Amazon dives into the Play-to-Earn universe with exclusive NFTs
Amazon (NASDAQ:AMZN) is offering its 170 million top subscribers
the chance to claim unique non-fungible tokens (NFTs) in popular
blockchain games such as Mojo Melee and Blankos Block
Party. Starting August 9th, Amazon Prime members will receive
a variety of NFTs that offer unique benefits in games like BBP and
Mojo Melee. These NFTs can be traded for profit, driving a
Play-to-Earn economy. The collaboration between Amazon Prime
Gaming and Mystic Moose has launched Mojo Melee, promising monthly
in-game items and tradable digital collectibles. This
expansion reflects Amazon’s commitment to blockchain technology and
underscores the potential of NFTs in virtual worlds.
BIS joins forces with Ripple to boost cross-border payments
The Bank for International Settlements (BIS) formed a task force
for international payments including Ripple. Announced on Aug.
9, the group, part of the BIS Payments and Market Infrastructure
Committee, aims to improve cross-border payments. Ripple will
collaborate with entities such as Mastercard (NYSE:MA) and SWIFT to
enhance interoperability. Global cooperation is essential for
these improvements, BIS highlighted. Separately, SEC is
seeking to review a decision in its case against Ripple Labs.
SoFi: A look at the delicate dance between banks and
cryptocurrencies
San Francisco-based SoFi Technologies (NASDAQ:SOFI) has $170
million in cryptocurrencies, with $82 million in BTC (COIN:BTCUSD),
$55 million in ETH (COIN:ETHUSD), plus Litecoin (COIN:LTCUSD),
Cardano (COIN:ADAUSD), Solana (COIN:SOLUSD), Dogecoin
(COIN:DOGEUSD) and Ethereum Classic (COIN:ETCUSD). While it
started offering crypto services in 2019, it didn’t get a banking
license until 2022. Facing questions from the US Senate and the
Federal Reserve over compliance, SoFi’s relationship with crypto is
closely monitored, reflecting broader concerns about traditional
banks that embrace crypto.
PancakeSwap seeks advanced efficiency in Arbitrum One
PancakeSwap, the second largest decentralized exchange, has
expanded to Arbitrum One, an Ethereum Layer 2 scaling, seeking
lower fees and accelerated transactions. Initially, it will
offer swaps and liquidity provisioning, followed by farming and
IFO. This expansion makes DEX more capital efficient, with up
to 4,000x greater efficiency thanks to the v3.
Coinbase Base starts quiet, but plans big
On the first day after its launch, Coinbase’s (NASDAQ:COIN) new
blockchain, Base, saw flows below expectations, with just $10
million transferred. Data from Dune Analytics shows an
enrollment of 15,000 new users and a 40% drop in transactions
compared to the previous day. Most transfers were between $500
and $1,000 in Ether. A possible explanation for this slow
start is that many investors had already transferred funds to Base
before its official launch. Coinbase, meanwhile, is actively
promoting its new network to attract more users.
Binance backs post-hack Curve with strategic investment
Binance Labs will invest $5 million in the Curve DAO Token
(COIN:CRVUSD) from the Curve decentralized exchange on
Ethereum. In response to a recent $70 million hack, Binance is
fully supporting Curve. After the announcement, the value of
the CRV increased by 4.8%, but then dropped slightly.
Alex Mashinsky had his bail changed
Former Celsius CEO Alex Mashinsky had his bail modified by a
federal judge to include electronic monitoring and restrictions on
withdrawing funds. Mashinsky faces allegations of multiple
fraud. After his arrest in July, he pleaded not
guilty. Celsius declared bankruptcy in 2022 and was fined $4.7
billion for misleading users. Roni Cohen-Pavon, former
director of the platform, also faces similar accusations.
Gemini vs DCG: Duel of giants over fraud allegations
The Digital Currency Group (DCG) has refuted accusations by
cryptocurrency exchange Gemini, which claimed fraud on the part of
DCG subsidiary Genesis and its founder, Barry Silbert. Gemini
alleges Genesis’ financial misrepresentation, linked to the
collapse of Three Arrows Capital in 2022. DCG alleges that Gemini’s
actions are a public relations campaign, spearheaded by the
Winklevoss, to divert attention from its own poor management.
