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We post daily the best Bitcoin, Cryptocurrency & Blockchain News. Admin: @LevoBNTG
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💰 Nimiq integrates gas-abstracted USDC transactions on Polygon
Blockchain payments ecosystem Nimiq is integrating gas-abstracted USDC transactions for Polygon users within its native wallet. The feature makes it easier for users to process stablecoin transactions without having to hold a secondary token for fees. Nimiq Wallet users can now send and receive USDC without requiring Polygon’s native matic cryptocurrency to cover gas fees.
Nimiq is one of the first self-custodial wallets to implement Polygon gas-abstracted transactions, combining the simplified crypto experience with Polygon's low-cost, high network throughput. It’s powered by the open-source Gas Station Network protocol, which enables decentralized-application users to pay blockchain fees in any token. Users only need to hold USDC. The wallet's built-in smart contract automatically converts gas fees from USDC into matic under the hood — significantly reducing friction in using USDC for everyday payments.
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🇹🇼 Taiwan’s Crypto Industry Gets Government Approval
The Financial Supervisory Commission (FSC) in Taiwan will soon be regulating cryptocurrency with special legislation, according to statements made by Huang Tien-mu during a hearing about global banking stability. XREX’s CEO, Wayne Huang, commented on this, noting that due to the extendability and composability of NFTs, the FSC needs more time to develop proper NFT classification guidelines.
Bloomberg initially reported the FSC’s role as regulator, citing sources in the legislature. Huang stated that the regulation of the virtual asset service provider industry will be a collaborative effort with the FSC to establish a set of rules, with an industry self-regulatory body formed as one of the first steps. However, reports suggest that the FSC will not be regulating NFTs yet, as they are still emerging as an asset class. Alex Liu, CEO of Maicoin, stated that finding a balance between experimentation and investor protection is crucial. There were calls for the newly-established Ministry of Digital Affairs (MODA) to be the chief crypto regulator.
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🇸🇻 El Salvador Launches Bitcoin, Lightning Dev Training Office
El Salvador’s government has launched another initiative repping its support for Bitcoin adoption and development of the broader network. Plan B was an initiative the Bitcoin Office launched in Lugano, Switzerland last year to facilitate Bitcoin adoption. The city has already made Bitcoin and USDT de facto legal tender, and enabled BTC acceptance with over 150 merchants in the city.
The Plan B fellowship will provide the opportunity for El Salvador’s best and brightest computer science students to be trained by the biggest names in bitcoin from around the world,” stated the Office. The lecturers and mentors involved are yet to be announced. The current project will collaborate with the university of Don Bosco in Soyapango, which was recently freed from gang control after Bukele’s brutal crackdown on gang violence that began last year. El Salvador was the first country to officially install Bitcoin as legal tender, with the Central African Republic following suit months later.
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📶 Arbitrum’s long-awaited airdrop to go live next week, with self-executing DAO
Layer 2 project Arbitrum will airdrop a governance token with the ticker ARB to its community members on March 23. This brings Arbitrum one step closer to being fully decentralized. The token will control the governance of the Arbitrum One and Nova networks through a DAO, which will be supported by a security council, according to governance documents.
“The goal of the airdrop and the goal of the token is really to give governance power over to the community members and try to identify the real community members that are active in the chain, are participating and will participate,” said Steven Goldfeder, CEO of Offchain Labs, the maker of Arbitrum, in an interview. Arbitrum’s form of governance will be a self-executing DAO. This means that governance members will be able to pass protocol upgrades that will automatically be applied on-chain. In doing so, Offchain Labs has gone for a more radical form of decentralization; one that Goldfeder reckons is absolutely necessary.
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🪙 Filecoin becomes a blockchain platform compatible with Ethereum apps
Decentralized storage platform Filecoin has implemented its own virtual machine, enabling it to support smart contracts — opening it up to the world of decentralized applications, NFTs, liquid staking and more. The network has always been designed to provide file storage in a decentralized manner — but now that it has launched its Filecoin Virtual Machine.
