Coinspeaker Kraken Partners German Football Club to Increase Crypto Adoption in Sports 

Kraken, one of the world’s leading cryptocurrency exchanges in the industry, has joined forces with German football club RB Leipzig to bring crypto closer to the hearts of sports fans in the country.

According to a press release published on Wednesday, the company will serve as the club’s official crypto partner and sleeve sponsor for all RB Leipzig men’s and women’s teams. This means that Kraken’s logo and other brand identity will feature on the sleeves of both teams during Bundesliga fixtures.

Engaging Fans through Crypto

The partnership aims to transform the fan experience by merging football with digital finance. Kraken and RB Leipzig plan to introduce a series of initiatives designed to educate and engage fans, offering more than just match-day excitement.

These efforts will include exclusive behind-the-scenes content, interactive fan events, and potential digital innovations that will bring the club closer to its supporters. Additionally, both companies plan to roll out educational content to educate fans about the world of crypto.

Kraken and RB Leipzig will leverage each other’s expertise in their respective fields to inspire the next generation of football enthusiasts to explore the benefits of digital finance.

The company said teaming up with RB Leipzig is part of a broader strategy to connect with new audiences through sports. This collaboration follows similar partnerships with Atlético de Madrid and Tottenham Hotspur FC, all aimed at making crypto more approachable and relatable through real-world applications.

A Shared Vision of Innovation

Commenting on the alliance, Mayur Gupta, the chief marketing officer at Kraken said that both Kraken and RB Leipzig share the same vision of innovation and have made significant impacts by challenging conventions in their respective fields within a short period.

“What also unites us is that both Kraken and RB Leipzig have become key figures on our respective playing fields within a very short time – and still have a lot planned for the future. We are looking forward to taking these next steps together,” Gupta said.

The partnership also aligns with Kraken’s expansion strategy in Europe, where the company continues to grow its presence.

In line with this strategy, Kraken recently completed the acquisition of Coin Meester B.V. (BCM), a regulated crypto brokerage in the Netherlands. This acquisition enables the company to enter the Dutch market as a fully regulated entity, further solidifying its presence in Europe.

Kraken has already secured licenses to operate as a Virtual Asset Service Provider (VASP) in France and Poland, allowing the platform to continue expanding its services across Europe.

The company is also present in Spain, Italy, and Belgium, strengthening its position as one of the most trusted names in the crypto industry.

next

Kraken Partners German Football Club to Increase Crypto Adoption in Sports 

Coinspeaker EOS Network Completes Spring 1.0 Upgrade, Achieving 1-Second Transaction Finality

EOS Network has completed its long-awaited Spring 1.0 upgrade. This upgrade introduces the new Savanna consensus algorithm, set to improve the performance, reliability, and speed of the network. With transaction finality now reduced to just one second, EOS has achieved an impressive improvement compared to the early version of the network.

Enhanced Security and Speed

The Spring 1.0 upgrade includes several updates that greatly speed up transactions on the EOS Network. With this upgrade, transactions are now finalized 100 times faster, allowing them to be completed almost instantly. This sets a new standard for efficiency in blockchain technology and helps position EOS as a leader in the field.

Another important feature is the use of aggregate BLS signatures. These allow multiple digital signatures to be combined into one, making transactions quicker and more efficient. Aggregate BLS signatures improve transaction processing while strengthening network security.

Finally, Spring 1.0 introduces a flexible structure that could change how Block Producers operate. It adds new roles like Block Proposers and Block Finalizers. This change may lead to better decentralization and stronger security for the network.

Yves La Rose, CEO of the EOS Network Foundation, emphasized the significance of this upgrade:

“Spring 1.0 marks a pivotal moment for the blockchain industry, introducing the Savanna consensus algorithm with 1-second Instant Finality via cutting-edge BLS cryptographic advancements. This upgrade offers unmatched transaction speed, reliability, and security, laying the foundation for next-generation decentralized applications to flourish.”

Bart Wyatt, CTO of the EOS Network Foundation, also shared his thoughts on the upgrade’s importance. He noted:

“With the Spring 1.0 upgrade and the introduction of the Savanna consensus algorithm, we’re achieving something rare in the blockchain world: changing our core consensus algorithm. Very few Layer 1 blockchains have ever done this.”

His sentiment demonstrates how this upgrade will help EOS EOS $0.53 24h volatility: 2.8% Market cap: $810.61 M Vol. 24h: $101.22 M stand out in the blockchain space.

Community-Led Innovation

The launch of Spring 1.0 was heavily supported by the EOS community. The upgrade involved a lot of testing and a smooth transition led by global block producers. This teamwork and community involvement is key to EOS’s growth. The EOS Network Foundation will keep supporting the community in building a decentralized future and promoting innovation in the blockchain space.

With the launch of Spring 1.0, the EOS Network strengthens its foundation for future development and growth. As the network progresses, it will be exciting to see how these advancements shape the future of decentralized technology.

next

EOS Network Completes Spring 1.0 Upgrade, Achieving 1-Second Transaction Finality

Coinspeaker Bitcoin (BTC) Price Faces Midterm Uncertainty as Mt. Gox Signals $2.8B in Repayments Soon

The distribution of funds from Mt. Gox, the defunct cryptocurrency exchange that closed a decade ago, is set to continue soon after the rehabilitation trustee, Nobuaki Kobayashi, finalized the first batch in August.

According to on-chain data analysis conducted by Arkham Intelligence, Mt. Gox emptied four of its Bitcoin wallets in the last 24 hours, after receiving around $370k in BTC BTC $63 950 24h volatility: 1.3% Market cap: $1.26 T Vol. 24h: $28.84 B from Kraken exchange. The Bitcoin address associated with Mt. Gox currently holds about 44.899k BTCs, worth around $2.86 billion.

As a result of the recent on-chain activity, speculations on the potential distribution of the final batch have escalated.

The distressed firm had previously indicated that the creditors would be repaid their funds once the required information is confirmed by the different exchanges that are facilitating the rehabilitation process.

MT. GOX BTC ON THE MOVE

Mt. Gox emptied 4 of their wallets last night after receiving $370K in BTC from Kraken.

More repayments coming soon?

Mt. Gox currently holds 44,899 BTC ($2.85B). pic.twitter.com/Zh1OKQOygW

— Arkham (@ArkhamIntel) September 25, 2024

Impact of Mt. Gox Repayment on Bitcoin Price Action

The distribution of Mt. Gox funds in the past triggered bearish crypto volatility, as some investors feared adverse effects. For instance, Bitcoin price dropped from trading above $64K to a low of about $53K in two weeks following the Mt. Gox repayment of nearly $5 billion.

With BTC price facing an intense resistance zone between $64K and $65K, the Mt. Gox repayments could catalyze midterm bearish sentiment. Furthermore, the US spot Bitcoin ETF issuers and whale investors have significantly reduced their BTC accumulation pace.

Nonetheless, the upcoming distribution of FTX and Alameda Research funds, amounting to about $16 billion in stablecoins, could significantly help bolster the crypto buying pressure.

