At the time of writing, XRP is trading at $0.6024, up 18.15% in the last 24 hours.

Ripple will be fined $125,035,150 and the court will issue a final judgment.

A court filing states that Ripple was fined $125 million as a result of its ongoing action with the U.S Securities and Exchange Commission (SEC). At the time of writing, XRP is trading at $0.6024, up 18.15% in the last 24 hours as per data from CMC.

According to the filing signed by New York Judge Analisa Torres, the SEC’s request for remedies and the entry of final judgment was partially granted and partially refused. Ripple will be fined $125,035,150 and the court will issue a final judgment prohibiting future breaches of the securities laws.

While speaking in July, Ripple CEO Brad Garlinghouse predicted that the company’s remaining legal matters will be resolved “very soon.” The SEC claimed in 2020 that Ripple raised $1.3 billion via the sale of XRP, an unregistered securities, and charged the company with the crime.

Slap on the Wrist

Since Ripple used a blind bid method for certain of its XRP transactions (known as programmatic). Judge Torres determined over a year ago that these sales did not break securities laws. On the other hand, she determined that further token sales to institutional investors constituted securities.

The SEC had requested a $2 billion punishment, but Ripple has offered a lesser amount. It ought to be closer to $10 million, according to Ripple. However, in a May filing, the SEC characterized Ripple’s proposed penalty as a “slap on the wrist.” Despite the fact that it was larger than its own. On Wednesday, Judge Torres also issued a ruling ordering Ripple to refrain from future violations of securities regulations.

Concerning the potential liability of Garlinghouse and co-founder Chris Larsen for their roles in unlawful securities sales, the SEC sought dismissal of their complaint against them in October.

Highlighted Crypto News Today:

Nexera Suffers Major Cyberattack, $2.9 Million in Tokens Stolen

The FCA discovered over 200 rule violations little over two weeks after rule implementation.

In June of 2023, the FCA made an announcement on the introduction of new rules.

The UK’s financial watchdog, the Financial Conduct Authority (FCA), has issued fresh guidelines for cryptocurrency companies that promote cryptocurrency services. In October 2023, the FCA implemented laws regarding the marketing of cryptocurrencies and has since been assisting the sector in meeting these requirements.

The authority looked at how businesses were putting the rules for advertising crypto services into action. It picked businesses that met the criteria, contacted them for information, and even paid them a visit.

Stringent Compliance

The Financial Conduct Authority (FCA) was interested in hearing how businesses were handling the following: the 24-hour cooling-off period; customer classification; determining whether an investment was suitable; maintaining records; and doing due diligence on cryptocurrency assets. They classified their results as either excellent or bad practices.

Moreover, most of the suggestions made on the subjects were simple. Also, some of the suggestions had greater weight. According to the evaluation, several companies’ due diligence was too concerned with determining if the cryptocurrency constituted a security in other countries, rather than being adapted to meet the needs of UK regulators.

In June of 2023, the FCA made an announcement on the introduction of new rules in October of the same year. Regulated in August 2022, they were to supersede such regulations. The FCA anticipated that not all businesses will be in compliance by October. And extended the deadline for others until January 8, 2024.

The FCA discovered over 200 rule violations little over two weeks after the promotional regulations were implemented, according to the statement. After its banking partner was subject to limitations, even Binance had compliance challenges.

 Highlighted Crypto News Today:

Solana Eyes $150: SOL Climbs To Major Resistance

The fact that Michael Saylor owns Bitcoin is not shocking, but the magnitude of his holdings is.

The company has managed to purchase a total of 226,500 Bitcoin units as of July 30th.

Michael Saylor has come clean about his Bitcoin (BTC) ownership. He is the co-founder and chairman of the American software and business analytics company MicroStrategy. Previous rumors about Saylor’s personal Bitcoin bets were confirmed when he made this announcement earlier today.

The fact that Michael Saylor owns Bitcoin is not shocking, but the magnitude of his holdings is. Just so you know, Saylor supposedly came clean about his personal ownership of almost $1 billion worth of Bitcoin. His continuous accumulation of Bitcoin at MicroStrategy is widely believed to be the primary focus of his attention among industry insiders.

Banking on Bitcoin

It turns out, however, that he cares just as much about his own interests as his business intelligence software company’s. All eyes were on MicroStrategy’s Bitcoin buying binge for a long time. In 2020, shortly after the worldwide COVID-19 epidemic struck, the company started to acquire BTC under Michael Saylor’s leadership.

The company has managed to purchase a total of 226,500 Bitcoin units as of July 30th, four years later. The total value of this hoard is around $12.7 billion at the current market price. So, about 10% of MicroStrategy’s stockpile equates to Saylor’s personal Bitcoin ownership.

Intense BTC adoption is being recorded throughout the whole digital currency ecosystem, coinciding with this Michael Saylor update. Bitcoin is becoming more prominent in several areas, including the US political scene and spot Bitcoin ETF products.

A lot of different areas are competing for cryptocurrency products since Bitcoin has gone a long way since the SEC authorized the selling in the US. Both Australia and Hong Kong have already launched such products in their regions, after the SEC’s January approval.

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Solana Eyes $150: SOL Climbs To Major Resistance

Solana (SOL) experiences a 10% upswing in 24 hours, reclaiming pivotal price zones.

Technical indicators suggest fading selling pressure and potential for continued uptrend.

Key resistance levels at $160, $175, and $180 pose challenges for SOL’s recovery.

Solana (SOL) has demonstrated remarkable resilience in the face of recent market turbulence, staging a major recovery after a steep decline.

The fifth-largest cryptocurrency by market capitalization has rebounded from its recent low near $110, marking a dramatic turnaround that has caught the attention of market participants.

Solana shows major surge, dethrones other altcoins

Currently oscillating between $153 and $155, SOL’s price action suggests a delicate balance between bullish momentum and lingering bearish pressure.

