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Tether to launch GBPT stablecoin pegged to British pound sterling

by CEES STAPEL

Tether expects to be part of industry innovation in the United Kingdom as the country is planning to adopt stablecoins as a means of payment.

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Tether to launch GBPT stablecoin pegged to British pound sterling

Major stablecoin company Tether is expanding its stablecoin offering with a new cryptocurrency pegged to the British pound sterling (GBP).

Tether officially announced on Wednesday that its upcoming GBP-pegged stablecoin, GBPT, will launch in early July and will initially be supported by the Ethereum blockchain.

GBPT will be a stable digital currency pegged on the 1:1 ratio to the GBPT, aiming to provide a faster and cheaper option for asset transfers.

GBPT joins a family of four other fiat currency-pegged Tether (USDT) tokens, including the largest stablecoin by market capitalization, USDT. Other stablecoins include the euro-pegged EURT, the offshore Chinese yuan-egged CNHT as well as the recently launched MXNT, the Mexican peso-pegged stablecoin.

According to the announcement, GBPT will be built by the team of developers behind Tether USDT and operate under its main website, Tether.to:

“We hope to help lead this innovation by providing cryptocurrency users worldwide with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer [...] Tether is ready and willing to work with U.K. regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins”.

Tether chief technology officer Paolo Ardoino pointed out the the United Kingdom is a major location for the next wave of industry transformation, adding:

The announcement also mentions that HM Treasury in April 2022 announced plans to make the country a global cryptocurrency hub and bring stablecoins into its regulatory framework. The United Kingdom’s Economic and Finance Ministry also planned to amend its regulatory framework to include stablecoins as a means of payment.

Related: Record stablecoin market share points to crypto upside: JPMorgan

Tether’s GBPT launch comes amid the company’s main stablecoin, USDT, dropping below $70 billion in terms of market capitalization for the first time since October 2021. The stablecoin previously reached a value above $80 billion in May 2022.

Tether’s shrinking market cap came amid the ongoing market decline and uncertainty around stablecoins, triggered by the failure of algorithmic stablecoins like Terra USD. In contrast to algorithmic stablecoins, asset-backed stablecoins like Tether tokens are 100% backed by cash or cash equivalents like bank deposits, Treasury bills and others.

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Ever since early Bitcoin (BTC) investors woke up millionaires as the ecosystem gained tremendous popularity alongside the mainstreaming of the internet, investors across the globe have been in the rush to accumulate as many of the 21 million BTC — one Satoshi at a time.

With BTC recently trading at the $20,000 range for the first time since 2020, small-time investors found a small window of opportunity to achieve their dream of owning at least 1 BTC. On June 20, Cointelegraph reported that the number of Bitcoin wallet addresses containing one BTC or more increased by 13,091 in just 7 days.

While the total number of addresses holding 1 BTC saw an immediate reduction in days to come, the crypto community on Reddit continues to welcome new crypto investors that hodled their way into becoming a wholecoiner.

A Reddit post announcing the procurement of 1 Bitcoin. Source: Reddit

Redditor arbalest_22, who shared the above screenshot, revealed that it took him around $35k in total to accumulate 1 BTC over several months since February 14, 2021. Showing further support for the Bitcoin ecosystem, the Redditor aims to continue procuring Satoshis or sats until he accumulates over 2 BTC. 

Arbalest_22 started purchasing BTC from crypto exchange Coinbase but later started using Strike owing to lower fees. Sharing a peek into his future plans, they stated:

“I’m hoping in the future I can treat it more like rich people treat real estate and take loans out against it. Then as it appreciates just pay off the old loan with a new one. Boom, tax-free income.”

Following suit, another Reddit user Evening-Main-5860, too, posted about being able to 1 BTC after largely following a dollar-cost averaging (DCA) strategy, wherein they regularly bought smaller amounts of BTC over a long period of time, stating:

“I was able to catch the falling knife and buy enough to get me over the finish line. This was no easy feat. I'm just an ordinary guy with an ordinary life.” Data on number of wallet addresses with at least 1 BTC. Source: Glassnode

Between June 15 to June 25, the total number of Bitcoin wallet addresses holding more than 1 BTC grew by 873, according to Glassnode data.

Related: ‘Bitcoin dead’ Google searches hit new all-time high

While falling BTC prices are seen by many as an investment opportunity, Google search trends highlight the tendency of other investors to speculate about its demise.

Google searches for "bitcoin dead" hit all time highs over the weekend. pic.twitter.com/oDXNqGEeIL

— Alex Krüger (@krugermacro) June 20, 2022 \n\n

The Google search results reflect peak anxiety for the cryptocurrency markets following weeks of relentless selloffs in asset prices.