FTX rejects UCC proposal, targets FTX 2.0 launch
FTX leaders, including CEO John J. Ray III, disapproved of the
Official Committee of Unsecured Creditors’ (UCC) proposal to
control assets and invest $2.6 billion in Treasuries. After
criticism of FTX for spending during the bankruptcy, the company
recovered $7 billion of the $8.7 billion owed. FTX plans to
launch FTX 2.0, albeit facing skepticism, and has denied
cryptocurrency services through FTX Dubai.
Num Finance and TruBit promote Argentine stablecoin in Latin
America
Num Finance, an Argentine stablecoin issuer, has partnered with
TruBit exchange to promote the adoption of nARS in Latin
America. The collaboration will enable the integration of the
nARS stablecoin into the TruBit Pro Exchange platform. The
strategy aims to expand the access and usefulness of nARS, mainly
benefiting Latin American users. The partnership aims to
connect traditional finance with cryptocurrencies and tackle
monetary challenges in the region.
MakerDAO’s ambition: Spark and the future of lending governance
Rune Christensen of MakerDAO (COIN:DAOUSD) has proposed a new
governance token for the Spark Lending Protocol, planning to
distribute 2 billion Spark tokens over ten years to encourage
continued use. Spark, which accepts assets like Ether
(COIN:ETHUSD) and Dai (COIN:DAIUSD) as collateral, can become a
subDAO within MakerDAO, an autonomous entity with its own
governance. The plan seeks to strengthen the SparkDAO
community and encourage adoption of the protocol by adjusting the
yield rate on Dai deposits.
Nigeria bets on blockchain to certify its youth
The Nigerian government plans to adopt blockchain technology to
issue and verify NYSC certificates. This decision aims to
combat counterfeiting problems that have affected the authenticity
of certificates. With the support of the Central Bank and
NITDA, the measure also brings Nigeria in line with modern
digitization trends and provides greater transparency to
processes. The growing use of blockchain reflects the
country’s openness to technological innovations, including
recognizing digital assets in its tax legislation.
Bank of England seeks brilliant minds to unlock the CBDC world
The Bank of England (BoE) has created the CBDC Academic Advisory
Group (AAG) to advise on central bank digital currency
(CBDC). The group will work closely with Her Majesty’s
Treasury (HM) and invite academics to join and provide
cross-disciplinary insights. The aim is to deepen the
understanding of CBDCs, considering various disciplines, and to
promote discussions on their implementation. In February, a
public consultation was launched on the digital libra, pointing to
future collaborations and research-based assessments by the
AAG.
France sets sail for the MiCA era in crypto regulations
In 2024, France will adapt its cryptographic regulations to the
pan-European MiCA standard. The Autorité des Marchés
Financiers detailed new rules for digital asset service providers,
including managing conflicts of interest and protecting customer
assets. Platforms registered before 2024 will have lighter
guidelines. MiCA, approved in 2023, has raised concerns in the
crypto community, such as limits on stablecoins.
India flirts with Web3 with secure browsing and digital signature
The Indian Ministry of Electronics and Technology intends to
enable the digital signing of documents with cryptographic tokens
in a new national web browser. Even without clear legislation
on Web3 or cryptocurrency in India, the IWBDC project was launched,
seeking a browser with support for Web3 and high standards of
security and privacy. The prize pool is US$400,000 and the
deadline for entries is July 2024.
Riot hits $76.7M in revenue, overcoming crypto market hurdles
Bitcoin (COIN:BTCUSD) mining company Riot Platforms
(NASDAQ:RIOT) reported revenue of $76.7 million for the quarter
ending June 30, 2023. Riot reduced mining costs and produced 460
Bitcoins in June, offsetting lower revenue from energy
sales. Partnerships, like the one with Midas Immersion,
position Riot as a leader in mining. Even facing challenges
such as storms and declining hosting revenue, the company has shown
resilience and innovation in the unpredictable cryptocurrency
market.
Xverse raises millions to expand Bitcoin DeFi universe
Bitcoin wallet Xverse raised $5 million in a round led by Jump
Crypto, aiming to improve DeFi capabilities and Bitcoin scaling
solutions. Based in Hong Kong, Xverse supports Ordinals, a
technique for creating NFTs on Bitcoin.
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