Thorchain Hack / Paypal increases purchase limit to $100K / NFT Wearables

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After Bitcoin pump, I am like

Digital Yuan adoption, Picasso NFTs, Axie’s Boom

Last week Cathie Wood, Jack Dorsey, & Elon Musk had a talk at the B-word conference, following are few important quotes from Musk.

“Spacex owns bitcoin”
“As long as there is a conscious effort to move bitcoin miners toward renewables then Tesla can support that.”
"If the price of bitcoin goes down, I lose money. I might pump, but I don't dump."
"To me it seems self evident that we should take the set of action most likely to make the future good. Bitcoin will make the future better most likely."
"Tesla's European bank balance receives negative interest.  That's insane,"

If you want, you can watch the replay of the meet here.

Bitcoin pumped hard yesterday, now don’t gamble, buying anything, without any technical analysis, join our Telegram signals group and get analysis-based trading opportunities.

Now let’s see what’s happened last week in crypto.

1. The CEO of Twitter has announced the launch of a new Bitcoin-based firm called TBD for Square

Source: Click here

Twitter CEO Jack Dorsey has announced the formation of a new firm aimed at developing an open developer platform for Bitcoin for his financial payments company Square.

Dorsey stated that, like its new Bitcoin hardware wallet, the company will do this totally openly. In other words, a total opensourcpe.

Square announced last month that it will invest $5 million with blockchain technology firm Bloc stream Mining to establish an open-source, solar-powered Bitcoin mining operation.

The facility will serve as a proof-of-concept for a large-scale 100% renewable energy Bitcoin mine, with the economics of the build made public, which also includes operational costs and ROI.

2. Mnuchin, the former US Treasury Secretary, says his position on bitcoin has ‘evolved.’

Source: Click here

Former US Treasury Secretary Steven Mnuchin believes his position on bitcoin has “evolved a little bit.” While he does not want bitcoin in his portfolio, he thinks it is “absolutely fine” for anyone to buy the cryptocurrency.

Goldman Sachs, Morgan Stanley, and Citigroup are among the major investment banks that have begun or are in the process of delivering crypto goods or services to its clients.

I think my view has evolved a little bit, but it is pretty consistent … If people want to buy bitcoin as a substitute, no different than buying gold or some other asset, it’s fine. I don’t personally want to have it in my portfolio but if people want to that’s perfectly fine.

Noting that the Office of the Comptroller of the Currency (OCC) permitted banks to provide bitcoin custodian services last year during the Trump administration, he explained:

The reason we did that was because we wanted to make sure that this was becoming in the regulated world … and it should be fully BSA compliant.

3. NFT Game Axie Infinity Plots Esports Push

Source: Click here

Axie Infinity is searching for sponsorship for competitions.

Axie Infinity, a cryptocurrency game, has revealed ambitions to offer monster-fighting esports contests.

The game’s popularity has skyrocketed in recent weeks, with token prices and transaction volume increasing by 500%.

Sky Mavis will set up a special server for esports tournaments to ensure that events go off without a hitch. This week, Axie Infinity’s servers have been delayed or unavailable at times, owing to increased user demand as well as what the developer claims are distributed denial of service (DDOS) attacks and server hosting troubles.

4. The Digital Yuan now has over 20 million wallets: The People’s Bank of China

Source: Click here

The Chinese central bank’s digital money is gaining traction. According to the country’s central bank, smart contracts can be incorporated into the country’s growing digital yuan. It will also protect anonymity… as long as the laws let it.

According to a progress report released today, the People’s Bank of China’s central bank digital currency (CBDC) — a digital equivalent of a fiat currency — now has over 20 million wallets and has completed 35.5 billion RMB ($5.4 billion) in transactions.

The new currency is the largest CBDC initiative in the world. It will supplement, but not replace, conventional currency, as paper money remains valuable for many in the vastly diversified country of 1.4 billion people.

For numerous years, smart contract programmability has been a part of the currency’s design. It’s one of seven design qualities cited in the bank’s research, along with low expenses and anonymity. The bank underlined that law enforcement will “control” anonymity.