",audio:"https://s3.cointelegraph.com/audio/88753.f7247630-c63b-406e-84e0-fd2e7560978b.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1841,shares:aX,tags:[{id:O,slug:mj,title:ar,url:lg},{id:"1021",slug:"investments",title:"Investments",url:"/tags/investments"},{id:oy,slug:oz,title:mk,url:lh},{id:"9379",slug:"hodl",title:"HODL",url:"/tags/hodl"},{id:"9553",slug:"cryptocurrency-investment",title:"Cryptocurrency Investment",url:"/tags/cryptocurrency-investment"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=88753regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:ok,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"nifty-news-yuga-labs-breaks-silence-x2y2-outpaces-opensea-and-more",url:xf,absoluteUrl:"https://cointelegraph.com/news/nifty-news-yuga-labs-breaks-silence-x2y2-outpaces-opensea-and-more",title:ol,youtubeVideoIdCover:d,cover:xg,datePublished:xr,dateHuman:"4 hours ago",humanDateTime:"2022-06-26 06:00",dateISOFull:"2022-06-26T05:00:00+01:00",publishedDateTimeObject:{year:E,month:z,day:mi,hour:ae,minute:e,second:e,millisecond:e},categorySlug:L,categoryUrl:M,categoryName:N,authorName:"Brian Quarmby",authorUrl:"/authors/brian-quarmby",authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/1d023c7b8a6aa3e5353b49ee558fdddb.jpg",previewText:"Over the past seven days, X2Y2 generated $144.16 million worth of NFT sales compared to OpenSea’s $117.64 million, while Crawley Town F.C. is set to launch a tokenized third kit. ",twitterLeadText:"Yuga Labs finally broke its silence by filing a lawsuit against “responsible parties” behind the BAYC alt-right/Nazi conspiracy theory and copycat #NFT project. ",badgeSlug:g,badgeName:aR,fullText:"

Yuga Labs has finally broken its silence over the conspiracy theory that alleges the team embedded alt-right and Nazi memes/imagery into the artwork and branding behind the Bored Ape Yacht Club (BAYC).

As Cointelegraph previously reported, the BAYC conspiracy theory was once again brought into the limelight on June 20 after YouTuber Philion published a video exploring the supposed evidence that artist Ryder Ripps initially compiled at the start of this year.

In a Medium blog post shared via Twitter on June 25, Yuga Labs co-founder Gordon Goner said that the team finally decided to clear the air after the theory had gotten so much attention that one of their favorite podcasters was talking about it.

“We’ve not responded in further detail to these allegations because frankly they are insanely far-fetched.”

“That said, we woke up this morning to a podca///ster we respect talking about this conspiracy theory, and that was pretty surreal. Made us feel like it was time to come out and put an end to all this,” he added.

In particular, Ryder Ripps alleged the BAYC NFT artwork featured racist caricatures of Black and Asian people, and the project’s logo and branding have several nods to certain Nazi symbology and language. The artist also made a BAYC derivative NFT collection called RR/BAYC as a satire and protest against Yuga Labs.

While the team didn’t address all of the points outlined against the BAYC, it flat out denied the allegations that its logo was derived from the Nazi Totenkopf (skull and crossbones) symbol. It also reiterated that using Apes in the BAYC is a nod to crypto degens and not a racist troll. However, not everyone was pleased with their response, as several points went unaddressed.

dude’s like ‘we’re minorities’ and gets some sham cover from the ADL. Well I’m a jew and descendant of holocaust survivors and this imagery offends me but keep gaslighting pic.twitter.com/kbJlJaEYE4

— jpəġ jəđ (@h0listicrypto) June 24, 2022 \n\n

In an update later that day, the Yuga Labs team also stated it had taken legal action and filed a lawsuit to “stop the continuous infringement, and other illegal attempts to bring harm” to the firm and community. Although It didn’t mention Ryder Ripps by name directly by name.

(1/2) The outpouring of support from our community today has been overwhelming. We will continue to be transparent with our community as we fight these slanderous claims. In order to put a stop to the continuous infringement, and other illegal attempts to bring harm to...

— Yuga Labs (@yugalabs) June 25, 2022 \n\n

Volume on NFT marketplace X2Y2 surges past OpenSea

Over the past several weeks, the sales volume on Ethereum-based NFT marketplace X2Y2 has surged past the top platform in the sector OpenSea.

According to data from DappRadar, X2Y2 generated $144.16 million worth of NFT sales from just 11,534 traders over the past week, compared to the $117.64 million generated from 155,734 traders on OpenSea.

Seven day NFT marketplace sales volume: DappRadar

The X2YX platform launched in February earlier this year, and while it doesn’t appear to host the sale of any top-tier NFT projects, it does provide an OpenSea Sniper feature that enables users to bundle NFT purchases on both X2YX and OpenSea into one transaction.

X2YX has seen its daily volumes surge to new highs in June, with its highest ever recorded day of volume coming on June 6 with $32.92 million. One of the reasons behind the platform's bullish growth this month appears to be its zero trading fees promo from June 1 until June 30.

Crawley Town to release soccer kits tied to NFTs

Professional English football (soccer) club Crawley Town F.C. are rolling out a soccer kit (playing uniform) that can only be obtained by fans that purchase the corresponding NFT.

Crawley Town currently plies its trade in the fourth tier of the English professional league structure, and it was acquired by sports-focused crypto firm WAGMI late last year.

Pro-teams generally have three different kits each season, one for home games, one for away and a third alternate kit. In this instance, the third kit will be offered to fans via the sale of NFTs.

Speaking with U.K. news outfit the Mirror on June 25, Crowley Town co-owner Preston Johnson stressed that the club is not trying to launch NFTs for a quick profit and is instead looking for ways to integrate the tech with avenues such as shirts and ticketing:

\"Our NFTs are more like virtual season tickets. They're not items we're trying to sell to local fans.”

