Month: July 2022

Aave DAO community adopts proposal for GHO stablecoin

A proposal to have the Aave DAO introduce a decentralised, multi-collateral-backed stablecoin dubbed GHO, has passed following a community vote, Aave Companies has announced. According to the platform, the USD-pegged stablecoin received a greenlight from the DAO community with an overwhelming support of 99.99%. The community has given the greenlight 🟢 for GHO 👻 The next …

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Bitcoin mining will lower retail electricity rates in the long term: Expert

Blockchain infrastructure and cryptocurrency mining company Blockware Solutions analyst Joe Burnett stated that the crypto community must debunk the myth that Bitcoin is bad for the environment. The expert discussed the need to adopt a complex and multidimensional view on energy use for crypto in the first edition of Cointelegraph’s research panel. Explaining his belief …

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Bitcoin touches $24,600 as bulls eye best month since October 2021

Bitcoin touched a high of $24,666 on Coinbase to leave the benchmark cryptocurrency on the cusp of its best monthly performance since October 2021. Bitcoin (BTC) rose to highs of $24,666 on US crypto exchange Coinbase on Saturday, hitting its highest price level since mid-June. BTC/USD is looking to establish fresh support after retesting the 200-week …

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Babel Finance lost $280 million of customer funds: report

Babel’s losses included 8,000 BTC and 56,000 ETH wiped out in unhedged proprietary trading positions, a proposal deck cited in a recent report detailed. Babel Finance, an embattled crypto lender that froze customer withdrawals in June amid the crypto market crash, reportedly lost over $280 million of its customers’ funds in bad trading bets, The Block …

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Honduras opens the ‘Bitcoin Valley’ in Santa Lucia

Honduras’ ‘Bitcoin Valley’ joins other bitcoin projects in Central America –  El Salvador’s ‘Bitcoin Beach’ Guatemala’s ‘Bitcoin Lake’, and ‘Bitcoin Jungle’ in Puntarenas, Costa Rica. Honduras has opened its own bitcoin city in Santa Lucia, a tourist town about 20 minutes from the country’s capital Tegucigalpa. People now have access to goods and services that …

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FDIC says deposit insurance does not apply to crypto

The FDIC says the public should note that deposit insurance does not cover non-bank entities and non-deposit products, including stocks and cryptocurrencies. The Federal Deposit Insurance Corp (FDIC), an independent US agency that insures deposits and helps protect customers in case of given bank failures, has released a clarification message for crypto investors concerning its …

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Is Cardano set for an explosive move as key breakout gets underway?

Cardano’s Vasil upgrade remains on course amid delays Investors have been snapping ADA ahead of the final mainnet launch The token eyes a key breakout as the price turns bullish Cardano ADA/USD investors are anxious. The much-publicized Vasil upgrade on the mainnet remains on course. The Vasil upgrade was already deployed on the Cardano testnet …

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CoinFLEX cuts staff amid efforts to trim costs by up to 60%

CoinFLEX co-founders Sudhu Arumugam and Mark Lamb say the goal is to be lean staff-wise and to remain ‘right-sized’ should potential acquisition proposals come in. Crypto exchange CoinFLEX has announced that it has cut its headcount by a significant number amid ongoing efforts to bring the embattled company back to its feet. The exchange, which is …

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The ‘macroeconomic situations’ drive adoption into Bitcoin, says Binance CEO

Binance CEO, Changpeng Zhao says Bitcoin has strong support near or at the $20,000 price level, and believes the crypto market is generally likely to see further adoption catalysed by the macroeconomic environment. Speaking in an interview with ‘Squawk on the Street’ on Thursday, the Binance chief noted that while no one can accurately predict the …

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Gensler maintains that crypto exchanges need to register with the SEC

US Securities and Exchange Commission (SEC) Chair Gary Gensler has severally pointed out that cryptocurrency exchanges and trading platforms cannot be treated differently from traditional stock exchanges. And amid the increased regulatory spotlight on crypto, helped by recent events, the SEC boss has renewed that call. In a video he shared on Twitter, Gensler says crypto …

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Binance successfully integrates TrueUSD (TUSD) TRC20 Network

In an announcement today, Binance, the world’s largest crypto exchange by daily crypto trading volume, said that it had successfully integrated the TrueUSD (TUSD) TRC20 Network on its platform.  An example of a cryptocurrency that uses TRC20 or USDT-TRON standard is Tether’s USDT that is launched on the TRON blockchain network. According to the announcement, the …

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Zimplex files for bankruptcy protection days after halting withdrawals

Zimplex, has reportedly filed for bankruptcy according to a corporate update released on Wednesday. The news comes just a few days after the Thailand-based crypto exchange temporarily halted withdrawals on July 20 before resuming limited withdrawals last week. According to the update, Zimplex specifically filed for bankruptcy protection against creditors’ legal action. The bankruptcy applications …

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Only1 review: redefining social media experience using NFTs

Only1 is an NFT-powered social media protocol that is built on Solana. It departs from the traditional centralized social media platforms like Twitter, Facebook, and Instagram by being a decentralized platform. Besides being a decentralized platform, Only1 uses non-fungible tokens (NFTs) to allow content creators to directly interact with their fans without the need for …

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