From historical data, the fourth quarter after the Bitcoin halving tends to be bullish, with more investors speculating on a parabolic rally in the near term. Additionally, Gold prices have been on a rising trend and reached an all-time high earlier today, signaling a similar move for Bitcoin.

Market Struggles

The mainstream adoption of digital assets and web3 protocols has faced significant challenges due to the notorious hacks that have left users devastated. More recently, the Indian crypto exchange WazirX was compromised, and users’ funds amounting to more than $230 million were siphoned by the attackers.

As of this report, the WazirX attacker is almost done laundering the stolen funds through the crypto mixer Tornado Cash. On the other hand, WazirX users may never get to be made whole again despite the blame games happening at the leadership level.

In another instance, Indonesian crypto exchange, Indodax fell victim to a major system attack resulting in the loss of over $20 million of users’ funds.

The poor security measures used by centralized exchanges, thus resulting in loss of funds, have hindered the mainstream adoption of crypto assets.

Recently, the FBI warned that North Korean hackers are targeting Bitcoins for the US spot BTC ETFs issuers, which are mostly stored by Coinbase Global Inc (NASDAQ: COIN).

next

Bitcoin (BTC) Price Faces Midterm Uncertainty as Mt. Gox Signals $2.8B in Repayments Soon

Coinspeaker Solana Memecoin POPCAT Hits New All-Time High Crossing $1 Billion Milestone

Solana-based meme coin POPCAT POPCAT $1.01 24h volatility: 13.7% Market cap: $989.04 M Vol. 24h: $131.27 M has recently witnessed a strong price surge of more than 10% thereby hitting an important milestone of $1 billion market cap. Earlier today, the POPCAT price surged to its all-time high of $1.07 levels recording a staggering 50% rally on the weekly chart. On the other hand, the daily trading volume of POPCAT has also surged by 64.5% moving all the way past $151 million.

This strong rally has led to renewed whale interest in the Solana meme coin. As per the data from LookonChain, a notable crypto whale, who previously incurred a loss of $611,000 (approximately 45%) on the POPCAT token, has made a significant investment in the asset.

Over the past two days, the investor spent 8,644 SOL SOL $151.2 24h volatility: 4.1% Market cap: $70.91 B Vol. 24h: $3.12 B , valued at around $1.29 million, to acquire 1.3 million POPCAT tokens at a price of $1 each. This shows that POPCAT meme coins continue to be on the radar of big investors.

A whale who lost $611K(-45%) on $POPCAT before spent 8,644 $SOL($1.29M) to buy 1.3M $POPCAT at $1 again in the past 2 days.

Can he make money on $POPCAT this time?https://t.co/xmXhubPcWP pic.twitter.com/mgDzu7gGYZ

— Lookonchain (@lookonchain) September 25, 2024

Furthermore, the CoinGlass data shows that the POPCAT open interest has surged by 13%, reaching its all-time high of $106 million. This typically highlights the surge in the trader’s interest willing to engage with the Solana meme coin. Moreover, the weighted funding rate has surged to an all-time high of 0.0200%, further bolstering the coin’s upward momentum.

POPCAT Price Technical Chart

On the technical chart, the POPCAT price is showing strength and is trading close to the upper Bollinger Band, currently sitting at $1.0704. This suggests that the asset is nearing an overbought zone, while also reinforcing the robust bullish momentum in the short term.

Additionally, the Commodity Channel Index has surged to 143.81 after the recent rally, significantly exceeding the overbought threshold of 100. Such high readings often indicate the possibility of an upcoming correction, prompting traders to exercise caution.

If the POPCAT price continues this momentum and rallies past the resistance of $1.070, it could rally further all the way to $1.2 as the next psychological target.

Conversely, a failure to uphold the current support levels may lead to additional declines, with the middle Bollinger Band at approximately $0.7482 acting as the initial support zone.

next

Solana Memecoin POPCAT Hits New All-Time High Crossing $1 Billion Milestone

Coinspeaker Dogecoin Co-Founder Billy Markus Vows Never to Create Another Meme Project

Dogecoin co-founder Billy Markus has made it clear that he will never work on or create any other crypto project. Billy made this known to the public earlier today. He also mentioned the crypto project he created before Dogecoin DOGE $0.11 24h volatility: 2.2% Market cap: $16.02 B Vol. 24h: $771.37 M .

Billy, known on X as Shibetoshi Nakamoto, clarified that he has not worked on any crypto projects since 2014. Before the creation of Dogecoin in 2013, he had created only one crypto Bells, which became a failed project.

just going to reiterate that i have not created any cryptocurrency except dogecoin in 2013 (and bells before that), have not worked on any cryptocurrency since 2014, and will never create or work on any cryptocurrency since those two

anything claiming i am affiliated is lying

— Shibetoshi Nakamoto (@BillyM2k) September 25, 2024

His decision not to get involved in creating a new crypto project led to many comments from some of his followers. A user wrote that Billy has inspired many meme coin projects and asked what he would name it if he were to create another meme coin. Billy frankly responded that he would not be creating another meme coin.

Billy also responded to questions about the possibility of MDOGE being accepted as payment on Mars in the future, just like how DOGE has already been used as a form of payment here on Earth. Due to their high gas fees, the software engineer replied that he did not believe Ethereum tokens are useful for payment. He remarked that these tokens are merely used to gamble, the same as the Solana token.

According to Billy, there are almost no good crypto projects out there any longer, which makes it not encouraging enough to embark on any major project.

Clarifications on Past Projects and Potential Market Impact

The Dogecoin co-founder noted that any project claiming he is part of it is false. While responding to questions on his post, he gave more details about the failed Bells coin. Billy stated that he created the code for the Bells coin before shifting focus to DOGE, which he and Jackson Palmer worked on together.

He clarified that the current Bells project operates on Ethereum and is entirely different from the one he created. According to him, the original Bells were wholly wiped out. However, the new one is based on the original code from 11 years ago. He stated:

“Keep in mind that the current Bells token was completely resurrected, the old blockchain was wiped out and a new one was started by others. The new one isn’t my project; it was just based on code I made 11 years ago.”

Billy also talked about the year in which Ethereum was created. He stated that any Ethereum token that claims it was created in 2013 is a blatant lie, as Ethereum itself was not made until 2015.

Thus, Markus’s decision to stop creating new crypto projects might engender negative sentiment about crypto. His comments about many projects lacking value might increase negative perceptions about the crypto market, potentially discouraging new investors and developers from entering the space.

next

Dogecoin Co-Founder Billy Markus Vows Never to Create Another Meme Project

Coinspeaker Assetera Launches Europe’s First Regulated Tokenized RWA Market on Polygon (POL) Network

Assetera, a fully regulated platform focused on digitizing assets on blockchain technology, has announced a strategic partnership with Polygon POL $0.41 24h volatility: 1.5% Market cap: $3.00 B Vol. 24h: $113.23 M , a top-tier Ethereum (ETH)-based scaling solution to launch Europe’s first marketplace for real-world assets (RWA). The Austria-based platform will tap into the Polygon network to launch smart contracts that enable investors to trade tokenized financial instruments throughout the year.