Related: Can Metaverse technology enhance human-AI efficiency?

BCware launches NFT app in Shopify App Store

California-based Web3 tech firm BCware has launched a new multi-chain NFT app in the Shopify App Store that enables merchants to provide NFT buying and selling services from multiple blockchains in their stores.

The app is currently integrated with Ethereum, Polygon, Flow and Solana, and also enables customers to pay via fiat or cryptocurrency. The firm also stated that the app will support “wallet onboarding for buyers who are new to crypto.”

The move comes the same week that Shopify rolled out an NFT-gated storefronts feature that allows brands/merchants to make their online stores more exclusive.

Sell Where You Tweet

You know Twitter is where your people are, and now they can discover your products directly on your profile.

So next time you have a tweet doing numbers, you can plug your own products instead of someone else’s. Right @trixiecosmetics? pic.twitter.com/teuIkQkzbL

— Shopify (@Shopify) June 22, 2022 \n\n

Other Nifty News:

On June 24, Eminem tweeted that a new song called “From The D 2 The LBC” would be released. The post included the song’s art, which is in a comic book style with two cartoon monkeys representing both Snoop Dogg and Slim Shady and their connection to the Bored Ape Yacht Club.

Football superstar Cristiano Ronaldo has signed an exclusive multi-year NFT partnership with crypto exchange Binance. The collaboration aims to introduce soccer fans to the Web3 ecosystem through global NFT campaigns.

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Austrian crypto and stock trading platform Bitpanda joins the growing list of companies to announce a mass layoff as it aims to “get out of it financially healthy” amid an unforgiving bear market.

Over the past several weeks, the bear market resulted in numerous catastrophic outcomes for many ecosystems such as Terra’s (LUNA) and Abracadabra’s Magic Internet Money (MIM) de-pegging fiasco. Witnessing the crashes from a front-row seat, Bitpanda made the “tough decision” of cutting down its employee headcount to roughly 730 people.

While the exact number of employees intimated to stop working for Bitpanda remains undisclosed, data from LinkedIn indicates that the company is in the process of laying off approximately 277 full-time and part-time employees.

In the announcement, named ‘The Way Forward,’ Bitpanda supported the move to cut down employees by highlighting the need to be “robustly well-capitalized” amid uncertain market conditions, stating:

“It is a tough, but necessary decision and we are confident that the new organizational design will help us be more focused, effective and stronger as a company.”

The company is offering itex-employees support packages which include mental health support, references and an employee assistance program (EAP). Speaking about its hypergrowth phase, a timeline when the crypto market breached the $2 trillion market capitalization, Bitpanda revealed problems with internal processes and infrastructure to successfully onboard new joiners:

“We reached a point where more people joining didn’t make us more effective, but created coordination overheads instead, particularly in this new market reality. Looking back now, we realize that our hiring speed was not sustainable. That was a mistake.”

Bitpanda has not yet responded to Cointelegraph’s request for comment.

Related: Coinbase to shut down Coinbase Pro to merge trading services

Joining the mass reorganization drive to better suit the bear market, American crypto trading firm Coinbase announced the closure of its Coinbase Pro services.

As Cointelegraph reported, Coinbase Pro’s services will gradually migrate to Advanced Trade, Coinbase’s new trading section accessible via the exchange’s website — over the next several months.

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The overall power consumption of the Bitcoin (BTC) network recorded a drastic drop after mimicking the two-week-long fall in the mining hash rate, which reduced the commuting power for mining BTC blocks to 199.225 exahash per second (EH/s). 

According to the data shared by the Cambridge Centre for Alternative Finance, the Bitcoin network recorded the year 2022’s lowest power demand of 10.65 gigawatts (GW). At its peak, the BTC network demanded 16.09 GW of power.

\\ Bitcoin network power demand from 2018-2022. Source: ccaf.io

On June 16, a Cointelegraph report highlighted how the banking sector utilizes 56 times more energy than the Bitcoin ecosystem. Publisher Michel Khazzaka, an IT engineer, cryptographer and consultant said in an exclusive interview:

“Bitcoin Lightning, and Bitcoin, in general, are really great and very efficient technological solutions that deserve to be adopted on a large scale. This invention is brilliant enough, efficient enough, and powerful enough to get mass adoption.”

The sudden reduction in Bitcoin’s power demand can be attributed to the falling hash rate. The mining hash rate serves as a key security metric, the computing power required by BTC miners to successfully mine a block.

Bitcoin hash rate graph for 2022. Source: blockchain.com 

Bitcoin’s mining difficulty reached an all-time high of 231.428 EH/s on June 13, which was followed by over a -13.9% drop over two weeks. The latest breakdown of the hash rate distribution shows F2Pool and AntPool as the biggest known miners with each mining 81 and 80 blocks over the last four days respectively. 

Related: Scientists claim to have designed a fully decentralized stablecoin pegged to electricity

A group of researchers, under federal funding, designed a class of stablecoin dubbed the Electricity Stablecoin (E-Stablecoin) that would transmit energy as a form of information.

As explained by Cointelegraph, the E-Stablecoin would be minted through the input of one kilowatt-hour of electricity, plus a fee, which could then be used for transactions the same way as any stablecoin.