Filecoin’s virtual machine will give it the same capabilities as Ethereum, enabling anyone to build any kind of decentralized application on the network. It will also be able to support bridges to other blockchains and connect more closely to the rest of the crypto ecosystem. Bresser noted that SushiSwap, Axelar and Celer are all integrating with Filecoin. Applications built on Filecoin will enhance its primary purpose of providing decentralized file storage. Files stored on the network are typically stored for around 18 months before someone needs to manually request the network.
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📣 Despegar Becomes First Travel Agency in LATAM to Embrace Crypto Payments
The new offering will be initially available to customers in Argentina, but it might be extended across other countries in the near future. One of the leading travel agencies in Latin America – Despegar – partnered with Binance Pay and Inswitch to enable clients to pay for tour packages in cryptocurrencies. For starters, the offering will be available only for customers in Argentina.
The agreement, announced by the world’s biggest cryptocurrency exchange – Binance, turned Despegar into the first online travel agency (OTA) in Latin America to accept digital assets as a means of payment. Customers will be able to settle hotel accommodation, flights, car rentals, and cruise trips in more than 70 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP). While the new option applies only to clients in Argentina, it might reach other countries across South America in the future. Paula Cristi – General Manager of Despegar for Argentina and Uruguay – said the firm has realized the merits of the cryptocurrency industry.
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⚪️ Huobi’s HT Token Suddenly Falls 90%, Justin Sun Takes Emergency Measures
Huobi’s native token fell over 90% in a flash crash during Thursday trading.Huobi Token (HT) is the native cryptocurrency of the 17th biggest cryptocurrency exchange, Huobi Global. It was launched in January 2018 and is built on the Ethereum blockchain. The token is used to cut trading fees, acquire VIP status plans, vote on exchange decisions, and collect cryptocurrency incentives.
According to a TradingView value source, the coin plummeted from a 24-hour high of $4.8 to a low of $0.3 at 21:00 UTC on Huobi’s market. The token then immediately rebounded to about $3.9. Similar price decreases were seen on other exchanges. A crypto Twitter user saw a drop in the price of HT tokens due to the selling of $2 million worth of HT tokens in 5 minutes. The purchase amount on the HT-USDT pair, on the other hand, is just approximately $600,000. Almost $200 million of HT’s market value was lost in one hour, only to be recovered by more than 1000% minutes later.
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📣 Sui Blockchain Developer Signs Deal With Alibaba Cloud
Mysten Labs, the initial developer of the Sui layer 1 blockchain, signed a memorandum of understanding with Alibaba Cloud, an arm of Chinese tech conglomerate Alibaba Group (BABA), which has a $235 billion market cap. Alibaba Cloud will provide archival node services and secure cloud infrastructure for validators.
The two companies will also collaborate on developing sustainable Web3 ecosystems and explore potential opportunities in the e-commerce and payment sectors. Alibaba Cloud offers a suite of cloud computing services, including elastic computing, database, storage, large-scale computing and application services. In December, Alibaba Cloud announced its Blockchain Node Service, which provides Web3 developers with scalable, efficient and secure infrastructure. Sui is an advanced proof-of-stake blockchain that uses the consensus mechanism and novel data structures .
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📣 G20 Meeting of Financial Chiefs Takes A Step Forward Towards Crypto Regulations
The need for regulation is being felt across the crypto spectrum after the series of collapses and bankruptcies since May 2022. The G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting on February 24-25 in Bengaluru, India, concluded with a strong commitment to regulations for the cryptocurrency sector.
The International Monetary Fund (IMF), Bank for International Settlements (BIS), and Financial Stability Board (FSB) have been tasked to come up with recommendations and a roadmap for regulating the cryptocurrency sector. Besides the finance ministers and central bank governors, the event was attended by Kristalina Georgieva, Managing Director, IMF, Agustin Carstens, General Manager, BIS, and representatives of the Financial Stability Board (FSB). Klaas Knot, Chairman of FSB, sent a letter to the G20 meeting in which he mentioned that the FSB was preparing recommendations for regulating cryptocurrency and decentralized finance.
