Tench Coxe sold $235 million worth of NVDA shares. The sale gained public attention as he was the third-largest holder of NVDA shares. The report fanned online speculation as users tried to understand what the trade meant for Nvidia’s future.

Tench Coxe, one of Nvidia’s top shareholders, dumped Nvidia shares worth $235 million on September 24th. The billionaire’s role on Nvidia’s board and the timing of his sale drew attention to the trade as users sought to understand the decision to sell. Many online users have tried to make sense of what the trade means for Nvidia going forward.

Coxe has held Nvidia shares since the 90s

Nvidia MONSTER Insider Trading Alert 🚨

Tench Coxe, the 3rd largest Nvidia shareholder who acquired these shares in 1997, just dumped $235 million worth of $NVDA shares. pic.twitter.com/xuOrtVRl0F

— Barchart (@Barchart) September 24, 2024

Tench Coxe’s trade was reported along with a post of the filled-out SEC Form 4. Coxe executed the trade in three transactions, the earliest one being done on September 19th. Coxe sold 202,978 shares at $119.2664 per share for the first transaction. The second transaction was executed on the same date, selling 797,312 shares at $117.2922 per share. The final transaction was conducted on September 20th, with Coxe selling off 4,852,480 shares at $116.2666 per share. 

The filled-out SEC Form 4 also noted that Coxe still holds 54,368 $NVDA shares. The report also mentioned multiple shares disposed of through a profit-sharing plan trust.

Coxe was one of the top three individual shareholders of Nvidia, alongside founder Jensen Huang and Mark Stevens. He became a director in 1993 and began acquiring $NVDA shares when the company was starting out. Over the years, he accumulated millions of Nvidia shares. 

The company’s growth resulted in its share prices growing from $49.10 on January 1st, 2024, to $120.87 today. Nvidia’s growth made it the world’s most valuable company, ahead of Microsoft, after it had attained the $3.34 trillion market capitalization mark.

The former Nvidia board member did not provide any context as to why he had sold off most of his shares. Many investors suspected Coxe’s sale may have been due to personal financial plans.

In the first half of 2024, Coxe and Mark Stevens sold $170 million and $22.2 million in $NVDA shares, respectively.

$NVDA stock price gains despite the sale

NVIDIA maintained robust financial metrics despite the massive offloading of $NVDA shares worth over a billion. The chipmaker had a market cap of $2.96T and an estimated gross profit exceeding $70 billion, with a profit margin of 76%, highlighting operational efficiency. 

NVIDIA shares edged up 2.2% to $123.54 during morning trading on September 25, with an average volume of 331.24 million. MarketWatch confirmed that the stock had closed up 4% on September 24. $NVDA shares gained 9.15% in the last five days and 149.87% YTD. The rise in stock price projected positive demand for the chip maker’s hardware. 

According to Yahoo Finance, NVDA share prices have not closed below $100 since August 7 ($98.91). They only dipped to $97.52 on August 8 but closed at $104.97 on August 8. NVIDIA outperformed outcomes projected by top industry analysts like Wolfe Research and Bernstein, among others.

Binance, the world’s largest cryptocurrency exchange by trading volumes, has assisted India’s Enforcement Directorate (ED) in taking down a massive gaming scam worth $47.6 million. 

The scam was linked to the Fiewin app, and it involved luring users into online betting schemes, promising easy earnings, only to trap their funds.

Binance’s Financial Intelligence Unit (FIU) provided critical data that helped trace the flow of funds and uncover the fraud network, leading to the arrest of four individuals connected to the scam.

The ED pointed out that Binance’s involvement, particularly through its FIU, was why they were able to trail down the hackers.

India’s booming crypto market

Earlier this year, Binance became one of only two foreign exchanges officially registered with India’s Financial Investigation Unit. 

Though cryptocurrency remains unregulated in the country, this registration was seen as a soft legitimization of the market.

India now leads global cryptocurrency adoption for the second year in a row, with around 30% of adults owning some form of crypto.

The total market capitalization of cryptocurrencies in India is estimated at INR 6 trillion (about $72 billion).

Trading activity also remains high, with daily volumes on major exchanges fluctuating between INR 100 billion to INR 150 billion (USD 1.2 billion to USD 1.8 billion). 

India has also imposed heavy taxation on cryptocurrency investments, slapping a 30% tax on income from crypto investments, along with a 1% Tax Deducted at Source (TDS) on all transactions.

With the upcoming Budget, industry insiders are pushing for huge reforms. A primary demand is reducing the TDS from 1% to 0.01%.

There’s also pressure on the government to allow losses to be offset against gains, which would be a big win for both retail and institutional investors.

The Securities and Exchange Board of India (SEBI) has been working on developing a multi-layered regulatory framework for crypto activities. 

The framework is expected to address issues like anti-money laundering (AML) and combating the financing of terrorism (CFT).

DefiLlama’s Dex data revealed that Solana had outperformed Ethereum’s Dex volume for the second time in a week. According to DefiLlama’s data, Solana’s Dex volume surpassed Ethereum’s Dex volume by approximately $0.01B in the last 24 hours. 

The data from DefiLlama also showed that Ethereum’s weekly (7d) total volume ($8.29B) outshone Solana’s volume ($6.12B). According to DefiLlama, Ethereum’s Dex TVL ($8.84B) also surpassed Solana’s Dex TVL (1.49B). 

Solana outperforms Ethereum for the second time in less than a week

Credits: DefiLlama

On September 21st, DefiLlama’s data showed that Solana Dex networks handled over $845 million in 24 hours, while Ethereum handled $747 million over the same period. Similarly, the data revealed that Ethereum maintained its weekly total volume dominance with over $6.4 billion against Solana’s $5.17 billion.  

The DeFi TVL aggregator’s data revealed no changes in the leading Solana ecosystem’s Dex by volume between September 21 and today (September 25), as the top three spots still went to Orca ($417.3M), Raydium ($415.54M), and Phoenix ($144.7M), respectively. The top three spots for Ethereum Dexs by volume went to Uniswap ($745.83M), Curve Finance ($104.55M), and DODO ($82.49M), according to the data.    

Additional data from DefiLlama revealed that March was the best month in 2024 for the SOL ecosystem, handling crypto transactions worth over $60 billion. The data showed that July was Solana’s second-best performing month, handling transactions worth over $56 billion, while Ethereum processed crypto worth approximately $4 billion less in the same month.

According to DefiLlama’s data, Arbitrum Nova gained 78,068% for the highest 7-day volume increase, followed by Stacks, which surged 31,380%. 