The token’s recent performance has been nothing short of impressive, with a 10% surge in the past 24 hours catapulting it to the fifth position in terms of trading volume.

This upswing comes on the heels of a severe correction that saw SOL shed over 50% of its value in less than a week. However, the current market structure indicates a potential shift in sentiment, with selling volume noticeably diminishing.

Technical indicators offer further insight into SOL’s potential trajectory. The Directional Movement Index (DMI) shows signs of an impending bullish crossover, with the positive and negative directional indicators (+Di and -Di) diverging.

Complementing this, the Moving Average Convergence Divergence (MACD) histogram suggests a waning of selling pressure, potentially providing bulls with a solid foundation for sustained upward movement.

Solana’s price has now surged above the average range of its descending parallel channel, a development that opens up the possibility of testing higher resistance levels.

The $160 mark looms as the first significant hurdle, followed by more formidable resistance at $175 and $180. These levels have previously proven challenging for SOL, with multiple failed attempts to breach them in the past.

Looking ahead, Solana’s ability to maintain its upward momentum while navigating these key resistance zones will be crucial. The $184 level stands out as a pivotal resistance point, representing a psychological and technical barrier.

Polkadot (DOT) experiences a price decline over the past week, briefly dipping below $4.

Technical indicators suggest strong selling pressure and potential for continued downtrend.

Key moving averages may act as resistance levels, potentially hindering DOT’s recovery.

Polkadot (DOT) finds itself at a critical juncture following a tumultuous week in the cryptocurrency markets. The digital asset’s value has seen a major erosion, plummeting over 10% in just seven days.

This downward spiral culminated in DOT briefly trading below the psychologically important $5 threshold, a level not seen since November 2023. DOT touched a low of $3.75 before staging a modest recovery to its current trading price of $4.59.

Decoding Polkadot’s Technical Landscape

An analysis of DOT’s technical indicators on the daily chart paints a challenging picture for bulls hoping for a swift recovery above the $5 mark.

The Directional Movement Index (DMI), a key metric for gauging trend strength and direction, reveals a pronounced bearish bias.

The negative directional indicator (-DI) stands at 40.69, towering above its positive counterpart (+DI) at 6.20, signaling robust selling pressure in the market.

Complementing the DMI readings, the Average Directional Index (ADX) adds weight to the bearish narrative. Currently trending upwards at 43.37, the ADX suggests that the downward momentum is not only strong but potentially sustainable in the near term.

This confluence of indicators presents a formidable headwind for any immediate bullish aspirations.

Further compounding DOT’s technical woes is its position relative to key moving averages. The asset currently trades below both its 20-day exponential moving average (EMA) and 50-day simple moving average (SMA).

These moving averages, typically viewed as dynamic support and resistance levels, now loom overhead as potential barriers to recovery. Their current configuration suggests that both short-term and medium-term market sentiment leans bearish, potentially capping upward price movements.

Looking ahead, these moving averages may serve as critical resistance levels in any attempted rally. Should DOT manage to muster buying pressure, it may face significant selling around these averages.

The corporation bought 84,080 HOOD stocks, valued at more than $1.4 million.

Ark Invest began repositioning COIN and related equities amid market slump.

Following stretches of selling, Cathie Wood of Ark Invest has increased her stock purchases of Coinbase (COIN) and Robinhood (HOOD). As investors pay more attention to market fluctuations, the asset manager keeps changing its holdings. Following the prior slump caused by macroeconomic issues, the cryptocurrency market has regained momentum.

In response to the recent jump in cryptocurrency prices, Ark Invest increased its holdings by buying additional Coinbase shares on August 6. The corporation increased its holdings by buying 84,080 HOOD stocks, valued at more than $1.4 million, and 13,833 COIN stocks, valued at almost $2.6 million. On the past trading day, the equities reached $17.21 and $194.17, respectively.

Repositioning Crypto Equities

This follows the asset manager’s repurchase of shares in the publicly traded cryptocurrency exchange. The business spent around $17.8 million to acquire 93,797 shares on August 5th.

After Bitcoin’s price dropped, causing the asset to trade below $50,000 for the first time in five months, Ark Invest began repositioning COIN and related equities. At the time of writing, bitcoin is trading at $55,897 as per data from CMC.

Whenever asset prices fall, it has a direct impact on cryptocurrency equities, which means that exchange and Bitcoin mining companies all take a little hit.

Nevertheless, digital asset stocks have been influenced by the recent gains in bitcoin and global financial markets. Traders continue to include COIN in their bullish estimations, as its price has increased by 2.48% in the last 24 hours. With $1.4 billion in sales, Coinbase surpassed expectations. The dip in HOOD stock caused Cathie Wood to add 84,080 shares to her portfolio.

Highlighted Crypto News Today:

Hong Kong’s Mox Bank Offers Bitcoin and Ether ETFs Trading

The perpetrators wasted no time transferring the tokens, which were valued at around $2.9M.

An unidentified address gained control of Nexera’s proxy contract.

A significant cyberattack has hit the blockchain platform Nexera. Theft of 47 million NXRA tokens occurred as a consequence of this security compromise.

The blockchain security company Cyvers Alert uncovered this flaw when it saw an unusual transaction utilizing Nexera’s proxy contract. An unidentified address gained control of Nexera’s proxy contract, updated it, and then transferred NXRA tokens via the withdraw admin function, resulting in the breach.

The perpetrators wasted little time transferring the tokens, which were valued at around $2.9 million when the hack occurred. Later on, the NXRA tokens were exchanged for Ethereum (ETH).

Investigation Underway

In addition, it is becoming more difficult to locate and retrieve the assets since a portion of them have already been transferred to the Binance Smart Chain (BNB Chain). Also, 14.7 million NXRA were changed into USDT, according to PeckShield Alert.

Nexera confirmed the vulnerability and reassured stakeholders in an official statement that they are thoroughly investigating the hack. The important measures done by the firm to lessen the impact and stop more losses were underlined.