5. PayPal has increased its weekly cryptocurrency purchase limit to $100,000

Source: Click here

Fintechs have distinguished themselves from traditional banks by adopting cryptocurrency trading. The expansion has been a success for some of the industry’s greatest brands.

PayPal says it’s also expanding its cryptocurrency in-app instructions and educational tools to help dispel myths about virtual currencies. PayPal invested in Taxbit, a US-based internet startup that helps consumers and businesses calculate the taxes payable on cryptocurrency holdings, in January.

6. Bank of America Approves Bitcoin Futures Trading for Some Clients: NASDAQ

The bank, like most institutions, has been cautious in its approach to the crypto sector, but due to the enormous amount of margin required to trade futures, it is now allowing some clients to access the crypto market, according to one of the sources. According to the other source, some clients are preparing to trade bitcoin futures, which are cash-settled, and one or two may have already gone live.

According to reports, a number of investment banks are allowing clients to invest in cryptocurrency products. After a three-year absence, Goldman Sachs disclosed plans to revive its cryptocurrency trading desk in March, and in May, the investment bank began buying and selling bitcoin futures in block transactions via Chicago Mercantile Exchange (CME) Group, with Cumberland DRW as its trading partner.

7. $5 million in Ethereum was lost as a result of a THORChain exploit

Source: Click here

THORChain was the victim of a Chaosnet exploit, resulting in losses of around $5 million for ETH liquidity providers. According to the THORChain team, an attacker used the network’s Bifröst protocol to transfer ETH to their own address. The project’s treasury will reimburse the liquidity providers.

The assailant stole 13,000 ETH worth $24.7 million, according to initial estimations, however, THORChain has since stated on Twitter that the damages were closer to $5 million.

8. Sygnum, a Swiss bank, will issue 4,000 tokens representing original Picasso paintings

Source: Click here

Picasso tokens are offered through Sygnum to “professional and institutional investors.” When an investor purchases a token, the rights to ownership are transferred to a public blockchain. According to Sygnum, this is the first time a regulated bank has sent ownership rights in any artwork to a public blockchain.

According to the announcement, this ownership is also fully recognised under Swiss law. Meanwhile, investors can trade the shares on SygnEx, Sygnum’s digital asset trading platform.

Fillette au béret depicts a child wearing a beret cap and is painted in vibrant colours on a canvas. Uppsala Auktionskammare last sold the picture in 2016 for $2.48 million.

Picasso’s involvement with blockchains is not his first. Sotheby’s sold the NFT-linked artwork Le peintre and son modèle for $3.12 million in June of this year. The same month, the NFT art market Unique held an auction for an NFT with a Picasso print.

Le peintre et son modèle by Pablo Picasso. Credits: Sotheby’s

Tokenization eliminates the need for third-party middlemen, lowers transaction costs, and increases industry transparency. Furthermore, the issued token provides legal clarity and protects ownership rights.

Crypto art will continue to dominate the traditional art world for many years to come.

9. Adoption of Bitcoin — You are very early

10. Binance has announced that it would no longer provide trading of stock tokens

Binance is discontinuing its stock token trading business.
Several regulators, including those from Germany and Hong Kong, have issued warnings about the offering.

Binance, a cryptocurrency exchange, stated on Friday that it will no longer trade its stock tokens. Binance.com users will no longer be able to purchase stock tokens, effective immediately, according to the company.

Tokenized stocks, often known as stock tokens, are blockchain-based shares of publicly traded firms. Stock tokens, unlike regular shares, can be purchased in fractions, which is very handy for pricey stocks.

Binance began its stock token trading service in April of this year, with five stock tokens available: Apple, Coinbase, Microsoft, MicroStrategy, and Tesla. According to Binance’s website, their 24-hour trade volume was barely approximately $1 million at the time of writing. According to Security Token Market data, these tokens have done a total aggregate trading volume of roughly $73 million since the service’s start.

The Financial Conduct Authority in the United Kingdom was also allegedly investigating whether Binance followed with security standards before launching the stock token trading facility.

Regulators in the United States, the United Kingdom, Italy, Japan, Thailand, Poland, and the Cayman Islands have all lately issued warnings or taken action against the exchange.