Solana on the rise as coins and NFTs surge in performance

The SOL ecosystem was in full force this week as it overtook Ethereum for the second time in 24-hour Dex volume and NFT sales, per Coingecko’s data. According to the data from Coingecko, the best-performing tokens on the Solana network were the New World Order $STATE token, the Electric Dog Modish $EDM token, and the Senk $SENK token, which gained 61,288.5%, 21,506.2%, and 707.8%, respectively, in 24 hours. 

Coingecko’s data revealed that the top three coins on the SOL ecosystem by market cap were Tether ($USDT), with $119.2 billion, Solana ($SOL), with $70.3 billion, and USDC ($USDC), with $35.9 billion. 

Additional SOL ecosystem-based NFT data from Coingecko showed that the Mad Lads NFT led the pack with a floor price of 49SOL (~$7.3K), a market cap of 488,334SOL (~$73.3M), a 24-hour volume of 1,467SOL (~$220.3K), and a total of 28 sales. The Tomorrowland NFT followed in second with a floor price of 23.83SOL (~$3.6K), a market cap of 154,641SOL (~$23.2M), 24-hour volume of 174.27SOL (~26.2K), as per Coingecko’s data. 

Assassin’s Creed Shadows has been delayed to next year. The announcement came out on the game’s official X account. The key features of the game require more time for improvements.

A sad announcement came out today for the fans anticipating the release of Assassins Creed Shadows on 24 November. The game based on feudal japan, has been delayed till the second week of February 2025, on the occasions of Valentine.

The announcement gave the details of features. However these features require more refining for improved experience.

Assassin's Creed Shadows will now release February 14, 2025. pic.twitter.com/J2ah7kkytW

— Assassin's Creed (@assassinscreed) September 25, 2024

 

Additional reporting by Noor Bazmi

The Mt.Gox exchange emptied four of its known wallets, after receiving $370K in BTC deposits from Kraken. The exchange may be preparing for another wave of deposits. 

Mt. Gox funds are on the move, potentially leading to more payouts. The known wallets of Mt. Gox received $370K in new BTC inflows from the Kraken spot exchange. Later, four wallets were swept into a new cold wallet. 

The Mt. Gox coins are identified as one of the big potential overhangs for BTC, although it is still uncertain if the recipients would sell to realize profits. The Mt. Gox conservation still holds 44,905 BTC, to be distributed to creditors toward the end of the year. The coins, held since 2013, were seen as a threat to the BTC market.

This summer, however, the markets proved they could absorb 50K new coins from the wallets of the German government, still retaining levels close to $50,000. Speculations on Mt. Gox range from the potential for each recipient to sell on the open market, or to achieve some form of OTC deal. 

Holders and general BTC traders see the moves as the usual behavior of the Mt. Gox creditor. The relatively small transaction from Kraken may be a technicality, or a test transaction. In the past, wallet movements have preceded payouts, with expectations of new moves into creditor accounts ahead of the weekend. One of the possibilities is that some of the Mt. Gox coins were placed on the OTC market through Kraken, while the remainder was returned. 

The Mt. Gox funds were consolidated at the end of May 2024. So far, an estimated 96781.96 BTC were removed from the wallets, presumably sent out to creditors. The recent minor inflows from Kraken added a bit more than 5 BTC to the balance, still awaiting further developments. 

Mt. Gox repayments absorbed by the market

So far, Mt. Gox has repaid around $3B in BTC by going through Kraken. Up to $5.3B may remain to distribute. Based on headcount, around 65% of creditors have received their funds, but old whales may emerge from the redistribution. 

The most recent coin movement happens at a time of decisive price action for BTC, with another potential attempt to reclaim the $70,000 level. At this point, the coin movements can be interpreted both as bullish and as creating short-term price pressures. 

The Mt. Gox overhang is also smaller and may have created a new wave of holders. In comparison, the US Government BTC overhang is estimated at 203,222 BTC. So far, the coins are unmoved, but selling may begin without a warning. 

Old coins are on the move

In the past week, multiple wallets older than a decade reawakened. Some of the addresses belonged to miners from the first 3,000 BTC blocks, though not to Satosi Nakamoto. 

In the past two days, two more old wallets reawakened, along with a general trend of moving older coins. One address from 2014 swept the coins and put them into a fresh wallet. Some of the old wallets are also considered insecure, or prone to accidental hacks or discoveries. 

For some of the earlier wallets, the coins were also mixed and sent to new wallets, to decrease traceability. 

Despite everything, old-time BTC moves are a rarity and a notable event that raises more questions than it answers. The recent market shift also shows some of the six-month wallets are still holding. The HODL waves show almost all cohorts increased their BTC reserves in preparation for a bigger rally. 

Miners are also not releasing their coins, instead boosting the reserves to 2.06M BTC. Miners are some of the most dedicated holders, creating significant scarcity despite expenses to mine new coins. The miner reserves can be the biggest selling pressure factor, far surpassing even the US Government and Mt. Gox. 

Black Rock continues to seek BTC for its IBIT ETF, creating new demand. The Bitcoin ETF have fared better compared to Ethereum’s products. BTC is still in an accumulation and consolidation stage, with significant stablecoin reserves waiting on the sidelines. The current price action is seen as the period preceding a bigger breakout. 

Cryptopolitan reporting by Hristina Vasileva. 

Binance Charity, a non-profit entity that uses Web3 technology as a force of good, announced a $1.5 million donation to victims of Storm Boris. The funds will be deposited to users directly in their Binance accounts. The beneficiaries must provide proof of address validating that they reside in Poland, Romania, and Czechia, which were most affected by the floods.

Binance announced that Binance Charity, a non-profit organization, will donate $1.5 million to users affected by Storm Boris. Storm Boris, a low-pressure system, hit central Europe across the Czech Republic, Romania, and Australia, taking the lives of 23 people and displacing thousands.

Binance to donate to users in Poland, Romania, and Czechia

The crypto exchange announced that Binancians in the affected areas will each receive $50 in BNB token vouchers that can be redeemed in their Binance Rewards Hub. To qualify for the donation, users must complete a Proof of Address (POA) by September 18, 2024. The POA is meant to validate the users’ location.

The crypto exchange also announced that the situation in the affected areas could prevent many from submitting their proof of address before the deadline. The exchange stated that POA submissions will continue after September 18th until October 10th, 2024. Binancians who submit their POA after September 18th will be airdropped $25 in BNB. 

The funds will be distributed as BNB vouchers redeemable from their Binance Rewards Hub, like the first applicants. The users in this category must hold an existing Binance account created before September 18th. 

