(Updated – August 21, 2024 4:14 PM EDT)
Richard Teng, the new CEO of Binance sees no need for an IPO – Coindesk”We are in very strong financial shape, so there’s really no need for us to consider any fundraising or an IPO at this time,” Teng said. “Since the fifth month of Binance’s operation, it has been profitable, and it has been very prudent in terms of spending. So [an IPO] is not a subject that has come up.” More
Expansion Enables Greater Access to Liquidity and New Institutional Use CasesAave, the leading DeFi protocol governed by the Aave DAO, today announced the launch of Aave V3 on Era Mainnet powered by ZKsync. With efficient and secure transactions provided by ZKsync technology, the launch of Aave V3 on Era is poised to bring liquidity and yield generation capabilities to the Elastic (NYSE:ESTC) Chain ecosystem. Users of Aave will gain access to advanced zero-knowledge (ZK) technology that provides low-cost transactions while deriving security from Ethereum using cryptographic validity proofs. As part of the integration, Chainlink will provide secure and reliable price feeds.DeFi Gateway for Institutional FinanceThe Aave deployment will also set the stage for privacy-focused DeFi applications. These applications will leverage Aave’s competitive liquidity, flexibility and conservative risk management to meet the increasing demand for enhanced privacy in DeFi. Additionally, this deployment is expected to unlock new institutional use cases, ranging from private networks to networks tailored for specific asset classes, risk profiles, and user segments. This integration also unlocks new opportunities for the Aave-native overcollateralized stablecoin GHO and future products, such as fast, cost-efficient payments.After positive technical evaluation done by BGD Labs and positive risk analysis by Chaos Labs and asset/parameters recommendations by the risk service providers, BGD had deployed the integration and the Aave DAO has approved USDC, USDT, WETH and wstETH as the initial assets available on Era. The initial risk parameters for each asset can be found here.The Aave DAO is committed to redistributing any airdrops received from the ZKsync ecosystem via liquidity mining towards Aave users. The distribution will include GHO secondary liquidity incentives, safety module deployments, and merit programs. Aave Chan Initiative (ACI), one of Aave DAO’s service providers, will coordinate any liquidity mining campaign on the ZKsync Aave V3 deployment, on behalf of the Aave DAO.The deployment governance proposals can be found here and here.ContactM Group Strategic Communicationsppadovano@mgroupsc.comThis article was originally published on Chainwire More
Bitcoin Infinity Day being celebrated today holds special significance for Bitcoin enthusiasts and serves as a reminder of the finite supply of Bitcoin.The date Aug. 21 can be written as 8/21. The number “8” represents the infinity symbol, “, ” while “21” refers to the maximum supply of Bitcoin that will ever exist, which is set at 21 million.Saylor’s statement is a reference to one of the most fundamental aspects of Bitcoin: its fixed supply. Unlike typical fiat currencies, Bitcoin’s total supply is limited to 21 million coins.By stating, “Imagine everything, divided by 21 million,” Saylor highlights Bitcoin’s finite supply. This scarcity remains a key component of Bitcoin’s value proposition.The funding rate for Bitcoin perpetual futures, which estimates how bullish or bearish speculators are might signal a bullish reversal for the BTC price. Aug. 20 had the lowest seven-day average annualized funding rate since March 2023, according to K33.The cryptocurrency market has been in a cautious mood lately, with Bitcoin continuing to lose ground in August following its inability to stay above the $60,000 mark.Concerns that the U.S. government might be selling seized tokens have recently impacted Bitcoin’s price. Traders are also anticipating crucial comments by Federal Reserve Chair Jerome Powell, whose indications about likely interest-rate decreases might cause volatility.At the time of writing, BTC was down 2.03% in the last 24 hours to 59,492, about $14,250 below its March all-time high.This article was originally published on U.Today More