In reaction to the crypto attack, the team quickly halted the NXRA token contract. Furthermore, it put a stop to trade on decentralized exchanges. To put a halt to NXRA trade, they are also collaborating with centralized exchanges.

Additionally, Nexera has issued a statement advising all token holders to immediately stop trading while investigations are ongoing. Data from CMC shows that after news of the crypto hack, the price of Nexera fell to a record low of $0.01815.

Highlighted Crypto News Today:

Hong Kong’s Mox Bank Offers Bitcoin and Ether ETFs Trading

The first virtual bank to provide direct trading of spot BTC and Ether ETFs on its platform.

The digital bank aspires to establish itself as a worldwide standard from its headquarters.

A Hong Kong-based virtual bank is considering expanding into spot trading markets after launching crypto exchange-traded fund trading for clients.

The first virtual bank to provide direct trading of spot Bitcoin ETFs and Ether ETFs on its platform, Mox, a subsidiary of Standard Chartered, made history on August 7 when it announced the introduction of a crypto ETF service.

Moreover, as part of its strategy to diversify its revenue streams, the bank is looking at forming a partnership with a legitimate cryptocurrency exchange that would enable customers to buy and sell cryptocurrency directly.

While US-listed derivatives ETFs charge 0.01% per share with a minimum of $5, Hong Kong-listed spot and derivatives ETFs charge 0.12% of transaction volume with a minimum of 30 Hong Kong dollars ($3.85), and Mox is marketing itself as a cost-effective alternative for crypto ETF trading.

Establishing Itself as a Global Standard

Furthermore, Hong Kong is aiming to become a crypto center for the Far East, and on April 30, spot crypto ETFs were approved and started trading there. The digital bank debuted in September 2020 and claims that 28% of its clients have cryptocurrency holdings, with 18% of those customers engaging in active cryptocurrency trading.

According to Mox CEO Barbaros Uygun, the digital bank aspires to establish itself as a worldwide standard from its headquarters in Hong Kong via constant innovation and a keen awareness of market trends.

In the meanwhile, Mox’s chief product officer Jayant Bhatia told the South China Morning Post that the introduction of the crypto ETF is only the beginning of what the bank plans to provide in the crypto investment arena.

Highlighted Crypto News Today:

Ripple Announces Partnership with UAE’s DIFC Innovation Hub

Toronto, Canada, August 7th, 2024, Chainwire

In a groundbreaking move that bridges the gap between traditional finance and digital innovation, The INX Digital Company, Inc. (Cboe CA: INXD, OTCQB: INXDF, INXATS: INX) (“INX”), through its broker-dealer subsidiary, INX Securities, LLC, Member: FINRA & SIPC, a leader in regulated Real World Asset trading, has announced a strategic association with Muriel Siebert & Co., LLC, Member: FINRA & SIPC, (“Siebert”), a prominent name in traditional financial services, and a wholly owned subsidiary of Siebert Financial Corp. (NASDAQ: SIEB). This collaboration marks a significant milestone in expanding On-Chain Real World Asset (RWA) investment opportunities to Siebert’s long-established relationships. This association will enable Siebert’s extensive network of clients and/or potential issuers to connect with INX’s cutting-edge marketplace for the primary issuance and secondary trading of Real World Assets (RWAs). Siebert’s introductions to INX will enable those relationships to leverage INX’s innovative RWA tokenization capabilities and offer a new realm of investment possibilities, including high-profile sectors such as entertainment, sports, and global sports franchises.

The Siebert-INX association is poised to help redefine the investment landscape by merging traditional financial service relationships with modern digital asset opportunities. This referral relationship will facilitate a bridge from conventional financial services to the dynamic world of blockchain technology, offering an introduction of secure and regulated pathways for capitalizing on digital securities and tokenized asset opportunities.

Shy Datika, CEO of INX, stated, “Our association with Siebert represents a significant step towards merging the traditional and digital financial worlds. By opening access to Siebert’s extensive client base and relationships, INX is broadening the scope of investment opportunities and providing access to previously untapped sectors. This collaboration underscores our commitment to financial inclusion and innovation, paving the way for a new era in RWA tokenization.”

John J. Gebbia, CEO of Siebert Financial Corp. (NASDAQ: SIEB), added, “Entering into this referral agreement with INX aligns perfectly with Siebert’s vision of advancing financial innovation while maintaining the highest standards of compliance and security. This association allows Siebert to introduce our clients and financial sector relationships to a regulated and reliable platform for investing in RWA tokenized assets, enhancing their investment experience, and expanding their opportunities within the digital economy.”

This collaboration not only expands Siebert’s reach into the emerging field of blockchain technology but also reinforces INX’s position as a pioneer in digital asset trading, setting new standards for the integration of traditional and digital investment avenues.

About INX:

INX provides regulated trading platforms for digital securities and cryptocurrencies. With the combination of traditional markets expertise and a disruptive fintech approach, INX provides state-of-the-art solutions to modern financial problems. INX is led by an experienced and dedicated team of business, finance, and technology veterans with the shared vision of redefining the world of capital markets via blockchain technology and a disciplined regulatory approach.

About The INX Digital Company, Inc.: INX is the holding company for the INX Group, which includes regulated trading platforms for digital securities and cryptocurrencies. The INX Group’s vision is to be the preferred global regulated hub for digital assets on the blockchain. The INX Group’s overall mission is to bring communities together and empower them with financial innovation. Our journey started with our initial public token offering of the INX Token in which we raised US$84 million. The INX Group is shaping the blockchain asset industry through its willingness to work in a regulated environment with oversight from regulators like the SEC and FINRA. For more information, please visit the INX Group website here.

About Siebert Financial Corp.: Siebert is a diversified financial services company and has been a member of the NYSE since 1967 when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms. Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT,LLC, Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC and StockCross Digital Solutions, Ltd. Through these entities, Siebert provides a full range of brokerage and financial advisory services including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at www.siebert.com.

