Circle launches USDC stablecoin on Polkadot ecosystem
Stablecoin issuer Circle has introduced USDC (COIN:USDCUSD), a
dollar-backed stablecoin, to the Polkadot ecosystem, expanding its
presence on new blockchains. Polkadot is a platform that
integrates specific blockchains, known as parachains. The
native version of USDC has been launched on Polkadot Asset Hub,
facilitating its transfer between parachains. Thus, all
blockchains linked to Polkadot and their users can access
USDC. Projects on Polkadot such as Centrifuge and Moonbeam
have adopted USDC as their main stablecoin.
Blockchain Optimism distributes third airdrop worth $27 million
Optimism blockchain, a layer 2 solution, performed its third
community airdrop, delivering 19.4 million OP tokens (COIN:OPUSD),
valued at $27 million, to more than 31,000 addresses. The
selection of beneficiaries was based on their active participation
in governance votes. Although 570 million OP tokens are
reserved for future airdrops, the market reaction has been
modest.
Litecoin registers rise with expectations of Federal Reserve
decision
The value of Litecoin (COIN:LTCUSD) advanced, reaching a
three-week high in the context of a general appreciation of the
cryptocurrency market. On September 19, Litecoin grew by
3.85%, reaching almost $68.50. However, in 2023, it
underperformed the broader crypto market, with a 3.85% annual
decline, contrasting with the crypto market’s 39% gain. This
increase is linked to the expectation of the Federal Open Market
Committee meeting on September 20, where the Federal Reserve is
expected to suspend interest rate increases.
Tether prepares $1 billion liquidity for Tron Network
Blockchain monitoring accounts highlighted a US$1 billion
authorization by Tether (COIN:USDTUSD) in its Treasury, aiming to
increase short-term liquidity on the Tron network. This
authorization is not an actual issuance, but rather a preparation
for future requests and exchanges on the Tron network. Paolo
Ardoino, CTO of Tether, clarified that this action helps maintain
security by limiting frequent access to private keys. In 2023,
USDT tokens on the Tron blockchain reached record highs, with a
total of $42.8 billion in circulation.
Canto adopts Ethereum as layer 2 network with Polygon support
Canto network, originally part of Cosmos, intends to transition
to Ethereum and function as a layer 2. The announcement triggered a
54.67% weekly increase in the value of the CANTO token
(COIN:CANTOUST). Canto’s team will collaborate with Polygon to
develop a zero-knowledge rollup. Sandeep Nailwal, co-founder
of Polygon, sees this transition as driving
“neo-finance.” While Canto maintains its original autonomy,
other platforms are also adopting similar approaches, indicating a
growing trend of migration to Ethereum layer 2.
Boost in TON price after Telegram integrates Web3 wallet
TON’s notable appreciation was driven by news that Telegram
added the Open Network blockchain Web3 wallet to its platform,
facilitating access to TON (COIN:TONUSD) for its 800 million users,
as previously reported. Ton grew 56.10% in the last
week. Although Telegram separated from TON in 2020 after legal
complications with the SEC, this integration marks a symbolic
triumph for the company. SEC had fined Telegram $18.5 million for
unregistered issuance of the Gram token.
Citigroup launches blockchain tokenization service for cash
management and trade finance
Citigroup (NYSE:C) has launched a tokenization service using
blockchain and smart contracts to improve cash management and trade
finance for its institutional clients. These contracts perform
similar roles to traditional bank guarantees. A pilot project
with Maersk sought to optimize processes often delayed by
bureaucracy. “ Institutional clients need ‘always on’
programmable financial services and Citi Token Services will
provide 24/7 cross-border payments, liquidity and automated trade
finance solutions”, the bank said. Citi predicted in a
March 2023 report that digital asset tokenization could be worth
between $4-5 trillion by 2030.
Nomura starts Bitcoin fund for institutions through Laser Digital
Laser Digital, the digital assets arm of Japanese bank Nomura,
has launched its first Bitcoin-focused fund (COIN:BTCUSD),
targeting institutional investors. This Bitcoin-only fund aims
to be an economical and safe investment option. “Bitcoin
is one of the enablers of this lasting transformational change and
long-term exposure to Bitcoin offers a solution for investors to
capture this macrotrend”, said Sebastien Guglietta, Head of
Laser Digital Asset Management. To strengthen security, the
fund is collaborating with Komainu, co-founded by Nomura in 2018.
This initiative comes after Laser Digital and Komainu received
licenses in Dubai. The fund is part of the Laser Digital Funds
Segregated Portfolio Company (SPC), based in the Cayman
Islands.
Controversies surrounding Binance and ties to Ceffu; Binance and
Paysafe face issues with euro withdrawals for EU customers
Changpeng Zhao, CEO of Binance, refuted allegations that
Binance.US, its American branch, used Ceffu or Binance Custody for
custody. SEC seeks to investigate possible infringements by
Binance.US, suggesting that Ceffu could help move US funds
abroad. Notably, Binance.US has already admitted to using
software provided by Binance Custody, which previously mentioned
Ceffu. Such conflicting statements have raised doubts about
the integrity of the statements. In other news, European
Binance customers are facing obstacles when trying to withdraw
euros due to an imminent transition at the regional payments
provider. Paysafe, Binance’s payments partner in Europe, will
cease support on September 25th. However, several users have
already been banned from the service before the date. Binance
revealed that Paysafe brought forward the closure for a small group
of users. Although Paysafe services are operating as per
contract, Binance expressed its dissatisfaction with the situation,
committing to resolve the affected withdrawal issues.