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🪙 Bitcoin NFT Market to Hit $4.5 Billion by 2025: Galaxy
The emergent Bitcoin NFT ecosystem—practically non-existent just months ago—could balloon to $4.5 billion in market size by 2025, according to a report released Friday by Galaxy Research. Analysts anticipate that the Bitcoin Ordinal frenzy of the last two months is no blip. They project demand for the ability to store NFTs.
Galaxy researchers say that even by summer of this year an entire infrastructure of products and services designed to cater to this growing market will be fully developed. In late January, a project called Ordinals launched NFT-like capability on Bitcoin, allowing users to inscribe satoshis—the smallest unit of Bitcoin, representing 0.00000001 BTC—with unique data such as images and video. While that inscription process can be time intensive, and the process of putting those assets on the Bitcoin chain is costly, the project became an immediate success. The number of Bitcoin Ordinal inscriptions made since the end of January.
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🏦 Coinbase is no longer accepting, initiating payments with Silvergate
Coinbase said it was no longer accepting or initiating payments to or from Silvergate after the troubled crypto bank said yesterday that it may be "less than well capitalized and was "reevaluating its business.". The exchange adopted Signature Bank for its Prime customers, according to an email sent to clients.
Coinbase Prime has elected to make changes to our USD banking partners," the firm said in a message to customers. "We are facilitating fiat withdrawals and deposits using Signature Bank, effective immediately." The changes come after Silvergate, a large bank for fintech and crypto, said it would not be able to file its annual financial report on time. The bank said that it may be “less than well-capitalized" and that it was “reevaluating its business,” and noted that it expected.
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📣 $130 Million TUSD Were Released By Binance In Less Than A Week
Due to the consistent issuance of Binance exchange throughout the course of the recent past, TrueUSD (TUSD) has risen to the position of the fifth most valuable stablecoin in the cryptocurrency sector. This has caused the total amount of stablecoins in circulation to reach 1.1 billion dollars.
According to data provided by the statistics unit Nansen, stablecoin TrueUSD (TUSD) issuance by Binance increased by an extra 130 million USD during the course of the last week, bringing the total amount of stablecoins in circulation to more than 1.1 billion dollars. TUSD has now surpassed Frax (FRAX) to become the 5th largest stablecoin in the cryptocurrency market. Nevertheless, it is still momentarily behind Tether (USDT), USD Coin (USDC), Dai (DAI), and Binance USD (BUSD). Notwithstanding this, however, the United States government is putting additional regulatory pressure on Binance’s stablecoin.
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🪙 The Proposal To Freeze BUSD On Aave V2 Received Unanimous Approval
The governance page on February 27 reflects that the Aave community’s request to “freeze BUSD on Aave V2” was approved by a unanimous vote on February 26 and went into effect the following day. According to the proposal, the value of the BUSD holdings in the DAO collector contract is around $10,500.
The concept presupposes that the overall quantity of this stablecoin assets now in circulation will eventually be reduced to zero. If new BUSD can not be issued, it might be detrimental to peg arbitrage prospects and asset pegs that are not tied to assets with true growth potential. Because of this, it would make the most sense for Aave to put a stop to withdrawals from this reserve and instead urge customers to use a different stablecoin. The Paxos incident has significantly harmed the market value of this reliable stablecoin.
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🆘 CoinEx to stop serving all U.S. customers
Crypto exchange CoinEx will stop serving users in the United States, according to an email received by users and obtained by Crypto Slate on Feb. 24. CoinEx has asked U.S. users to withdraw their assets within 60 business days (before April 24) and said that it will “gradually ban the relevant accounts” after that time.
Earlier this week, on Feb. 22, CoinEx was charged by the New York Attorney General’s office. Those charges aimed to have the company cease operations only in New York. Though it is unclear whether CoinEx faces regulation from federal agencies, its decision today appears to be a preemptive move to avoid such action. The exchange saw $29 million in volume today, down 6.2% over 24 hours and down from $35 million on Tuesday. The exchange’s CET token has been minimally affected and is down 3.8% over 24 hours .
