Crypto will surpass national currencies 🌪, Indonesia to launch crypto exchange 🇮🇩, Multichain ceases operations 🔚
Daily Crypto, Blockchain & Web3 Update 2023-07-15
CRYPTOCURRENCY
Crypto will transcend international currencies, BlackRock CEO (2 min read)
Larry Fink states that global investors are increasingly eager to add crypto assets to their portfolios.
Larry Fink, CEO of BlackRock, supports cryptocurrencies' role in democratizing global investing due to increasing client interest in digital assets.
Indonesia to launch crypto exchange in July: Report (2 min read)
Once launched, Indonesia’s national crypto exchange will be the only platform allowing crypto transactions, the local regulator said.
The government of Indonesia is moving forward with its plans to launch a national cryptocurrency exchange and expects to debut the platform in the coming weeks.
Monochrome Bitcoin ETF gets filed to Australian securities exchange (2 min read)
The CEO believes investors will be inclined to seek exposure to Bitcoin in a more familiar, structured, and protected regulatory environment.
Monochrome Asset Management has added a Bitcoin ETF to its application on the Australian Securities Exchange (ASX) through Vasco Trustees.
BUSINESS
Multichain stops operations over lack of funds (2 min read)
The Multichain team said funds and access to servers are currently with their CEO, Zhaojun, who is under the custody of Chinese police.
Cross-chain protocol Multichain has announced that it is “forced to cease operations” due to a lack of operational funds. The announcement follows a report from blockchain analytics firm Chainalysis saying that withdrawals appear to be a “rug pull” by insiders.
XRP tops Bitcoin on Upbit with $2.6B of trading volume in 24 hours (2 min read)
Follow’s XRP token surged over 90% on July 13, reaching a new yearly high of $0.91.
The trading volume of XRP tokens on the South Korean crypto exchange Upbit has surpassed Bitcoin in the past 24 hours. Trading volume for the XRP/KRW trading pair reached $2.6 billion in the last 24 hours after Ripple's recent legal victory against the United States Securities and Exchange Commission (SEC).
XRP becomes 4th largest crypto after Ripple's partial win over SEC (2 min read)
XRP’s market capitalization surged by more than $21 billion in just three hours.
Ripple is now the fourth-largest cryptocurrency by market value following a partial victory over the Securities and Exchange Commission (SEC) on July 13th.
3AC co-founders’ OPNX exchange onboards FTX, Celsius bankruptcy claims (2 min read)
OPNX, an exchange dedicated to the trading of bankruptcy claims against fallen crypto firms, has listed FTX and Celsius claims.
According to the July 14 announcement, FTX claims specifically that it can be immediately onboarded and converted into collateral in the form of OPNX’s native reborn OX (reOX) tokens or oUSD, its credit currency. Users can then trade crypto futures using reOX as collateral. The claims are tokenized in partnership with Heimdall, which also handles onboarding and user verification.
QUICK LINKS
Crypto lender Geist Finance shuts down permanently over Multichain hack (3 min read)
The $29 million TVL lending platform is shutting down because its oracles are misreporting Multichain token values after the exploit.
Geist Finance is closing down forever because of losses caused by the Multichain exploit, as stated in a social media post from the app's developers on July 14th. Geist contracts were temporarily halted on July 6 but resumed on July 9 with the option to only withdraw and repay. The latest post confirms the team does not plan to reopen lending and borrowing on Geist.
MultiversX launches on-chain two-factor authentication standard (2 min read)
Blockchain protocol MultiversX has implemented a novel two-factor authentication mechanism to add additional security to its network.
Two-factor authentication (2FA) is a tried and tested online security measure, and the technology is now being used as an additional transaction signing measure on MultiversX’s blockchain protocol.
Binance headcount reduction hits 1,000 employees: Report (2 min read)
Reports state that the current workforce reduction is taking place on a global scale, with a significant impact on customer service employees. Binance is celebrating its sixth anniversary, with over 1,000 people reportedly laid off in recent weeks, The Wall Street Journal reported.
According to former employees, cuts were global, and customer service workers were heavily affected, particularly in India.
Coinbase pauses staking services in four US states following regulators’ orders (2 min read)
According to the U.S. crypto exchange, only regulators’ actions in California, New Jersey, South Carolina, and Wisconsin require a pause in staking additional assets.
Coinbase, a cryptocurrency exchange in the United States, will temporarily prevent customers from staking more assets in four states due to ongoing legal proceedings with local regulators.