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The Los Angeles Times reported on Friday that recently opened nonfungible token- (NFT)-themed burger joint Bored Hungry no longer accepts cryptocurrency as a form of payment for its food.

When questioned, one Bored Hungry employee told the Los Angeles Times “Not today — I don’t know.” The individual didn’t give any indication of when the decision was made to cut crypto from the menu of payment options, nor did they know if crypto payments would be making a return.

Bored Hungry initially launched back in April of this year. At the time, one worker told the Los Angeles Times that the majority of its customers didn’t seem to care about crypto payment options, also noting that customers were generally indifferent to “the restaurant’s fidelity to the crypto cause.”

Another Bored Hungry restaurant patron told the Los Angeles Times “People want to hold onto their ethereum. They’re not gonna want to use it.” Customer Richard Rubalcaba said, “I don’t know how [crypto purchases] would work, with the crash.”

Many of the restaurant’s patrons stated that they are not hardcore crypto enthusiasts, and simply frequent the establishment for the food. Customer Jessica Perez said, “We rate this up there with In-N-Out, maybe even better.”

Changes to venue’s payment policies seem to fall in line with the overarching crypto and macro economical meltdown transpiring across the globe. But never fear, hungry crypto users, you can still visit Chipotle, which began accepting crypto payments earlier in June via Flexa. Several countries are facing relentless regulations and scrutiny and there are issues of contagion in the crypto market.

Cointelegraph reached out to Bored and Hungry owner Andy Nguyen for clarification on the restaurant’s crypto acceptance, but did not receive a response prior to publication.

",audio:"https://s3.cointelegraph.com/audio/88733.446c61c7-f8a3-4c91-b8e2-d5d4e1f119fe.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:5789,shares:158,tags:[{id:aB,slug:oh,title:mc,url:k_},{id:"695",slug:"bitcoin-price",title:"Bitcoin Price",url:"/tags/bitcoin-price"},{id:"950",slug:"payments",title:"Payments",url:"/tags/payments"},{id:oy,slug:oz,title:mk,url:lh},{id:"3880",slug:"food",title:"Food",url:"/tags/food"},{id:xs,slug:xt,title:xu,url:ml}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=88733regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:bw,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"celsius-network-hires-advisers-ahead-of-potential-bankruptcy-report",url:xj,absoluteUrl:"https://cointelegraph.com/news/celsius-network-hires-advisers-ahead-of-potential-bankruptcy-report",title:or,youtubeVideoIdCover:d,cover:xk,datePublished:gw,dateHuman:gx,humanDateTime:"2022-06-24 22:20",dateISOFull:"2022-06-24T21:20:00+01:00",publishedDateTimeObject:{year:E,month:z,day:aK,hour:gy,minute:iL,second:e,millisecond:e},categorySlug:L,categoryUrl:M,categoryName:N,authorName:oD,authorUrl:oE,authorAvatar:xz,previewText:"Restructuring, bankruptcy and buyouts... media outlets are swarming with different reports on the next steps Celsius may take.",twitterLeadText:"We knew it was bad but is Celsius about to declare bankruptcy? The firm has reportedly hired a number of restructuring consultants. ",badgeSlug:g,badgeName:aR,fullText:"

Crypto lending platform Celsius Network has reportedly onboarded advisers from a management consulting firm in advance of the company possibly facing bankruptcy.

According to a Friday report from the Wall Street Journal, Celsius hired an unknown number of restructuring consultants from the firm Alvarez Marsal to advise the platform on potentially filing for bankruptcy. The report followed one from June 14, which said Celsius had hired lawyers in an attempt to restructure the company amid its financial issues.

Steady lads https://t.co/5YAdmq5kt8

— Ben McKenzie (@ben_mckenzie) June 24, 2022 \n\n

Celsius has been at the forefront of discussions in the media around significant volatility in the market amid the crypto lending platform’s decision to pause “all withdrawals, swaps and transfers between accounts” on June 12. CEO Alex Mashinsky and other Celsius higher-ups have been largely silent on social media since that announcement, with the platform, saying on June 19 that it would be suspending discussions on “Twitter Spaces and AMAs” to focus on addressing issues with its operations.

State authorities have turned their attention to Celsius following the platform’s decision to suspend withdrawals. On June 16, Texas State Securities Board director of enforcement division Joseph Rotunda told Cointelegraph that regulators in Alabama, Kentucky, New Jersey, Texas and Washington were “looking at the issue involving the frozen accounts” at Celsius.

Related: Risky business: Celsius crisis and the hated accredited investor laws

On June 20, Celsius investor and BnkToTheFuture co-founder Simon Dixon proposed a recovery plan aimed at having the crypto lending platform take a similar approach as Bitfinex in 2016, using a “financial innovation” solution. As of November 2021, Celsius had a $3.5 valuation following a $750-million Series B funding round, which may have fallen given the recent market downturn.