Furthermore, the Assetera platform intends to aggregate liquidity for tokenized real-world assets on the blockchain without relying on clearinghouses to facilitate trades. According to Thomas Labenbacher, the CEO at Assetera, the marketplace on the Polygon network will rely on stablecoins to settle trades through atomic swaps.

As a result, the Assetera marketplace platform will democratize traditional financial services on the blockchain in a regulated manner.

“This opens up a world of possibilities for asset owners and investors so that there is a level of liquidity and accessibility previously unimaginable. The Polygon Proof-of-Stake mechanism ensures that we can scale this revolutionary platform sustainably without compromising on security or regulatory compliance,” Labenbacher noted.

As a Europe-based firm, Assetera is regulated under the Markets in Crypto-Assets (MiCA) in addition to holding a comprehensive Markets in Financial Instruments Directive 2018 (MiFID II) license. The Austrian Financial Market Authority has also issued Assetera with a VASP license to operate seamlessly amid the mainstream adoption of digital assets.

Furthermore, the Assetera platform leverages smart contracts to bridge the web3 ecosystem with traditional technology.

Why Assetera Opted for Polygon Network

The Ethereum ETH $2 622 24h volatility: -0.6% Market cap: $315.78 B Vol. 24h: $15.72 B network has grown to a major tokenization network fueled by institutional investors seeking to scale their business operations globally. The development of fiat-backed stablecoins, tokenized stocks, and bonds has significantly helped the Ethereum ecosystem lead in total value locked.

As of this report, the Ethereum network had a total of $49 billion in TVL and over $84 billion in stablecoins market cap.

However, the use of Ethereum directly to tokenize real-world assets was limited due to its low throughput compared to its competitors. In a bid to navigate the headwinds, the Ethereum core developers introduced layer two (L2) networks, where the Polygon network has significantly thrived.

According to the latest market data, the Polygon network has a TVL of about $911 million and a stablecoins market cap of around $2 billion.

Through the use of zero-knowledge (ZK) technology, the Assetera platform is guaranteed security and scalability.

Already, the Assetera platform has partnered with top-tier web3 projects to ensure deep liquidity and seamless trading. Some of the projects that have partnered with the Assetera platform include DigiShares, CashLink, Tokeny, SignD, Stobox, Atlas One, and Talium Assets, among others.

The firm has already listed several assets, with more expected in the near term amid the mainstream adoption of digital assets and web3 projects.

next

Assetera Launches Europe’s First Regulated Tokenized RWA Market on Polygon (POL) Network

Coinspeaker Vitalik Buterin Appreciates Celo Blockchain on Beating Tron, CELO Surge 18%

In a recent post on the X platform, Ethereum co-founder Vitalik Buterin praised the Celo blockchain for hitting a fresh milestone of stablecoin use on the platform. Additionally, the Celo blockchain also surpassed the Tron blockchain network in terms of the daily active addresses for stablecoins.

As per blockchain data provider Artemis.xyz, Celo surpassed the Tron blockchain in total active addresses so far in September 2024. Analysts at Artemis attributed this surge in stablecoin adoption to apps like Minipay and Valora. Since its launch in 2023, Minipay has alone accumulated 3 million active wallets by July 2024

The Ethereum co-founder said: “This is amazing to see. Improving worldwide access to basic payments and finance has always been a key way that Ethereum can be good for the world, and it’s great to see Celo getting traction”.

Furthermore, Buterin also talked about the Celo blockchain for transitioning from a standalone  Ethereum Virtual Machine (EVM)-compatible layer 1 (L1) blockchain to an Ethereum Layer 2 blockchain. This transition would mark a shift for Celo from being a base blockchain protocol to a third-party protocol built to improve its network capabilities along with having an integrated functionality with that base blockchain.

As part of Celo’s transition to Layer 2, proposed by core developer cLabs in July 2023, the network is currently running two L2 testnets: Dango, launched in July 2024, and Alfajores, slated for an upgrade to L2 on September 26.

The recent shift from L1 to L2 brings along a number of benefits in terms of bridging Celo and Ethereum ETH $2 624 24h volatility: -0.6% Market cap: $315.87 B Vol. 24h: $15.42 B , which wasn’t possible earlier. Commenting on this development, Celo added:

“Becoming an L2 not only aligns Celo more closely with Ethereum’s expansive network but also empowers our community to innovate with greater confidence and reach.”

Celo – A Cultural Extension of Ethereum

Earlier this week on September 23, cLabs called Celo a “cultural extension” of Ethereum. this was basically in reference to Vitalik Buterin’s post from May 2024, wherein he wrote “Layer 2s as cultural extensions of Ethereum”.

Although Celo shares a common code lineage with Ethereum and retains full EVM compatibility for smart contracts, it operates on its own independent blockchain and differs from Ethereum in areas such as blockchain wallets.

Major stablecoin operators such as Tether USDT $1.00 24h volatility: 0.1% Market cap: $119.24 B Vol. 24h: $44.87 B and Circle USDC $1.00 24h volatility: 0.0% Market cap: $36.01 B Vol. 24h: $6.12 B have led to a surge in the Celo blockchain adoption. For e.g. Circle’s USDC has massed more than $40 million of its supply on the Celo blockchain.

Tether, the largest stablecoin issuer by market cap, officially integrated its USDT stablecoin with the Celo network in March 2024. As of September 25, Tether Transparency reports that $209 million worth of Celo-based USDT tokens are in circulation.

Following today’s development, the CELO CELO $0.68 24h volatility: 25.5% Market cap: $370.30 M Vol. 24h: $205.18 M price has surged more than 18% to $0.635 with daily trading volumes surging by 700% to $119 million.

next

Vitalik Buterin Appreciates Celo Blockchain on Beating Tron, CELO Surge 18%

Coinspeaker TapSwap Daily Code for September 25, 2024

Similar to Hamster Kombat, TapSwap has gained significant attention in the tap-to-earn (T2E) gaming space, drawing millions with its straightforward gameplay. Accessible through Telegram mini apps on both iOS and Android, players tap a gold coin to earn cryptocurrency. The game stands out with its unique energy system and frequent reward updates, notably the daily codes.

As of September 25, 2024, TapSwap leads the T2E sector with over 68 million players and more than 4 trillion taps recorded. Players can eventually exchange their in-game points for cryptocurrency on the TON Blockchain. Daily codes are essential, allowing users to earn up to 400,000 coins each day.

How to Play TapSwap

Find the TapSwap bot: Open Telegram and search for “TapSwap” or a similar bot name. Choose the official TapSwap bot from the results.

Source: @tapswap_mirror_bot

Start earning points: Once the bot is selected, press “Start” or a similar button to begin. You’ll see a virtual coin at the center of your screen. Tap it repeatedly to start earning points or virtual coins.

Source: @tapswap_mirror_bot

Redeem points: When you have enough points, find the “Swipe” option to exchange them for rewards such as cryptocurrency tokens, virtual items, or product discounts.

Source: @tapswap_mirror_bot

TapSwap Secret Video Codes for September 25

TapSwap works similarly to Hamster Kombat’s Daily Cipher and Combo offers Daily Codes for players to claim extra rewards. These codes play a key role in boosting in-game earnings and maintaining strong player engagement.

