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🪙 Stellar Accompanying Ripple As XLM Gains Over 100% Over The Last Week
In the dynamic world of cryptocurrencies, Stellar’s native digital currency, XLM, has recently seen a remarkable surge in its price. Over the past few weeks, Stellar has been gaining widespread recognition for its efficiency and cost-effectiveness as a digital payment network, attracting an increasing number of users and businesses. This integration enables USDC remittances and cashouts in these countries, providing convenience and efficiency to everyday transactions and contributing to enhanced financial inclusion through swift and cost-effective cross-border transactions. The recent weeks have witnessed an impressive price surge for XLM. On July 13, XLM experienced an astonishing increase of over 100%, peaking at $0.197. However, as is common in the cryptocurrency market, profit-taking by investors caused the price to retreat slightly. Nonetheless, XLM has been on an upward trajectory since July 18, with strong support near $0.128. It is noteworthy that XLM stands out as the best-performing cryptocurrency asset among the top 100, based on CoinMarketCap data. In comparison, even XRP, which is ranked fourth in terms of gainers, lags behind XLM’s performance. Traders and investors are closely observing XLM’s price movement, as a break past the $0.20 level could indicate the beginning of a fresh uptrend for Stellar’s XLM.
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🐴 1inch Launches New Beta Version Of Web3 Cloud SaaS Platform
1inch Labs, a leading DeFi protocol, has unveiled its beta version of the developer portal, a Web3 cloud SaaS platform that offers cutting-edge APIs for building innovative products. The portal aims to provide developers with efficient software solutions to save time, money, and effort in creating Web3 applications. The solutions available on the platform have been thoroughly tested in 1inch’s products since 2019. The developer portal offers several key advantages for developers. First, it provides proven solutions that have been successfully implemented in 1inch‘s own products, including the 1inch Wallet and the 1inch dApp. The platform also guarantees reliability, with top Web3 players such as MetaMask, TrustWallet, and Ledger already integrating 1inch APIs. Additionally, the beta version ensures high availability with a 99% uptime service level agreement and offers low latency with quick response times. It also includes a well-organized dashboard with high-quality and reliable data, allowing developers to easily access documentation, advanced request stats, and information on major upgrades.
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⬜️ OKX Wallet Launches Staking-Like System For Bitcoin And BRC-20 Tokens
OKX has recently announced a new feature for its wallet that enables a staking-like function for tokens on Bitcoin and native bitcoin. This feature involves locking up bitcoin or BRC-20 tokens, which will then result in the user receiving BRC20-S tokens as rewards. These BRC20-S tokens are created through OKX’s extension to the current standard for building tokens on Bitcoin, known as the BRC20-S standard, which can be accessed through this link. As stated by the company’s Chief Innovation Officer Jason Lau, the introduction of the staking-like function was a response to the desire of OKX Wallet users to have more opportunities to participate in the ecosystem. This allows for greater engagement and involvement in the cryptocurrency community. OKX has also announced that DeFi developers and projects can use the BRC20-S protocol to create staking pools and subsequently distribute BRC20-S tokens to holders of bitcoin and BRC-20 tokens. This is a significant step in the realm of blockchain technology as it provides a new avenue for developers to create and distribute tokens.OKX has revealed that it will soon launch a marketplace for selling BRC20-S tokens.
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🟠 Binance Terminates Sponsorship Deal With Argentina Amid Falling Profit
Binance, the world’s largest cryptocurrency exchange, has terminated its sponsorship agreement with the reigning World Cup champion, Argentina. The unexpected move was announced on Twitter, stating that the exchange had ended its sponsorship of the Argentina football team. The sponsorship agreement between the exchange and Argentina was signed in early 2022 for a period of five years. The exact value of the agreement was not disclosed. As part of the deal, Binance’s logo was set to appear on the team’s training jerseys. The sponsorship deal itself was surrounded by controversy, as Binance competed with the Chiliz/Socios fan token issuance project to become the sponsor for the Argentina team, including star player Lionel Messi. Socios, feeling aggrieved, sued the Argentine Football Federation (AFA), seeking to be the sole fan token partner until 2026. In addition to the Argentina football team, the exchange sponsors other teams and issues fan tokens for S.S Lazio (Italy), FC Porto (Portugal), and Santos FC (Brazil). The exchange has also partnered with the Confederation of African Football to sponsor the 2021 Africa Cup of Nations (CAN) and collaborates with the F1 Alpine team. Binance’s NFT platform has partnered with Cristiano Ronaldo to release NFT collections for fans.