11. Dolce & Gabbana Will Introduce NFT Wearables

Source: Click here

The luxury Milanese design house termed the new collection “alta moda” (high fashion) in a tweet on Wednesday, and released a link to a promotional movie that displays the first idea, “Dress from a Dream.”

Prospective customers can reserve a spot in the launch queue by filling out a mailing list form. Those that sign up are promised “early access” to NFTs if they refer others.

According to Vogue, the Genesis collection will be marketed during D&G’s upcoming Alta Moda, Alta Sartoria, and Alta Gioielleria exhibitions in Venice on August 28–30. The city inspired the collection.

D&G is not the first high-end fashion business to enter the NFT space with augmented reality devices. Gucci recently sold their first NFT through Christie’s for $25,000, making it one of the most expensive goods ever sold by the fashion house.

12. Polkadot will be used by Pontem to connect Diem and DeFi

Pontem collaborates with Polkadot, a node provider, to complete the experimental test network for Facebook’s Diem blockchain.

Because of the collaboration with PinkNode, the Pontem team will be able to deploy nodes on Kusama, Polkadot’s canary network.

Pontem intends to assist Diem in the introduction of new features by testing them in the Polkadot ecosystem.Pontem will be able to construct an experimental test network for Facebook’s Diem blockchain, formerly known as Libra, as a result of the collaboration.

Diem is an ambitious blockchain initiative by Big Tech staple Facebook, but due to its permissioned structure, it is not open to public participation. As a result, developers and entrepreneurs working on Diem may find it challenging to create open source solutions that can compete with public blockchains such as Ethereum or Polkadot in terms of innovation.

The project’s goal is to assist Diem in integrating new features and solutions by first testing them in the Polkadot ecosystem. To that aim, the project just received $4.5 million in funding from a number of venture capital firms, including Mechanism Capital, Kenetic Capital, and Animoca Brands.

Pontem also intends to develop a bridge connecting the Diem blockchain to Ethereum, the network that powers the growing decentralised finance field that includes more than $55 billion in total value locked, using Polkadot’s interoperable network.

Connecting the two networks, according to Pontem, will expose Facebook’s 2.7 billion users to DeFi. Diem, which is set to begin in 2021, would produce fiat-backed stablecoins that can be integrated with Facebook’s banking and e-commerce services, a strategic move that has been met with strong opposition from regulators.

13. To combat money laundering and terrorism financing, the EU wants to outlaw anonymous cryptocurrency wallets

Source: Click here

To protect its citizens and the bloc’s financial system, the European Union is considering banning anonymous cryptocurrency transactions and strengthening its war on money laundering and terrorism financing.

The package, which was released on Tuesday, comprises of four legislative proposals from the European Commission, the bloc’s executive arm. There was also a fact sheet with it.

Proposals include the establishment of a new EU entity to transform anti-money laundering and counter-terrorism funding monitoring, as well as the imposition of a €10,000 ($11,800) EU-wide restriction on large cash transactions.

“The Commission will also provide law enforcement authorities with access to this system, speeding up financial investigations and the recovery of criminal assets in cross-border cases,” the plan stated, referring to the information that will be gathered.

The package is now up for approval by the European Parliament and European Council, with the new EU body set to begin live in 2024.

In the United States, the Biden administration is claimed to be stepping up attempts to track down cryptocurrencies used in hacks and is going to pay up to $10 million in rewards for information that could aid in the capture of offenders.

14. After raising $900 million in funding, cryptocurrency exchange FTX has reached a valuation of $18 billion

FTX, a two-year-old cryptocurrency exchange, has announced a $900 million fundraising round. This makes the round the largest private equity financing in crypto history in the shortest amount of time, and it values the firm at $18 billion.

FTX was only worth $1.2 billion a year ago. FTX is now one of the world’s most valuable cryptocurrency startups. The higher valuation clears the way for widespread acceptance, particularly in American markets.

The cryptocurrency exchange now has its headquarters in Hong Kong, while its parent company, FTX Trading Ltd., is based in Antigua and Barbuda.