",audio:"https://s3.cointelegraph.com/audio/88732.708ae410-4029-465e-9e0e-4c1b82176613.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:10044,shares:xA,tags:[{id:iI,slug:k$,title:jH,url:iJ},{id:"1704",slug:"bankruptcy",title:"Bankruptcy",url:"/tags/bankruptcy"},{id:"2183",slug:"cryptocurrency-exchange",title:"Cryptocurrency Exchange",url:"/tags/cryptocurrency-exchange"},{id:"2945",slug:"lending",title:"Lending",url:"/tags/lending"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=88732regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:lb,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"crypto-stories-youtuber-paco-de-la-india-explains-his-travels-using-bitcoin",url:xl,absoluteUrl:"https://cointelegraph.com/news/crypto-stories-youtuber-paco-de-la-india-explains-his-travels-using-bitcoin",title:os,youtubeVideoIdCover:d,cover:xm,datePublished:gw,dateHuman:gx,humanDateTime:"2022-06-24 22:15",dateISOFull:"2022-06-24T21:15:00+01:00",publishedDateTimeObject:{year:E,month:z,day:aK,hour:gy,minute:jL,second:e,millisecond:e},categorySlug:L,categoryUrl:M,categoryName:N,authorName:oD,authorUrl:oE,authorAvatar:xz,previewText:"The Bitcoiner had visited eight different countries out of his goal of forty and was in Africa at the time of Cointelegraph’s interview.",twitterLeadText:"Would you be able to traverse the world using only BTC? This YouTuber is making the effort.",badgeSlug:"success",badgeName:xB,fullText:"

A YouTuber started traveling the world to see whether he could survive solely on Bitcoin (BTC) as a means of payment.

In the latest episode of Cointelegraph’s “Crypto Stories” series, Paco from India explained how he started his journey from the city of Bengaluru and learned from the example of travel pioneers who came before him, including Nellie Bly, who circumnavigated the globe in the late 19th century in less than 73 days. Paco worked a variety of jobs before reading up on Bitcoin and made a big decision.

“This is 2021,” said Paco. “I will travel the world by using Bitcoin.”

The YouTuber added:

“When my journey started, I had zero dollars. I sold my furniture, got $200 of Bitcoin, and as soon as I started on day one, the first Bitcoin meetup we had in Bengaluru, one guy came and gave me $200 of Bitcoin [...] My plan is to go to 40 countries in 400 days.”

Paco said he was delayed from his travel plans by the ongoing COVID-19 pandemic — particularly when the Omicron variant hit India. However, he had visited eight different countries and was in Africa at the time of Cointelegraph’s interview.

Related: Crypto Stories: YouTuber DataDash talks about his most expensive mistake

“I feel Africa needs Bitcoin more than anyone else in the world,” he said. “All the currencies are falling down, the countries are falling down — it’s a big blow, it’s happening. Fix the money, fix the world.”

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For all the gloom and doom in the cryptocurrency market these days, our industry continues to make inroads into mainstream tech. This week, I had the pleasure of attending the sold-out Collision Conference in Toronto, and crypto was featured prominently. During the event, I got to moderate three panels, including two that were crypto-focused. The fact that the biggest tech conference in North America is letting me talk cryptocurrency after a six-month bloodbath proves there’s more to the industry than just price. And, I’m not saying the price isn’t important — but context is everything.

My Collision panel on decentralized social media included Stani Kulechov, founder and CEO of Aave and Lens Protocol. 

This week’s Crypto Biz gives you a taste of Collision Conference 2022 and also draws your attention to the latest funding and business news from the world of blockchain.

Institutions are exploring the space — KPMG Canada crypto team

During Collision, I sat down with KPMG Canada’s crypto team to talk about the firm’s recent foray into digital assets. If you recall, I got really excited in February when the KPMG Canada announced it had added Bitcoin (BTC) and Ether (ETH) to its corporate treasury. The firm’s decision to adopt digital assets didn’t come on a whim — it was directed by an internal governance council that did its due diligence before recommending crypto treasuries. The Canadian arm of the Big Four accounting firm remains bullish despite recent market turmoil.

Voyager enters into $500M loan agreement with Alameda amid 3AC exposure

I reported last week that crypto-focused hedge fund Three Arrows Capital (3AC) was inching closer to insolvency after a series of leveraged bets turned sour. We knew there would be contagion risk — we just didn’t know how much. Well, this week, trading platform Voyager Digital took out a loan from Alamada Research to cover losses tied to its exposure to 3AC. Specifically, Voyager borrowed 15,000 BTC from Alameda, which is roughly equivalent to the 15,250 BTC owed to it by 3AC. Voyager has requested that 3AC repay its outstanding debts by Monday, or else it’ll pursue legal action.

Crypto brokerage FalconX raises $150M at $8B valuation

Crypto has gifted us with a lot of nasty headlines over the past six months. But, during that time, billions of dollars in venture capital were pouring into the industry. This week, crypto brokerage FalconX announced it had raised $150 million at a valuation of $8 billion in a Series D round that was led by Singapore sovereign wealth fund GIC. The company’s valuation has basically doubled from August when it concluded its Series C funding round. As is always the case, when everyone seems to be panicking, smart money investors are busy accumulating.

Meta set to begin testing NFTs on Instagram Stories with Spark AR

Zuckerberg’s Meta, which is the parent company of Facebook and Instagram, announced that it’ll begin testing nonfungible tokens (NFTs) on Instagram Stories using Spark AR Studio. “We’re expanding our test so more creators around the world can display their NFTs on Instagram,” the CEO said. “Creators and collectors will be able to share their digital collectibles across Facebook and Instagram after we begin rolling out the feature on Facebook with select US creators at a later date.” Social media is about to undergo a major transformation. We’ll see whether Zuckerberg’s company will maintain its dominance during the transition to Web3 and the Metaverse.