Contact

Alan Silbertinvestorrelations@inx.co

With $64.48 million, Fidelity’s FBTC was the most heavily-pendered bitcoin fund yesterday.

The converted GBTC fund run by Grayscale had withdrawals of $32.18 million.

Net outflows of $148.5 million were recorded by U.S. spot bitcoin exchange-traded funds on Tuesday, continuing their bearish outlook.

With $64.48 million, Fidelity’s FBTC was the most heavily-affected bitcoin fund yesterday, according to statistics from SoSoValue. The converted GBTC fund run by Grayscale had withdrawals of $32.18 million, while the ARKB funds managed by Ark Invest and 21Shares saw net outflows of $28.88 million. On Tuesday, Franklin Templeton’s Bitcoin fund also suffered a loss of $23 million.

Yesterday, no new investments were announced for seven different exchange-traded funds (ETFs) tracking bitcoin, including BlackRock’s IBIT, the biggest spot ETF by net asset value. Spot bitcoin ETFs exchanged $2.2 billion in value on Tuesday. The twelve funds have had a combined net inflow of seventeen.19 billion dollars since their January debut.

Market Rebound Underway

The spot Ethereum ETFs, however, had net inflows of $98.3 million on Tuesday, bringing the total daily positive flow to $98.3 million.

The ETHA fund managed by BlackRock received $109.89 million, the biggest inflow. Withdrawals from Fidelity’s FETH totaled $22.49 million, Grayscale’s mini trust received $4.7 million, and Franklin Templeton’s ether fund received less than $1 million. Ethereum funds have lost $363 million since their debut on July 23rd, while yesterday’s trading volume was $330.13 million.

Since the worldwide market crash on Monday, both bitcoin and ether have been rebounding at a faster rate. According to CMC data, the price of bitcoin at the time of writing is $57,140, up 4.47% in the last 24 hours. Moreover, the trading volume is down 32.05%.

Highlighted Crypto News Today:

Ripple Announces Partnership with UAE’s DIFC Innovation Hub

According to research done by Aventus & Airport Perishables Handling (APH) at Heathrow Airport, airlines may save 7% overall on their cargo handling operations by using Web3-based solutions.

Since the 1990s, the global ULD management tool set has not changed, and it mainly depends on manual data inputs. This presents serious problems for data visibility and accuracy, secure information sharing, and pricey ULD losses, damages, and delays, which cost airlines more than $1.6 billion a year.

Web3 provides a strong response to the problems with conventional ULD administration using blockchain technology, by:

Enabling tamper-proof, immutable records that provide a single source of truth, resolving conflicts, and enhancing regulatory compliance;

Minimizing mistakes and cutting down on administrative expense by using self-executing smart contracts to automate manual tasks;

To help airlines manage operations, real-time insight into ULD location, custodianship, and condition is made possible. Data exchange is also streamlined.

Aventus, a market leader in providing end-to-end Web3 solutions for businesses and parachain on Polkadot, discovered through a pilot study at Heathrow Airport that the cargo handling industry benefits greatly from its end-to-end blockchain-based solution in terms of data visibility, accuracy, and operational efficiency.

90% decrease in communication errors and mishaps due to digital data collection;

83% less time spent on manual documentation;

Real-time decision-making is made possible by an 81% decrease in the interval between ULD stock updates—from 3–4 hours to only 30 minutes.

A 28% decrease in loading times brought about by improved ULD loading workloads.

Alan Vey, Founder at Aventus, comments:

“These results are truly remarkable, underscoring the transformative potential of blockchain for not only the aviation industry but for supply chains globally. We are proud to be empowering enterprises to enhance data accuracy, reduce operational inefficiencies, and achieve greater transparency. As we expand our partnerships across North America, Europe, the Middle East and Asia, we anticipate these results to only improve via network effects.”

Michelle Roosevelt, Director at Aviation Perishables Handling, adds:

“Aventus’ technology is fast and responsive, which is key in our busy airport environment. We’ve seen huge improvements in productivity. The app is more than a tool – it’s reshaped how we manage and track our aircraft containers, and the Aventus team’s support and expertise in meeting our needs has been outstanding.”

With the help of Aventus’ aviation solution, the Polkadot ecosystem now boasts relationships with big businesses such as Vodafone’s Digital Asset Broker, Aviation Perishables Handling at Heathrow Airport, and other major airlines in Asia and the Middle East.

One may download the whole report here for more details on the research.

Through the development of cutting-edge Web3 solutions for companies, Aventus revolutionizes how consumers build trust and spur growth. These solutions improve product authenticity, traceability, and transparency while also making experiences more integrated and linked. Aventus, which was established in 2020, is the only reputable digital product extension platform that offers clients a dependable and safe Web3 environment in which to introduce industry-leading initiatives and product activations.

Aventus provides the greatest feature sets of Web3 with the familiarity of Web2, fostering major brand recognition, trust, and business growth for its clients. The company has extensive industry experience and a thorough grasp of corporate demands. Its end-to-end, production-ready Blockchain-as-a-Service software is scalable, flexible, and interoperable, providing customers with the adaptability they need to seize quickly changing market possibilities.

Leading cryptocurrency firm Ripple announced a partnership with the DIFC Innovation Hub. 

The XRPL blockchain has shown increased performance in the past month.

US-based cryptocurrency firm Ripple announced a partnership with the Dubai International Financial Centre (DIFC) Innovation Hub. The partnership aims to promote blockchain and digital asset innovation in the UAE. The firm has made several advancements toward global expansion in the past few months. 

According to Ripple’s press release, the DIFC partnership will introduce crypto and blockchain among early-stage companies and scale-ups. Moreover, it also aims to introduce the technology to traditional large strategic institutions. 

