Blockchain Industry Update (Binance, El Salvador, Solana Labs,Elon Musk)

In our current week update, we found out cryptocurrency majorly acceptable among the industry for trading, with few oppositions, and stricter regulation. The digital currency has put countries under discussion for making it legal. Bitcoin still remains a favorite for investors…

::Bitcoin Currency::

  • Bitcoin price nears $30K as estimates reveal $19K support floor. Breaking $19,000 will be “very hard” for bears, says analysts at Whalemap, this still allowing Bitcoin to dive below $20,000 highs from 2017.
  • El Salvador makes BTC legal tender, encouraging buyers of Bitcoin forks. The effects of Bitcoin’s milestone event are being seen in the altcoin market, where forked coins are outperforming.
  • Chinese internet services are censoring bitcoin exchange searches and mining operations in China have reportedly been asked to shut down.
  • Foundation Devices, a bitcoin hardware wallet manufacturer, has announced it has raised $2 million in a seed round led by early-stage venture fund Bolt.
  • El Salvador made history by becoming the first nation to recognize Bitcoin as legal tender, but the historic decision has drawn criticism from global regulators.
  • Kraken weighs in on IPO after Coinbase’s lackluster direct listing performance.

::Blockchain::

  • Flare, the blockchain network running on the Federated Byzantine Agreement consensus mechanism, has raised $11.3M in its latest fundraising round.
  • Spartan Group, buoyed by institutional interest, closes a $110 million DeFi fund.
  • Solana Labs secures $314M in funding as SOL Token rises 20%. Solana’s price increase comes amid Solana Labs raising over $300 million in a recent funding round.
  • Moonstarter, the first decentralized multichain IDO launchpad, was listed on 11th June at 01:00 PM UTC on Kucoin and PancakeSwap. The Moonstarter mission is to be the single-stop multi-chain launchpad for selected projects without distinction of the blockchain used.
  • Solana Labs CEO shares roadmap following $314M fundraise. With the new resources, Solana Labs will hire engineers and other support staff to accommodate the explosive growth of Solana’s developer ecosystem.

::CryptoCurrency::

  • Regulators in Canada after two crypto firms linked with KuCoin. OSC says KuCoin did not comply with regulatory laws in the country.
  • Mexico prepares for using cryptocurrency. Mexican lawmakers want to boost acceptance of digital assets. The country wants to follow in the footsteps of its neighboring countries and adopt cryptocurrencies for legal use.
  • Binance-owned Indian exchange WazirX investigated for alleged AML failings. India’s Enforcement Directorate will probe crypto exchange WazirX for alleged violations of AML laws and FEMA in connection with crypto transactions worth $389 million.
  • The Texas Department of Banking has allowed state-chartered banks to provide custody services for crypto investors. The regulator clarified that custody services would only be allowed for banks that establish adequate protocols.
  • Billionaire hedge fund manager, Alan Howard invested in two crypto startups. These startups are Copper and Kikitrade. Alan invested $25M in Copper.
  • Thailand bans meme coins, fan tokens and NFTs from trading on crypto exchanges. The Thai Securities and Exchange Commission has enacted new rules for cryptocurrency exchanges operating in the country.
  • Rich Millennials have a large chunk of their wealth in crypto. 47% of millennial millionaires have invested at least 25% of their wealth in the cryptocurrency market.
  • Dutch Finance Minister rejects govt advisor’s call to ban crypto. Dutch finance minister Wopke Hoekstra thinks a total ban is no solution to concerns about crypto.
  • Elon Musk has not said a word about cryptocurrencies for more than an entire week in a marked change from his daily prolific crypto tweeting.

::Digital Currency::

  • Hong Kong is looking into the prospects of having a local CBDC soon.
  • MicroStrategy has received approximately USD 1.6bn in orders for the recently announced private offering of secured notes, Bloomberg reported, citing undisclosed people with knowledge of the marketing process.
  • Unbound Finance raises $5.8m led by Pantera Capital and Arrington XRP Capital. The liquidation-free collateralization platform allows users to borrow interest-free loans against liquidity pool tokens as collateral.
  • Polkadot’s Acala raises over $100M in KSM Tokens in Kusama’s Parachain Auction.
  • Miami stakes the claim to become the world’s Bitcoin and crypto capital. Miami has a dynamic mayor, lots of VC money and is coming off the largest ever crypto extravaganza, but is that enough without legal clarity?
  • InstaDApp, a startup aiming to build what it calls the middleware layer for the decentralized finance space, has raised $10 million in new funding.
  • Arrington contributes 100 million USD towards Algorand. The Arrington Algo Growth Fund sets money aside to buy equity and tokens from projects within Algorand’s growing ecosystem.
  • Beijing’s Chaoyang District has set up a pilot zone for legal digital currency.

::NFT::

  • Binance will soon be launching a non-custodial, on-chain NFT platform to facilitate the full lifecycle of NFTs for creators, brands and their fans.” The new platform is called Featured by Binance.

Read our previous blogs here.

Credit: Telegram VYSYN – Capital News

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Mansi Nashte
Articles: 63

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