PayPal launches dollar-backed stablecoin
PayPal (NASDAQ:PYPL) has launched its dollar-backed stablecoin,
PayPal USD (PYUSD), marking a significant shift towards digital
currencies. PYUSD is fully backed by US Dollars and US
Treasuries, with one-to-one redemption for US Dollars. The
stablecoin will be available to US customers and could become the
native token for PayPal’s cryptocurrency service. Issued on
the Ethereum blockchain, PYUSD aims to bridge the gap between fiat
and digital currencies, facilitating fast transfers and supporting
the growth of digital assets. Issuance is overseen by the
Paxos Trust Company to ensure transparency and regulatory
compliance.
MicroStrategy increases Bitcoin position after Saylor’s exit as CEO
After a difficult time when Michael Saylor stepped down as CEO
of MicroStrategy (NASDAQ:MSTR) to focus on investing in Bitcoin
(COIN:BTCUSD), the company’s position improved as the price of
Bitcoin rose. MicroStrategy bought more Bitcoins and now has
152,800, bringing its average cost down to $29,672. The
company’s share price also recovered. Saylor is a big
supporter of Bitcoin and has been working to expand adoption of the
Lightning Network to make payments cheaper and faster.
Bitcoin ETF: SEC sets deadline to decide while Grayscale faces
litigation
The SEC has until Aug. 13 to approve or reject the ARK bitcoin
ETF, along with applications from eight other organizations such as
BlackRock (NYSE:BLK) and Bitwise. The SEC may extend the
deadline by up to 240 days. Approval of one spot bitcoin ETF
could force the approval of all the others, but the SEC has yet to
show support. Grayscale is in legal proceedings with the SEC
to convert its Grayscale Bitcoin Trust into a bitcoin
ETF. Many believe the SEC will not approve a spot bitcoin ETF
any time soon, while others see signs of a change in the regulatory
environment. The litigation decision is criticized by some,
who are calling for comprehensive crypto legislation.
Binance exchanges USDC for other stablecoins; Coinbase jokes
about the change
During Coinbase’s (NASDAQ:COIN) Q2 earnings conference call, CEO
Brian Armstrong joked about Binance moving funds from USDC to
another stablecoin. USDC (COIN:USDCUSD) is the preferred
choice on Coinbase, but Binance has been converting some of its
reserves into other stablecoins, possibly towards First Digital USD
(COIN:FDUSDUST). Binance has been looking for new stablecoins
after the ban on issuing USD-linked BUSD, turning to TUSD and, more
recently, FDUSD. The USDC has been losing market value,
falling from $44.5 billion to $26 billion in the last year.
Bitget announces partnership with comedian to promote crypto
education
Cryptocurrency exchange Bitget has announced a year-long
partnership with actor and comedian Adam Devine, aimed at promoting
crypto education and adoption in an engaging and light-hearted
way. The company is focused on attracting young people, who
will be the main builders of the crypto future. This
partnership is part of Bitget’s ‘#SetForChange’ campaign following
its rebranding initiative, emphasizing the new way of life and
embracing the future of money, contemporary financial tools and
Web3.
WhiteBIT launches its own blockchain
Cryptocurrency exchange WhiteBIT has launched its own
blockchain, the WB Network, as part of a new era of progress for
the company and its community. The new blockchain offers
faster transactions and reduced fees to promote widespread adoption
of blockchain technologies. The WhiteBIT team is committed to
proactively integrating technology into the real economy and
engaging the community in the development of the WB
Network. The blockchain works on the Proof-of-Authority (PoA)
consensus algorithm and has already successfully passed Hacken’s
audit prior to launch.
Lido marks Ether depositors milestone as some DeFi protocols
struggle
Net staking platform Lido recorded 10,000 unique ether
(COIN:ETHUSD) depositors in July, bringing the total amount locked
(TVL) to more than $15 billion in tokens, reaching the highest
level since May 2022. Aside from the reduction in liquidity of DeFi
pools, demand for stETH (COIN:STETHUSD) remains strong for lending
protocols and tier 2 rollups. The recent uncertainty surrounding
the Curve Finance situation has also taken a toll on the crypto
ecosystem.
Cardano experiences quarterly growth driven by technology and
developer interest
Cardano’s blockchain activity grew quarter over quarter, driven
by technical improvements and increased interest from
developers. Messari’s report showed locked value and
transactional metrics increased, with Minswap exchange leading the
growth. While the number of daily active users declined, the
ratio of transactions per active address increased, suggesting
higher average user activity. The blockchain also faced an
increase in load, reaching 81% in May. Major upgrades and
integration with the Ethereum Virtual Machine contributed to the
growth.
Valio launches decentralized asset management protocol
The decentralized asset management protocol, Valio, has been
publicly released, allowing users to have their funds managed by
professional traders without relying on them as
custodians. The app was launched on the Abitrum and Optimism
networks, and does not require prior approval from
managers. Assets are held in smart contracts and managers have
limitations to avoid excessive price impact. Valio aims to
attract investors interested in real success and seeks to
facilitate the usability of DeFi applications and crypto
wallets.