Additionally, in the recent past, Ripple committed one billion XRP in the form of grants toward enhancing the global development of the XRP ledger. It also planned to introduce new use cases for the ledger. Following the announcement, the XRP token showed price surges in the last 24 hours. 

Ripple’s CEO Brad Garlinghouse stated: 

“Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as the XRPL continues to be a leading blockchain for the region’s start-ups and scaleups building real use cases.” 

Moreover, Garlinghouse also discussed the UAE’s global supremacy in providing clarity in regulations for licensed firms that offer virtual asset services. Notably, the DIFC is a leading financial centre for Islamic Finance in the UAE and Africa. 

Ripple’s Advancements in the Past Few Months

The Ripple ecosystem has announced several advancements in the past few months. Recently, the blockchain launched its own stablecoin pegged to the US dollar, the Real USD (RLUSD). Moreover, the ecosystem is also expecting to launch a spot XRP ETF in the coming months. 

Furthermore, recently, Ripple’s blockchain XRPL has shown increased activity in the past month according to Santiment’s data. Moreover, in the past week, the Ripple ecosystem announced that it would be investing $10 million in tokenized US treasury bills. 

Finally, the recent partnership with DIFC, as aforementioned, is aimed at the ecosystem expanding its use-cases and application beyond the US and incorporating global needs. 

Highlighted Crypto News Today:

Pro-Crypto Democrats Press VP Kamala Harris to Reconsider Crypto Stance

Nekodex, a new on-chain crypto exchange from Perpetual Protocol, is now offering spot trading to users, combining several recent Ethereum usability improvements that reduce the complexity associated with buying and selling cryptocurrencies across multiple blockchains.

Nekodex users can sign up in seconds and start trading without needing to understand or worry about installing wallets, managing gas fees, or bridging between chains. The exchange offers a wide range of tokens from various chains, including Ethereum, Optimism, Base and Arbitrum, and lets users buy and sell with a few taps from their smartphones.

Nekodex positions itself as the first on-chain exchange to combine passkey authentication,  account abstraction and chain abstraction, as well as a PWA-based mobile UI. These tools combine to create what the team behind Nekodex are calling “Defi’s iPhone moment”, recalling the iPhone’s innovation combining several existing technologies into a new user experience that ultimately was a hit with a mass audience. 

The result hoped for is a new crypto trading experience that is not only easy to use and intuitive, but also gives the end user custody over their funds while greatly increasing security by using passkeys, a new authentication standard which simplifies password management and ensures the credentials can only be used with the correct website. This leads to greatly enhanced security of users’ private keys, preventing loss, phishing attacks and the plethora of social engineering scams that plague the crypto industry.

Nekodex is also Perpetual Protocol’s first foray into the spot trading market. The perpetual futures trading for which the team is originally known will return in a future version, expected to launch in the coming months.

For more information about Nekodex, please visit:

Website: https://nekodex.org/

Twitter (X): https://x.com/Nekodex_app

Discord: https://discord.perp.com/

Telegram: https://t.me/perpetualprotocol

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

Brisbane, Australia, August 7th, 2024, Chainwire

Australian gemstone company NYBlue Pty Ltd has emerged as a key player working to redefine the global gemstone market. The company’s strategic venture involves a plan to secure control over the world’s blue zircon supply, a move that holds the potential to reshape the value dynamics of the global gemstone market. 

Previously this month, the company released its whitepaper, detailing its current pre-sale and subsequent public float of its ‘real world asset’ cryptocurrency, following its announcement of holdings of more than one million carats of the rare gemstone.

NYBlue’s primary strategy lies in systematically increasing its current holdings, to continue acquiring all available Cambodian blue zircons, establishing control over the supply chain and potentially influencing the future value of these precious stones.

Earlier today company representatives were interviewed on CryptoBanters’ Town Hall podcast, to announce the launch of their RWA token pre-sale which has garnered considerable interest from the crypto community since being announced earlier this year.

A video released by NYBlue questions rhetorically “What would be a more appropriate display of affection, for your significant other; a piece of compressed, common, carbon, or instead something more ancient than Earth, exceedingly rare, and twice as brilliant as diamond? 

NYBlue majority shareholder, Mitch Brownlie has stated “We believe that Cambodian blue zircon deserves recognition as one of the most extraordinary, underappreciated and undervalued gemstones on the market” 

The Australian company NYBlue; is financed by Australian AgTech founder & former political advisor; Mitch Brownlie, who has recently discussed the project on various podcasts; often comparing the NYBlue project with a previous gemstone rally; when the African gemstone ‘tanzanite’ surged from obscurity, to reach parity with Diamond. 

Tanzanite Spot Price – An inspiration for NYBlue.

NYBlue draws inspiration from the historical trajectory of the tanzanite market, where prices experienced a tenfold increase over three years. The company anticipates a similar trajectory for zircons, aligning its strategy with past successes to project a potential surge in value. 

NYBlue, has previously announced its plan to launch its gemstone-backed cryptocurrency codenamed ZIRC where each token is fully backed by and redeemable for a 1-carat blue zircon gemstone. This approach allows consumers to benefit from the rise of blue zircon without the risks of volatility associated with traditional cryptocurrencies. Owners of Zirc tokens will have the option to redeem their cryptocurrency for gemstones at any time, ensuring a stable, arbitrage-enforced peg between the two assets. 

NYBlue aims to acquire the majority of globally available gem-quality blue zircons, effectively positioning itself as a dominant force in the market. This approach is designed to exert influence over the supply chain, creating a ripple effect on the market value of blue zircons across the industry.

NYBlue’s strategic initiative is not a short-term play; it is an ambitious endgame to secure a controlling stake in the multi-billion-dollar gemstone market. With a collection of gemstones valued at around $300m, NYBlue aspires to redefine the gemstone narrative on a global scale. This venture positions the company as a significant player, with the potential to impact the industry’s landscape for years to come.