Beneficiaries are to start receiving the donation by October 1st

According to the announcement, the first batch of funds will be released to users by October 1st. Binance’s General Manager for Central and Eastern Europe and Central Asia, Kyrylo Khomyakov, stated that Binance intended to support those whose property was destroyed by the storm and those who had lost loved ones. The executive also said the beneficiaries can withdraw the funds and use them to meet their needs or those of their loved ones.

“The impact of flooding in Poland, Czech Republic, and Romania has been devastating, destroying homes and possessions and, sadly, taking lives. We are aiming to bring some support to those affected.”

–Kyrylo Khomyakov

Binance Charity has actively been involved in helping disaster-stricken areas. In May, the organization announced a $1 million donation in BNB to support users in Rio Grande do Sul cities in Brazil that experienced floods due to heavy rains. 

Each user who registered before May 6th received $80, while those who registered after or on or after May 6th but before June 6th received $25. These rewards were also in BNB vouchers redeemed from the Rewards Hub.

Solana meme coin, Mother Iggy (MOTHER) has reclaimed $100 million market cap, which was last tapped on 27th July. 

Since then, MOTHER/SOL had dipped lower and consolidated throughout the month of August, until 8th September when it started surging again. As Solana is touching $152 again at press time, many other previously established meme coins are expected to pump.

As such, it appears that MOTHER is on its road to recovery, with its all-time high at $258 million. It is probably the only celebrity meme coin from this cycle that has performed well, as compared to others like DAVIDO, HULK, and FLOCKA that were alleged as slow rugs.

Solana has the potential to reach 50% of Ethereum’s market cap according to a recent report by VanEck’s subsidiary, Market Vector. 

Over 3,000% more transactions get processed on Solana network as compared to Ethereum, with over 1,300% higher number of daily active users. At the same time, Solana’s transaction fees are also considerably cheaper. 

Yet, the question remains. Why haven’t institutions migrated towards Solana? The new report by VanEck’s subsidiary mentions that Solana is currently undervalued. It said that Solana is inherently superior while its market cap is just 22% of Ethereum. 

A third party research revealed that Solana can reach 50% of Ether’s market cap. If that happens, Solana may end up being priced at $300 per token.

NODO Prediction Market today unveils a new social mining feature that introduces NODO XP Shares, a unique multichain achievement token designed to reward active community participation and grant early access to rewards within the NODO ecosystem.

Obtainable exclusively through engagement with the NODO platform, ownership of XP Shares provides users with a claim to future airdrops of NODO’s token, essentially guaranteeing premier access to the community. This approach aligns user incentives with platform growth, creating a symbiotic ecosystem that benefits both the community and NODO.

Sowmya Raghavan, the Co-Founder of NODO, emphasized the program’s significance: “Through XP Shares social rewards ecosystem, we’re creating a cohesive on-chain user experience that seamlessly integrates Web3 onboarding, market trend discovery, and direct market participation. This social mining feature will allow users to earn rewards that will pay off in the long term.”

NODO Onchain Ecosystem

The social mining feature offers various ways for users to earn XP Shares, including making deposits, participating in predictions, sharing market analyses, and referring active prediction market players to NODO. The referral system features a multi-layer earning structure, allowing users to earn not only from their direct referrals but also from the XP Shares generated by their friends’ referrals, creating a powerful engagement loop. Beyond XP Shares, NODO’s on-chain ecosystem includes $GEMS, an in-app token, and a decentralized identity management system.

NODO XP Shares: Long-Term Community Growth TokenXP Shares are a long-term reward mechanism for active platform participants. They can be redeemed in two upcoming airdrops scheduled for Q4 2024 and Q1 2025. With an increasing supply, XP Shares encourage sustained user engagement, offering potential long-term benefits for dedicated users.

NODO $GEM: Instant Reward TokenGEMS is the immediate reward currency within the NODO ecosystem. Each 1,000 GEMs is equivalent to 1 USDT, with a total supply of 300 million. Launched in Q4 2023, GEMS will receive additional market support in Q3 2024. The token is designed to maintain a stable value, exclusive to the NODO platform, and cannot be traded between users. GEMS are primarily used for short-term rewards in the NODO Prediction Market.

NODO DID Badge: On-Chain Identity and GovernanceThe NODO DID Badge acts as both an on-chain identity and governance tool. It highlights a user’s achievements on the platform, holds value in both NODO GEMS and XP Shares, and provides verifiable proof of trading activity. Additionally, the badge unlocks advanced features, such as copy trading, for long-term and active users.

NODO’s Traction as Prediction Market 

Shogo Ishida, Co-CEO of EMURGO Middle East and Africa, further highlights the platform’s engagement metrics and the objectives of the new feature: “Every day, our users spend a minimum of 40 minutes on NODO learning about and taking an active part in rapidly evolving Web3 market trends through insightful content and prediction markets. Through the new social mining feature, we aim to give back to our valuable community and give them early access to our ecosystem rewards through this long-term incentive infrastructure.”

The XP Shares system works with NODO GEMS, a stablecoin derivative that NODO uses to disburse prediction poll payouts and campaign rewards. This dual approach allows NODO to scale its community-driven platform while increasing the value returned to its highly active user base of over 320,000 across 14 countries.

To further drive engagement and foster community culture, NODO plans to implement dynamic competition mechanisms, including weekly leaderboards for the social mining feature. These advanced additions aim to create a vibrant, competitive atmosphere that keeps users actively participating in the ecosystem.Blitzscaling the prediction market thesis

Since its transition to a prediction markets platform in August 2024, NODO has achieved remarkable growth, with over 600% increase in Total Value Locked (TVL) and more than $300,000 in transaction volume in a little over a month. The platform currently supports multiple blockchains, including Polygon, Avalanche, BASE, and Celo, with plans to integrate more blockchains in the near term.

Looking ahead, NODO is exploring possibilities to expand its DeFi capabilities through potential functionalities such as binary options and copy-trading. These developments, coupled with the social mining feature, will position NODO at the forefront of innovation in the prediction market space, a growing industry that top industry watchers believe will lead the coming bull market. 

As NODO prepares for its seed-stage funding round, the platform continues to attract attention from industry giants. It has established partnerships with leading names such as Tether, SunPump by TRON, and Coinbase, solidifying its position as a key player in the Web3 space.