Video Code Date 5 Remote Jobs for Stay at Home snapshot September 25 Earning on launchpad unconfirmed September 25 7 High Paying Freelance Skills accountability September 25 Make money with your voice acquisition September 25 $100000 For IT Professions With no Code stablecoin September 25 10 Best Freelancing Platforms spyware September 25 10 Most Profitable Niches stroop September 25 Invest as A Teenager staking September 25 How To Make People BUY FROM YOU | FULL GUIDE substrate September 25 4 Business Ideas To Start With 0$ subnet September 25 Earn $550 per Day by selling Ebooks supercomputer September 25 10 Ai Tools That Will Make You Rich supercycle September 25 Websites That Will Pay You swarm September 25 Lazy Ways to Make Money (2025) capitulation September 25

How to Redeem Coins with TapSwap Video Codes

Access the TapSwap bot and find the video tasks: Start by opening the TapSwap bot on Telegram. Find the “Task” section and choose the “Cinema” option to watch videos assigned as tasks.

Source: @tapswap_mirror_bot

Enter secret codes and claim rewards: After watching each video, input the provided secret codes into the designated fields. Finally, click “Finish Mission” to claim your rewards.

Source: @tapswap_mirror_bot

TapSwap’s “Play-Generate Value-Earn” Model

TapSwap is revolutionizing engagement with its innovative “Play-Generate Value-Earn” model, shifting attention from passive interactions to purposeful activities that benefit both users and the platform. This model encourages meaningful gameplay that generates value, rewarding players while supporting the platform’s growth.

In addition, the “Win-Win Monetization” system directs part of the players’ earnings back into the platform, forming a profit-sharing structure that allows both players and TapSwap to thrive together.

When Will the TapSwap Token Launch?

The TapSwap project’s native token, TAPS, was set to debut on the TON Blockchain. Initially, the launch date was slated for July 1, 2024. However, the TapSwap team has postponed the release indefinitely. At this time, no new date has been confirmed for the token’s launch.

next

TapSwap Daily Code for September 25, 2024

Coinspeaker Terraform Labs Warns of Potential Shutdown of Products and Services by October 30

Terraform Labs has announced that several of its products and services may shut down by October 30, 2024. The company is in discussions with third parties to transfer control of these operations, but if no agreements are made, the shutdown will proceed.

The products that could be affected by this move are Enterprise, Warp, Station, and Alliance Hub. In addition, services like Finder Block Explorer, Foundation, IBC Relayers, Mantlemint, FCD, and API services are also at risk. This decision aligns with the company’s planned exit from direct involvement in the Terra ecosystem, a plan that’s been in motion since their bankruptcy filing.

Legal Background and Bankruptcy Proceedings

In September 2024, a US Bankruptcy Judge approved the company’s plan to wind down operations. The judge described the plan as a better alternative than prolonged litigation. Terraform Labs filed for bankruptcy in January 2023 following the collapse of its TerraUSD stablecoin and Luna LUNA $0.39 24h volatility: 1.1% Market cap: $270.73 M Vol. 24h: $37.25 M in May 2022. The event led to around $40 billion in investor losses.

Its founder, Do Kwon, was accused of financial fraud. Terraform Labs reached a $4.5 billion settlement with the US Securities and Exchange Commission (SEC). However, the SEC is unlikely to collect the full amount, as the settlement will be paid after Terraform addresses crypto loss claims from its bankruptcy proceedings.

Shuttle Bridge Opens on a Limited Basis

Terraform Labs also reopened the Shuttle Bridge interface. The bridge enables users to transfer wrapped versions of Luna Classic and TerraUSD Classic between the Terra and other blockchains such as Ethereum ETH $2 625 24h volatility: -0.6% Market cap: $316.31 B Vol. 24h: $15.83 B , BNB Chain BTC $63 781 24h volatility: 0.3% Market cap: $1.26 T Vol. 24h: $28.52 B , and Harmony ONE $0.01 24h volatility: -0.6% Market cap: $175.16 M Vol. 24h: $6.75 M . It will stay open until October 30, 2024, and is the last chance for users to redeem their assets. After its closure, all the remaining assets in the contracts will be burned.

This is important for users of Terra Classic, as it could be their last opportunity to recover wrapped assets before the service turns off. Reopening Shuttle Bridge is also part of a larger effort by Terraform Labs to transition from direct involvement in the Terra ecosystem.

Final Chain Upgrade

In another development, Terraform Labs announced Proposal 4818, which will be its final blockchain upgrade. Once it stops working, the company will not support future upgrades or maintenance. Instead, the Terra community will take over through initiatives such as the Phoenix Directive. This represents a shift away from Terraform-led development to a community-driven effort for maintaining and evolving the blockchain infrastructure.

The shutdown of Terraform Labs sets an important standard for how bankruptcies are handled in the crypto industry, and will likely influence future bankruptcy cases.

next

Terraform Labs Warns of Potential Shutdown of Products and Services by October 30

Coinspeaker WalletConnect Opens Registration for WCT Token Airdrop, Aiming to Boost User Engagement

WalletConnect has opened registration for the highly anticipated Connect Token (WCT) airdrop initiative. With this airdrop, WalletConnect aims to reward users and increase engagement within its growing Web3 ecosystem.

By distributing tokens, the platform will encourage users to participate in the decision-making process, giving them a more direct role in how the network evolves. Since 2018 WalletConnect has facilitated over 150 million connections for more than 23 million users, recording a 240% growth in the last year alone. Today over $2 trillion flows through the network, with more than 4 million monthly users.

Functions of the WCT Token

The WCT token has real utility within the WalletConnect ecosystem. Token holders can help shape the future of the network by proposing new features. When it comes to governance, WCT holders have voting power to influence key decisions, ensuring that WalletConnect’s development is guided by its community.

WCT also serves as an incentive for users who contribute to the security and efficiency of the network. Users can stake their tokens to earn rewards, making it a win-win for active participants.

The Connect Token (WCT) airdrop is here.

Register today ↓ pic.twitter.com/gHwsPkBzGu

— WalletConnect (@WalletConnect) September 24, 2024

The total supply of WCT is limited to 1 billion tokens. This includes allocations of 7% for core development, 17.5% for rewards, 18.5% for airdrops, 18.5% for the team, 11.5% for early supporters, and 27% for the WalletConnect Foundation.

Details of the Airdrop

The first WCT airdrop will distribute 50 million tokens. To take part, users need to connect their Ethereum wallets through WalletConnect and complete their registration. Those who have worked on Web3 projects can link their GitHub accounts to improve their chances of receiving tokens.

Adding multiple wallet addresses can also increase potential rewards. The registration deadline is October 17, 2024, and results will be announced in November. Users can check their status and claim any WCT tokens they earn after the completion of the first phase.

Eligibility for the Airdrop

To be eligible for the airdrop, users must meet criteria in two areas. User Activity looks at connections, signatures, and on-chain actions in the WalletConnect Network. Both recent and past activities count, so users should add their wallet addresses to their profiles.

