India's G20 crypto roadmap 🇮🇳, Toyota & Polygon blockchain 🚗, MicroStrategy owns $4.4B Bitcoin 💵
Daily Crypto, Blockchain & Web3 Update 2023-08-02
CRYPTOCURRENCY
India makes suggestions for G20 crypto roadmap (2 min read)
The country emphasizes the necessity of dealing with the risks of digital assets in developing economies.
India, as the current president of the G20, has backed the FSB's recommendations for a global framework for cryptocurrencies, which were released in July. The country also emphasized the necessity of dealing with the risks of digital assets for developing economies.
Mixed signals: Binance denies reports of $90B in crypto trades in China (2 min read)
According to The Wall Street Journal, Binance is still operating in China, conducting monthly transactions worth billions of dollars despite the country's ban on cryptocurrencies.
The WSJ and Binance employees found "internal data" showing that in one month, Chinese users traded $90 billion in cryptocurrency assets.
BUSINESS
Worldcoin to allow government and businesses to use ID system: Report (2 min read)
New reports reveal that Worldcoin plans to expand its operations to sign up more users by allowing organizations and governments to access its technology.
Worldcoin wants to expand its operations to offer iris-scanning and identity-verification technology to governments and businesses. This will help them attract more users.
Saylor’s MicroStrategy plans $750M stock sale, possibly buying more Bitcoin
MicroStrategy, a US software company, seeks to raise up to $750 million through a stock sale to potentially acquire additional Bitcoin.
In a filing to the Securities and Exchange Commission on Aug. 1, MicroStrategy announced it has entered into a sales agreement with three companies, Cowen and Company Canaccord Genuity and Berenberg Capital, relating to the sale of its class A common stock.
MicroStrategy returns to profit and now owns $4.4B worth of Bitcoin (4 min read)
Michael Saylor’s MicroStrategy held 152,800 Bitcoin as of July 31, and is back in the black.
MicroStrategy, a business intelligence firm and major holder of Bitcoin in the US, became profitable again in Q2 thanks to the increase in Bitcoin's price.
GameStop will stop support for its crypto wallets, citing ‘regulatory uncertainty’ (2 min read)
The retail company used to mainly have physical stores, but now it also has an NFT marketplace and will soon cancel its line of crypto wallets.
Gaming retail company GameStop has announced it will remove its digital wallets from the market starting in November, citing “regulatory uncertainty in the crypto space.”
Toyota GR Cup will award digital trophies on Polygon blockchain to race winners (2 min read)
Toyota continues its ongoing exploration into integrating blockchain technology within its corporate and developmental ecosystems.
Toyota Gazoo Racing's North American racing series, the Toyota GR Cup, has announced that it will now reward digital trophies and record driver performances using the Polygon blockchain.
QUICK LINKS
Ripple CEO slams SEC over the use of XRP report in lawsuit (3 min read)
Ripple CEO Brad Garlinghouse disapproves of the United States Securities and Exchange Commission (SEC) using Ripple's XRP Markets Report as evidence in the ongoing lawsuit.
Abracadabra proposes hiking loan interest rate by 200% to manage Curve risk (4 min read)
Abracadabra Money plans to raise the interest rate on its loans to better handle the risks related to its involvement with Curve DAO (CRV). The community had mixed reactions to the proposal. Some people questioned the changes to loan terms, while others supported them as a way to reduce exposure to CRV.
Worldcoin cryptocurrency project suspended in Kenya (2 min read)
The new cryptocurrency and digital identity project, Worldcoin, is facing a rough start in Kenya, with the government halting all local activity associated with it.
Kenya has suspended Worldcoin's activities until the government agencies ensure there are no risks for Kenyans. The announcement was made by the minister of internal security on Facebook on August 2nd.
Bitcoin Ordinals team launches nonprofit to grow protocol development (2 min read)
A non-profit organization dedicated to growing the development of nonfungible tokens (NFTs) on Bitcoin has been launched by the team behind the Bitcoin Ordinals protocol.
The Open Ordinals Institute, a nonprofit organization based in California, will support the Ordinals protocol by funding the core developers, including Raph, the project's lead maintainer.