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🪙 DRPC launches decentralized RPC network for Ethereum apps
Ethereum infrastructure provider DRPC launched a decentralized RPC network for Ethereum-based apps to boost security, cost-efficiency, and reliability for decentralized applications in the crypto space. RPC stands for remote procedure call; a protocol used by crypto apps to communicate with blockchain networks. RPCs form a major part of the infrastructure layer for many blockchains, including Ethereum.
DRPC says it solves this problem by offering a decentralized RPC stack with a network of globally distributed providers. This group of decentralized providers can spread the RPC load of crypto apps among themselves more efficiently, DRPC stated in its announement. DRPC stated that its decentralized RPC currently supports Ethereum-based apps. The team has plans to expand its coverage to other EVM-based networks including Arbitrum, Polygon, and Optimism in the coming months. The project crossed the milestone of processing one billion RPC requests last month.
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🏦 Crypto.com Users Get Freedom After Spending $7 Million Wrongly Sent
A customer named Jatinder Singh accidentally received $7 million from crypto exchange Crypto.com in 2021, then spent it lavishly, although his whereabouts are still unknown $3.1 million, but he was released on bail, according to Cointelegraph. On 20 March, in Victoria District Court, prosecutors tried to convince the judge that jail was the only way to ensure Singh would not flee the country.
Singh faces a series of theft charges with his wife, Thevamanogari Manivel, the bank account owner where the money was transferred. Both pleaded not guilty. They claimed that they had legitimately won $7 million through the Crypto.com contest. After the lawsuit was filed, the Supreme Court of Victoria ruled that the duo must return the money to Crypto.com. Reportedly, the problem stems from the fact that in May 2021, a Bulgarian employee of Crypto.com mistakenly deposited $7 million. Filed a lawsuit to recover damages, $7.3 million was recovered, and the defendants used $3.1 million allegedly lost to buy 4 houses.
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📣 BlackRock CEO Larry Fink says US is lagging behind in crypto developments
BlackRock CEO Larry Fink said in his annual letter to investors outlining what he contends are the most urgent and rapidly changing developments in crypto and traditional finance. The 9,000-word document, published March 16, touches on everything from the geopolitical crisis and the war in Ukraine to strategies for long-term growth and digital assets to broader trends in investing and market research.
Last year was one of the most challenging market environments in history – a year in which both equity and bond markets declined for the first time in decades – and the challenges have continued into 2023, Fink stated at the beginning of the document.In the letter, Fink also highlighted the impact of global macroeconomic factors shaping investing. For instance, he pointed out that the U.S. government’s interest payments on its debt surged to a record $213 billion in Q4 2022, a $63 billion increase from the previous year. Additionally, Fink took note of how significant unfunded tax cuts announced in the UK resulted in a plunge in gilts last fall.
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🪙 Ethereum's next big upgrade Shapella expected to hit mainnet on April 12
Ethereum core developers are targeting April 12 to release the highly-anticipated Shanghai-Capella upgrade, or Shapella, on the mainnet. The main feature of the upgrade is Ethereum Improvement Proposal (EIP) 4895, which aims to enable validator staking withdrawals on the main network. This critical function was not introduced during Ethereum's.
Besides the withdrawals, developers have also planned three additional improvements aimed at optimizing gas costs for certain activities with the Shapella upgrade. Since February, developers have carried out multiple phases of public testing on three test networks, or testnets, including Sepolia, Zhejiang, and Goerli. On Tuesday, Shapella was released on the Goerli testnet as the final dress rehearsal before the mainnet launch. All three testnets have successfully processed ETH withdrawals from their own validator sets. The upgrade is due to take place on April 12 at 10:27 a.m. UTC, with epoch number 620,9536.
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⚡️ Stablecoin issuer CNHC raises $10 million in funding led by KuCoin Ventures
CNHC Group, the issuer of the CNHC stablecoin that is pegged 1:1 to the offshore Chinese yuan, raised $10 million in funding. KuCoin Ventures led the deal, the crypto investment firm said Wednesday. Other investors included Circle Ventures and IDG Capital. This was a Series A+ equity funding round, CNHC co-founder Joy Cham told The Block.