Contributor Activity assesses past contributions to WalletConnect, such as work on CAIPs, EIPs, and various SDKs. Contributions to open-source projects that help the on-chain ecosystem also matter, so contributors should link their GitHub accounts.

Users can qualify in both areas. Eligibility checks will include activities up to September 12, 2024. Meeting specific criteria does not guarantee eligibility, as users must reach certain thresholds.

Overall, the WCT airdrop marks an important step in WalletConnect’s journey toward decentralization. This airdrop not only rewards current contributors but also encourages more people to get involved. As WalletConnect continues to grow, the WCT token will play a key role in creating an active and innovative community in the Web3 space.

next

WalletConnect Opens Registration for WCT Token Airdrop, Aiming to Boost User Engagement

Coinspeaker Hamster Kombat Ready to Go Live on Binance, $14B Locked

As its official launch and airdrop date draws closer, the Telegram-based Play-to-Earn (P2E) game Hamster Kombat continues to garner attention. Top cryptocurrency exchange Binance has reiterated its support for the fast-growing game by locking $14 billion worth of FDUSD FDUSD $1.00 24h volatility: 0.2% Market cap: $3.02 B Vol. 24h: $4.22 B and BNB BNB $594.3 24h volatility: -1.3% Market cap: $86.69 B Vol. 24h: $975.44 M .

3 Billion HMSTR Up for Grabs on Binance Launchpool

The funds are designated for the airdrop facilitation of 3 billion HMSTR tokens, which Binance promised to give away during its Launchpool campaign. This 3 billion HMSTR is from 60% of the total supply allocated to the Season 1 airdrop. An additional 15% of the token supply is allocated for a future airdrop in Season 2.

As of Wednesday, September 25, Binance Launchpool had a Total Value Locked (TVL) of $14,116,492,769. The Launchpool project is scheduled to run for three days and will end alongside the HMSTR token listing. The FDUSD pool has 190,551 participants, with more than 2 billion FDUSD locked within the HMSTR airdrop project.

🔥 LAUNCHPOOL ALERT 🔥

⚡️ The @binance community has already locked FDUSD and BNB worth over 14 billion USDT for 3 billion $HMSTR tokens.

⏳ If there's BNB and FDUSD in your portfolio, you can still participate in the $HMSTR Launchpool!

❕ Only 1 day left ❕ pic.twitter.com/YJRKC7yjcT

— Hamster Kombat (@hamster_kombat) September 24, 2024

On the other hand, the number of participants in the BNB pool for the upcoming airdrop totaled 1,309,109, with over 18 million BNB locked. The current status is a clear indication that many crypto enthusiasts and gamers are rushing into the Binance Launchpool to increase their earnings during the HMSTR airdrop. They are required to stake BNB or FDUSD to earn the HMSTR token.

Gamers in the United States are not eligible for the 3 billion HMSTR giveaway. The team behind the Hamster Kombat game has already concluded the token allocation on Telegram.

More Rewards for Hamster Kombat Gamers

Hamster Kombat Season 1 ended on September 20, and the team shared the snapshot’s result. Of the 300 million players it had gathered within the last six months, only 131 qualified for the September 26 airdrop. About 2.3 million players were tagged as cheaters because of the strategy they leveraged to farm the tokens.

Consequently, they were disqualified, and their rewards were taken from them as a punishment for their actions. The team had issued a warning to cheaters after implementing its anti-cheat strategy last week. Hence, its action hardly came as a surprise.

In the meantime, some eligible players have yet to select their preferred withdrawal method. According to Hamster Kombat, about 30.6 million people fall into this category, but they can still claim their airdrop after the deadline.

Apart from the extra earnings from Binance Launchpool, a new reward program was also introduced recently. This is for those who chose to receive their airdrop via Telegram wallet. They can get up to 300% APY on their assets.

The long-awaited listing is less than 24 hours away. At around 10 UTC on the same day, the HMSTR airdrop and on-chain claims will commence. Trading of the token on major exchanges starts at 12 UTC.

next

Hamster Kombat Ready to Go Live on Binance, $14B Locked

Coinspeaker Societe Generale FORGE Teams Up with Bitpanda for Euro Stablecoin

In a bid to advance its ambition of incorporating crypto and stablecoins into the global financial system, Societe Generale may have entered into a partnership with Bitpanda. The global banking conglomerate Societe Generale will work with Bitpanda via its blockchain subsidiary, Societe Generale-FORGE. The primary aim of this new partnership, however, is to fast-track the mainstream adoption of the group’s euro-denominated stablecoin EUR CoinVertible (EURCV).

Societe Generale Stablecoin Goals

Speaking about the partnership, Jean-Mark Stenger, CEO of Societe Generale-FORGE, noted that it is an all-important step towards achieving the group’s vision for the wider financial system. That is a global financial system that stablecoins will be a key component of. Stenger’s statement about the partnership reads in part:

“Together with Bitpanda, we are confident in our ability to offer European users a stable, secure, and accessible digital currency.”

Meanwhile, it might be worth noting that the partnership comes well in time ahead of the implementation of the Markets in Crypto-Assets (MiCA) rules. The regulatory framework was designed as a comprehensive and harmonious rule to keep the entire crypto industry in Europe in check and is set to take full effect by December 30.

In view of this, Societe Generale’s new stablecoin will be MiCA-compliant and will list on the Bitpanda trading platform for European investors.

According to Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, there is no gainsaying that the European crypto industry is gradually shaping up already. However, Euro-based stablecoins are expected to play a major role in the future that lies ahead. He wrote:

“The landscape is changing, integration with traditional finance is increasing, and fully regulated stablecoins are the bridge that will make it possible.”

Konrad reaffirmed that Bitpanda will work with Societe Generale-FORGE to bring that future one step closer.

Considerations for MiCA Regulation

As mentioned earlier, the time for MiCA regulations to take effect is fast closing in. Therefore, crypto firms in Europe are fine-tuning their strategies so as to stay compliant. For instance, crypto bank Sygnum recently bagged the CASP license via its Liechtenstein arm as part of its European expansion plan. The feat by the digital asset bank was particularly impressive given that it is headquartered in Switzerland,  a region not one of the 27 member states of the European Union (EU).

Similarly, the Kraken exchange also acquired the Dutch-based crypto broker firm, Coin Meester (BCM), as its own expansion strategy.

For what it’s worth, the upcoming MiCA bill is set to make the European Union the first jurisdiction with a uniform regulatory framework on digital assets.

next

Societe Generale FORGE Teams Up with Bitpanda for Euro Stablecoin

Coinspeaker Kosovo Teams Up with Council of Europe for Three-Day Crypto Workshop 

With the rise in cybercrimes targeting the crypto industry, Kosovo has partnered with the Council of Europe to bolster its defenses against these digital threats. The self-declared independent nation in the Balkan region of Europe is hosting a three-day workshop aimed at educating financial regulators and law enforcement officials on combating digital assets-related crimes.

In a recent announcement, Kosovo revealed that the workshop will be conducted under the Council of Europe’s Octopus Project, which supports the implementation of the Budapest Convention on Cybercrime and its related protocols.