Thus, for the first cryptocurrency, Brandt observes a “megaphone” or “expanding triangle” pattern on the weekly and daily charts. These formations usually indicate expansive price swings in both directions, which often precede a decisive breakout or breakdown out of the range. However, he notes that a clear trend has yet to emerge for Bitcoin, and the lookout for further developments is needed before making any substantial investment decisions.It’s interesting to note that when the veteran trader was then asked about what would signal a resumption of Bitcoin’s long-term uptrend – a breakout above the diagonal resistance line or breaking the horizontal line at the $74,000 level – he dismissed the relevance of diagonal resistance, saying he doesn’t factor it into his analysis.Suming up, Peter Brandt thinks that Bitcoin will keep on moving in a pretty wide range, which is likely to expand further until it breaks out of one of those boundaries. We’re probably going to see more volatility, too, along with a lot of dramatic price pertrubations. It’s worth mentioning that the veteran trader’s previous outlook on altcoin included a short set-up with targets of $1,641 per ETH.This article was originally published on U.Today More
Broader risk sentiment also cooled as Wall Street snapped an eight-day winning streak, with traders now seeking more positive cues to extend a mid-August rebound rally. Bitcoin dropped 2% to $59,570 by 09:07 ET (13:07 GMT) after failing to hold above the $60,000 support level.A wallet associated with Mt Gox was seen mobilizing about $2 billion worth of Bitcoin, potentially preparing for more token distributions.The defunct exchange began returning tokens stolen during a 2014 hack back to clients in early-July, and had initially triggered steep losses in Bitcoin’s price by sparking fears of increased supply and a mass sale event. But while Bitcoin did recover most of the initial losses, traders still remained on edge over any more potential distributions by the exchange. It is also unclear just how much Bitcoin Mt Gox holds, although the exchange was seen moving some $9 billion worth of tokens earlier this year. Bitcoin recovered a bulk of losses marked in early-August as fears of a U.S. recession dwindled.But the token struggled to break above the $60,000 level consistently, amid few positive signals for crypto markets.While broader risk sentiment was buoyed by expectations of interest rate cuts and a soft landing for the U.S. economy, Bitcoin mostly lagged a stronger recovery in stocks.This trend also came amid dwindling capital inflows into crypto investment products. Trading volumes in the products were also at a fraction of highs seen during the launch of spot Bitcoin exchange-traded funds (ETFs) earlier this year, data showed this week.But despite an underwhelming performance in recent months, institutional investors continue to boost their exposure to ETFs, according to a report from asset manager Bitwise on Monday.”The biggest question in crypto right now is whether institutions and professional investors will allocate to crypto in a major way,” Bitwise said.The report highlighted that the total number of institutional investors holding bitcoin ETFs increased by 14% in the second quarter, rising from 965 in the first quarter to 1,100. Moreover, these investors’ share of the total assets under management (AUM) in bitcoin ETFs grew from 18.74% to 21.15%, with institutions ending the quarter holding $11 billion in BTC ETFs.”This is a great sign,” the note states. “If institutions will buy bitcoin when prices are volatile, imagine what could happen in a bull market.”Bitwise also addressed the criticism that bitcoin ETFs are primarily held by retail investors, calling this claim “simply untrue.” The firm noted that institutions have adopted these ETFs “at the fastest rate of any ETF in history.” While most ETFs gain momentum gradually, Bitwise predicts that bitcoin ETF inflows will be larger in 2025 than in 2024, and even bigger in 2026.”The institutions are coming, and they’re coming in size,” the report emphasized.Broader altcoin prices drifted lower on Wednesday, tracking losses in Bitcoin. World no.2 token Ether fell 2.2% to $2,581.85SOL and XRP shed between 1.6% and 3%, while MATIC and ADA added 7% and 2.2%, respectively. Among meme tokens, DOGE slipped 0.5%.Markets are focused squarely on more cues on U.S. interest rate cuts this week, with the minutes of the Federal Reserve’s late-July meeting due later on Wednesday. The Fed had struck a dovish chord during the meeting.Fed Chair Jerome Powell is set to speak at the Jackson Hole Symposium on Friday, and is set to potentially offer up more cues on interest rates, amid growing expectations that the central bank will cut rates in September.Ambar Warrick contributed to this report. More