In their quest for dominance in the gemstone market, NYBlue has announced a new and highly disruptive initiative; the launch of a blockchain-backed cryptocurrency named ZIRC, with each unit of the blockchain being fully backed by; and redeemable for a 1 carat blue zircon gemstone. This innovative approach allows individuals to participate in the potential rally of blue zircon values, by offering exposure to the underlying commodity without the inherent risks associated with traditional highly volatile cryptocurrencies.

Buyers have the option to redeem their ZIRC tokens for actual gemstones at any time, effectively eliminating the possibility of the token’s value dropping below the market price of the gemstone itself, providing consumers with a tangible and secure asset. This strategic integration of blockchain technology not only enhances transparency and security but also democratises access to the exclusive world of the international gemstone trade.

NYBlue’s PreSale is now live on Zir.co.nz

About Zirc

Zirc offers a cryptocurrency fully backed by blue zircon gemstones. Each ZIRC token is redeemable for a 1-carat blue zircon, providing a stable and tangible asset. The platform aims to integrate blockchain technology to enhance transparency and security, making it accessible for individuals to participate in the gemstone market without the risks associated with traditional cryptocurrencies. Zirc’s approach democratizes access to blue zircons and offers a unique investment opportunity backed by real-world assets.

Contact

DirectorMitch BrownlieNYBlue Pty Ltdredeem@nyblue.com

Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a task-oriented Quest platform within the Trust Wallet mobile app which encourages users to earn points while learning about Web3 and interacting with Trust Wallet features.

Users can engage in missions, which are task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and dApps. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.

In the future, users can utilise their Trust Points for other gamification purposes, such as unlocking achievements, badges, or levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.

On the motive for launching Trust Points and Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet said: “We see this as a great way to care for and empower our active and loyal community under the true collaborative spirit of Web3. As we grow, we are committed to sharing the benefits of our success with our users and community.”

Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”

The introduction of Quests on Trust Wallet further solidifies the company’s mission to build a seamless and accessible Web3 hub and open ecosystem for all. Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests.

About Trust Wallet

Trust Wallet is the secure, self-custody Web3 wallet and gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, as well as buy, sell, and stake crypto to earn rewards — all in one place and without limits.

With support for 10+ million digital assets across 120+ blockchains, more than 1 million supported swap pairs, and native staking options on 20+ chains, Trust Wallet is a true multi-chain wallet, enabling users to access the Web3 world safely and conveniently.

Since 2017, Trust Wallet’s mission has been to simplify and democratize crypto, ensuring accessibility for everyone. By building the foundations for the future of the free web, Trust Wallet aims to give everyone the freedom to truly own their digital assets.

For media enquiries, contact: press@trustwallet.com

About Trust Wallet Quests

Trust Wallet Quests are a fun and gamified way to learn about blockchain technology and decentralized applications (dApps), making Web3 more approachable. As you engage in task-based challenges (Quests), you earn Trust Points, which can be redeemed for various rewards, adding an extra layer of excitement to the learning process. Learn more here: https://trustwallet.com/blog/trust-wallet-quests-faq

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

US Presidential Candidate Donald Trump’s pro-crypto stance is gaining traction but Harris’s ‘crypto reset’ receives criticism.

Ripple CEO Brad Garlinghouse advocates for a progressive crypto stance.

As the 2024 presidential race intensifies, the debate over cryptocurrency policy has taken center stage, particularly within the Democratic Party. Pro-crypto Democrats urge Vice President Kamala Harris to reassess her stance on digital currencies amid growing political pressure and shifting public opinion. 

The call for reconsideration comes as former President Donald Trump gains momentum with his increasingly favorable stance towards cryptocurrencies. Harris, who has previously voiced concerns about the risks associated with digital currencies, faces mounting pressure from within her party to pivot her position.

Harris’s Crypto Stance in a Tough Spot

Advocates argue that her current stance may alienate a younger, tech-savvy electorate that is increasingly supportive of crypto innovation. Trump’s recent endorsement of digital currencies has further complicated the debate. Trump’s positioning on this issue has galvanized his base and cast a spotlight on the Democrats’ need to present a more nuanced and forward-thinking approach to cryptocurrency.

Adding to the pressure on Harris, Brad Garlinghouse, CEO of Ripple, recently tweeted in support of a more progressive crypto stance. He emphasized the potential of digital currencies to drive financial inclusion and innovation. Garlinghouse’s tweet has been widely shared and discussed, amplifying the call for Harris to reconsider her position.

In addition to internal party pressure, some in the crypto industry are voicing criticism of current regulatory approaches. Nick Nickel, a notable figure in the crypto community, criticized SEC Chair Gary Gensler’s approach to cryptocurrency regulation, arguing that the SEC has overstepped its authority. “He’s way out of his lane,” Nickel said. 

Additionally, a study by the Pew Research Center indicates that over 60% of Americans aged 18-34 have a favorable view of cryptocurrencies, suggesting that a pro-crypto stance could be a strategic advantage for the Democratic Party. Moreover, key Democratic policymakers and influential tech leaders emphasize that a well-regulated crypto market could enhance the United States’ position as a leader in financial technology and attract significant investment. 

Highlighted Crypto News Today:

BOJ Says No to Interest Hikes Amid Unstable Markets

 Bitcoin holders have accumulated $23 billion worth of the cryptocurrency in just 30 days.

 The surge in accumulation occurs amid market volatility and regulatory challenges.

In a striking display of confidence, Bitcoin holders, often referred to as “hodlers,” have significantly increased their positions over the past month. Data from on-chain analytics platforms reveals that these long-term investors have collectively added substantial Bitcoins. Approximately $23 billion worth of BTC have been added to their holdings in just 30 days.