Octopus Project to Help Kosovo Combat Crypto Crimes

The Octopus Project, launched on January 1, 2021, and set to run until December 31, 2027, involves key stakeholders from the States Parties and Observers to the Convention on Cybercrime, as well as various public and private sector organizations. Its primary goal is to provide comprehensive solutions to combat cybercrime and to support countries in implementing the Budapest Convention

Through the help of the project, Kosovo’s Financial Intelligence Unit (FIU) will receive specialized training during the workshop on how to trace and confiscate illicit virtual currency transactions on the blockchain. This will equip the regulator with the necessary tools to tackle crypto crimes and obscure assets associated with criminal activities.

The three-day workshop has already started yesterday, September 24, and will run until 26 September 2024. The event will bring together financial intelligence experts, law enforcement agencies, prosecutors, and the Central Bank of Kosovo to enhance their understanding of digital assets and cybercrime mitigation.

Two-Pronged Approach

The event seeks to strengthen Kosovo and its financial regulator’s knowledge of the emerging economy, as well as service providers including Virtual Asset Service Providers (VASPs).

Additionally, its primary aim is to foster cross-agency cooperation within Kosovo, strengthening the region’s ability to respond to virtual currency-related crimes and ensuring compliance with the Budapest Convention on Cybercrime.

The workshop is divided into two key segments with the first focusing on the legislative, regulatory, and licensing aspects of the crypto market. Participants will gain insights into the legal frameworks required to regulate cryptocurrencies and ensure compliance within Kosovo.

The second phase of the workshop will delve into the operational and investigative aspects of handling virtual assets. This includes training on how to seize digital assets and manage criminal cases involving cryptocurrencies. The workshop also features practical case studies, providing participants with hands-on experience in applying these concepts to real-world scenarios.

By participating in this comprehensive workshop, Kosovo aims to align its practices with international standards, such as those set by the Financial Action Task Force (FATF) and the Council of Europe’s guide on seizing cryptocurrencies.

next

Kosovo Teams Up with Council of Europe for Three-Day Crypto Workshop 

Coinspeaker Charles Hoskinson Critiques Ethereum and Bitcoin Governance, Advocates for Cardano’s Decentralized Model

Charles Hoskinson has taken a swipe at the governance structure of major blockchain networks, especially Ethereum ETH $2 626 24h volatility: -0.9% Market cap: $316.32 B Vol. 24h: $16.02 B and Bitcoin. Hoskinson explained that Cardano’s Voltaire-era governance would balance decentralization and effective decision-making, which is lacking in the blockchain sector.

Hoskinson believed that Ethereum governance is centered around the influence of co-founder Vitalik Buterin, which he referred to as dictatorship. He went further by saying that the community does not have a say on major decisions related to the ecosystem, as only Buterin’s ideas mainly shape Ethereum’s future.

The Cardano founder mentioned that only the 30-year-old Ethereum co-founder has the power to rally people in the community, as he is the only one every member of the community looks up to for guidance and roadmap. Hoskinson said:

“Everybody looks to him for the roadmap. Everybody looks to him for inspiration, and he’s also the only person who has enough power to rally people; if you were to remove him from the equation right now, what’s the next hard fork going to look like, and how quickly can they actually get there?”

Bitcoin was not spared in Hoskinson’s criticism as he slammed the “anarchy” governance structure of the network. According to him, the structure lacks clear leadership and decision-making systems. He said:

“If you have those three things, then you have a fair shot of avoiding the anarchy of Bitcoin or the dictatorship of Ethereum, and you actually have something that can move forward with one voice, but it’s still decentralized at the end of the day because it represents everybody.”

Cardano’s Innovative Approach: Decentralization through Community Empowerment

Hoskinson explained that the new Cardano governance model will encourage decentralization by spreading out power and decision-making. The member organization called Intersect includes researchers and engineers who will collaborate with elected community leaders. This way, governance decisions will be based on both technical knowledge and community feedback.

Cardano’s Chang hard fork in early September has transformed ADA ADA $0.38 24h volatility: 3.5% Market cap: $13.65 B Vol. 24h: $474.00 M into a governance token, therefore allowing holders to elect representatives, cast their vote on proposals, and even participate in decisions relating to funding for community projects.

Hoskinson believes this makes Cardano less reliant on its founder, stating:

“Charles, alive or dead doesn’t matter. There’s still going to be innovation on a daily basis.”

The Cardano constitution is also in process, and it is poised to be a major element of the network governance goal. This constitution is likely to set clear guidelines for the network’s governance process and related issues like supply and how governance operates.

Cardano’s governance aims to solve the centralization and what Hoskinson calls the “governance trilemma” that has since affected the crypto space by providing a well-balanced, decentralized, and decision-making system. Cardano plans to make this possible by leveraging technical expertise and establishing clear constitutional guidelines.

next

Charles Hoskinson Critiques Ethereum and Bitcoin Governance, Advocates for Cardano’s Decentralized Model

Coinspeaker Patron NFTs Could Revolutionize Crypto Fundraising, Will SEC Approve?

Crypto fundraising has dried up recently in the market, however, Infinex’s Patron NFT sale could revolutionize the market by eliminating the unfair trading field dominated by the traditional venture capital funds.

Kain Warwick, the founder of Infinex stated that the “Patronage” strategy will allow all participants to get some share of the crypto projects on the same terms. Patronage basically refers to the act of giving support to individuals, businesses, or causes, without expecting anything in return.

Warwick calls the existing venture capital model faulty stating that it’s plagued with “skewed incentives”. In the existing model, the ones with deep pockets get a “100x better deal than everyone else”. He added that it’s not “egalitarian” unless everyone gets the same deal or as close as possible.

Commenting on the Infinex platform, Warwick said:

“This is not a company, this is this is an open source project, so we needed something different. I think that people have realized that the current incentive structure is broken.”

About the Patron NFTs

In order to generate public interest in Infinex, Warwick has introduced the “Patron” non-fungible tokens (NFTs) available to both – retail investors and venture capitalists. These NFTs promote a shared vision of a non-custodial, unified user experience across all blockchains and decentralized finance apps.

Moreover, Infinex seeks to replace crypto exchanges as the primary entry point for both new as well as experienced users in the crypto space. Warwick emphasized that securing a broad base of Patron NFT investors was more valuable than concentrating on a few VC firms, which he had initially considered excluding altogether.

By selling the Patron NFTs to several VC firms, industry leaders, and other community members, Infinex also managed to raise a staggering $63.5 million.

Some of the most prominent participants for the Infinex Patron NFT sale include Framework Ventures, Wintermute Ventures, Near Foundation, Ethereum Foundation researcher Tim Beiko, Solana Labs CEO Anatoly Yakovenko, etc.

Warwick also stated that Infinex could conduct a possible pre-access sale for its community members. He also added that he’s received a “healthy” push from participants.

“It’s not one token anymore. It’s like when Jupiter, when Uniswap, when 1inch, when [are] all of these projects that they want to see [being] integrated,” he said.

next

Patron NFTs Could Revolutionize Crypto Fundraising, Will SEC Approve?