The yet-to-be-named stablecoin will be rolled out in collaboration with UAE-based tech giants Phoenix Group PLC and Green Acorn Investments Ltd. While the companies did not provide a specific launch date, Tether CEO Paolo Ardoino said obtaining licensing from the Central Bank of the UAE will be the next step, and could take a few months.The Dirham-pegged stablecoin will be fully backed by liquid UAE-based reserves, following Tether’s reserve standards to “ensure stability and trust in its value,” Ardoino said in a press release. The new token is expected to streamline international trade and remittances, reduce transaction fees, and provide a hedge against currency fluctuations.The UAE’s central bank has already paved the way to regulate cryptocurrencies pegged to real assets. In June, it approved a plan to oversee and license stablecoin arrangements, specifically those backed by the UAE dirham. While the details are still being ironed out, the step is part of the UAE’s push to become a leader in crypto space under its Financial Infrastructure Transformation Programme. Currently, stablecoins not backed by the dirham are regulated by Dubai’s Virtual Assets Regulatory Authority (VARA). While there are still some questions over how existing payment service providers will be affected, the proposed framework creates a clear path for regulated stablecoins in the UAE.Tether’s expansion into the UAE market comes as the issuer continues to expand its services beyond its flagship USDT, which is the largest stablecoin by market value and a key component of the digital asset ecosystem.The company has recently launched USDT on the Aptos blockchain to reduce gas fees to “only a fraction of a penny,” it said in a statement earlier this week.Tether’s USDT is available on multiple blockchains, with Tron leading the way at $60.73 billion in net circulation, followed by Ethereum at $52.59 billion. More
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is listing the highly anticipated $DOGS token on its Spot trading platform. The listing will go live on August 26, 2024, at 12:00 UTC. This new edition reflects Bybit’s dedication to offering its global trading community the latest and most exciting tokens.As one of the recommended crypto exchanges to support the $DOGS airdrop, Bybit is committed to offering its global trading community the latest and most exciting tokens. The $DOGS token, a part of the TON-blockchain-based $DOGS project, has garnered significant attention and popularity, attracting millions of users and becoming a prominent player in the tap-to-earn market. Over 8 million verified users have already claimed their airdrop.With its recent surge in popularity, $DOGS is now competing with notable memecoins like Hamster Kombat. The project’s official Telegram group has experienced an impressive 80% user increase overnight, now boasting over 16 million subscribers. This rapid growth underscores the strong community support and potential for future development.To celebrate this momentous launch, Bybit has rolled out a series of exclusive promotions with a total prize pool of 3,410,000,000 DOGS:#Bybit / #TheCryptoArkAbout BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, please visit Bybit Press. For media inquiries, users can contact: media@bybit.comFor more information, users can visit: https://www.bybit.comFor updates, users can follow: Bybit’s Communities and Social MediaContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More
BANANA, the idle TON game, continues its meteoric rise hitting 5 million users in less than three weeks. This milestone cements BANANA’s position as one of the fastest-growing TON games and highlights the immense potential of the TON blockchain for user engagement.Backed by CARV, a leading modular data layer for gaming and AI, BANANA’s success story began with a bang, gaining 1 million users in just 72 hours post-launch. To date, BANANA counts more than 1M daily active users, 1.4M connected social accounts, and 45M in-game tasks completed.In BANANA, players enter a world where they collect a wide array of Bananas, each with unique attributes and rarities. Clicking on Bananas rewards players with points (PEELs), and when luck is on their side, players can trade these Bananas for various rewards, including points and USDT (up to 500 USDT), ensuring engagement.At the heart of BANANA’s appeal is the CARV Protocol, a revolutionary data layer that empowers users with unprecedented data sovereignty. Players can own, control, and monetize their in-game data, participating directly in the value their engagement generates. About CARVCARV Protocol is a modular data layer that facilitates data exchange and value distribution across the gaming and AI sectors. It encompasses end-to-end data flow processes, including data verification, identity authentication, storage, processing, model training, and value distribution. With CARV Protocol, every individual can now own, control, verify, and monetize their data, revolutionizing how data is used and shared, by ensuring privacy, ownership, and control are firmly in the hands of individuals, pioneering a future where data generates value for all. Join the vibrant community on Twitter (X), Discord and Telegram.ContactCOOVictor Yuvito@carv.ioThis article was originally published on Chainwire More