Sino Global Capital sues FTX for $67.3 million
Matthew Graham of Sino Global Capital filed a $67.3 million
lawsuit against FTX Trading Ltd. on behalf of Sino’s Liquid
Value fund, launched with Sam Bankman-Fried in 2021. The fund has
raised $90 million through January 2022, with FTX as an anchor
investor. Former FTX COO Constance Wang was hired by Sino
Global in July.
Huobi faces net outflows over concerns about jailed executives
Cryptocurrency exchange Huobi has seen net outflows of more than
$73.3 million over the past seven days, during which time some
executives have been arrested in China. Outflows accelerated,
with Huobi facing a net outflow of $32.9 million in the last 24
hours. The exchange’s stablecoin balances have also declined
significantly. Rumors of the executives’ arrests have
surfaced, and Huobi is struggling to turn a profit, hoping to break
even in the current quarter and return to profit in the next
quarter. The company has yet to officially comment on the
recent events.
Kenyan police raid Worldcoin crypto project warehouse
The eye-scanning crypto project Worldcoin, launched by OpenAI’s
Sam Altman, is facing increased scrutiny in Kenya, with local
police raiding its Nairobi warehouse looking for data, according to
a local news report on Monday. Kenya’s Home
Ministry has suspended its operations and is investigating
potential privacy risks. The company claims privacy protection
measures, but privacy experts express concerns about sensitive iris
digital data. The Kenya Capital Markets Authority warned about
the lack of project regulation in the country.
Curve Finance offers public reward after funds theft
In response to the re-entry bug and funds theft, the DeFi Curve
Finance protocol has offered a public reward of $1.85 million to
recover the remaining stolen funds. After the deadline expired
with no return of funds, the protocol asked for public assistance
in identifying the attacker. In total, 73% of the stolen funds
were recovered, with several ethical hackers contributing to the
return. As a precautionary measure to avoid contagion, the
Aave community has banned further lending of Curve’s CRV token
(COIN:CRVUSD), due to the significant debt position of Michael
Egorov, founder of Curve.
UK to expand cryptocurrency fraud investigation unit
The UK’s National Crime Agency (NCA) plans to expand its
cryptocurrency fraud investigation unit as part of a strategy to
tackle rising financial crime. The Complex Financial Crimes
(CFCT) unit will receive new senior investigators to handle
corruption and blockchain fraud cases. The agency will also
create a Digital Assets Team (DAT) to investigate cyber asset
crimes. The UK seeks to strengthen its internal policies to
compete in the global market for digital assets and related
technologies.
Singapore allocates millions to Web3 related projects
The Monetary Authority of Singapore (MAS) will allocate around
$112 million to support fintech solutions, including Web3-related
projects. The funding is part of MAS’s renewed Financial
Sector Technology and Innovation (FSTI) scheme, which aims to
accelerate and strengthen innovation by supporting emerging
technologies. The new scheme includes tracks such as the
Enhanced Center of Excellence, environmental, social and governance
fintech track, and the Innovation Acceleration track, which covers
Web3. MAS will also continue to support the adoption of
technologies such as artificial intelligence, data analytics and
RegTech.
Miami Mayor accepts Bitcoin donations for presidential campaign
Miami Mayor Francis Suarez announced that his presidential
campaign is now accepting donations in Bitcoin
(COIN:BTCUSD). He is a vocal supporter of cryptocurrencies and
believes that technologies like Bitcoin can democratize wealth
creation. Suarez criticizes the Biden administration for its
lack of understanding of cryptocurrencies and advocates for clear
regulatory guidelines for digital assets. He also voiced
opposition to central bank digital currency and stated that he
would ban it if elected president. Despite some setbacks with
MiamiCoin, Suarez remains committed to the crypto industry.
NFT trader makes nearly $1.5 Million by tricking bidding bot
Hanwe Chang, an NFT trader, made 800 ETH (nearly $1.5 million)
by tricking a bot into buying his NFTs at inflated prices. He
noticed that the bot was copying his bids on the NFT marketplace,
Blur, and decided to bid on his own NFTs to trick the bot. The
NFT community reacted with discussions and some criticism of
Chang’s action, calling it “Bid Spoofing” or “Shill Bidding”, an
illegal electronic fraud market activity.
Zero10 and JD Sports present Nike collection with augmented reality
Zero10 has partnered with JD Sports to introduce Nike’s
(NYSE:NKE) new Need It Now collection. Through Zero10’s AR
Mirrors, customers will be able to virtually try on clothing from
the collection, including subtle effects such as water
droplets. Additionally, the company launched a new
point-of-sale tool that allows online shopping even when items are
sold out. The partnership with JD Sports is yet another
successful collaboration following deals with Coach, Calvin Klein,
Crosby Street Studios and Tommy Hilfiger. CEO George Yashin
celebrated the company’s growth and the perfect blend of sports and
fashion.
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