The CNHC stablecoin was launched in 2021 for use cases including money transfers and cross-border trade settlements. It is currently issued on the Ethereum and Conflux blockchains, and its total supply is around 15 million tokens (worth roughly $2 million), according to Cham. Tether's CNHT's current total supply is about 20 million tokens. With the fresh funding, CNHC aims to grow the adoption of its stablecoin, especially in the Asia Pacific region. To that end, the company is moving its headquarters to Hong Kong from the Cayman Islands, Cham said.
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📣 Marathon Digital says it has access to funds held at Signature Bank
Marathon Digital said it has access to $142 million in cash deposits held by Signature Bank, which was closed by state regulators on Sunday. The company said in a statement it has access to the funds for treasury management purposes and is paying all invoices in "the normal course of business.". Marathon also holds over 11,000 bitcoin.
Separately, Marathon confirmed that it had no direct business relationship with Silicon Valley Bank, which was shuttered by authorities on Friday. U.S. President Joe Biden assured American citizens on Monday that the banking system is safe following the collapses. Shares of Marathon were up 11.4% as of 10:20 am ET, with most miners also rallying. Bitcoin rose 15% over the past 24 hours trading at around $23,500. Meanwhile, at least two other big miners, CleanSpark and Iris Energy, said that they had no deposits with Silicon Valley Bank or Silvergate Capital, with the latter also confirming no ties to Signature.
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📣 Brevan Howard takes over Dragonfly Capital Crypto Fund: Bloomberg
Global asset management firm Brevan Howard is taking over a hedge fund spun off from crypto investment company Dragonfly Capital. Brevan Howard, which manages more than $30 billion in assets, has entered into an agreement to assume control of Dragonfly’s “Liquid Opportunities” fund, according to unidentified people cited by Bloomberg.
The long-short strategy fund was established in June 2021 and managed by Kevin Hu, Ashwin Ramachandran and Lawrence Diao. Hu’s LinkedIn profile describes his current role as Chief Investment Officer at Nova Digital, a Brevan Howard fund. Liquid Opportunities will operate under Brevan Howard’s crypto and digital assets division, compatible with its active trading approach, Bloomberg reported, citing people familiar with the matter. An internal Dragonfly document reviewed by Bloomberg said: “After extensive discussions, we decided that Brevan Howard, one of the largest hedge funds in the world, was the right long-term home for Kevin and his team.”
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⚪️ Lido Finance Consider Stopping Liquid Staking On Polkadot And Kusama
Lido Finance, the market’s most extensive staking protocol, governs ending liquid staking on the Polkadot and Kusama systems, according to a proposal submitted on the forum on March 8. After MixBytes stopped technical offering assistance for Lido on Polkadot and Kusama as of August 1, 2023, the decision mentioned above was made public.
MixBytes is a decentralized finance (DeFi) application developer founded in 2016. This company is a partner to help build Lido Finance’s liquid staking service on Polkadot and Kusama. The announcement said that while both Lido DAO and MixBytes are proud of what has been achieved and are grateful to all users and partners for trusting the solution, the decision was made due to many challenges, including market conditions, protocol growth, limited capacity, and preferred alignment. Today’s proposal could affect about $25 million in assets. Extracting data from DefiLlama.
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📣 Paxos survey shows 75% of respondents 'confident' in the future of crypto
A recent Paxos survey shows enthusiasm for cryptocurrency in the U.S. despite a volatile year for the burgeoning asset class. Of 5,000 U.S.-based working-age adults surveyed, 75% remain "confident or somewhat confident in the future of crypto." The survey occurred Jan. 5 and 6 and included adults earning over $50,000.
According to the survey, 72% of respondents were "a little worried or not worried at all" about volatility in crypto markets over the past year. Despite the rough finish to 2022, with the collapse of FTX, the survey appears to show that American consumers remain interested in digital assets. About a third of respondents purchased crypto for the first time in the previous 12 months. who had a bank account and who purchased crypto in the past three years. Three-quarters of those surveyed by the firm were “confident or somewhat confident” in the future of the crypto space.
