Month: August 2023

Ripple joins forces with BIS in cross-border payments initiative

The Bank for International Settlements (BIS) has introduced a cross-border payments interoperability and extension (PIE) task force, with Ripple, the blockchain-based digital payment network, being one of its notable participants. XRP, a cryptocurrency used by Ripple in its On-Demand Liquidity (ODL) solution, was recently classified as not a security. The BIS, an international financial institution owned by member central banks, released a summary of the PIE task force’s meeting on May 11, which outlines the task force’s commitment to enhancing cross-border payments and achieving the quantitative goals established by the G20 in…

GMX Drops 24% in 1 Month, Whales Rapidly Selling: What’s Going On?

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GMX, the native token powering GMX, a decentralized perpetual exchange for trading complex crypto derivatives, is under intense selling pressure when writing on August 11. Trackers show that the governance token is down 7% on the last trading day, pushing monthly losses to 24%. This downturn has seen prices tumble close to $40, a critical support level last printed in January and June 2023.  Whales Dumping, Prices Fall Despite this setback, DeFiLlama’s data is stable as GMX’s Total Value Locked (TVL) remains over $534 million. Most of the trading platform’s liquidity…

Senator Lummis files Amicus Brief supporting Coinbase’s dismissal motion against SEC

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Crypto-friendly Senator Cynthia Lummis has filed an Amicus Brief supporting Coinbase’s motion to dismiss the U.S. Securities and Exchange Commission’s lawsuit against the firm. An Amicus Brief is a document filed in court by a party that is not directly involved with the related case. They are generally used to add supporting arguments to one side of the lawsuit, and emphasize how the case will have a broader impact beyond the involved parties. As per the Aug. 11 filing with the U.S. District Court for the Southern District of New…

Robinhood wins meme stock lawsuit

A US federal appeals court has dismissed a class-action lawsuit against Robinhood Markets over its restrictions on trading 13 meme stocks in early 2021. The class action, involving 16 investors, was filed in September 2021. The plaintiffs alleged that Robinhood’s trading restrictions prevented them from purchasing meme stocks when hedge funds were short-squeezed in January 2021. They claimed this led to the loss of potential profits and a sharp decline in share prices. Robinhood successfully sought a motion to dismiss the complaint in January 2022, arguing that the plaintiffs failed…

The Coinbase layer-2 network reached 136k daily users

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Coinbase reached has reached 136,000 daily users following the announcement of its new blockchain. According to Dune Analytics, nearly 30% of the daily users on August 10 were new users, representing 42,000 of the total. On July 31, the company reached 60,000 new users. Coinbase’s layer-2 daily users | Source: Dune Analytics CryptoRank showed that Base currently stands in the 4th position for daily transactions, behind zkSync Era, Arbitrum and Optimism. Base Now Ranks 4th in…

Bittrex and ex-CEO agree to $24m settlement with SEC

Digital assets exchange, Bittrex, alongside its former CEO William Shihara, has reached a $24 million agreement with the US SEC amid registration issues. The SEC lodged its complaint in the US District Court for the Western District of Washington on April 17, 2023. The lawsuit alleged that from 2014 to 2019, Bittrex’s services to American investors involving crypto assets deemed as securities were unregistered. Moreover, the CEO reportedly urged asset issuers to remove “problematic statements” from their public channels, aiming to elude SEC scrutiny over classifying these cryptocurrencies as securities.…

Money In The Net! FC Barcelona Clinches $132 Million Investment To Kickstart Blockchain Journey

FC Barcelona has recently announced significant developments in its digital expansion strategy, with the entry of new strategic partners and a merger agreement.  The renowned Spanish football club aims to accelerate the growth of its digital ventures, Barça Vision and Barça Media, and tap into the world of Web3, blockchain, NFTs, and metaverse technologies. FC Barcelona Strategic Partnership To Propel Digital Growth Barça Vision, the Club’s initiative to integrate all digital content under the Web3 and blockchain umbrella, has been substantially boosted through investments by LIBERO football finance AG and…

Canada police seek repository to manage seized crypto and NFTs

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Royal Canadian Mounted Police (RCMP) seeks a solution to streamline seizing and storing cryptocurrencies and NFTs. The solution aims to create a centralized repository that enables law enforcement to seize digital assets in a more accessible manner whilst also safeguarding them from theft. According to the announcement on Aug. 10, the desired system must meet 17 specific requirements. Key among these is the capability to process transactions for the top 20 cryptocurrency blockchains by market…

Stablecoin Soars, TVL Skyrockets, And Dapp Transactions Hit Record Highs

Cardano (ADA), the blockchain platform renowned for its scalability and technological approach, has made significant strides in the crypto market, as highlighted by the recently released Messari report.  The report provides valuable insights into Cardano’s achievements in Q2 2023, solidifying its position as a prominent player within the industry.  With a strong focus on fostering a robust ecosystem and pushing the boundaries of decentralized finance (DeFi) and non-fungible tokens (NFTs), Cardano is poised to reshape the landscape of blockchain technology, according to Messari.  Cardano TVL Ranking Skyrockets, Climbs From 34th…

3AC co-founder avoids contempt charges following evidence of Singaporean citizenship

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A judge in the bankruptcy case of defunct crypto hedge fund Three Arrows Capital (3AC) has denied a motion that would have held co-founder Kyle Davies in contempt of court and imposed sanctions. In an Aug. 11 filing with the United States Bankruptcy Court for the Southern District of New York, Judge Martin Glenn said rulings on motions regarding a subpoena issued to Davies via X — formerly Twitter — were considered without the knowledge the 3AC co-founder was a non-U.S. citizen residing outside the country. He cited federal laws…