Table of Contents
Welcome to today’s overview of crypto news:
BTC has been struggling lately. It failed to hold above $ 49,000 over the weekend, and the bears used it to push south. The result was a break below $ 48,000 and a few hours ago below $ 47,000. In fact, BTC has dropped to $ 46,730 today. Since then, however, the situation has changed considerably and BTC has approached the $ 48,000 mark, which it has not yet managed to overcome.
While most altcoins have stagnated lately, Solana has taken attention only to herself. After breaking the $ 100 mark yesterday, it only rose and reached the latest record on the $ 120 price tag.
Ethereum has also been doing well since yesterday, adding more than 6% of the value and approaching the $ 3,400 mark.
According to the REKT database, a total of $ 1.7 billion was lost from DeFi misuse
This year, there has been so much misuse of decentralized funds that one protocol has taken steps to create a so-called “DeFi REKT database”. In an announcement on August 30, the DEX DeFiYield cross-chain asset management platform and aggregator introduced its latest offering, a database of DeFi fraud, hacks and exploits.
The team has compiled a database of rug pulls, vulnerabilities, hacks, questionable projects and exit scams dating back to 2016. Cumulatively added up the total amount lost, which he said is an incredible $ 1.7 billion from 2,516 “REKT” projects over the past five years.
Banks, crypto exchanges, companies
Chinese gaming company The9 is expanding into the NFT area
Chinese gaming company The9 Ltd., which reoriented itself to cryptocurrency mining earlier this year, presents plans to enter into business with the NFT, reflecting the company’s ambition to expand its blockchain-based business.
The Nasdaq, The9, has announced that its Singapore subsidiary NFTSTAR Singapore Pte. Ltd. will launch an NFT trading platform and the NFTSTAR community in the fourth quarter of this year, the company said in a statement.
The new platform will accept credit card payments to make it easier for ordinary consumers to get involved. However, as China continues to curb cryptocurrency mining, it appears to be taking a looser stance on the NFT while maintaining pressure on cryptocurrency trade and speculation.
Australia is reviewing laws for Apple and Google cryptocurrencies
Finance Minister Josh Frydenberg said the government would “carefully consider” the recommendations of the report on digital wallet services. The report proposes that payment systems keep pace with technological progress and demand for products.
Apple Pay, Google Pay and WeChat Pay are three of the services that are under government scrutiny. These offers have grown exponentially in recent years, but are not in fact referred to as payment systems. This puts them just outside the scope of existing regulations.
PayPal is reportedly going to invite Robinhood to trade
U.S. payment giant PayPal is reportedly exploring ways to offer stock trading after launching cryptocurrency trading services last year.
PayPal is seeking to buy or partner with a broker-dealer to launch its own stock trading service to compete with competitors such as Robinhood’s cryptocurrency stock trading application, CNBC said on August 30.
The report, citing anonymous sources, states that PayPal has conducted relevant interviews with potential players in the industry, but is unlikely to launch a new investment service this year. According to CNBC, a possible approval of PayPal as a brokerage firm by the Financial Industry Regulatory Authority could take more than eight months.
The Central Bank of Nigeria is working with fintech Bitt Inc to introduce the CBDC
In Monday’s announcement, the Central Bank of Nigeria (CBN) said it had chosen Bitt Inc. based on “technological capability, efficiency, platform security, interoperability and implementation experience.” It also took into account the experience of the Fintech company with the development of the digital currency DCash, which was launched by the East African Central Bank in April.
The announcement of the partnership came on the same day that the CBN issued preliminary instructions for its digital currency, the CBDC called e-Naira. The Central Bank of Nigeria’s initiative called Project Giant will be linked to the value of the country’s fiat currency, the naira. The CBN reportedly plans to launch a CBDC pilot operation in October, although a central bank in nearby Ghana is also considering the early introduction of a digital currency.
Hong Kong regulator warns investors against digital tokens and ICOs
The Hong Kong Securities and Futures Commission warned on Monday that digital tokens and initial coin offers (ICOs) could be involved in unauthorized collective investment schemes (CISs), and called on investors to be extremely careful.
The SFC warning comes at a time when the regulator added two real estate-related CIS investment projects and the “LABS Security Token” to its list of suspected unauthorized CIS on the same day. The LABS token, issued by the LABS Group, enables partial investments in real estate projects.