With NODO’s expanding features and community-centric approach, NODO is poised to play a pivotal role in shaping the future of decentralized prediction markets. The social mining feature marks not just a significant milestone for NODO, but potentially a new chapter in how blockchain projects engage and reward their communities.Visit app.nodo.xyz to learn more.For more information, please contact

Name: Sowmya Raghavan

E-mail: sowmya@nodo.xyz 

Phone: +65 8484 9421

About NODO

NODO is a multi-chain community-backed prediction market platform that leverages SocialFi mechanics to enable users to seamlessly trade and earn on real-world trends and events. Traders can learn, compete, and earn with trending cryptocurrencies and popular events in their countries.

Website | Docs | X | Telegram | Discord | LinkedIn 

Polkadot continues to spend aggressively on promotion. For its representation on the Token2049 event in Singapore, Polkadot spent more than $387K, with a very small effect on the DOT token price action. 

Marketing spending on Polkadot is still generous, despite previous discussions on financing the wrong type of popularization efforts. For its presence on the Token2049 event in Singapore, Polkadot’s treasury spent out a total of $387K, as calculated by brand ambassador Eric Holst. 

More than half of the funds were spend in sponsoring the event and branding special events and areas with the Polkadot logo. Polkadot also got the title of Platinum Sponsor for Token 2049. Polkadot also had a centrally placed prominent booth. 

This time around, Polkadot did not spend $70,000 on an airport billboard. The project is a highly specialized hub for Web3 and decentralized finance, which leaves the community puzzled on why it uses mainstream advertising tools. 

The recent vote on spending the marketing budget on the Token2049 event comes just months after Polkadot set aside another $1M for publicity activities. Polkadot received the most criticism for hiring Key Opinion Leaders (KOL), which did not generate enough impressions for the content they produced. 

The biggest problem facing the Polkadot community is that the DOT native token remains stuck in its stagnant trading range. Even after Token2049, DOT traded at $4.62, returning to the levels of 2022. Briefly, DOT went above $11 during the 2024 Q2 rally, but continued to slide since then. DOT is still a top 15 token and traders have high expectations for its performance. 

Polkadot still has enough reserves for aggressive marketing

Polkadot still has reserves to continue its spending spree for a while. The project’s treasury has $245M in stablecoins and DOT reserves. 

The treasury holds more DOT compared to stablecoins and distributes it as bounties. Influencers, ambassadors and other participants are still paid in DOT, and the project may sell some of the assets. DOT often feels the price pressure, sliding down despite the high-profile promotions. Some of the DOT is swapped through the Hydration DEX, with a dedicated liquidity pool. 

Polkadot also subsidizes developers and projects with several targeted bounties. Those include the Hydration Fellowship and the Collectives Fellowship. The Polkassembly treasury also helps with the creation of new projects, distributing its funds through regular votes. The Polkassembly reported more than $105M in its treasury, where even a relatively small DOT recovery helps growth. 

In the first half of 2024, Polkadot still brought criticism on itself, after spending $37M of its marketing bounty on influencers. Reports also appeared of Coinbase paying CoinMarketCap $500K for a single animated logo on its main page, even surpassing the recent Token2049 budget. 

However, overspending on marketing led the community to vote against refilling the Marketing Bounty in July. The proposal failed with 54% voting against and 46% in favor. The DOT deposited to the bounty usually reach influencers, again creating selling pressure for DOT. 

Even now, Polkadot is voting on substantial funding for several side projects, aiming at popularizing the network. The Polkadot Music Events Initiative set up a vote for $1.13M. Three more active votes are putting out smaller budgets for organic PR and marketing, staking rewards partnerships, and collective content creation for 52 weeks with Wag Media. 

Polkadot continues to host multiple votes demanding DOT subsidies. Until now, the project has not faced a governance attack, as not all proposals have been approved. The Polkadot ecosystem is also highly transparent about its spending. However, there are worries of over-marketing the project, while Polkadot itself hosts fewer than 5K daily active users. 

The platform still fulfilled most of its promises and hosts multiple apps. As a whole, Polkadot produces extremely low fees of under $1,000 per day. The disparity between the high marketing budget and the size of Polkadots’ projects further draws attention to the outsized spending on marketing and content. 

The Polkadot ecosystem has about $100M in value locked for its top liquid projects. Another 20% goes toward minor apps and features. As a layer-1, Polkadot has achieved only $20K a month in basic transaction revenues, while spending much more to reach users through social media influencers. Single influencers report bounties of $25K, more than a month’s fees on Polkadot, for relatively limited content. 

Cryptopolitan reporting by Hristina Vasileva

Kamala Harris has taken a big hit in the eyes of the crypto community. The Stand With Crypto PAC, a major crypto advocate, dropped Harris’s rating to ‘NA’. 

This is a serious downgrade from the ‘B’ rating she previously had.

The ‘B’ came from a speech where she vaguely said she would invest in America’s future, including tech like artificial intelligence and digital currencies.

That’s all she had to say. No detailed plan. No clear crypto policy. 

Republicans are preferred

On the other hand, the Republican camp has a much stronger position, promising to end the Democrats’ “unlawful and unAmerican crypto crackdown,” and opposing the idea of a Central Bank Digital Currency (CBDC). 

They’ve also pledged to defend the right to mine Bitcoin and allow every American to self-custody their digital assets.

Executives from Ripple Labs and Coinbase are in regular discussions with the campaign.

Coinbase’s Chief Legal Officer, Paul Grewal, believes that both Harris and Trump’s teams are getting a better understanding of crypto. 

“We just want sensible rules, and we’ll follow them,” Grewal said. 

Credits: Cryptopolitan

CEO Jeremy Allaire of Circle later commented on CNBC that he hopes crypto remains a “purple” issue, meaning it shouldn’t be seen as partisan.

The election is only 41 days away, and it’s assumed that Harris was trying to rally the crypto voter base. 

Matthew Sigel from VanEck pointed out that if Harris was really serious about supporting digital assets, she’d be doing more to change the leadership at the Securities and Exchange Commission (SEC). 

Ryan Selkis, who founded Messari, also questioned Stand With Crypto’s rating system. He said it might be driven more by politics than genuine concern for the crypto community. 

Meanwhile, polling data has shown that Harris is closing the gap with Trump on economic issues. 

A Financial Times-Michigan Ross poll shows Harris has a narrow two-point lead over Trump on the economy among registered voters.

His campaign has raised over $25 million from crypto supporters. He has promised to make the U.S. the “crypto capital of the planet.” He said that at the Bitcoin Conference in Nashville earlier this year.

In 2024, artificial intelligence (AI) continues to be the dominant topic against all crypto narratives. Amid the sectorial lead, India is positioning itself to play a key role with global partnerships.