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🇺🇸 SEC Now Accepts Valkyrie’s Spot Bitcoin ETF Application
The U.S. Securities and Exchange Commission (SEC) has recently acknowledged the filing of Valkyrie’s spot Bitcoin (BTC) exchange-traded fund (ETF) application, marking another significant development in the pursuit of a Bitcoin ETF. Valkyrie’s proposal, outlined in an official filing on July 17, seeks a rule change to list and trade a spot Bitcoin ETF on Nasdaq. As part of the regulatory process, the SEC has opened a public comment period, allowing interested parties to provide feedback within 21 days after publication in the Federal Register. Eric Balchunas, a senior ETF analyst at Bloomberg, confirmed the acceptance of Valkyrie’s spot Bitcoin ETF application by the SEC. Notably, Valkyrie was the final applicant to submit a spot Bitcoin ETF proposal amid a recent surge of applications. Balchunas also highlighted that Valkyrie has chosen the ticker symbol “BRRR” for the Bitcoin ETF on the Nasdaq exchange. This move by the SEC to accept Valkyrie’s spot Bitcoin ETF application indicates a growing interest and recognition of the potential benefits of such investment products. Several prominent firms, including BlackRock, VanEck, Invesco, Fidelity, and WisdomTree, have also entered the race to secure SEC approval for their Bitcoin ETF proposals. The increased attention from major financial players highlights the growing acceptance and adoption of Bitcoin.
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💰 Binance Successfully Integrate BTC On Lightning Network To Improve Quality
Binance announced that they had completed the integration of Bitcoin (BTC) on Lightning Network, and Bitcoin (BTC) deposits and withdrawals are now open on Lightning Network. Binance’s plan to integrate Bitcoin Lightning Network marks a significant step forward in enhancing its services. Users can expect faster withdrawals and reduced fees, allowing for more seamless crypto transactions. Earlier, the world’s largest cryptocurrency exchange by trading volume announced plans to integrate the Bitcoin Lightning Network. Lightning Network is a second-layer solution for Bitcoin that allows for faster and cheaper transactions. It solves the scalability issues associated with the Bitcoin blockchain, allowing for more efficient transfers. It achieves this by creating payment channels between users, which are essentially off-chain channels for conducting transactions. These channels enable users to transact directly with each other without requiring every transaction to be recorded on the Bitcoin blockchain. Binance users will benefit from this integration, as it will reduce transaction execution times and lower transaction fees. Lightning Network has the potential to revolutionize the way users interact with cryptocurrencies, making the process smoother and more user-friendly.
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💰 Binance Restores Market Order Function For Spot and Margin Trading
Binance has announced the resumption of the “Market Order – Total” feature for impacted Spot and Margin trading pairs. This update brings good news to BNB users as they will now be able to utilize both the “Total” and “Slider for Amount Customization” features while placing market orders on any Spot or Margin trading pair. These features provide enhanced flexibility and customization options, enabling users to optimize their trading strategies. Starting from July 19, 2023, at 02:00 (UTC), users will once again have access to this important functionality. For API users, Binance has provided a convenient way to check the status of the “Market Order – Total” feature for a specific trading pair. By querying the api/v3/exchangeInfo, API users can retrieve information regarding the availability of the feature. If the query returns “quoteOrderQtyMarketAllowed: true,” it signifies that the “Market Order – Total” feature is once again active for that particular trading pair. This update is expected to enhance the trading experience for Binance users, allowing them to execute market orders more efficiently and with greater control. By reinstating the “Market Order – Total” feature, Binance demonstrates its commitment to meeting the needs and preferences of its user base.
