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Circle plans to launch a stablecoin in Japan, taking advantage of new regulations in place. CEO Jeremy Allaire sees great potential in Japan if adoption of stablecoins in global commerce increases. He expressed interest in partnerships in the Asian country. Japan implemented a new stablecoin law, becoming one of the first countries to establish a framework for the use of stablecoins abroad. Allaire praised the regulations, calling them a crucial step for governments and stablecoin issuers. He highlighted the demand for stablecoins in Asian markets such as Hong Kong, Singapore and Southeast Asia. Circle is investigating the possibility of backing the Japanese stablecoin to the yen. Japanese regulations require that stablecoins be backed by legal tender and allow redemption at face value.
Ether (COIN:ETHUSD) faced resistance after hitting $1,970 on July 3 due to several factors, including the possibility of interest rate hikes and tighter regulation. Furthermore, the Ethereum network has seen smart contract application exits, affecting the June rally. The drop in total blocked value (TVL) on the Ethereum network suggests a decrease in demand. Professional traders increased their leveraged long positions in Ether futures, but resistance around $1,970 could be challenging to overcome. These factors present headwinds for ETH bulls, making defense of the $1,970 resistance more likely in the near term.
The Uniswap Foundation revealed that version 4 (v4) of the Uniswap protocol will be released later this year, pending the Ethereum Cancun upgrade and a security audit process. v4 will bring significant improvements such as the introduction of “hooks” for customization in liquidity pools and a “flash accounting” system for lower fees. The launch will depend on the success of the Cancun update and the completion of the audit, estimated within four months after the update.
Larry Fink, CEO of BlackRock (NYSE:BLK), has expressed his support for Bitcoin (COIN:BTCUSD), referring to it as an “international asset” that has the potential to revolutionize the financial industry. Fink stated that his company is interested in making Bitcoin investment more accessible and cost-effective in order to democratize the cryptocurrency market. “ The bid spread for crypto is too expensive. It erodes a lot of the returns… because it costs a lot of money right now to transact Bitcoin and it costs a lot of money to get out of it. And so, we hope our regulators see these filings as a way to democratize cryptocurrencies, and we’ll see in the future how that plays out “, he said in an interview with Fox Business. A BlackRock has filed documents to establish exchange-traded funds (ETFs) that directly invest in Bitcoin. Other investment issuers also filed similar orders, boosting the price of Bitcoin. Fink stressed the importance of SEC regulatory approval and praised Bitcoin’s potential to transform the financial industry. Brokerage Bernstein believes the SEC may soon approve a spot Bitcoin ETF despite existing regulatory concerns. Bitcoin surged as high as $31,500 on Thursday morning but gave up gains throughout the day and is trading at $30,266 at press time.
Binance has announced an update to its wallet infrastructure, which will require users to set up new wallet addresses. The transition will be phased in for various cryptocurrencies, and users will be notified via email to generate new addresses. Migration is scheduled for Q3 2023, and funds deposited to expired addresses can be manually credited by users. Binance instructs users to go to the official app or website to get new deposit addresses and memos. In other news, Binance is referring its Dutch customers to Coinmerce, a competing cryptocurrency exchange, as it shuts down its operations in the Netherlands. Binance has not gained the necessary recognition as a provider of virtual assets and Dutch residents are no longer able to use its services. Coinmerce, registered by the Dutch central bank, offers Binance customers free transfer of digital assets in a process overseen by regulators.
Conor Grogan, director of product at Coinbase (NASDAQ:COIN), discovered over $320,000 worth of cryptocurrencies belonging to someone who was unaware of the existence of these funds. He found the funds by examining accounts that had not been touched since an Ethereum fork in 2016. Grogan was able to track down the owner of the funds, who claimed he was unaware of their existence.
The US SEC, FTX and hedge fund Three Arrows Capital opposed BlockFi’s bankruptcy plans, claiming the provisions were broad and ambiguous. The SEC has called for the plan to be suspended until the concerns are resolved. FTX highlighted its relationship with BlockFi and contested the lender’s proposal. 3AC argued that any attempt to subordinate its claims would violate the automatic suspension. Both parties echoed the SEC’s criticism of the lack of adequate information in BlockFi’s proposed plan.