The investment round drew more than 60 investors. SoftBank Group Corp., a Japanese multinational conglomerate holding company, and other venture capital firms such as U.S. private equity giant Thoma Bravo, Daniel Loeb’s Third Point, British hedge fund manager Alan Howard, and the Paul Tudor Jones family were among the investors. The funding round was also attended by hedge-fund billionaire Israel Englander and Coinbase Ventures.

15. Grayscale Introduces the DeFi Fund, which is linked to the new CoinDesk Index

Grayscale, the world’s largest cryptocurrency investment manager, announced Monday the launch of a fund focused on decentralised finance (DeFi) tokens, based on a new DeFi-specific index created by CoinDesk’s TradeBlock subsidiary.

In a joint press release, the firms, both subsidiaries of CoinDesk parent Digital Currency Group (DCG), stated that the Grayscale DeFi Fund gives “exposure to a variety of industry-leading DeFi protocols via a market-capitalization weighted portfolio.” The concept is that investors can transmit funds to DeFi without needing to purchase the tokens directly.

The CoinDesk DeFi index, according to the news release, intends to give a “broad-based, benchmark representation of DeFi protocols,” with assets weighted by market value.

The CoinDesk DeFi Index consists of the following assets, with market capitalization-based weightings, as of July 1, 2021:

Source: Click here

16. MakerDAO will disband its Foundation and revert to a completely decentralised state

MakerDAO intends to complete its roadmap to decentralised governance in the coming months by dissolving its foundation.

MakerDAO, the pioneering decentralised financial system, has announced that its foundation will formally dissolve in the coming months, marking one of the protocol’s final steps on the path to decentralised governance.

Maker’s decentralised autonomous organisation, or DAO, is now “completely self-sufficient,” according to a July 20 blog post, with its internationally distributed membership/community “being responsible for every part of the Maker protocol.”

“Complete decentralization of Maker means that future development and operation of the Protocol and the DAO will be determined by thousands or perhaps millions of engaged, enthusiastic community members, all determined to extend the benefits of digital currency to people across the globe.”

That month, the protocol would also add support for Circle’s centralised stablecoin USDC, igniting debate over Maker’s use of centralised crypto assets as collateral for its ostensibly decentralised stable currency.

MakerDAO is presently the sixth-ranked decentralised finance system, according to DeFi Llama, with a total value locked of $5.62 billion.

17. Neon Labs’ Ethereum Virtual Machine is now compatible with Solana

Neon Labs has announced that its Ethereum Virtual Machine (EVM) solution will be deployed on the Solana testnet.Users will be able to transfer Ethereum-based applications to Solana thanks to the deployment of Neon.

Neon intends to launch its solution on mainnet in the third quarter of 2021, after spending some time to optimise transactions.

Developers operating Ethereum applications may deploy their smart contracts on Neon to take advantage of Solana’s fast throughput and low fees.

Neon uses incentive node operators to receive and verify transactions created by applications before sending them to the base chain for execution.

This is the first time Solana will be able to run Ethereum smart contracts across a bridge network. Until date, the blockchain has not provided complete support for EVM. Previously, an Ethereum bridge known as Wormhole was implemented on the network, but it could only move tokenized assets between the two blockchains.

18. Coins moving to Stronger Hands

Source : Click here

19. In 2021, Chainlink will onboard an average of 1.4 new partners every day

So far in 2021, 281 different crypto projects have announced integrations, according to the archives of Chainlink’s ecosystem portal, with the calendar currently 201 days into the year.

With 650 third-party Chainlink integrations in total, this year saw the onboarding of 43 percent of the project’s partners. In contrast, around 250 partners merged with Chainlink during 2020.

Crypto developers have created a plethora of unique applications for Chainlink’s VRF technology, with PancakeSwap including VRF into its decentralised lottery programme last week. Other initiatives use VRF to ensure that prizes and rewards are distributed in a verifiably fair manner.

Author: Eth!c@l Aka Kumar

PS: This is neither a paid article nor Financial Advice. What has been documented are the findings from my own research out of passion in this space, which is Crypto

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Thorchain Hack / Paypal increases purchase limit to $100K / NFT Wearables was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.