While tech giants are leveraging the country’s strong talent base and innovation potential, will AI build a strategic advantage for the country?

AI leads in crypto narrative this year

According to Kaito research, artificial intelligence (AI) continues to dominate the crypto narrative in 2024. The study places AI, DeFi, MEME, and Layer 2 solutions as the top 4 crypto topics from January to August 2024. While AI experienced a growth rate of 6%, Chain Abstraction was the standout performer with a 673% rise.

According to Kaito AI research, AI, DeFi, MEME, and L2 ranked in the top four in terms of cryptocurrency narrative mindshare from January to the end of August this year; chain abstraction grew rapidly, increasing by 673%, ranking first in growth rate; BRC20 had the largest… pic.twitter.com/9JnQMGrp0J

— Wu Blockchain (@WuBlockchain) September 25, 2024

Meanwhile, global tech giants are tapping into the potential that AI holds. Cryptopolitan previously reported a major surge in the use of AI and related terms in earnings calls this year. Microsoft announced a $1.3 billion investment in AI infrastructure in Mexico on Tuesday. CEO Satya Nadella noted that the company plans to democratize AI skills through initiatives like the Artificial Intelligence National Skills program, which plans to reach 5 million people in 3 years.

At the same time, India is emerging as a major player in the AI sector. Recently, chiefs of Google and Nvidia met with Indian Prime Minister Narendra Modi. Nvidia’s CEO Jensen Huang underlined the potential of the South Asian country due to the talent in computer science, creating foundation in AI innovation. “Artificial Intelligence is also a new industry, a new manufacturing industry. I’m looking forward to partnering with India in a very deep way,” Huang stated.

India is strategically placed for AI innovation

German software maker SAP Labs’ Indian vertical has also stated it is escalating AI innovations from India. Managing Director Sindhu Gangadharan recently told a local paper that India is the company’s largest R&D hub outside Germany and there are plans for a new domestic campus.

Adding to the momentum is another company called Qure.AI, an Indian startup specializing in AI-driven healthcare solutions. The startup recently secured $65 million in funding and was led by Lightspeed Venture Partners and 360 ONE Asset Management. SAP India previously released a study that found that 77% of Indian startups are investing in emerging tech. These companies are reportedly advancing spending in AI, ML, IoT, and blockchain. Therefore, there seems to be growing confidence in India’s capacity to lead in AI-driven solutions.

The French banking conglomerate Société Générale has collaborated with the crypto exchange Bitpanda to make its Euro-denominated stablecoin EUR CoinVertible, available on the exchange. Société Générale expressed that adding its stablecoin to the crypto exchange would provide European users with more regulated digital asset options on Bitpanda.  

Bitpanda will work with the global banking giant’s blockchain department, Société Générale-FORGE (SG-FORGE), to provide the MiCA-compliant stablecoin on its platform. According to the SG-FORGE announcement, the partnership is a step toward achieving widespread adoption of digital assets in the European space. SG-FORGE also mentioned that both companies shared a long-term goal to increase global digital asset adoption. 

The partnership comes as crypto companies in the European Union gear up to fully comply with the Markets in Crypto-Assets (MiCA) regulatory framework. The implementations set for December this year would make the European Union the first jurisdiction with a comprehensive crypto regulatory framework. 

Société Générale believes stablecoins can link TradFi and crypto

The banking conglomerate trusts that regulated stablecoins like the EUR CoinVertible (EURCV) can bridge traditional finance and the digital asset economy. The SG-FORGE CEO Jean-Marc Stenger commented that stablecoins offer a more secure and efficient store of value. Stenger also confirmed that with Bitpanda, SG-FORGE investors can participate in digital economies in a safer environment.

“Together with Bitpanda, we are confident in our ability to offer European users a stable, secure and accessible digital asset for trading, settlement and store of value.”

–Jean-Marc Stenger, SG-FORGE CEO

Through the partnership, Stenger hopes to rely on Bitpanda’s easy-to-use and intuitive ecosystem to provide more reliable financial solutions to its European investors. He also mentioned that the exchange’s network provides SG-FORGE investors an easier and more confident way to interact with the EUR CoinVertible (EURCV). 

SG-FORGE expects the collaboration to increase the use cases of its stablecoin across Europe. The department expects the EUR CoinVertible to gain uses like cross-border payment and daily transactions, potentially improving the stability of stablecoin.

Bitpanda’s Deputy CEO Lukas Enzersdorfer-Konrad commented on the partnership, saying that Euro-denominated stablecoins would be the future of digital assets in Europe. He also mentioned that stablecoins will act as the bridge between digital economies and TradFi, and the collaboration would bring the bridging possibility a step closer. 

SG-FORGE to launch EUR CoinVertible on Solana

SG-FORGE announced on September 20 that it plans to launch the EUR CoinVertible  (EURCV) stablecoin on the Solana network. The Société Générale blockchain department explained that launching the stablecoin on Solana would provide investors with access to fast, secure, and low-cost digital transactions and access to decentralized applications. 

The latest plans SG-FORGE has initiated for the stablecoin are notably part of the department’s greater plans to improve it and accelerate its distribution and use. SG-FORGE also listed EUR CoinVertible on Bitstamp in December 2023 as part of the stablecoin’s adoption efforts.

Turkey has decided not to introduce any new taxes on profits from stock trading and cryptocurrency investments this year. 

Vice President Cevdet Yilmaz said: 

“We don’t have a stocks tax on our agenda. It was discussed previously and fell from our agenda.” 

This comes after initial plans to tax stock market profits faced backlash earlier this year, as the stock market has been a popular option for many Turkish investors trying to hedge against inflation.

Treasury and Finance Minister Mehmet Simsek had already hinted in June that these tax plans were being reconsidered and might be delayed. 

The decision to back off from the proposed taxes is likely to calm down the investors who have been worried about the risks of the market.

Trading activity on the main Turkish stock exchange has taken a hit recently, with daily volume dropping to $2.3 billion in the past month, down from over $4 billion earlier this year. 

Turkey fights infaltion

Turkey is working on an economic strategy to get inflation under control and repair its public finances. 

Inflation is a big issue, currently sitting at 52%, and the government wants to bring this down to single digits in the next three years. 

To achieve this, officials are looking at narrowing tax exemptions rather than introducing new taxes. 

The recent earthquakes and pre-election spending have stretched the budget. According to Yilmaz, there has been a big improvement in the ratio of public spending to national income.