Before you go! Is Bitcoin ready for a recession?

I wasn’t able to attend this week’s Market Report, but my colleagues Benton Yuan, Marcel Pechman and Yashu Gola were able to carry on without me. In addition to giving you the latest trading insights, they discussed Bitcoin’s prospects in the event of a global recession. You can watch the full replay below.

Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/88727.e1e994d0-ec07-405b-a666-5904e770c877.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1342,shares:oA,tags:[{id:iI,slug:k$,title:jH,url:iJ},{id:"450",slug:"event",title:"Event",url:"/tags/event"},{id:"920",slug:"venture-capital",title:"Venture Capital",url:"/tags/venture-capital"},{id:"1639",slug:"kpmg",title:"KPMG",url:"/tags/kpmg"},{id:"1769",slug:"toronto",title:"Toronto",url:"/tags/toronto"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=88727regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:bx,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"gensler-appeals-for-one-rule-book-in-negotiations-with-cftc-over-crypto-regulation",url:xp,absoluteUrl:"https://cointelegraph.com/news/gensler-appeals-for-one-rule-book-in-negotiations-with-cftc-over-crypto-regulation",title:ou,youtubeVideoIdCover:d,cover:xq,datePublished:gw,dateHuman:gx,humanDateTime:"2022-06-24 21:30",dateISOFull:"2022-06-24T20:30:00+01:00",publishedDateTimeObject:{year:E,month:z,day:aK,hour:iL,minute:iv,second:e,millisecond:e},categorySlug:L,categoryUrl:M,categoryName:N,authorName:"Derek Andersen",authorUrl:"/authors/derek-andersen",authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/af8c554aba399ed7df3cebda0a020e54.jpg",previewText:"In an interview with The Financial Times, SEC chair Gary Gensler said he is working on a memorandum of understanding with the agency’s digital asset market co-regulator.",twitterLeadText:"SEC head Gensler says he is in talks with the CFTC on crypto regulation.",badgeSlug:g,badgeName:aR,fullText:"

United States Securities and Exchange Commission (SEC) chair Gary Gensler is in talks with Commodity Futures Trading Commission (CFTC) officials on a “memorandum of understanding” on the regulation of digital assets. Together, the agencies can assure market integrity, Gensler told The Financial Times in an interview published Thursday. “I’m talking about one rule book on the exchange that protects all trading regardless of the pair — [be it] a security token versus security token, security token versus commodity token, commodity token versus commodity token,” Gensler told the newspaper. 

Gensler’s desire to be collaborative comes as a variety of legislative initiatives have been introduced to create a more comprehensive regulatory framework for digital assets. The Digital Commodity Exchange Act, introduced in its latest form in April, and the Responsible Financial Innovation Act, introduced in June, both gave the CFTC greater authority over the market.

Debbie Stabenow, chairman of the Senate Agriculture Committee, which has oversight of the CFTC, and the committee’s ranking member John Boozman are reportedly also drafting a crypto regulation bill, which is expected to expand CFTC powers. Gensler, who headed the CFTC from 2009 to 2013, has expressed skepticism about changes in the status quo.

The SEC has taken the lead in crypto regulation so far, but frequently to the dissatisfaction of the industry and lawmakers who are critical of its methods of allegedly regulating through enforcement. Crypto industry leaders have explicitly asked for clearer regulation, and SEC commissioner Hester Peirce has pressed for policy changes from within the commission.

Related: Bringing crypto market 'into the light' doesn’t address enforcement: CFTC chair

Regulation is not a question of authority alone. The Financial Times cites blockchain analytics company Elliptic as saying U.S. regulators have collected $3.35 billion through enforcement actions in the crypto industry over the years, with over 70% of that sum going to the SEC.

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This past week, the decentralized finance (DeFi) ecosystem tried gaining some momentum amid the bear market crash. Uniswap saw a trend reversal and overtook Ethereum regarding network fees paid. However, not all DeFi protocols were as lucky, as Bancor had to pause its “impermanent loss protection” in the wake of a hostile market.

DappRadar’s report shows that the GameFi ecosystem continues to thrive despite the current downturn in the market. Solend invalidates Solana whale wallet takeover plan with second governance vote.

The top 100 DeFi tokens showed signs of recovery after last week’s mayhem, and several of the tokens registered double-digit gains.

DeFi Summer 3.0? Uniswap overtakes Ethereum on fees, DeFi outperforms

Decentralized exchange (DEX) Uniswap has overtaken its host blockchain Ethereum in terms of fees paid over a seven-day rolling average.

The surge appears part of a recent spate of high demand for DeFi amid the current bear market. Decentralized finance (DeFi) platforms such as Aave and Synthetix have seen surges in fees paid over the past seven days, while their native tokens and others such as Compound (COMP) have also boomed in price.

Continue reading

GameFi continues to grow despite crypto winter: DappRadar report

Blockchain games were the subject of the latest DappRadar x BGA Games Report #5, published Tuesday. The report looked at healthy ecosystems and investments in GameFi and metaverse markets.