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💰 Ripple CEO Says America Falls Behind Other Countries in Crypto Adoption
Garlinghouse believes countries like Australia, Japan, and Singapore have done the right thing by establishing clear crypto rules. Brad Garlinghouse – Chief Executive Officer of Ripple – thinks the US is already lagging behind other nations in crypto because of regulatory uncertainty.
Garlinghouse gave the early days of the Internet as an example, praising the US for setting a proper regulation in the late 1990s that allowed it to turn into the technology hub it is nowadays. He advised the American government, specifically the SEC, to do the same and cease the talent exodus offshore. The SEC’s Chairman – Gary Gensler – recently reiterated his opinion that “everything other than bitcoin” is a security. As such, he insisted that all crypto transactions, excluding those involving BTC, should be monitored and supervised by the agency. America’s securities watchdog launched a lawsuit against Ripple in 2020.
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📣 Banks Now Clamp Down On Crypto Purchases With Daily Limits And Credit Card Ban
According to Bloomberg, Nationwide Building Society and HSBC have become the latest UK banks to restrict customers’ access to cryptocurrencies. In the last week, Nationwide has introduced daily limits of £5,000 ($5,965) on debit-card purchases of crypto assets and has barred the use of credit cards to buy cryptocurrency.
Similarly, HSBC has banned customers from using credit cards to purchase cryptocurrencies since last month, citing the risk to customers and warnings issued by the Financial Conduct Authority (FCA) in the past years that digital assets are a high-risk investment.The move follows restrictions placed by Banco Santander, Lloyds Banking Group, and Natwest Group, among others, and most major banks have implemented exchange-specific restrictions, with Binance Holdings being the most popular target. Several US banks with close ties to the digital asset sector are also facing growing scrutiny.
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🥇 Bitcoin miner Marathon expected to see revenue triple in Q4
Marathon is expected to post triple the revenue it brought in during the third quarter for its fourth-quarter earnings after the U.S. close today. The miner is expected to report $38.4 million in revenue, which is still down year-over-year from $60.3 million.
Marathon's mining capacity ramped back up in the last quarter as it moved a large portion of its hardware into a wind-powered site in Texas after pulling them out of another site in Montana. Miners are still struggling due to months of operating at depressed margins, but January has been kinder with bitcoin surging back up to August levels at around $23,000. Marathon increased bitcoin production in January by 45% month-over-month as it was able to "address the maintenance and technical issues" at its site in Texas, CEO Fred Thiel said earlier this month.
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🚨 Crypto Miner Hive Blockchain Posted Net Loss of $90.4M for Q3 2022
Ethereum’s transition to PoS significantly hurt Hive, but it still managed to increase its mining production by 13% year-over-year. Crypto mining saw severe losses last year as prices went south. Several notable players in the space slid into bankruptcy.
According to the official report, Hive said hedging its energy contracts, selling power back to the grid, and optimizing its operating capacity to focus on maximum profit per KWHR helped it realize a profit from mining operations in the third quarter of 2022. Q3 2022 was the first quarter that the company did not mine any ETH following the Merge upgrade in September. Hive’s Executive Chairman Frank Holmes remains optimistic even as mining the world’s largest altcoin was out of the picture. Moreover, the falling crypto prices considerably affected its gross mining margin.
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📣 ASIC Conducts Targeted Review Of Binance Amid Growing Regulatory Scrutiny
The largest cryptocurrency exchange in the world, Binance, is claimed to be undertaking a targeted review of its local derivatives business, according to the Australian Securities and Investments Commission (ASIC), according to a Bloomberg report.
Binance had closed numerous Australian users’ derivative holdings. Immediately after, Binance said that 500 Australian users had been wrongly classified as “wholesale investors.” Their derivative positions were thus quickly closed. The roles were purportedly closed in accordance with Australian laws. Retail traders have historically been prohibited from trading futures and financial derivatives products by the leading cryptocurrency company. On Binance Australia, only “wholesale” dealers are permitted to trade such items.
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