This week we are exploring Banks digitization, Cryptos, and Ethereum future.
Banks, Cards, Transactions
- DeFi adoption booms as Uniswap processes over 100,000 transactions per day.
- Top South Korean banks to provide Bitcoin custody services. Four major banks in South Korea plan custodian services for cryptocurrencies after a surge in demand.
- Thailand’s central bank is looking at smart contracts and decentralized finance implementations for its national digital currency, the digital baht.
Bitcoins
- Chainlink trading volume briefly surpassed Bitcoin on Coinbase. The move marked a first such instance while indicating a rising retail presence for Chainlink.
- MicroStrategy, the largest independent publicly-traded business intelligence company, today announced that it has purchased 21,454 bitcoins at an aggregate purchase price of $250 million, inclusive of fees and expenses.
- Bitcoins are being tokenized faster than they’re mined as DeFi craze continues. Nearly 31,000 bitcoins have been tokenized on Ethereum.
- Max Keiser says Warren Buffett will start panic-buying Bitcoin at $50,000, just like Peter Schiff.
Cryptos
- Russia is developing a new cryptocurrency analytics tool to trace privacy coins.
- CoinMarketCap is now paying you to learn about crypto. The firm is offering up to $160,000 in BAND tokens for completing quizzes and watching educational videos about crypto.
- Venezuela’s national tax harmonization agreement has been signed by the council representing 305 municipalities. They have agreed to use the country’s cryptocurrency, the petro, as the unit of account for tax payments.
- Walmart adopts Crypto. StormX, the blockchain-based rewards platform that helps users earn crypto, has scored a significant coup by onboarding retailing giant Walmart.
Economy
- Beijing selects Hong Kong’s Greater Bay Area as first market to deploy DCEP. Hong Kong’s Greater Bay Area is a $2 trillion economy that has already been a proving ground for blockchain technology.
Ethereum
- Ethereum Gas Fees touch 200 Gwei per transaction as DeFiers Farm Yams. Ethereum’s gas costs pose a systemic risk to the ecosystem and is holding back DeFi usage.
- Ethereum transaction fees soar to new ATH as Yield Farming booms. The average transaction cost reached a new all-time high of about 0.02 ETH.
- Ethereum futures open interest reaches $1.5 billion. The value of open Ethereum futures contracts has grown twice as fast as Bitcoin’s over the past six months.
Exchange, Listing, Token
- Binance, FTX, and Poloniex are most active when it comes to listing decentralized finance governance tokens. Binance has listed nine out of 13 DeFi tokens. FTX follows with six listings and Poloniex is at the top in Tier-2 category with 11 listings.
- YFI gains 50% after listing on Binance. The token’s price reacted positively to the news but had already begun its upward trajectory before Binance’s announcement went public.
- DEXs see more volume in the past 7 days than all of 2019. Decentralized exchanges just hit a huge milestone. More than $470 million in trading volume was processed over the past 24 hours.
- Bitfinex CTO Paolo Ardoino is accusing CoinMarketCap of favoritism in its list of exchanges that has excluded Bitfinex and its lending volume.
- Dex trading growth has spiked over 68% this week alone and during the last seven days, $2.4 billion was swapped on these exchanges.
Funding Raise
- Chia Network, led by BitTorrent creator Bram Cohen with the aim of creating a programmable money platform, just raised another $5 million in an equity round led by Slow Ventures.
- 1inch, launched by software engineers from Porsche and NEAR Protocol, has raised $2.8 million in a funding round led by Binance Labs.
Grayscale
- Grayscale’s Bitcoin Trust increased over $1.6 billion in the first six months of 2020. The disclosure came in a quarterly report filed with the SEC last Friday. GBTC was successfully registered with the regulator in January.
- Grayscale has announced its biggest single fundraising week to date after TV campaign, taking in $217 million.
Master Mind
- Ex-Google hacker retrieves $300,000 in Bitcoin from encrypted files. An anonymous Russian investor recruited the hacker to break an encrypted wallet in order to rescue thousands of lost Bitcoins.
Other
- NEAR Token Sale postponed after CoinList is overwhelmed by demand.
- CoinMarketCap is suffering some sort of outage. Users started reporting problems at around 14:30 UTC – the entire site, including price and exchange data feeds as well as its news aggregator service, appear to be offline.
- MyEtherWallet is helping to bring more value and interoperability in the decentralized finance ecosystem through strategic integration with Aave and Ren.
- YAM Finance crashes over 90%, the founder admits his failure.
- Aave, a non-custodial lending and borrowing protocol, has become the second decentralized finance protocol to hit $1 billion in total value locked.
- Dave Portnoy’s Tweet, founder of Barstool Sports and famous trader, pumps Chainlink price past $19.
- Bitmex has announced all users will have to go through KYC screening starting in two weeks.
- Mike Novogratz’s Galaxy Digital Holdings reports $38.5 Million income for Q2. The figure reflects both net realized and unrealized gains from digital assets.
Ref: Telegram Group, VYSYN News.
