Hong Kong artists embrace NFTs as OpenSea trading volume explodes
Despite speculation that the NFT market is cooling, OpenSea continues to post record transaction volumes, and Hong Kong artists are getting in on the action.
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Tencent blockchain applet IOU accused of breaking Chinese competition law
Chinese blockchain company RongxinChain has alleged that Tencent’s IOU applet is operating in breach of the country’s Unfair Competition Law, according to a report by the Shenzhen Baoan District Credit Promotion Association. Fast facts Tencent’s IOU blockchain applet went online in July on the company’s “super app,” Wechat, allowing users to issue legally valid IOUs…
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India’s CoinDCX crypto exchange becomes unicorn with US$90M in funding
CoinDCX, an Indian cryptocurrency exchange, has become the country’s first crypto unicorn with a US$90 million Series C fundraise, the company announced today. The funding was led by Facebook co-founder Eduardo Saverin’s B Capital. The fresh funding pegs CoinDCX’s valuation at US$ 1.1 billion. Fast facts Founded in 2018, CoinDCX offers a range of crypto…
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Ethereum investment product market share rises to 26% amid fund outflows
Despite a recent recovery in crypto prices, digital asset investment products last week saw outflows of US$26 million, according to CoinShares, Europe’s largest digital asset fund manager. It was the fifth consecutive week in which institutional money flowed out of cryptocurrencies, mainly Bitcoin. Fast facts Bitcoin — the largest cryptocurrency by market value — bore…
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USDC issuer Circle to become full-reserve digital currency bank
Amid a period of increasing regulatory interest in stablecoins, Circle, the digital payment company that issues USDC, the world’s second-largest stablecoin , has announced plans to become a full-reserve national digital currency bank in the U.S. Fast facts In a company blog post, CEO and co-founder Jeremy Allaire said the company was prepared to operate…
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Bitcoin’s price rises above $45K as gold and silver slump
After hovering aroud the US$35,000 mark through most of June and July, Bitcoin’s price has started rising again this past month. In the past 24 hours, Bitcoin’s price broke US$45,000 for the first time since mid-May amid the market-wide crash from the historic highs in April, according to data from CoinMarketCap. Fast facts Conversely, gold…
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Crypto platform Poloniex agrees to $10M settlement with SEC
Cryptocurrency platform Poloniex has agreed to pay more than US$10 million to settle charges for operating an unregistered online digital asset exchange, according to an announcement by the U.S. Securities and Exchange Commission (SEC). Fast facts According to the SEC’s order, Poloniex violated securities laws from July 2017 to November 2019 as the company did…
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Tether unveils reserves and backing for its USDT stablecoin in new report
To assuage critics and to abide by a legal settlement, Tether Holdings Limited, the issuer of the world’s largest stablecoin USDT, has released a report by an independent accountant, which found that Tether’s tokens are 100% backed by its reserves. Fast facts In its review of Tether’s latest Consolidated Reserves Report, Cayman Island-based accounting firm…
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Unocoin now allows Indians to buy pizza, coffee with Bitcoin
Several cryptocurrency payment methods exist around the world, but new service is the first major one of its kind in India.
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Crypto miners set to be snared by U.S. infrastructure bill
A landmark US$1 trillion infrastructure bill moved one step closer to becoming law on Sunday, notably without carve-outs for cryptocurrency miners and network validators. What does it mean for the industry?