Solana-based platform SolSea has announced a partnership with Coca-Cola’s Serbian division (NYSE:KO) to offer branded merchandise and non-fungible tokens (NFTs). The collaboration will take place during the EXIT music festival in Serbia. Coca-Cola has been involved in NFT projects in the past, including charity auctions and partnerships with other brands. Some of these initiatives are aimed at raising funds for charitable causes.
Mastercard (NYSE:MA) has launched an artificial intelligence (AI) tool to help banks fight fraud and payment scams in real time. The AI is trained using transaction data and can predict suspicious transfers to accounts associated with scams. Several UK banks have already joined the solution, and Mastercard is in discussions to expand globally. The company has been looking to implement emerging technologies such as Web3 solutions and non-fungible tokens (NFTs).
Blockchain-based games have attracted significant investment and are showing continued growth. Animoca Brands, an industry player, is awaiting license for its $1 billion metaverse fund, while continuing to invest in industry startups. The company expects the launch of AAA blockchain games in the coming months and highlights the importance of choosing the right network, such as Ethereum, for the success of these games. Integrating blockchain functionality into games could be a starting point for wider adoption.
Bitcoin mining companies are looking to the UAE as a promising place to establish themselves after being forced to leave China. The country has emerged as a cryptocurrency mining hub in the Middle East, with major miners signing deals with an Abu Dhabi sovereign wealth fund. With an abundance of usable energy and renewable resources, the UAE is poised to become a major Bitcoin mining nation in the coming years. However, mining profitability remains low, with miners earning $0.077 per terahash per second (TH/s) every day. At the peak of the bull market, earnings were at $0.40 TH/sec/day in 2021.
Namibia passed a bill that aims to regulate digital assets, cryptocurrencies and virtual asset service providers. The legislation will establish a framework for licensing and regulating providers to protect consumers, prevent market abuse and combat financial crime. The bill is awaiting official publication before taking effect, while the Bank of Namibia maintains its position that cryptocurrencies are not legal tender in the country.
The Massachusetts Senate will consolidate multiple hearings on blockchain, digital assets and digital privacy into a single assembly on July 13. Notable bills to be discussed include creating a digital innovation pilot program in the state government, establishing a specialist blockchain and cryptocurrency commission, and protecting private online communications and activities. These initiatives demonstrate Massachusetts’ commitment to integrating blockchain into government operations and ensuring that citizen privacy is protected. Decisions made at these hearings could set important precedents for blockchain and cryptocurrency regulation in the country.
Cryptocurrency lending platform Celsius Network and its former CEO, Alex Mashinsky, face potential legal action following an investigation by the Commodity Futures Trading Commission (CFTC) that uncovered regulatory violations. Investors accused Celsius of misleading investors and violating regulatory standards. Furthermore, the bankruptcy court authorized the conversion of Celsius altcoins into Bitcoin and Ethereum. Crypto consortium Fahrenheit won the auction for Celsius assets, marking a step towards the reopening of the company.
Singapore-based blockchain startup Web3Go raised $4 million in an initial round led by Binance Labs. The company plans to launch its digital asset creation platform, DIN, in beta by the end of July. DIN aims to meet the needs of analysts, traders, influencers and other content creators. Web3Go seeks to solve challenges of verifying ownership of AI-native digital assets by building an intelligent network on the blockchain.
ZEBEDEE, a FinTech and payment processor, has joined forces with Beamable to facilitate the integration of bitcoin transactions into games. This partnership eliminates the need for servers or systems operations staff, making it simple to securely add server-side features to games. Beamable’s platform allows game developers to easily add server-side features, while ZEBEDEE’s API provides an additional layer of security. This collaboration benefits developers by reducing the complexity and cost of adding complex and secure bitcoin features. The partnership also expands the resources available to developers, with both solutions accessible on both companies’ marketplaces.
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