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🇪🇺 Europe Expects Its First Bitcoin ETF This Month, Report
Europe’s first bitcoin exchange-traded fund (ETF) is set to launch in July after a 12-month delay caused by the crypto winter. The fund has been authorized in Guernsey, a more flexible jurisdiction, which will ostensibly help to avoid some of the regulatory challenges associated with the European Union. The first bitcoin exchange-traded fund in Europe is expected to be publicly listed by the end of this month, a full year after its initially planned launch, the Financial Times reported on Thursday. The asset manager wanted to list it on the Euronext exchange last year but decided that “the time wasn’t right” after a string of negative events in the crypto space like the crash of the terra-luna project and the bankruptcy of cryptocurrency exchange FTX. The issuer now says “demand has shifted since last summer” and the ETF is “on track.” All exchange-traded products (ETPs) based on digital assets in Europe so far have been structured as exchange-traded notes (ETNs), rather than funds, the business daily pointed out. Jacobi has specifically highlighted that it’s launching an ETF, not an ETN. While an ETF shareholder owns a portion of a fund’s underlying asset, ETN investors own a debt security.
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🔵 Aave Unleashes GHO, The Revolutionary Decentralized Stablecoin Redefining DeFi
In a significant development for the decentralized finance (DeFi) ecosystem, Aave has announced the successful launch of GHO on the Ethereum mainnet. This marks a significant milestone for the Aave protocol and its community, as GHO aims to become a decentralized stablecoin that empowers users and fosters a people-powered financial ecosystem. The journey towards the creation of GHO began over two years ago when the community recognized the need for an Aave-native decentralized and overcollateralized stablecoin. GHO, like the Aave protocol itself, is governed by the DAO. The DAO plays a pivotal role in setting the rules and policies that govern GHO, ensuring a transparent and community-driven approach. Community members can propose changes, which are openly discussed within the community before being put to a vote. This democratic governance process allows participants to actively shape the future of GHO. One of the key features of GHO is its fixed underlying mechanics and policies. Unlike traditional centralized stablecoins, GHO operates through self-executing smart contracts, making it more resistant to arbitrary changes by centralized entities or individuals. Additionally, all GHO transactions are published and auditable directly from the blockchain.
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🟠 Binance Has Fired Over 1,000 People In Recent Weeks: Report
According to the Wall Street Journal, citing a source, due to regulatory investigations by the US Securities and Exchange Commission (SEC) and other regulatory challenges, cryptocurrency exchange Binance has fired more than 1,000 people employees worldwide in recent weeks. According to sources, more than a third of Binance employees (about 8,000 people in total before layoffs) could eventually be affected by layoffs. A spokesperson for Binance confirmed the layoffs to The Wall Street Journal but did not disclose the number. Additionally, CNBC quoted a current Binance employee familiar with the company’s plans as saying that the layoffs will eventually lay off 1,500 to 3,000 employees worldwide and that the layoffs will continue through the end of the year. Although CEO Changpeng Zhao previously shared that the company is still recruiting. CNBC attributed the layoffs to the US Department of Justice’s ongoing investigation into Binance, citing current employees saying the investigation could end with a consent order or an agreement on billions of dollars worth of deals. Binance CEO Changpeng Zhao tweeted, adding that the exchange is “still hiring.” Then, a lengthy Justice Department investigation into the company was also launched into its founder and chief executive officer.
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🏦 Coinbase Suspends Staking Services In Some Locations Eager SEC Lawsuits
Coinbase has officially written that, on June 6, 10 US states have initiated lawsuits related to the platform’s staking service. The vast majority of the exchange’s customers are unaffected. Still, the exchange has requested restrictions on its retail mortgage services pending the completion of proceedings in California, New Jersey, and South America. Carolina and Wisconsin. Restricting staking will not benefit local residents. It will only limit these residents from participating in and benefiting from the crypto economy. “Four of the states – CA, NJ, SC, and WI – have required restrictions to our retail staking services before their state proceedings are complete, even though our staking services have been available safely and transparently for years.” The exchange also asserts that almost all significant blockchains today rely on staking because it is open, secure, and environmentally friendly. Americans in every state deserve the same economic and technological opportunities. The SEC filed a lawsuit against Coinbase last month, classifying its staking service, as well as some of the tokens it lists as securities. That same day, securities authorities in ten states began proceedings on this crypto exchange. Since then, the largest cryptocurrency exchange in the US has always taken action to deny all accusations of this regulator.