CryptoQuant founder and CEO Ki Young Ju recently shared his insights on the social media platform X, stating, “I’m pretty sure something is happening behind the scenes.” Ju went on to make a bold prediction, suggesting that within a year, various entities such as traditional finance (TradFi) institutions, companies, governments, and other organizations “will announce that they’ve acquired Bitcoin in Q3 2024.” This forecast aligns with the growing trend of institutional adoption of cryptocurrencies, particularly BTC, as a hedge against inflation and a store of value.

As the Bitcoin ecosystem evolves, the actions of these committed hodlers and sell-offs may play a crucial role in shaping the asset’s future. Their unwavering belief in Bitcoin’s potential, as evidenced by this substantial accumulation, could serve as a stabilizing force in an otherwise turbulent market.

Bitwise CIO Sees Opportunity in Crypto Crash for Bitcoin

Earlier this week, the price of the leading cryptocurrency crashed below $50,000 due to the global stock market crash. As a result, market sentiment plunged back into extreme fear territory. 

At press time, BTC is currently trading at $56,856 marking a 1.84% increase. The 24-hour trading volume stands at $47 billion, reflecting a 41.49% decrease. The Relative Strength Index (RSI) is at 36.03, suggesting that Bitcoin is in the oversold territory.

According to Bitwise CIO, Matt Hougan, the recent crypto crash is seen as a potential catalyst for Bitcoin’s growth. Moreover, he believes that the market’s downturn can clear out weaker assets, allowing BTC to gain strength. Key reasons for this optimism include institutional interest, regulatory clarity, and Bitcoin’s fundamental resilience. Despite the crash, these factors are expected to help Bitcoin thrive in the long run.

Highlighted Crypto News Today:

Metaplanet Eyes More Bitcoin Acquisition Via Stock Rights Offering

BlackRock and Nasdaq filed with the SEC, seeking options trading for ETHA.

Ethereum ETFs show strong inflows despite market turbulence.

BlackRock and Nasdaq have filed with the SEC to add options trading to the iShares Ethereum Trust (ETHA). Final SEC approval is anticipated by April 9, 2025, with pending approvals from the OCC and CFTC. This move, disclosed in a regulatory filing, aims to enhance market dynamics and provide investors with extra tools for exposure to Spot Ethereum ETF.

The filing highlights that adding options to the ETHA will offer cost-effective and versatile investment strategies. Nasdaq’s experience with commodity ETFs, such as the iShares COMEX Gold Trust and iShares Silver Trust,  builds its confidence in expanding these to the crypto sector.

James Seyffart, an ETF analyst of Bloomberg shared that the SEC has a 21-day window for public comments on the proposal, with a final decision expected around April 9, 2025. This decision will also require approval from the Options Clearing Corporation (OCC) and the Commodity Futures Trading Commission (CFTC).

Since spot ETH ETF’s launch on July 23, 2024, the iShares Ethereum Trust has seen substantial growth. ETHA’s assets under management (AUM) have increased to $521 million, tripling its market dominance from 3% to 9%. 

However, ETHE remains the largest in the sector with $4.77 billion in AUM. This development mirrors BlackRock’s Spot Bitcoin ETF surpassing Grayscale’s GBTC.

Ethereum’s Market Strength And Outlook

Despite a bearish trend, ETHA saw $48.73 million in inflows on August 5 and nears $900M inflows showing resilience amid market turbulence. The ETH market shows strong buying from both traditional and crypto investors. During the recent dip, 152.4K ETH was withdrawn from exchanges, indicating strong buying pressure. Whales bought over $331 million in ETH during the recent dip.

Technically, Ethereum is stabilizing around $2,500, with potential for a rebound. Despite bearish signals from the Moving Average Convergence Divergence (MACD) indicating ETH is oversold. Simple Moving Averages (SMA), and the Relative Strength Index (RSI) indicate that ETH might have bottomed and is set for a rally. In conclusion, options trading for iShares Ethereum Trust highlights cryptocurrency’s growing role in traditional markets.

Highlighted Crypto News Today:Grayscale Ethereum ETF Outflows Near $2.3 Billion

The Japanese Yen extends its losses against the US Dollar, leading the Bank of Japan not to raise rates when markets are unstable.

Japan’s benchmark Nikkei 225 stock index jumped by 10.2%.

The Bank of Japan (BOJ) confirmed today that they will not raise interest rates amid turbulent financial and capital markets. Deputy Governor of BOJ, Shinichi Uchida stated the need of maintaining monetary easing with the current policy interest rate in a meeting in Japan. 

The Japanese yen continued its losses against the US dollar; this downfall could be the major concern behind Uchida’s confirmation. Thus, unlike the U.S. and Europe, the BOJ didn’t mention about the future plans of implementing rate cuts.

Significantly, the Deputy Governor emphasized the influence of stock market’s volatility on  corporate activities and consumption and subsequently on the central bank’s decision-making process. Due to observing high volatility in domestic and overseas financial markets, he also affirms the need to maintain the current levels of monetary easing.

The BOJ’s interest rate would change if market volatility affected its price, the economy, and the achievement of the 2% inflation target. Moreover, Japan’s benchmark Nikkei 225 stock index jumped by 10.2%, or 3,217 points, in its biggest one-day point gain after yesterday’s drop. Similarly, stock markets in Taiwan and South Korea rebounded, rising around 3.5% after record falls.

BOJ’s Plans to Raise Interest Rate

At the end of July, the Bank of Japan decided to raise the overnight call rate target and Japan’s benchmark short-term lending rate around 0.25 pct from a range of zero to 0.1 pct. The short-term policy rate is now the highest since 2008. 

Whereas, only 26% of market players expected a rate rise, as per a survey of 181 bond investors conducted by Nikkei affiliate QUICK on July 23–25. However, investors are expecting a rate hike either in September or October.

The Bank of Japan Policy Board uniformly decided to shorten the monthly pace of its Japanese government bond purchases, which will be about 3 trillion yen in January–March 2026, down from 6 trillion yen. Furthermore, the BOJ will conduct an interim assessment of the plan at its monetary policy meeting in June 2025. 

