforms gallery. The exhibit
features eight brightly colored animations, which are available as
NFTs on Ethereum (COIN:ETHUSD), along with some physical
prints. Pritts entered the NFT market in 2021, seeing his
video work become valuable. The exhibition features her use of
artificial intelligence (AI) and glitch techniques to create unique
works of art.
Photo of Vitalik Buterin is auctioned as NFT
A photo of Vitalik Buterin, co-founder of Ethereum, taken in
2014, is being auctioned as an NFT. The portrait, captured by
photographer Andrew Miller, shows Buterin wearing formal clothes, a
rare occurrence for him. The NFT sale marks the 10th
anniversary of Ethereum and tells the story behind the image and
the collaboration between Miller and Buterin during the photo
shoot.
OpenSea removes collection of NFTs without notice
OpenSea removed a collection of NFTs representing staked Ether,
much to the surprise and disappointment of the Ether.fi
project. All listings disappeared without notice, and new
listings were disabled with vague error messages. The CEO of
Ether.fi stated that OpenSea did not mention potential issues
during pre-launch discussions.
Argo Blockchain raises funds through stock sale
Cryptocurrency mining company Argo Blockchain (NASDAQ:ARBK)
raised £5.7 million ($7.5 million) through a new share
sale. The proceeds will be used to reduce the company’s
debt. The shares sold at a discount of approximately 14% to
the 30-day volume-weighted average price.
P0x Labs reaches $500M valuation after round of funding
Despite the decline of the cryptocurrency market, P0x Labs, the
team behind Manta Network, a privacy-preserving protocol on the
Polkadot blockchain, has reached a $500 million valuation after a
$25 million Series A funding round. Emerging technology called
zero-knowledge drives this valuation, enabling anonymous
transactions on DeFi services without revealing personal
information. Manta Network has demonstrated growth, minting over
300,000 soulbound tokens and amassing over 200,000 installations of
its native wallet. The funding will be used to scale the Manta
Pacific test network and expand in Asian markets.
CoinFund completes $158 million fundraising round
Crypto-focused venture capital firm CoinFund has completed a
fundraising round for the CoinFund Seed IV Fund, raising $158
million from investors. The fund will support investments in
founding teams in the web3 ecosystem. The company is bullish
on the industry and will continue to invest in resources and people
to support the growth of its portfolio companies.
Cosmic Wire raises $30 million in Series Seed round
Cosmic Wire successfully completed its Series Seed round,
raising $30 million with investments from the Solana Foundation and
Polygon. The company became the first cross-chain funder in
the Web3 ecosystem. Funds will be used to accelerate the
development of decentralized applications and promote a more
transparent, secure and decentralized Web3 ecosystem. Cosmic
Wire has also been selected as a participant in Google Cloud’s Web3
Startup Program (NASDAQ:GOOGL).
Argo Blockchain (NASDAQ:ARBK)
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