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💰 Sui Network Reaches Explosive Growth With 1 Million Active Addresses!
Sui network, a blockchain platform known for its focus on gaming, NFTs, and user-centric applications, has surpassed one million active addresses. This significant milestone comes less than 70 days after the launch of the Sui Mainnet, highlighting the rapid growth and adoption of the platform. By providing a platform for developers to create immersive games, unique NFTs, and user-friendly applications, Sui has attracted a dedicated user base that has helped drive the network’s rapid expansion. Reaching one million active addresses within such a short timeframe is a testament to the enthusiasm and support from the Sui community. The network’s users, developers, and creators have played a crucial role in the platform’s success by building engaging games, captivating NFT collections, and compelling applications that have delighted users worldwide. The Sui team expressed their gratitude to the community, recognizing the collective effort that led to this momentous achievement. They praised the creativity and dedication of the Sui ecosystem, emphasizing that the success of the network is a direct result of the outstanding contributions made by its users.
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💰 Monochrome Updated Groundbreaking Application For First Bitcoin ETF In Australia
Monochrome Asset Management Pty Ltd, a crypto-focused investment management firm, and its responsible entity partner Vasco Trustees Ltd have made a significant move in the cryptocurrency industry by filing an updated application for a spot Bitcoin exchange-traded fund (ETF) with the Australian Securities Exchange (ASX). This marks a significant development for the Australian market as it would be the country’s first spot Bitcoin ETF under the new regulatory framework. The Monochrome Bitcoin ETF (IBTC) aims to provide retail Australian investors with direct exposure to Bitcoin. In addition, the ETF will also offer exposure to Ether (ETH), the second-largest cryptocurrency by market capitalization. This will be made possible through Monochrome’s partnership with Vasco, which holds an Australian Financial Services Licence to offer regulated exposure to crypto-assets, specifically Bitcoin and Ethereum. Monochrome and Vasco have enlisted the support of several leading service providers to ensure a robust offering. State Street Australia, Automic Pty Limited, Ernst & Young, CF Benchmarks, and Gemini Trust Company are among the key partners supporting the venture.
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🇪🇺 Europe’s First Bitcoin ETF Finally Launches After Year-Long Delay
According to the Financial Times, Europe’s first Bitcoin ETF is expected to be publicly listed this month, marking a significant development for the cryptocurrency industry. The delay in launching the Jacobi Bitcoin ETF was attributed to last year’s perception that the timing was unfavorable. Factors such as the Terra Luna May 2022 crypto crash and the November FTX crypto exchange crash likely influenced the decision to postpone the launch. The asset management firm took a cautious approach to ensure optimal market conditions for the ETF’s debut. Jacobi Asset Management made headlines with the announcement of the Jacobi Bitcoin ETF. This groundbreaking ETF received regulatory approval from the Guernsey Financial Services Commission (GFSC) in October 2021, paving the way for its launch. The ETF will be listed on Euronext Amsterdam with the trading code BCOIN. To ensure the smooth operation of the ETF, Jacobi Asset Management has partnered with reputable industry players. Fidelity Digital Assets will provide custody services, ensuring the secure storage of the Bitcoin assets. Additionally, Flow Traders and DRW have been selected as market makers, facilitating the trading of the ETF on the exchange.
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💰 Polygon Proposed Upgrade: MATIC to POL Token for Superior Scalability and Security
Polygon, the Ethereum scaling solution, has revealed plans to upgrade its native token, MATIC, to a new asset called POL. This proposed upgrade is part of the roadmap for Polygon 2.0 and aims to ensure the scalability of the ecosystem while maintaining a high level of security. If approved by the community, the migration to the POL token will enable validation across multiple chains within the ecosystem, including Proof of Stake (PoS), zkEVM, and Supernets. This upgrade is expected to enhance interoperability and provide a more efficient and secure ecosystem for users. The transition from MATIC to POL is designed to be straightforward for token holders. Users will be required to send their MATIC tokens to a designated smart contract, which will then return an equivalent number of POL tokens. Polygon has proposed a four-year grace period for token holders to complete the upgrade process, ensuring ample time for users to adjust to the new token. The exact timeline for the migration will depend on community consensus and could commence within a few months. POL will have the capability to validate transactions across different chains, promoting seamless communication between protocols. This enhanced interoperability is expected to result in a more efficient and scalable ecosystem, addressing the growing demands of the Polygon network.
