Crypto community celebrates 🎉, USDC launching on Base network 🚀, Coinbase stock surges 📈
Daily Crypto, Blockchain & Web3 Update 2023-08-30
CRYPTOCURRENCY
BlockFi asks court for permission to convert trade-only assets into stablecoins (2 min read)
Defunct crypto lending firm BlockFi has applied to a court to request the transfer of “trade-only” assets from its users’ accounts into stablecoins, so the individuals could withdraw them. The request marks another step toward the return of users’ funds, a process that the company began in August.
Stronghold requests permission to burn tires for crypto mining in Pennsylvania (3 min read)
Stronghold Digital Mining, a crypto mining company based in Pennsylvania, wants permission to generate 15% of its power from shredded tires at its Panther Creek facility in Nesquehoning. Local environmental activists are preparing to oppose the initiative.
Crypto community jubilant over Grayscale decision, but uncertainty remains (3 min read)
The DC Circuit Court of Appeals approved Grayscale Investments' Bitcoin spot ETF application, bringing good news to the crypto community. The United States Securities and Exchange Commission (SEC) rejection of the application was overturned.
Elon Musk’s X moves closer to crypto payments with new state license (2 min read)
Rhode Island’s regulators have granted X (Twitter) a currency transmitter license, marking a step forward for the company’s foray into the financial services sector.
Regulators from Rhode Island have approved X’s application for a currency transmitter license.
BUSINESS
SEBA Bank secures in-principle nod for crypto services in Hong Kong (2 min read)
SEBA Bank's branch in Hong Kong has been granted preliminary approval from the Hong Kong Securities and Futures Commission (SFC) to trade virtual assets.
HashKey, OSL, first exchanges to offer retail crypto services in Hong Kong (3 min read)
HashKey Exchange recently launched retail trading services in Hong Kong, allowing local cryptocurrency traders access to their platform.
Coinbase stock surges after favorable federal ruling for Grayscale (2 min read)
Coinbase's stock surged on Aug. 29 following reports that a federal judge ruled in favor of Grayscale in their SEC legal dispute.
In the final moments of the trading session on Tuesday, Aug.29, the value of COIN stood at $85.13 per share, a jump of 15% over the previous day's close.
QUICK LINKS
USDC will launch natively on Base network ‘next week’, Jeremy Allaire (2 min read)
USD Coin, Circle's stablecoin in US dollars, is set to launch on the Base network next week. The new version will replace the current USD Base Coin (USDbC) that most users rely on as a substitute.
Researchers develop crypto literacy scale to measure consumer financial awareness (3 min read)
Researchers from the University of Cincinnati created a crypto literacy scale (CLS) to measure people's knowledge of cryptocurrencies and related technology. The scale aims to standardize and evaluate economic and financial understanding among consumers and policymakers.
EOS secures regulatory approval in Japan, will trade against yen (2 min read)
Japan's crypto regulator has granted whitelist approval to the token. This allows the token to be traded against the Japanese yen on regulated exchanges in the country.
Tether adds Bahamas-based private bank Britannia as partner: Report (2 min read)
Tether, the stablecoin issuer behind USDT, has reportedly added Britannia Bank & Trust, a private bank based in the Bahamas, to process dollar transfers on its platform.
Jamaican taxi drivers bullish on accepting Jam-Dex CBDC (3 min read)
Operators in Jamaica are interested in using the country's digital currency, Jam-Dex, to improve operations and reduce security risks.
Circle launches USDC stablecoin on Mercado Pago in Chile (2 min read)
Fintech company Circle announced a partnership with Mercado Libre on Aug. 29 to bring the USD Coin stablecoin to Mercado Pago. The partnership will purportedly bring USDC to 2 million users in Chile.
Animoca subsidiary builds AI and NFT tools for educators (3 min read)
TinyTap, an ed-tech subsidiary of Web3 developer Animoca Brands, announced on Aug. 30 the integration of new artificial intelligence (AI) and non-fungible token (NFT) tools aimed at educators and parents.
Nigeria’s Patricia crypto exchange seeks to explain its token amid confusion (2 min read)
Nigerian crypto exchange Patricia announced Patricia Token (PTK) but users were skeptical and suspicious. They questioned the motives on social media. Now, in response to that reaction, the crypto exchange company has released a white paper seeking to explain the intended function of the Patricia Token.
South Korean parliament rejects motion to expel lawmaker over crypto scandal (2 min read)
South Korea’s parliamentary ethics subcommittee has voted down a motion to expel Kim Nam-kuk, a former member of the main opposition Democratic Party. South Korean lawmaker and Wemix investor Kim Nam-kuk will stay in the parliament after a 3–3 vote on the expulsion motion.
Google Cloud to digitize El Salvador’s governance, healthcare and education (3 min read)
Google Cloud has partnered with the government of El Salvador to open an office and offer Google Distributed Cloud (GDC) services in the country.
Google Cloud and the government of El Salvador have entered into a seven-year partnership to digitize the country’s infrastructure in various sectors.
SEC’s first deadlines to approve 7 Bitcoin ETFs coming over the next week (4 min read)
The US Securities and Exchange Commission has to decide on seven applications for spot Bitcoin exchange-traded funds. The latest deadline is September 4th, following the SEC's loss to Grayscale Investments in the US.federal appeals court.