- Circle’s latest acquisitions: a partnership with Mastercard (NYSE:MA) and the source of USDC’s backing revealed.
- The European Union has called for restrictions on anonymous crypto wallets.
- The crypto unicorn herd runs: the FTX exchange and OpenSea.
- Whales spotted again: Cathie Woods and Rothschild Investment Corp buy the dip
- NFT news: the Sacramento Kings & the Toronto Raptors have Launched NFT Collections, Sushi gives away “LSD” NFT, Rolex NFT.
Circle’s Latest Acquisitions: Partnership with Mastercard and the Source of USDC’s Backing Revealed
One of the biggest and oldest crypto companies, Circle, released a double bout of news today. First of all, they have partnered with Mastercard for ease of crypto payments via regular credit/debit cards. As Circle is the issuer of the stablecoin USDC, Mastercard will use it as a bridge for those who want to pay in crypto.
Moreover, they revealed the sources backing their currency. As was to be expected, the sources vary, but the fact is they cover 100% of the total supply.
Flipsider:
- Just two months ago, Tether also revealed their reserves. The cynic in all of us can’t help but look at the question that arises here: why have those companies started becoming so transparent now? Is it governmental regulations or demands of the community?
The European Union Has Called for Restrictions on Anonymous Crypto Wallets
The European Commission (EC) has placed stricter regulations on anonymous cryptocurrency transfers. The executive branch of the European Union, the EC, confirmed a proposal which mandates all crypto service providers to ensure full traceability of cryptocurrency transactions, including the names of digital asset wallet owners.
The tighter regulations are expected to help combat counterfeit money laundering and terrorism financing.
The plan also includes a proposal to create a new EU authority, the AMLA, to supervise the riskiest financial institutions and fight money laundering, which still is a significant problem worldwide.
Flipsider:
- The idea is noble and welcome, but it’s still hard to imagine how it could be implemented in a decentralized P2P market, and in a world full of identity theft crimes nonetheless.
The Crypto Unicorn Herd Runs: The FTX Exchange and OpenSea
The crypto world reached a new high today. Though it’s not a new record in total crypto capitalization, the event still calls for champagne. This is at least the case for Sam Bankman-Fried, whose crypto exchange FTX, had the largest funding round in crypto history. The exchange attracted more than 60 investors, including Sequoia and Paradigm. The total inflow amounted to $900 million, and at the time of writing, the exchange is valued at $18 billion.
OpenSea became the latest crypto unicorn after raising $100 million in a round of funding. At the same time, the company announced its support of the Polygon blockchain, which made fees for trades on OpenSea free-of-charge.
Flipsider:
- Money, money, money
- Must be funny
- In the rich man’s world
- Money, money, money
- Always sunny
- In the rich man’s world
- © ABBA
Whales spotted again: Cathie Woods and Rothschild Investment Corp buy the dip
In this time of Bitcoin price correction, institutional investors have once again increased their crypto portfolios.
- Cathie Wood’s ARK Invest bought another 310,000 shares into Grayscale Bitcoin Trust (GBTC) on Tuesday, when Bitcoin dropped slightly below $30k. The purchase is worth nearly $8 million. Prior to the purchase, ARK Invest already held over 8.8 million GBTC shares, which accounted for 0.5% of the company’s total portfolio.
- Wealth management firm Rothschild Investment Corp also increased its crypto involvement during the recent dip. The company now holds 141,405 Grayscale Bitcoin Trust shares, which is over 3 times more than it held in April. Rothschild Investment Corp purchased over 265,000 shares in Grayscale’s Ethereum Trust earlier this year.
Flipsider:
- Smart whales simply use whatever opportunities they can to buy cheaper crypto. Just a few days ago, Grayscale launched its new Decentralized Finance (DeFi) Fund. With this in mind, institutions that have already invested in Bitcoin and Ethereum Trusts almost look conservative. No one would have expected that!
NFT news: The Sacramento Kings & Toronto Raptors Have Launched NFT Collections. Sushi Gives away “LSD” NFT. Rolex NFT
- The Sacramento Kings has announced its first foray into the NFT world with a collection called the “1985 Inaugural Pin Collection’’.
- The Toronto Raptors have surprised the world by releasing a set of six NFTs. It will put six brand new NFTs up for sale on July 23rd, giving fans exclusive opportunities to interact with the team.
- Sushi has released a limited-edition, LSD-themed NFT named “Bad Trip” to celebrate its launch. Sushi has announced the release of a new automated market maker, Trident. The AMM seeks to improve on capital efficiency and lower gas fees for users.
- The NFT marketplace 4K has raised $3 million to merge NFTs and luxury goods. The company aims to issue digital documents to luxury items such as Rolex watches and limited sneakers.
Flipsider:
- While releases of new NFT collections might be exciting, buyers should be urged to be aware of the market. Digital collectibles may be booming, but that doesn’t mean they’re safe to invest in.
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