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🇦🇪 Bitget Ventures Into Booming MENA Crypto Market With New Office In Dubai
Bitget, a leading crypto derivatives and copy trading platform, has set its sights on the flourishing Middle East region as part of its ambitious global expansion plans. The company’s decision to venture into the Middle East comes as the region gains significant traction as a hotbed for cryptocurrency activity. In a strategic move, Bitget has already begun its operations in the vibrant city of Dubai, where it has recruited 60 new staff members to fill mid and back-office positions. The Middle East has emerged as a promising destination for crypto enthusiasts and businesses alike, with countries such as the United Arab Emirates (UAE) and Bahrain taking the lead in creating a crypto-friendly environment. As a result, the region has experienced remarkable growth in crypto adoption, accounting for an impressive 9.2% share of global crypto transactions between 2021 and 2022. Particularly noteworthy is the UAE, which witnessed an astounding 400% increase in the number of registered crypto businesses over the course of two years, significantly bolstering global digital asset trading. As part of its expansion strategy, the company aims to establish a regional headquarters and hire a diverse team to handle various mid and back-office roles.
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💰 Polygon Unveils New Decentralized Governance Framework for Polygon 2.0
Polygon, a leading cryptocurrency network, has unveiled its plans to establish a new governance framework for enhanced decentralized control over its ecosystem. The initiative, known as Polygon 2.0, aims to develop a network of zero-knowledge-powered Layer 2 chains. The new governance model will consist of three pillars: core protocol governance, smart contracts governance, and community treasury governance. Drawing inspiration from Ethereum’s successful governance models. The governance proposal has undergone extensive community deliberation, with feedback and ideas from validators, users, developers, and ecosystem participants. The community has full control over the network and will have the final say on all proposals. The forward-looking governance framework promotes decentralized ownership and decision-making across all Polygon protocols and the ecosystem. The three governance pillars provide a topology for decision-making mechanisms within the ecosystem. Protocol governance is facilitated through the Polygon Improvement Proposal (PIP) framework, allowing for coordinated upgrades proposed by internal and external actors.
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🦊 MetaMask Will Soon Provide Layer 2 Linea Services In Its Portfolio
The crypto wallet MetaMask announced that it will soon provide Linea Bridge, Swap, and Buy services in its Portfolio. Consensys, a leading blockchain development company, has made a significant announcement regarding its Layer 2 solution, Linea. The company has officially launched the alpha mainnet version of Linea after completing a successful 3-month testing period on Ethereum’s Goerli testnet. During the testing phase, Linea demonstrated impressive activity with over 5.5 million wallets. The mainnet alpha version of Linea brings several key upgrades aimed at improving user experience and expanding the ecosystem. One of the notable enhancements is the integration of zkEVM rollups technology, which allows for faster transaction times and lower fees compared to the Ethereum mainnet. With the use of new infrastructure technology, Linea incorporates a dynamic fee mechanism and introduces batch trading, enabling significant cost reductions, making transactions up to 15 times cheaper than on Ethereum. The launch of Linea’s mainnet alpha version marks a major milestone in the development of Layer 2 solutions, offering improved scalability and efficiency for blockchain applications.
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💰 Neon EVM Now Supports Ethereum Applications On Solana Blockchain
Neon Labs, a blockchain developer, has introduced the Neon EVM, a computing environment that allows developers to write Ethereum applications on top of the Solana blockchain. This innovative solution enables the deployment of Ethereum Virtual Machine (EVM) code on Solana, a feat that was previously not possible. Neon EVM aims to integrate seamlessly with Solana’s high throughput capabilities, offering developers the opportunity to leverage the native functionality of Solana and reduce operational costs. The Neon EVM smart contract, built on Solana’s blockchain, processes wrapped Ethereum transactions, combining the robustness of Ethereum’s decentralized application (dApp) environment with Solana’s highly efficient infrastructure. Developers can now deploy Ethereum dApps directly on the Solana network, benefiting from Solana’s technical capabilities with minimal code adjustments. While Ethereum’s average transaction fee is around $2, using layer 2 solutions can bring costs down to $0.5-$0.1. In contrast, Solana boasts an average transaction fee of just 0.00001 SOL (~$0.0002) per transaction, offering remarkable savings of 10,000x. The effectiveness of Neon EVM has been validated through early Devnet tests.