The report covered several projects in detail, outlining their continued success and growth. Splinterlands, Illuvium, Galaverse and STEPN have continued bringing new players to their platforms, gaining financial interest and expanding their businesses.

Continue reading

Bancor pauses impermanent loss protection citing ‘hostile’ market conditions

Bancor, a DeFi protocol often credited as the pioneer of the DeFi space, paused its impermanent loss protection (ILP) function on Sunday, citing “hostile” market conditions.

In a blog post on Monday, the DeFi protocol noted that the ILP pause is a temporary measure to protect the protocol and the users. When a user gives liquidity to a liquidity pool, the ratio of their deposited assets changes at a later moment, potentially leaving investors with more of the lower value token, this is known as impermanent loss.

Continue reading

Solend invalidates Solana whale wallet takeover plan with second governance vote

Solana-based DeFi lending protocol Solend has created another governance vote to invalidate the recently-approved proposal that gave Solend Labs “emergency powers” to access a whale’s wallet to avoid liquidation.

On Sunday, the crypto lending platform launched a governance vote titled “SLND1: Mitigate Risk From Whale.” It allowed Solend to reduce the risk the whale’s liquidation poses to the market by letting the lending platform access the whale’s wallet and letting the liquidations happen over the counter.

Continue reading

DeFi market overview

Analytical data reveals that DeFi’s total value locked registered a minor recovery rising above $56 billion. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top-100 tokens by market capitalization were on the move, and many of the tokens registered double-digit gains over the past week.

The majority of the DeFi tokens in the top 100 ranking by market cap were trading in green. Synthetix (SYX) registered the biggest gain with a 90% surge over the past week, followed by Uniswap (UNI), which saw a 37% appreciation in price in the past seven days. COMP gained 31%, while Thorchain (THOR) saw a 22% rise.

Before you go!

Celsius network, the lending platform that has been in trouble over liquidations and lack of Capital, saw a community-led short squeeze of its native token, CEL. It registered a 300% jump over the past week amid market uncertainty over its future.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically advancing space.