The country is also looking to loosen offshore swap regulations. Right now, these rules limit the amount of lira liquidity abroad to prevent investors from betting against the currency. 

Yilmaz added that these could be lifted when the “conditions arise,” which is something investors are especially concerned about.

As for the lira, which has been under a lot of pressure lately, Yilmaz said: “It is natural in countries fighting inflation for their currencies to strengthen.”

Between July 2023 and June 2024, Turkey processed around $136.8 billion in crypto transactions. 

This makes it the largest crypto market in the Middle East and North Africa (MENA) region and the seventh-largest in the world.

Turks are also heavily involved in stablecoin trading, accounting for nearly $6 billion in purchases made with the Turkish lira in March 2024 alone.

The government is taking steps to regulate it. Recently, amendments were made to the Capital Markets Law to include cryptos, to set standards for crypto asset service providers (CASPs). 

There’s also draft legislation in the works that would place additional requirements on CASP.

The Central Bank of Turkey has taken a somewhat nuanced approach. While it has banned the use of cryptocurrencies for payments, it allows banks to work with CASPs for fiat-to-crypto transactions. 

Traditional financial institutions are also getting involved. Like Garanti BBVA, which started offering crypto custody services and plans to launch trading services soon.

About 40% to 50% of the population is engaged in crypto activities, mostly retail investors looking for an alternative to the traditional banking system. 

Stablecoins are the top choice, followed by altcoins, with not much of Bitcoin. A recent Chainalysis report shows that Turkey has a high percentage of large transactions. 

Around 93% of the value transferred involves transactions of $10,000 or more. 43.2% of Turkey’s market consists of larger-scale transfers.

Solana based meme coins are on fire this year as dog and cat themed tokens record massive returns for their holders. These meme cryptos have finally managed to steal the spotlight while the market approaches the final quarter of the financial year.

Reviving from the dump, SOL saw a surge of around 14% over the last 7 days backed by its ecosystem’s tokens like BONK, Dogwifhat (WIF), and Popcat skyrocketing jump. Data shows that Solana is taking the lead over Ethereum, becoming the new home for high-flying meme cryptos.

Solana takes the meme coin crown

As per the data provided by DeFiLlama, the Solana chain has recorded around a 15% jump in its total value locked (TVL) over the last 7 days. On the other hand, Ethereum saw slight lower but impressive gains of 12% in the same period. SOL is still the 3rd biggest chain on the list, with a TVL of $5.288 billion.

Solana saw a recovery rally, gaining 15% in a week after its price dropped to the $120 zone in September. SOL is trading at an average price of $150.28, at press time but it is still down by 20% in the last 60 days. Its 24-hour trading volume is up by 23% to stand at $2.86 billion.

Source DeFiLlama

Coinglass data shows that traders’ are now peeping into the Solana ecosystem for gains. SOL saw a spike of 2.69% in its Open Interest (OI) over the past 24-hours. Its OI stood at $2.48 billion signaling a price fluctuation coming on its way.

Popcat and Dogwifhat leads gain

Cat themed Popcat is turning out to be the star of the show its price has spiked by an astonishing 12,800% this year. However, the meme crypto just joined the billion-dollar club with a 13% surge in the last 24 hours. Popcat’s 24-hour trading volume jumped by 54% to stand at $151.7 million. It is trading at an average price of $1.02, at press time.

Dogwifhat isn’t far behind, it has boasted a 1,108% gain since January and reclaimed a $2 billion market cap after a 15% jump. WIF reclaimed the crucial $2 mark amid this rally. The total market cap of Solana-based meme coins has reached nearly $8 billion with a gain of around 10% over the last day.

In contrast, Ethereum’s meme coins have lagged a bit as Pepe and Floke saw a surge of 520% and 292%, respectively, on a year-to-date basis. Established players like Dogecoin and Shiba Inu have seen modest increases of 45% and 23%, respectively.

TON’s largest mini-game, Hamster Kombat, will launch on Binance Launchpool on September 26th and has already attracted millions worldwide. The mini-game has 300 million accounts with 82 million monthly active users and 32 million daily active users. A total of $643.75 billion HMSTR tokens are in circulation.

The largest TON mini-game, Hamster Kombat, will debut on Binance Launchpad on September 26th. The ecosystem will become the fifth TON project to launch on Binance. 

Hamster Kombat achieves 300 million total accounts

Hamster Kombat ( $HMSTR ) @hamster_kombat 即将在明天 (9/26) 晚上 8 点上线币安。自 NOT 以来，这都已经是币安 Launchpool 连续上线的第 5 个 TON 生态项目啦~

为什么交易所会如此频繁上线 TG 小游戏？看看仓鼠游戏的数据就明白了：总用户数 3 亿，日活 3200 万，月活 8200 万，绑定钱包数超过… pic.twitter.com/UlxP7K8Uat

— 余烬 (@EmberCN) September 25, 2024

An on-chain data analyst, EmberCN, highlighted that the game has amassed record-breaking numbers, with the total recorded accounts settling at 300 million. EmberCN also reported that the daily active user count is 32 million, while the monthly active users are 82 million. Hamster Kombat also allegedly holds 55 million bound wallets.

The mini-games native token is HMSTR and has a total supply of 100 billion tokens. The token’s circulating supply at the time of listing is 64.375 billion tokens, equivalent to 64.375%. 3% of the token’s supply has been allocated to Binance mining, 4% set aside for liquidity, 4% for market, and 53.25% allocated for airdrops.

The HMSTR token is trading over the counter at approximately $0.01 at the time of this publication. The retail price brings the project’s market cap to $643 million. Hamster Kombat has found itself amid controversies over token distribution despite its significant growth. 

Hamster Kombat has showcased its interest in maintaining a fair ecosystem amid rising controversies. According to a public announcement from the mini-game’s team, Hamster Kombat banned 2.3 million accounts after analyzing users’ behavior for months. 

The ban was initiated to combat players earning tokens from improper means, such as using multiple accounts and inviting fake referrals to earn invite bonuses. Hamster Kombat gave an example of one user who connected over 400 accounts on the same Binance address and another who invited 2000 friends.

The team drew 6.8 billion tokens from these accounts and distributed half to honest players. The team announced that the remaining half will be burned and erased from circulation.

Controversies arise amid Hamster Kombat’s expected launch on Binance

Community members complain that the rewards awarded are mainly attributed to referrals rather than the actual gameplay. Members actively playing the game have expressed concerns about receiving fewer rewards than those actively inviting other users for referral bonuses.