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⚫️ Hooked Protocol Announces Deployment To opBNB, Driving Web3 Adoption
Hooked Protocol, a leading Web3 gamified social education platform, has revealed its plans to deploy to opBNB on July 18. Leveraging the strengths and solutions offered by opBNB, Hooked Protocol aims to contribute valuable insights, foster an open ecosystem, and bolster user experience to drive the mass adoption of Web3 technologies. opBNB operates as a Layer 2 network built on the OP Stack technology, specifically designed for the Binance Smart Chain (BSC). Since the opBNB testnet launch by BNB Chain on June 19, the platform has demonstrated its innovative approach to address scalability and cost challenges. opBNB combines various underlying optimizations, including enhanced data accessibility, a caching layer, and an optimized submission process algorithm. These optimizations enable opBNB to achieve a gas limit of up to 100M, supporting over 4,000 transfer transactions per second. Moreover, opBNB boasts an average transaction cost of less than $0.005, providing users with cost-efficient transactions. By deploying to opBNB, Hooked Protocol seeks to leverage these comprehensive optimizations and infrastructure to create a seamless and engaging user experience. The integration will enable Hooked Protocol to tap into opBNB’s user base and ecosystem, fostering educational and social interactions within the Web3 space.
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💰 Sui Blockchain Breaks 29 Million Transactions With Launch Of On-chain Game
Record-high transactions on Sui blockchain fueled by first on-chain game Sui 8192. Potential to revolutionize gaming industry with persistent digital assets. The game is a sliding tile game where players use their arrow keys to shift and combine tiles until they reach a tile worth 8192. Despite its simplicity, Sui 8192 has the potential to revolutionize the gaming industry. On-chain games are becoming increasingly popular as they are ubiquitous and can be played from any device connected to the internet. Sui 8192 is a dynamic NFT, exhibiting the unique properties of NFTs on Sui in that it can change its appearance based on user inputs. It demonstrates many interesting new use cases for NFTs, such as using an NFT for an app’s interface. Ethos was programmed as the first wholly on-chain Sui game. Each newly minted Sui 8192 object contains the game logic, while the interface was coded in javascript, CSS, and HTML. Sui is a layer-1 blockchain launched in May 2023 and was touted at the time as a “Solana killer.” SUI prices were down 0.5% on the day at $0.678 at the time of writing. This capability sets an example for other apps, such as collaborative productivity tools.
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🪙 Unstoppable Domains Now Supports For ENS Domains
Unstoppable Domains, a digital identity platform, has announced the addition of Ethereum Name Service (ENS) domain endings to its offerings, expanding its support for Web3 domains. With the inclusion of .eth domain endings, users can establish their digital identity on the Ethereum blockchain by registering simpler names that correspond to their long wallet addresses. The integration of ENS-based .eth domains into the Unstoppable Domains website marks a significant milestone in creating a one-stop shop for Web3 domains. Unstoppable Domains is not only offering a seamless experience for Web3 domain purchases but also introducing new features to enhance the process. Users now have the option to secure their .eth domains in a vault managed by Unstoppable, providing additional security and the freedom to separate Web3 domains from other crypto assets. The domains held in the vault are fully owned by the users and can be transferred to a self-custodial wallet at any time. The platform’s objective is to support the most important naming systems and blockchains in Web3, starting with .eth, as part of its broader mission to expand the Web3 community.