Parents of FTX founder accused of improper benefit
Creditors of the defunct cryptocurrency exchange FTX have filed
a lawsuit against the parents of founder Sam “SBF” Bankman-Fried,
accusing them of improperly benefiting from millions from the
exchange. The law firm of Sullivan & Cromwell,
representing the creditors, filed the lawsuit on September 18
against Joseph Bankman and Barbara Fried. They are accused of
being deeply involved in FTX’s business and profiting,
contradicting previous claims. The complaint alleges undue
enrichment and suggests that both had decisive roles at FTX,
contrary to previous reports. Plaintiffs seek punitive
damages. Additionally, former FTX CEO Sam Bankman-Fried’s
attempt to end his pretrial detention was rejected by an appeals
court. Despite his defense’s claims about the difficulty of
preparing his defense in prison, prosecutors and the judge believe
he is a threat to witnesses if released.
New trial request denied for lawyer linked to OneCoin scandal
Mark Scott, the lawyer implicated in laundering $400 million
during the 2019 OneCoin cryptocurrency scandal, has failed to win
approval for a new trial. Despite alleging errors and false
testimonies in the previous trial, court ruled against
him. Scott was convicted in 2019 after being accused of
profiting $50 million from the fraud led by Ruja “Cryptoqueen”
Ignatov. He was also accused of spending the illicit money on
luxuries. Although Ignatov disappeared, others involved in the
scheme, such as Karl Greenwood, faced severe penalties.
Netcoins stops attempted cyber breach and strengthens security
measures
Netcoins, a cryptocurrency exchange platform owned by BIGG
Digital Assets, reported that it thwarted an attempted cyber attack
on September 17. Its systems detected anomalous activity and
prevented unauthorized withdrawals. Although CAD 343,000
(US$254,000) was removed from operating cash, no client assets or
funds were affected. The company acted quickly, intensifying
security and initiating an in-depth investigation, with external
assistance. Customers have been instructed to reset passwords
and additional security measures have been
implemented. Netcoins also informed the authorities about what
happened.
Silencio and the fight against noise pollution through Blockchain
Silencio Network, backed by the Peaq Network blockchain, uses
more than 35,000 smartphones globally as sensors to monitor noise
pollution. This collaboration seeks to address noise pollution
issues in 176 countries, with plans to scale to one million devices
by 2024. Participants receive digital rewards for providing noise
data. Driven by personal experiences, the founders, the
Messerer brothers, use blockchain to collect data in a
decentralized way, ensuring that only decibel levels are measured,
preserving users’ privacy.
BaFin calls for consistent global crypto regulation
Rupert Schaefer, executive at the German Federal Financial
Supervisory Authority (BaFin), highlighted the urgency of globally
unified crypto regulation, even as the EU moves forward with its
own framework, the Markets in Crypto Assets (MiCA). Comparing
regulators to air traffic controllers, Schaefer emphasized the need
to avoid “blind zones” in regulation and mentioned the need to
apply rules globally, including in smaller financial
centers. He also cited recent initiatives to standardize
regulations, but highlighted the gaps that still exist.
United Kingdom advances in cryptocurrency regulation with new bill
A bill aimed at strengthening the ability of British authorities
to tackle the misuse of cryptocurrencies is approaching final
approval in the House of Lords. The “Law on Economic Crimes
and Corporate Transparency”, proposed in 2022, seeks to confront
financial crimes linked to cryptography. Following reviews and
modifications in the House of Lords, the House of Commons will now
consider the changes. Financial Conduct Authority (FCA) has
expressed interest in collaborating with the crypto industry to
shape an effective regulatory framework. “ Let’s work
together to shape our rules and regulations to benefit markets,
consumers and businesses as crypto moves from niche to
mainstream,” said FCA chief executive Sarah Pritchard at
London’s City Week conference.
India surpasses UK and Russia to become 2nd largest crypto market
despite tax challenges
Despite a complex regulatory environment and high tax rates,
India has emerged as the second-largest global cryptocurrency
market by transaction volume, surpassing countries such as the
United Kingdom and Russia. A report from Chainalysis indicated
that volumes in India reached around $269 billion between July 2022
and June 2023. Although the country applies a 30% tax on
cryptocurrency earnings and a 1% tax per transaction, demand
remains robust. The US maintains its lead as the largest
crypto market.
Thailand to impose taxation on foreign cryptocurrency income from
2024
Thailand has announced stricter measures to tax the foreign
earnings of cryptocurrency traders, aiming to close a loophole that
allowed such earnings to enter the country tax-free. According
to BangkokPost, the new policy, which comes into effect on January
1, 2024, is part of an effort to finance economic
stimulus. The measure also applies to residents trading on
foreign exchanges and those living in Thailand for more than 180
days annually. Experts warn of potential negative impacts on
foreign investment and worsening income inequality.
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