One particular user went into detail explaining the project’s mistakes. The user highlighted that Hamster Kombat had initially promised PHP would be the biggest criterion but shifted their approach to users collecting keys by playing a Web2 game. Community members played the game, but in the end, the team distributed everything to referrals and invitees.

Another user complained that they played Hamster Komat for more than three months and played Web2 games sponsored by Hamster Kombat for days to collect keys. However, the user claimed Hamster Kombat moderators flagged him as a cheater.

The Middle East and North Africa (MENA) region now ranks as the seventh-largest crypto market worldwide in 2024.

According to the latest report from Chainalysis, between July 2023 and June 2024, the MENA region received an estimated $338.7 billion in on-chain value. This figure represents 7.5% of the world’s total cryptocurrency transaction volume.

Turkey and Morocco stand out in global crypto adoption index

The report highlighted that two countries stand out in the global crypto adoption index. Turkey ranks 11th globally, with $137 billion in value received. Following suit, Morocco holds the 27th position, capturing $12.7 billion in crypto value.

Chainalysis also stated that the majority of crypto activity in MENA is driven by large-scale transactions. 93% of value transferred consists of transactions of $10,000 or higher as per the report.

Interestingly, centralized exchanges (CEXs) remain the primary source of crypto inflows across MENA. However, decentralized platforms and DeFi applications are gaining traction in Saudi Arabia and the UAE.

Share of crypto volume received in MENA | Chainalysis Saudi Arabia and Qatar: fastest growing crypto economies

The Chainalysis report identifies Saudi Arabia and Qatar as the fastest-growing crypto economies in the MENA region.

Saudi Arabia grew by 154% year-over-year. The country focused on blockchain innovation, CBDCs, gaming, and fintech. Qatar followed closely with 120% year-over-year growth.

Saudi Arabia’s growth is particularly noteworthy. This is because of its young population and increasing interest from traditional financial institutions.

The report highlights recent regulatory actions taken across key markets in the region. Qatar launched a new digital asset regime in September. This has established legal and regulatory foundations for digital assets and asset tokenization.

Stablecoins and altcoins gain traction

“Across MENA, stablecoins and altcoins are gaining market share over traditionally preferred assets like bitcoin and ether,” Chainalysis stated. The report identified this trend, particularly in Turkey, Saudi Arabia and the UAE.

Even though Ethereum usage across the region is stable, Chainalysis states that it has fallen below the global average. However, Israel and Saudi Arabia are showing more interest in altcoins.

Data compiled from the UAE shows that there has been steady growth in the crypto market. During the period of July 2023 and June 2024, the country attracted $30 billion in crypto. This makes the UAE one of the top 40 among the global nations.

Vitalik Buterin mentioned Celo as a tool to bring payments and serve as a decentralized fintech app. Buterin mentioned Celo even after warning about overhyping L2 chains. 

In a recent post on X, Ethereum’s founder Vitalik Buterin praised Celo, a recently growing network. Buterin mentioned Celo as an example of decentralized financial services with a low transaction cost. 

The endorsement arrives soon after Buterin laid out his plan regarding L2 chains. From 2025 onward, he intends to speak in favor only of sufficiently decentralized chains. Buterin holds Celo to be aligned with Ethereum’s goals of decentralization and accessibility.

Celo develops the Valora app, which ties an identity with on-chain action. The lightweight wallet service aims to send funds as easy as a chat message. The app has near-zero fees, and has driven stablecoin payments on Celo since its launch in 2021. However, the recent spike in Celo activity may be due to other factors, including DeFi and DEX trading. 

This is amazing to see. Improving worldwide access to basic payments/finance has always been a key way that ethereum can be good for the world, and it’s great to see @Celo getting traction.

See also their recent posts:

* @Celo becoming an Ethereum L2: https://t.co/08U7G7q69s *… https://t.co/Qq7vcmZ6e3

— vitalik.eth (@VitalikButerin) September 25, 2024

Celo to evolve into an L2

Celo was among the high-profile projects of 2020, raising more than $100M with backing from Coinbase Ventures and a16z. The network started as an L1, but there is talk of migration to an EVM-compatible L2 similar to Optimis, Arbitrum, Base, and others.

Buterin has previously endorsed DeFi and Ethereum-compatible projects as a way to spread financial services to the unbanked. In reality, most of those services require significant expenses. Celo offers gas payments using stablecoins, not requiring extra steps to buy ETH or CELO. Contracts on Celo also require much lower gas allocations compared to Ethereum. 

Celo aims for high-speed transactions, while carrying a native form of Tether (USDT). Recently, the network surpassed TRON by carrying more stablecoin transactions in a short time frame. 

The Celo chain also receives inflows from Ethereum, though limited to $2.96M. Stablecoins make up around 6% of those inflows, as the network is still taking a backseat to bigger L2s. The chain still carries more than 820K weekly active addresses on average and more than 176M accounts as a whole. 

Based on stablecoin activity, Celo increased its daily active users to peak levels for 2024. The network saw close to 700K daily active addresses, again boosted by stablecoin activity. 

The Celo network is still a Layer 1 stand-alone chain, which aims to be culturally compatible with Ethereum. The network aims to transform into a L2, retaining its EVM-compatible features. The project launched its fundraising in 2020 and is a relatively late addition to the crypto space. Currently, most L2s still require some form of centralized consensus instead of coordinating nodes or users. Buterin has warned about only endorsing projects with a robust consensus mechanism that does not include a final verification by the team. 

CELO tokens rally after Buterin’s mention

Soon after Buterin’s post, CELO tokens had a small rally on Binance. The CELO market price expanded from $0.55 to $0.64, as trading volumes picked up. The pump may possibly extend throughout the day based on Buterin’s mention. 

CELO is still trading in its narrow range from the past two years and is one of the tokens that has yet to recover from the 2022 bear market. 

The asset pumped across the board, based on its specific trading profile. Unlike other assets, CELO has more than 46% of its activity concentrated on Upbit and only around 20% in its Binance trading pair. The South Korean market offers a different investor profile, though for now CELO does not trade at a premium. 

Celo switches to USDT payments

The Celo network carries more than $1.12B in monthly stablecoin traffic. Over the last three months, the stablecoin supply on the network rose by nearly 75%, leading to peak volumes. 

Celo now carries more than 292M USDT stablecoins, with more than 68M transfers in the past three months. Most of the use cases on Celo involve Uniswap, which is the second-biggest app on the network. The Celo version still carries less than 25M in liquidity, but was the fastest-growing platform in the past month. 