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🏦 Coinbase's market cap relative to Uniswap surges
The broader rally in global equities and cryptocurrencies has not helped the market capitalization of one of the decentralized finance market's darlings. While Coinbase has seen its shares surge by more than 213% since the beginning of the year--supercharged by BlackRock's surprise filing for a spot bitcoin exchange-traded fund--the market cap of DeFi exchange Uniswap hasn't budged. The market cap of the DEX has held steady, hovering around $4 billion for much of the year. Coinbase, meanwhile, has seen its market cap increase from over $7 billion at the beginning of the year to nearly $25 billion on Friday. The Block's data dashboard shows the ratio between the two firms' market caps has surged, hitting a yearly high of 6.2 on July 13. Coinbase rallied more than 20% on Thursday alongside the broader crypto market after a judge ruled that Ripple Lab's sales of XRP on exchanges did not violate securities laws. "We are specifically encouraged by the suggestion that XRP sale on the public exchanges did not involve securities," the firm wrote. Needbush also increased its price target to $120 from $70 following the decision, Coinbase reported.
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💰 Ripple CEO Rejoices Landmark Court Ruling, New Development For XRP
Ripple Labs, the company behind the cryptocurrency XRP, received a major boost as Chief Executive Officer Brad Garlinghouse announced that a federal court ruling declared XRP “is not a security.”. The decision provides Ripple with increased flexibility to explore various business opportunities and promote a wide range of use cases for its technology. Speaking with Bloomberg, Garlinghouse expressed relief that he no longer has to worry about the regulatory implications of promoting Ripple and its services. The court ruling, delivered by US District Judge Analisa Torres in New York, classified XRP as a security when sold to institutional investors but not when sold to the general public. This decision was seen as a victory for the crypto industry, as it challenged the US Securities and Exchange Commission’s (SEC) claim that XRP was an unregistered security. The SEC filed a lawsuit against Ripple in late 2020, accusing the company and its executives of misleading investors through the sale of unregistered securities. He highlighted that 95% of Ripple’s customers are located outside the United States, underscoring the significance of this ruling for the company’s global operations.
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🚨 Fantom Foundation Freezes $60M USDC and $2M USDT In Multichain Wallet
The Fantom Foundation tweeted that they were highly disappointed with the latest Multichain news and immediately froze the assets to avoid risks. In response to the information given by the cross-chain bridge project itself, the team immediately began contacting stablecoin issuers, including Circle (USDC), Tether (USDT), and TrueUSD (TUSD), to freeze their accounts assets in the Multichain wallet. The team has verified that approximately over $60 million in USDC and over $2 million in USDT have been frozen. The Fantom Foundation is actively engaging with various sources and contacts to gain a comprehensive understanding of the Multichain incident. In addition, a group of existing Multichain employees has been formed to understand the situation from their perspective better and provide assistance where possible. Yesterday afternoon, Multichain officially announced that the Chinese police had confiscated the computer, hardware wallet, phone, and keys of CEO Zhaojun. While the project is still being “protected” by the multi-signature encryption mechanism, the server is still running on the drug account managed by Mr. Zhaojun.
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🇺🇸 US SEC Clarifies Coinbase Listing Approval, Stresses Regulatory Requirements
The US Securities and Exchange Commission declared that Coinbase listing clearance is not a “talisman” and does not indicate if the company meets regulatory criteria. The US Securities and Exchange Commission (SEC) has emphasized that approving a company’s S-1 listing application does not serve as a “talisman” and does not determine compliance with regulatory requirements. Court documents from the SEC v. Coinbase case reveal the SEC’s argument during a recent pre-motion hearing on July 13. The SEC stated that approving Coinbase’s listing in April 2021 did not signify approval of its business structure. SEC attorney Peter Mancuso clarified that granting permission for a company to go public does not imply recognition of its underlying business or structure, nor does it guarantee compliance with legal regulations. Mancuso stated, “S-1 approval cannot be the company’s entire business talisman. In fact, there is no evidence that the SEC reviewed specific assets and made a specific determination assuring Coinbase that these assets would not be considered securities in the future.” Previously, the SEC had accused Coinbase of engaging in unregistered securities offerings since 2019.
