Month: June 2023

Louis Vuitton introduces NFT collection featuring $42k ‘VIA Treasure Trunk’

Luxury fashion house Louis Vuitton ventures further into the web3 realm with the introduction of an NFT release featuring their iconic Trunk, known as the “VIA Treasure Trunk.” This exclusive serves as a gateway for LV collectors, granting them access to immersive experiences and limited drops scheduled throughout the year. Where digital meets physical Louis Vuitton, the renowned French luxury fashion house, is preparing to launch a physically-backed non-fungible token (NFT) collection known as VIA Treasure Trunks, introducing luxury NFT offerings exclusively available to privileged members.  The LV Trunk, known for its…

SEC crackdown on Binance and Coinbase surge DeFi trading volumes 444%

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The median trading volume across the top three decentralized exchanges (DEX) jumped 444% in the past 48 hours as crypto investors reeled from the United States securities regulator’s recent legal actions against cryptocurrency exchanges Coinbase and Binance. According to aggregated data from CoinGecko, total daily trading volumes on Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum) and Pancakeswap V3 (BSC) — which account for 53% of the total DEX trading volume in the last 24 hours — increased by more than $792 million between June 5 and June 7. Trading volume on…

Binance.​US says user funds ‘remain safe’ amid SEC attempt to freeze assets

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Crypto exchange Binance.US has attempted to quell possible unrest from its users following a motion from the United States securities regulator seeking to freeze its assets “on an expedited basis.” In a June 6 tweet, Binance.US reiterated that “user assets remain safe and secure” and added the platform “continues to be fully operational with deposits and withdrawals functioning as normal.” Earlier on June 6, the SEC filed an emergency motion in the District of Columbia U.S. District Court asking for a temporary restraining order against Binance, Binance.US and Binance CEO…

Coinbase Violated Securities Laws With Staking Program, Multiple U.S. State Regulators Allege

The ASC action doesn’t forbid Coinbase from offering staking as a service as long as it complies with the law, but the order itself was the result of a task force of 10 state securities regulators in the U.S., namely Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington and Wisconsin. Source AllegeCoinbaselawsMultipleProgramRegulatorsSecuritiesStakingStateU.SViolated CryptoX Portal

The Implications of Growing Cryptocurrency Acceptance for Major Retailers and Companies

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Major merchants and businesses are now accepting digital currencies as a genuine payment option, demonstrating how quickly cryptocurrencies have acquired recognition as a payment mechanism. This change will have a big impact on how business will operate in the future and how widely cryptocurrency will be used. This article examines the effects of big businesses and stores accepting cryptocurrencies more and more. We can better comprehend how cryptocurrencies are changing the traditional payment landscape by looking at the advantages, difficulties, and potential repercussions of this development. The Acceptance of Cryptocurrencies…

Optimism successfully completes ‘Bedrock’ hard fork, reducing deposit times, layer-1 fees

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The Optimism network concluded its “Bedrock” upgrade on June 7, reducing deposit times, lowering layer-1 fees and enacting additional security features, according to an announcement from network developer OP Labs. The upgrade is part of a series of reforms the developer says will help create a “Superchain” of scaleable Web3 networks based on Optimism’s OP Stack software. ✅OP Mainnet’s migration to Bedrock has concluded and the Bedrock sequencer has started up. Key external OP Mainnet infrastructure is starting to come back online. You can track infrastructure status here:https://t.co/XTtaArdI03 — Optimism…

SEC’s Latest Crackdown Against Coinbase and Binance Could Drive Crypto Firms Out of the U.S.

“I suspect we will see more and more moves like this,” Andrew Lawrence, co-founder and CEO of Censo Inc., an on-chain custody solution said. “Yes, the U.S. is the biggest market, but people who are building in the crypto industry are doing so not because of the size of the market now, but because of the size of the market in the future and people are seeing that this future is not looking good in the United States.” Source

Coinbase reminds world it tried to ‘embrace regulation’ as SEC sues for violations

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“Coinbase has embraced regulation since we were founded over a decade ago,” the cryptocurrency exchange’s chief legal officer, Paul Grewal, told the United States Congress on June 6. “The SEC [Securities and Exchange Commission] allowed us to become a public company in April 2021, which makes us unique in the crypto industry.” Coinbase was sued by the SEC for alleged securities law violations on June 6, a day after the agency sued Binance and two and a half months after receiving a Wells notice warning the U.S.-based exchange of possible impending…