According to previous research, Celo was used for USDT payments. In the last two months, USDT traffic increased rapidly mostly due to centralized trading. The stablecoin flows into Binance, Bybit, Uniswap, as well as to MEV bot services. Uniswap makes up more than 43% of Celo traffic as of September. 

The high-stakes Congressional hearing on Tuesday saw the US Securities and Exchange Commission (SEC) Chair Gary Gensler facing sharp criticism alongside his fellow commissioners for handling digital assets. The crucial hearing reflected growing frustration with the SEC’s crypto oversight.

Committee Chair Patrick McHenry slammed Gensler for alleged regulatory overreach against digital assets. He accused the commission of acting like a rogue agency while aiming the agency’s aggressive actions against companies like Coinbase, Uniswap, and OpenSea.

Gensler’s SEC blasted for crypto overreach

The agency’s regulatory role around crypto has again landed in the spotlight as critics demand more transparent guidelines. With all five commissioners testifying, including Caroline Crenshaw, Jaime Lizárraga, and Mark Uyeda, the hearing brought to light the deepening divide over how the SEC regulates digital assets.

SEC Commissioner Hester Peirce also known as “crypto mom” voiced her concerns over the agency’s lack of clarity. We’ve taken a legally imprecise view to mask the lack of regulatory clarity,” Peirce noted while highlighting the confusion around the definition of securities in the crypto industry.

During the hearing, Congressman Brad Sherman stated “This is the premier agency to protect investors, and it has responsibility for virtually every other intangible investment asset.” He added, “We can provide clarity, although I don’t think it’s necessary, we could pass an additional statute to clarify that crypto is a security.”

🚨NEW: @HesterPeirce undermines @GaryGensler right off the bat, saying that the SEC has taken a legally imprecise view to mask the regulatory lack of clarity when it comes to #crypto:

“I think we've fallen down on our duty as a regulator not to be precise, and so tucking into a…

— Eleanor Terrett (@EleanorTerrett) September 24, 2024

Eleanor Terrett, a Fox Business journalist, reported that Hester Peirce undermined Gensler over the situation and suggested that the commission has taken a legally imprecise view to mask the regulatory lack of clarity when it comes to crypto.

“We’ve fallen down on our duty as a regulator by not being precise,” she said. Peirce highlighted that the agency should have long ago acknowledged that a token itself is not a security.

Crypto mom strikes back

Crypto Mom further criticized the SEC’s regulation by enforcement strategy and called it inefficient, creating uncertainty about the boundaries of the SEC’s authority.

Rep. French Hill pressed Jaime Lizárraga on the watchdog’s stance toward bipartisan crypto legislation, cutting in as Lizárraga deferred to Congress. The Lawmaker prompted Lizárraga to defend the SEC’s actions by citing the fraud risks in the crypto market.

Meanwhile, Gary Gensler repeated the SEC’s “merit neutral” position on blockchain technology. He stated that “Whether it’s on a blockchain ledger or not, we focus on the economics of the investment, and we remain merit neutral.”

SEC Chair once again leaned on the Howey Test to justify his agency’s approach to regulating digital assets. However, Rep Ritchie Torres (D-NY) sharply criticized Gensler’s interpretation, calling it idiosyncratic. Torres even warned that Gensler’s stance could blur the line between collectibles and securities, potentially classifying “any piece of art, music, or consumer good” as a security.

Jeremy Allaire, the co-founder and CEO at Circle, announced on September 24 that Circle was launching the Compliance Engine to help companies build on-chain while checking all boxes for compliance demands. He added that the Compliance platform would be automatically integrated with Circle Programmable Wallets as a service offering for developers.  

Allaire disclosed that the Compliance Engine would include a ‘Transaction Screening’ tool to detect risky transactions, a ‘Transaction Monitoring’ tool to identify potential high-risk behaviors, and ‘Travel Rule’ services to help companies maintain compliance with global travel rules.

According to Circle, the Compliance Engine for programmable wallets was now live on Circle Console. The USDC issuer affirmed that the latest addition to its infrastructure platform helped businesses protect their users easily through automated and customizable compliance checks.

Circle unveils programmable wallet compliance tool

🚀 Compliance Engine for Programmable Wallets is now live on Circle Console!

Compliance Engine, the latest feature added to our infrastructure platform, helps businesses protect their users with ease through customizable, automated compliance checks. pic.twitter.com/4jUhBXFHKS

— Circle (@circle) September 24, 2024

The CEO of Circle, Jeremy Allaire, revealed that the second-largest stablecoin issuer was unveiling a new tool for programmable wallets that would be focused on compliance. Allaire said that companies could now build on-chain while maintaining strict demands for compliance, such as the FATF Travel Rule.

According to the stablecoin developer, the platform provided ways to automatically enforce and customize checks for regulatory compliance in various dApps (decentralized applications).

Circle’s official website confirmed that the Compliance Engine would feature a ‘one-stop console’ through which users would be able to flag real-time transactions, integrate APIs and analyze data, set up lists of blocked wallets connected to known or suspected bad actors, report transactions to relevant authorities, and conduct long-running investigations.

The website also revealed that the compliance tool would support blockchains linked to Circle’s programmable wallets tool, including Solana, Ethereum, Avalanche, and Polygon POS, among others.  

“We’ve built up tremendous capabilities in this area over the past decade, and we’re now taking those capabilities and exposing them to developers and operations teams that are building financial applications onchain.”

–Jeremy Allaire

According to Circle’s website, developers would be charged on a monthly ‘pay-as-you-grow’ model. The stablecoin issuer confirmed that the new Compliance Engine was ‘granularly tailored to various business requirements, it ‘removed multi-system hassles,’ it ‘tapped into an established infrastructure,’ and it ‘increased operational efficiency with confidence.’

Circle’s navigation of blockchain compliance   

According to Circle, adherence to or awareness of applicable regulatory requirements was critical in navigating complex systems offering innovative products and services. The USDC issuer explained that failure to comply with regulations had detrimental consequences for a company’s consumers, investors, and the global financial services ecosystem. 

The USDC issuer believes the Compliance Engine was necessary due to the rigorous scrutiny faced by blockchain services from regulators, payment service providers, and banking partners. According to CIrcle, prioritizing compliance and investing in the right solutions minimized risks and served as a valuable differentiator separating businesses committed to long-term growth.

Notably, while the Transaction Screening tool was available in a beta version, the Transaction Monitoring tool and the Travel Rule service were yet to be unveiled.

As of the time of writing, users could sign up for a Circle Console account and start configuring their Compliance Engine on testnet absolutely free.