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🔻 Aura Finance Empowers Liquidity and Adoption on Optimism Network
Aura Finance, the governance platform on Balancer, has launched on Optimism, offering increased adoption and liquidity for partners such as stablecoin protocols, lending platforms, bridges, and currency markets. Aura Finance, the revenue governance platform built on Balancer, has announced its launch on Optimism. This expansion allows partners, including stablecoin protocols, lending platforms, bridges, and currency markets, to leverage Aura to enhance liquidity and drive adoption. Aura Finance will offer enhanced pools for leading lending protocols such as Aave, Tarot Finance, and Sonne Finance. These collaborations aim to improve liquidity and lending capabilities within the ecosystem. Additionally, Aura will facilitate native token liquidity pools for Beethoven X, further enhancing its liquidity infrastructure. QiDao Protocol, with its diverse collateral options, has integrated with multiple protocols across various chains. By leveraging Aura to enhance liquidity for their stablecoin $MAI, QiDao Protocol aims to attract more borrowers and liquidity providers, further strengthening its ecosystem. Aura’s bootstrapping capabilities and network of utility partners, Ethos Reserve can leverage increased liquidity.
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💰 Ripple’s XRP Takes The 4th Largest Cryptocurrency Position Of BNB After Over 2 Years
Ripple has achieved its first victory in its protracted legal battle against the U.S. Securities and Exchange Commission (SEC), leading to a surge in the value of its cryptocurrency, XRP. As a result, Ripple’s XRP has now overtaken Binance’s native token, BNB, in the crypto market cap rankings. The courtroom victory came as the District Court for the Southern District of New York ruled that XRP sales through secondary markets were not considered securities. This decision provided a major boost to Ripple and its cryptocurrency. XRP climbed into the fourth position in terms of market capitalization, trailing behind only Tether (USDT), Ether (ETH), and Bitcoin (BTC). However, it’s important to note that the court also deemed Ripple’s direct sale of XRP to institutions and other parties as a violation of securities laws. The SEC filed a lawsuit against Ripple in late 2020, accusing the company of selling unregistered securities after it sold $1.3 billion worth of XRP. This legal action resulted in several exchanges delisting XRP and created a challenging environment for the cryptocurrency. Despite these setbacks, the recent ruling has breathed new life into XRP and sparked a surge in its value.
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🪙 TRON’s First RWA Product stUSDT With TVL Exceeded $200 Million
On July 13, according to the official website data, the total amount of committed stUSDT, TRON’s first RWA product, exceeded 200 million USDT. According to Defillama data, stUSDT ranked first in the RWA TVL ranking. As of now, the APY of this product is 4.22%. stUSDT of the TRON ecosystem has many similarities to stETH on Lido protocol. They are both a decentralized token that serves as proof of investment in RWA, and their holders can earn income passively from real-world assets. It is known that stUSDT is the first RWA (Real World Assets) tracking product in the TRON ecosystem, which was officially launched on July 3 and is currently running through the JustLend decentralized platform. The stUSDT platform is committed to building bridges between individual and institutional investors, the crypto world, and the real world through smart contracts and providing a fairer RWA investment channel for everyone. TRON RWA Product introduces more powerful and decentralized asset management mechanisms. The ultimate goal of stUSDT is to optimize on-chain users’ chances of return from real-world assets. Launched by the RWA DAO, stUSDT is operated by the JustLend DAO under a custody agreement between the two parties.
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💰 Celsius Network founder arrested, charged with fraud, US prosecutor says
Alex Mashinsky, the founder and former CEO of bankrupt cryptocurrency lender Celsius Network, was arrested and charged with fraud, the U.S. attorney in Manhattan said Thursday morning. Mashinsky was charged with seven criminal counts, including securities fraud, commodities fraud and wire fraud, while Celsius' former chief revenue officer, Roni Cohen-Pavon, was charged with four criminal counts, according to the indictment, which was unsealed on Thursday. The U.S. Securities and Exchange Commission also sued Mashinsky and Celsius on Thursday, according to a court filing, alleging Mashinsky and Celsius raised billions of dollars through the sale of unregistered crypto asset securities and misled investors about the financial success of his business. The crypto industry has been on shaky ground since the SEC's lawsuits against major crypto exchanges Binance and Coinbase Global (COIN.O) last month raised risks of further regulatory challenges for the sector. Reporting by Niket Nishant in Bengaluru and Chris Prentice in New York; Editing by Shinjini Ganguli, Chizu Nomiyama and Jonathan Oatis. The lawsuit adds to a series of challenges for Celsius Network.
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