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0,"default","USD","EUR","GBP","JPY","RUR","KRW","TRY","CNY","_self",null,1,"Language",4,"0.00",1000000000,"1.00 b",3,"0.00 ",6,"17","en","1","0.07",2022,"2","es",50,"EOS","NEO","1.00","latest-news","/category/latest-news","Latest News","4","19.08 m",100000000,"100.00 m","0.95","6","Note that all trading strategies are to be used at your own risk. Before trading, we recommend to make sure that you have a clear understanding of cryptocurrencies and how they are traded.","xxs","xs","sm","md","lg","41","57","0.04","0.02","ar","27",5,"52","34","18","0.29","7","23","kucoin-button",79,138,"14","21","0.25","Bitcoin","fr","adbutler","Kucoin","https://www.kucoin.com/?utm_source=CTC-1","39","40","58","69","0.81","11","22","33","65","56","article","cointelegraph.com","tr",25,24,10,48,"50","16","54","66","News","72","Tether","en.LanguageType.1","88737",9,11,47,"Uniswap","Solana","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=7376af3992","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=aad9f6b505","26","/bitcoin-cash-price-index","/ltc-price-index","/xrp-price-index","/xmr-price-index","_blank",51,"Ethereum","13","20","38","35","53","61","64","59","70","1.21 b","6.34 b","es.cointelegraph.com","88733","88732","88725",7,"de","it","BTC","\n\n\n ","/bitcoin-price","ETH","\n\n\n\n\n\n\n\n ","/ethereum-price","3","LTC","Litecoin","\n\n\n ","15","BNB","Binance Coin","\n\n\n \n","/binance-coin-price-index","SOL","\n\n\n\n\n\n\n\n \n\n \n","/solana-price-index","XRP","Ripple","\n\n \n","BCH","Bitcoin Cash","\n\n\n ","XMR","Monero","\n\n\n\n \n","8","DASH","Dash","\n\n\n\n \n","/dash-price-index","9","\n\n\n \n","/eos-price-index","73","WAVES","Waves","\n\n ","/waves-price-index","ZEC","Zcash","\n\n\n\n\n \n","/zec-price-index","12","ADA","Cardano","\n\n ","/ada-price-index","\n\n\n\n \n","/neo-price-index","TRX","TRON","\n\n\n \n","/tron-price-index","XLM","Stellar","\n\n\n\n \n","/stellar-price-index","USDT","\n\n\n \n","/tether-price-index","MIOTA","IOTA","\n\n \n","/iota-price-index","19","ONT","Ontology","\n\n\n \n","/ontology-price-index","MKR","Maker","\n\n\n \n","/maker-price-index","BSV","Bitcoin SV","\n\n\n \n","/bsv-price-index","DOGE","Dogecoin","\n\n\n \n","/doge-price-index","ETC","Ethereum Classic","\n\n\n\n\n\n\n\n\n\n\n\n\n \n","/etc-price-index","24","XTZ","Tezos","\n\n\n\n\n\n\n \n\n \n","/xtz-price-index","XEM","NEM","\n\n\n\n \n","/nem-price-index","USDC","USD Coin","\n\n\n ","/usdc-price-index","28","CRO","Cronos","\n\n\n\n ","/cronos-cro-price-index","29","ATOM","Cosmos","\n\n\n\n\n\n\n\n \n","/cosmos-price-index","30","LEO","UNUS SED LEO","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n \n","/leo-price-index","UNI","\n\n\n\n \n\n\n\n\n \n\n \n","/uniswap-price-index","55","YFI","Yearn.finance","\n\n\n\n\n \n","/yearn-finance-price-index","MATIC","Polygon","\n\n\n \n","/polygon-price-index","37","BAND","Band Protocol","\n\n\n \n","/band-protocol-price-index","LINK","Chainlink","\n\n\n \n","/chainlink-price-index","DOT","Polkadot","\n\n \n","/polkadot-price-index","COMP","Compound","\n\n\n \n","/compound-price-index","AAVE","Aave","\n\n\n\n\n\n\n \n\n \n","/aave-price-index","SUSHI","SushiSwap","\n\n\n \n\n\n\n\n\n \n\n\n\n\n\n \n\n \n","/sushiswap-price-index","SNX","Synthetix","\n\n\n \n","/synthetix-price-index","CAKE","PancakeSwap","\n\n\n\n \n\n\n\n\n \n\n \n","/pancakeswap-price-index","LUNA2","Terra","\n\n\n\n\n \n\n\n\n\n \n\n\n\n \n\n\n \n\n","/terra-price-index","VET","VeChain","\n\n ","/vechain-price-index","36","AVAX","Avalanche","\n\n\n \n","/avalanche-price-index","60","SAND","The Sandbox","\n\n\n\n\n\n\n \n\n ","/the-sandbox-sand-price-index","MANA","Decentraland","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n ","/decentraland-mana-price-index","62","AXS","Axie Infinity","\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n \n\n ","/axie-infinity-axs-price-index","63","DAI","Dai","\n\n\n\n \n\n\n\n \n\n","/dai-price-index","FTT","FTX Token","\n\n\n\n\n\n\n ","/ftx-token-ftt-price-index","NEAR","Near Protocol","\n\n\n ","/near-protocol-price-index","68","FTM","Fantom","\n\n\n ","/fantom-ftm-price-index","ALGO","Algorand","\n\n\n ","/algorand-algo-price-index","67","HBAR","Hedera","\n\n\n ","/hedera-hbar-price-index","HT","Huobi Token","\n\n\n\n ","/huobi-token-ht-price-index","EGLD","Elrond","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n ","/elrond-egld-price-index","71","APE","ApeCoin","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n \n","/apecoin-ape-price-index","GMT","STEPN","\n\n\n\n\n\n\n\n\n \n\n ","/stepn-gmt-price-index","74","FIL","Filecoin","\n\n\n ","/filecoin-fil-price-index","75","CELO","Celo","\n\n\n\n ","/celo-price-index","ICP","Internet Computer","\n\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n \n\n \n\n\n ","/internet-computer-icp-price-index","SHIB","Shiba Inu","\n\n\n\n\n\n\n\n\n\n \n","/shiba-inu-price-index","43","0.35","0.97","1.06 b","0.31","0.23","55.88 b","30.26 b","2.19 b",6342913513.759682,"2.71 b","5.85 b","0.06","0.82","en.LanguageType.2","88740","2022-06-24","Jun 24, 2022",21,"youtube",23,"5",95,19077493,121307834.874,"121.31 m",70587483.23347135,"70.59 m",163276974.63,"163.28 m",523701735.52298725,"523.70 m","0.37",99989535142,"99.99 b",19100912.3966511,"19.10 m",18139654.37940066,"18.14 m",10793702.9395493,"10.79 m",1058333619.6781,108632878,"108.63 m",12584030.82010868,"12.58 m",33461981152.721592,"33.46 b",99241947122,"99.24 b",50001787723.97895,"50.00 b",66867450244.086136,"66.87 b",2779530283.277761,"2.78 b",977631.0369508882,"977.63 k",19084882.89423905,134991756383.70522,"134.99 b",134151415.81572995,"134.15 m","1.46",921101927.779173,"921.10 m",8999999999,"9.00 b",55880938564.55949,30263013692,299726972.956739,"299.73 m",935228897.9,"935.23 m",36666,"36.67 k",10000000000,"10.00 b",1206410347.0339928,10000000,"10.00 m",16000000,"16.00 m",242875890.2643337,"242.88 m","2.78",275603955.3084486,"275.60 m",151294199.53319374,"151.29 m",85985041177,"85.99 b",405832986.143563,"405.83 m",3000000000,"3.00 b",2193634827.320146,270000000,"270.00 m",315236930.2859715,"315.24 m",721365838.4066747,"721.37 m",2710051023.4129734,7272675929.728679,"7.27 b",21252184396.66741,"21.25 b",207350657.2544121,"207.35 m",23894530,"23.89 m",5853165206.904247,223994720,"223.99 m",483556782.26052374,"483.56 m",589673010008944.4,"589.67 t","5.23","0.44",8,"ar.cointelegraph.com",30,12,165,"1.02","1.52 m","1.30 b","5.24","9.54 m","7.01 m","1.28 b","0.30","0.83","0.68","414","/tags/business","en.LanguageType.17",20,"fr.cointelegraph.com","side","a3Vjb2luLWJ1dHRvbg==","Large devices"," 1200px","Medium devices"," 992px","Small tablets"," 768px","Smartphones"," 480px","Extra small devices","

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