Highlighted Crypto News

Grayscale Ethereum ETF Outflows Near $2.3 Billion

FU Capital is a pioneering platform that focuses on bridging the gap between traditional finance and decentralized finance (DeFi) through the tokenization of RWAs (Real World Assets). The platform is delighted to announce its recent fundraising achievements and share details about forthcoming developments.

In the most recent milestone, the Founders Sale and Seed Sale have both successfully concluded, with the Private Sale now open. The TGE (Token Generation Event) is scheduled for Q3, 2024.  FU Capital’s ‘Beta’ platform is also live and undergoing comprehensive internal testing. The public launch is anticipated in several weeks, offering users access to an array of innovative services designed to alter the way asset backed consumer and business loans are approached. 

Strong Investor Confidence

FU Capital has successfully raised $1.12 million through its Founders and Seed Sale rounds, highlighting strong investor confidence in the platform’s vision. This significant financial backing supports the platform’s efforts to revolutionize the intersection of conventional and decentralized finance.

As a next step, the platform is now inviting investors to participate in its Private Sale with a target raise of an additional $700,000. The tokens are priced at $0.035 each, placing FU Capital’s valuation at $14 million. This represents an enticing entry opportunity for early stage investors looking to  engage with the project. In addition, FU Capital aims to stand out from the competition through its unique approach of merging P2P (Peer To Peer) lending with traditional finance and DeFi.

“Investing in FU Capital has been a significant addition to my portfolio. I believe FU Capital is on track to become the next blue-chip crypto project, fundamentally transforming the RWA space. Their commitment to transparency, robust corporate culture, and financial expertise sets them apart. I am confident this investment will yield substantial returns and  significantly bolster my Web3 investment portfolio.” – Kirill Klinberg, VP at Bank of America, Seed Investor at FU Capital.

What Does FU Capital Provide?

By focusing on underserved markets, the platform creates valuable liquidity and growth opportunities for asset originators. It also democratizes investment by giving retail investors access to previously inaccessible credit markets, thereby making these investment opportunities more inclusive and rewarding.

As FU Capital continues to reshape the global financial sector, it remains at the cutting edge of tokenizing and fractionalizing RWAs for retail investors. Its worldwide P2P platform therefore not only tokenizes asset backed loans, but also connects asset managers with more affordable capital sources, particularly in emerging markets by enhancing liquidity through a secondary marketplace.

In the broader context, the TVL (Total Value Locked) in decentralized finance protocols for RWAs surpassed $6 billion in 2023. With expectations that tokenized RWAs will reach $15 trillion by 2030, FU Capital’s focus on emerging markets and its ability to offer previously untapped investment opportunities further distinguish it in a competitive landscape.

“FU Capital is transforming finance by combining DeFi with real-world assets, offering unique investment opportunities through our innovative business model. With our proven financial expertise and a team of dedicated professionals, we ensure that our focus on innovation and security not only meets but surpasses the expectations of both our stakeholders and community. Our vision is to become the leader in debt-capital market tokenization, setting new standards for the industry.” –  Beka Tchulukhadze, CEO at FU Capital 

Past Accomplishments And Future Goals

FU Capital’s team has a track record that speaks volumes – over 50 third party asset originators from regions including MENA, LatAm, and Southeast Asia are lined up to join, alongside 20,000 retail investors already onboarded. Furthermore, investment opportunities from 10 of the platform’s affiliated international  fintech companies will be listed as well. Over 20,000 retail investors on FU Capital’s Web2 platform have already deposited a cumulative $90 million USD in fiat and $7 million USD in crypto. Of these deposits, $45 million USD are now invested as part of  the platform’s AUM (Assets Under Management).

AvaFin, founded in 2011 by Davis and Matiss, aimed to provide online loans in Latvia. By 2017, it reported nearly €100M in revenue and had 500 employees across 7 countries. In 2022, AvaFin achieved close to €9M in net profit, before outdoing itself with €14M in 2023.

Esketit.com, established in 2021 by the same founders, provides financing in developing regions. By the end of 2022, the platform opened to third-party Asset Managers, with investors depositing €57M in fiat and €7M in crypto for investment in real-world assets (RWA). 

In terms of FU Capital’s target metrics, the goal is to onboard 30,000 investors, and see the FDV (Fully Diluted Value) of $FUT rise to $28 million USD. The $28 million target will also be at public sale price, and the goal will be to at least increase the token’s value several times in the first year. Lastly, the average investment amount that the platform expects to reach is $500.

About FU Capital

FU Capital connects DeFi investors with real-world asset investment possibilities on-chain. By recording loan terms, interest, and principal repayment on blockchain protocols and smart contracts, the platform enables trustless, transparent investment options that are supported by the asset owners’ balance sheets.

FU Capital aims to be at the forefront of tokenizing and fractionalizing RWAs for retail investors. It is a global P2P platform that facilitates the tokenization of asset-backed loans and connects asset managers with more affordable capital sources. With a commitment to rigorous security and regulatory compliance, FU Capital also aims to ensure investor protection and confidence at all times.Davis Barons and Matiss Ansviesulis, co-founders of the highly successful AvaFin Holding, formerly known as Creamfinance, founded FU Capital as a cryptocurrency alternative to their pre-existing successful company, Esketit. Led by industry veterans such as Beka Tchulukhadze, Davis Barons, Matiss Ansviesulis, and Edgars Zarins, and supported by a robust advisory board,  FU Capital boasts a capable team with extensive experience in Web3, fintech, and traditional finance. The advisory board also includes experts of blockchain development, marketing & community building and partnerships. With one of the leading Web3 Marketing Agencies on the market, the FU Capital team is planning to start active community-building in the coming weeks. For more information and regular updates, visit FU Capital’s official website, alongside its X, Telegram, and LinkedIn channels. Download the pitch deck here. Interested parties can also book a meeting to learn more.

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.