Coinspeaker Bitcoin (BTC) Price Regains Crucial Support Level amid Rising Demand from Whale Investors

Bitcoin BTC $63 848 24h volatility: 0.0% Market cap: $1.26 T Vol. 24h: $30.43 B price closed above the 200-day Moving Average (MA) on Tuesday for the first time in September, after rallying towards a range high of about $64,755 before retracing below $63K on Wednesday during the mid-London session. The flagship coin has been acting on a crucial support/resistance level of around $64K, which will determine the price action in the coming weeks.

Precisely, if the BTC price is consistently closely above $64K in the coming weeks, the state will be set for a bull run in the fourth quarter toward a new all-time high. On the other hand, if Bitcoin price struggles to flip the resistance level around $64, another lower low in the weekly time frame could occur in the near term.

Moreover, Bitcoin price has been trapped in a bearish correction in the past six months after reaching an all-time high of around $73.7k. Nevertheless, the bullish sentiments are higher for Bitcoin in the near term, based on historical data that shows almost all fourth quarters are bullish.

Bitcoin’s bullish sentiment is bolstered by the ongoing Gold rally and the rising trend of some major stock indexes.

Bitcoin Whales on the Move

As the fear of further crypto capitulation significantly reduced in the recent past, as shown by the notable increase in Bitcoin’s fear and greed index to 59 percent, on-chain data shows that long-term investors have increased their appetite.

Whales are accumulating $BTC!

2 whales have withdrawn 3,463 $BTC($219M) from #Binance in the past 12 hours!

Address:bc1q57rcscs6ztj0xnslwkt4nervxkpen07h9h2jnr2hkwlg3lwuljrsdwt2m212993NM9fV8dSSQgbWDZSBVgqtPw4DaAXS pic.twitter.com/Ux4YXKrZ20

— Lookonchain (@lookonchain) September 24, 2024

According to on-chain data analysis, three whale investors withdrew Bitcoins worth nearly $300 million from the Binance exchange in the past 24 hours. The supply of Bitcoins on centralized exchanges has continued to decline, whereby more than 97k BTCs were withdrawn from different exchanges in the past 30 days.

The rising demand for Bitcoin among whale investors is also visible through the spot BTC ETFs cash flow.

In the past three weeks, the US spot Bitcoin ETFs have registered a net cash inflow of nearly $1 billion. On Tuesday, BlackRock’s IBIT led the US spot Bitcoin ETFs with a net cash inflow of about $98.89 million, thus holding coins worth around $22.96 billion.

The demand for Bitcoin among nation-states led by El Salvador, and Bhutan will continue to influence more institutional investors, such as MicroStrategy Inc (NASDAQ: MSTR), in a long-term accumulation plan.

Market Picture

Amid the rising geopolitical tensions in the Middle East and between Russia and NATO, the global economic shift continues to escalate. Already, Gold price has risen to a new all-time high (ATH) of about $2,655 per ounce, thus signaling the need for a hedge against inflation and global uncertainties.

Meanwhile, major global economies led by the United States, European Union, Canada, and China have already initiated respective interest rate cuts to stir up growth in the near term.

next

Bitcoin (BTC) Price Regains Crucial Support Level amid Rising Demand from Whale Investors

Coinspeaker Sky Reconsiders WBTC Offboarding Plan amid Fresh Advisory Recommendations

Sky, formerly known as MakerDAO, is contemplating a shift in its recent decision to offboard Wrapped Bitcoin WBTC $63 568 24h volatility: 0.0% Market cap: $9.73 B Vol. 24h: $231.13 M as collateral from its non-custodial liquidity protocol, SparkLend and Legacy Vaults. This reconsideration comes after a fresh recommendation from an influential advisor following detailed discussions within the Sky community.

As of now, SparkLend holds $60.45 million worth of WBTC-backed debts, according to data from Block Analitica. The governance vote initially set the course for WBTC offboarding, but new developments may result in a reversal of this plan.

WBTC Offloading Decision Background

The initial decision to offboard WBTC collateral was made after a governance vote concluded on September 19, with a significant majority, 88.17%, of participants supporting the proposal. A total of 95,826 MKR tokens were pledged in favor, with 11.83% abstaining and no votes cast against it.

This governance decision set the stage for a phased offboarding of WBTC collateral, with the process scheduled to take place between October 3 and November 28.

The decision stemmed from concerns raised by Sky’s advisory body, BA Labs, regarding Tron founder Justin Sun’s involvement in a partnership between BitGo and BitGlobal. BitGo, previously the sole custodian of the bitcoin backing WBTC, struck a strategic deal with Sun in August. BA Labs feared Sun’s track record with affiliated projects posed a counterparty risk, particularly since around $200 million worth of loans on the platform were tied to WBTC collateral.

Fresh Reconsideration

Despite the initial offboarding vote, the issue remained under active discussion. Mike Belshe, CEO of BitGo, extensively contributed to these talks on Sky’s forums. He clarified that the custody arrangement involving BitGlobal had been misunderstood and that Sun would not have the unilateral ability to alter key management practices at either BitGo or BitGo Singapore, two of the entities controlling the multi-signature keys for the custodian.

“They will not have the ability to direct changes to key management practices,” Belshe assured the community on September 20.

In light of this, BA Labs, in a statement on Tuesday, indicated that additional information and clarifications from BitGo had improved their comfort level with the existing WBTC custody setup. They observed that WBTC exposure on the platform had already decreased, with borrowing tied to the asset dropping to around $170 million.

As a result, BA Labs believes that the risk is now “more acceptable” and recommends that the offboarding of WBTC be paused indefinitely.

Meanwhile, on September 18, Aave, another major DeFi platform, faced a similar proposal on its governance forum concerning its WBTC exposure. While Aave is not offboarding WBTC, founder Stani Kulechov stated that the platform is considering a suggestion to limit its reliance on the token. Aave currently holds about $990 million in WBTC debt exposure.

The WBTC market cap now stands at $9.7 billion, down 40% from its 2021 peak of $15.68 billion.

next

Sky Reconsiders WBTC Offboarding Plan amid Fresh Advisory Recommendations

Coinspeaker Binance Aids India’s Enforcement Directorate Tackle Major Crypto Scam

Leading cryptocurrency exchange Binance claims to have helped India’s Enforcement Directorate (ED) investigate financial crimes, putting up to four individuals behind bars. According to the announcement made by the digital asset service provider, these entities played crucial roles in a gaming scam that siphoned up to $47.6 million from their victims.

The arrested individuals were the brains behind the Fiewin gaming app. Victims were lured into online betting and gaming with promises of easy earnings before their funds were trapped.

Public-private Collaboration to Mitigate Crypto Scams

Binance provided critical intelligence to the authorities, making it easier to trace the funds and uncover the illicit activities. The “ED’s investigation uncovered links to digital wallets together with deep cooperation from Binance’s Financial Intelligence Unit (FIU).” However, it is unknown whether they could recover the funds through collaboration.

This is not the first time the crypto industry has seen such a collaborative effort between a crypto firm or individual and the authorities. In the wake of the implosion of Bahamian-headquartered crypto exchange FTX, a few firm executives, including Caroline Ellison, testified against Sam Bankman-Fried as a way of cooperating with the authorities.

Their testimonies eventually closed the case, and Bankman-Fried was sentenced to 25 years in prison, which he is currently serving at the Metropolitan Detention Center. Binance also worked with the ED in 2022, when it helped freeze millions of dollars as part of a money laundering investigation related to the gaming app E-Nuggets.

One unnamed ED’s representative, cited by Binance, stated that such public-private collaborations are crucial in tackling complex financial crimes. He further acknowledged how effective the analytical support provided by Binance was. Meanwhile, the Richard Teng-led digital asset service provider was one of the foreign exchanges registered with India’s Financial Investigation Unit (FIU) earlier this year.

Binance Faces Regulatory Hurdles in India

It is worth noting that Binance has also had some troubles in India. Last year, the exchange was named alongside KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex as violators of Anti-Money Laundering (AML) rules. As a result, a compliance notice was issued to them, and the Ministry of Electronics and Information Technology was ordered to block their URLs.

About seven months later, India’s FIU fined Binance approximately $2.2 million (18.82 crore INR) and suspended it from the region. Again, the agency accused the exchange of failing to adhere to the country’s AML regulations. All these confirm that Binance has faced several regulatory hurdles in India despite its crime-fighting role.

This did not deter the exchange from helping the authorities catch the bad actors in the crypto ecosystem. The exchange announced its return to India on August 15, citing that it has registered as a reporting entity with India’s FIU.

Binance is now legally allowed to offer its products and services to users in the region in compliance with local regulations.

next

Binance Aids India’s Enforcement Directorate Tackle Major Crypto Scam

Coinspeaker SEC Chief Gary Gensler Explains Why He Won’t Repeal SAB 121

During his testimony on Tuesday, SEC chief Gary Gensler said that he won’t be repealing the controversial SAB 121 accounting rules. Congressman Wiley Nickel Gensler on the SAB 121 accounting rules stating that the SEC has overstepped its authority and harmed investors.

Congressman Nickel stated that despite reaching out to the SEC office several times over this matter, they have completely ignored all of their requests. He asked the SEC chair whether he holds any regrets in upholding the controversial SAB 121 accounting rules.

Gensler said that the SEC is forced to hold the rules in place citing multiple bankruptcies like FTX, Terraform, Celsius, etc. He added that crypto is a liability for companies and thus the Staff Accounting Bulletin (SAB) is necessary in its place. “It’s a good accounting Bulletin out there,” added Gensler.

JUST IN: 🇺🇸 Gary Gensler says he will NOT commit to overturning SEC rule that prevents highly regulated financial firms from holding #Bitcoin and crypto. pic.twitter.com/gNDzOnVnGP

— Bitcoin Magazine (@BitcoinMagazine) September 24, 2024

The SAB 121 accounting has done more damage to the crypto industry, especially the crypto custodians. US securities regulator has been leveraging this rule asking regulated financial institutions to forcefully disclose their custodial assets.

This rule has also made it difficult for crypto-friendly banking institutions like Custodia Bank, Silvergate Bank, etc. to do business. Interestingly, the regulator recently exempted banking giant BNY Mellon from the SAB 121 rule and granted it a license to provide crypto custody services to ETF issuers in the market. The broader crypto industry has largely criticized this development calling it unethical.

Gary Gensler Invented the ‘Crypto Asset Security’ Term

During Tuesday’s Congressional hearing, Congressman Tom Emmer said that the SEC Chair has made up the term “crypto asset security” to stifle innovation in that space. He said that Gary Gensler has been using this term to push his agenda of regulation by enforcement against crypto over the past three years.

“You’ve made up the term crypto asset security. This term is nowhere to be found in statute, you made it up [and] you never provided any interpretive guidance on how crypto asset security might be defined within the walls of your SEC,” said Emmer.

Additionally, Tommer also said that Gensler is inconsistent on the application of crypto rules which makes him “a more historically destructive or lawless chairman of the SEC”.

Emmer also questioned Gensler about the SEC’s handling of the Debt Box case, in which the agency sued a crypto startup for an alleged $50 million fraud scheme. The case against Debt Box was dismissed on May 28, resulting in the SEC being ordered to pay $1.8 million in fees.

The SEC Chair acknowledged that his office handled the situation badly.

next

SEC Chief Gary Gensler Explains Why He Won’t Repeal SAB 121

Coinspeaker Binance Rolls Out Fixed Rate Loans for Stablecoin Transactions

Binance, the leading global cryptocurrency exchange, has announced the launch of its new service called Fixed Rate Loans. This service enables users to lend and borrow stablecoins while benefiting from fixed interest rates and customizable terms.

Launched on September 24, the Binance Fixed Rate Loans is aimed at providing users with greater control over their financial decisions. It caters to those who wish to earn consistent returns on their stablecoin holdings or borrow in a stable environment amidst market fluctuations.

Providing Stability in a Volatile Market

According to a press release shared with Coinspeaker, the introduction of the new product offering seeks to tackle a significant issue for many traders: the uncertainty of interest rates. Unlike traditional loan options, this service allows both lenders and borrowers to secure a stable interest rate for a specified duration, thus eliminating the unpredictable nature of variable rates.

This fixed rate structure ensures that lenders can accurately anticipate their earnings, while borrowers can manage their repayments without the fear of unexpected cost increases.

For users interested in borrowing stablecoins like USDT USDT $1.00 24h volatility: 0.0% Market cap: $119.26 B Vol. 24h: $47.60 B or USDC USDC $1.00 24h volatility: 0.0% Market cap: $35.99 B Vol. 24h: $7.22 B , Binance requires them to provide collateral worth more than the desired loan amount. This over-collateralization ensures a safety net for the transaction.

The company has also set the minimum loan amount at $50,000, in stablecoins targeting users looking to make significant financial decisions with a clear understanding of their costs and returns.

Automated Features to Enhance User Experience

As for lenders, Binance said they can benefit from a fixed Annual Percentage Rate (APR) on their investments, ensuring a steady income without the unpredictability of variable returns.

To enhance user convenience, Binance has incorporated automated features such as auto-repay and auto-renew options into the Fixed Rate Loan process. According to the company, these tools are designed to simplify loan management, helping users avoid missed repayments and minimizing the risk of collateral liquidation due to market volatility.

Commenting on the new offering, the company’s head of regional markets Vishal Sacheendran, said the new product can make a difference in the world of cryptocurrency where volatility is the order of the day.

“We’re excited to introduce Fixed Rate Loans as a solution for users who value stability and predictability in their financial planning. In a market where volatility is a constant factor, having a secure and structured way to borrow and lend stablecoins can make a significant difference,” said Sacheendran,

Meanwhile, apart from the Binance Fixed Rate Loan, the company provides a variety of other loan options. Founded by Changpeng Zhao (CZ) in 2017, the exchange currently offers two products: Flexible Loans and VIP Loans each of which are designed to meet the diverse needs of its users.

next

Binance Rolls Out Fixed Rate Loans for Stablecoin Transactions