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| Hey Insider! Welcome back to the Inside Cryptocurrency newsletter! Today's issue again covers a number of prominent headlines from the digital asset market, including Bitstamp's talks with strategic investors to raise fresh funding for expansion, Binance's new license in El Salvador, the decline in the value of monthly stolen NFTs, and more. If you find this newsletter helpful, please share it with a friend or colleague. Thanks for reading! Doğa
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| 1 | | Binance, the largest crypto exchange by trading volume, has received a Bitcoin services provider license and a digital assets services provider license in El Salvador. The move has taken the number of markets where Binance has a license to 18. More: - The grant will allow the company to offer crypto custody and digital wallet services, operate a crypto trading platform, and process crypto payments legally in the country.
- The license approvals came nearly seven months after El Salvador President Nayib Bukele, most famous for his Bitcoin-friendly approach, launched the National Commission of Digital Assets (NCDA) to oversee the crypto regulations.
- The latest licenses for Binance marked the first time the NCDA approved a company to operate a crypto exchange in El Salvador.
- In April, Bitfinex was also granted a digital asset service provider license through its arm in the country, Bitfinex Securities El Salvador.
- El Salvador became the first country to accept Bitcoin (BTC) as a legal tender in September 2021.
Zoom Out: - The license approval in El Salvador came amid a time Binance faced increased scrutiny by regulators worldwide, including the U.S., Australia, France, and Belgium.
- The company also recently withdrew from several markets in the West, including Canada, Austria, the Netherlands, Cyprus, the U.K., and Germany, mainly due to compliance issues.
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What the numbers say: Recent data compiled by the blockchain security company PeckShield has shown that the value of stolen NFTs decreased to $1.73M in July. The figure represents a 31% decline from $2.27M in the previous month and an 89% drop from the year's peak of $16.2M in February. PeckShield's study also pointed out that half of all the stolen NFTs were sold within 165 minutes. Blur has become the leading marketplace to host the sales of stolen NFTs, with a 67.3% rate. In the ranking, Blur was followed by OpenSea, with 19.63%. Relevance: The significant decline in the value of the stolen NFTs by month was mainly associated with the overall decrease in NFT trading volumes, which stems from a general NFT market downturn rather than a decrease in the number of stolen assets. The Block's data has recently pointed out that the NFT market experienced an over 17% decline in trading volumes in July compared to the previous month. In early July, the Web3 data platform DappRadar's report also revealed that NFT trading volumes worldwide declined to $2.9B in Q2, with a 38% decrease from $4.7B in the first three-month period of the year. Brands that should care: Over the past month alone, many high-profile NFT collections, including Bored Ape Yacht Club (BAYC), Azuki, Mutant Ape Yacht Club, and Pudgy Penguins, similarly saw a strong drop in floor prices due to the downward trend in the NFT market. The downturn has also impacted many NFT firms negatively. Last month, Dapper Labs, the firm behind the famous NBA Top Shot and CryptoKitties NFTs, had to lay off its 51 employees, representing 12% of its headcount. The move is the company's third round of mass layoffs in less than a year. | | | |
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| 3 | | Luxembourg-based crypto exchange Bitstamp's global CEO, Jean-Baptiste Graftieaux, has announced that the platform has been in talks to raise fresh funding with potential strategic investors since late June. Graftieaux said the funds will be used to accelerate the platform's growth by offering new products and services to retail and institutional customers. More: - The exchange aims to launch derivatives trading services in Europe next year, increase the number of markets it serves in Asia, and expand its operations in the U.K. using the new funding.
- A Bitstamp spokesperson stated that crypto-focused investment management firm Galaxy Digital Holdings acts as an adviser for the platform during the talks.
- Graftieaux also clarified that Bitstamp is not for sale, and they do not seek to sell the company but to raise money for growth.
Zoom Out: - Bitstamp, founded in 2011, was once a primary platform for Bitcoin (BTC) trading as one of the oldest crypto exchanges.
- The platform is currently the world's seventh-largest crypto exchange, with around $126M in daily trading volumes.
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| 4 | | The Central Bank of Brazil has revealed the official name and logo of its central bank digital currency (CBDC) through a press release. The CBDC, previously referred to as the digital real, has been rebranded as the Drex. 
More: - The central bank said the word "Drex" is an acronym.
- In the official name, the letters "D" and "R" refer to Real Digital, while the letter "E" stands for electronic, and the letter "X" conveys the idea of modernity, connection, and the use of distributed ledger technology (DLT).
- The official logo also came with two arrows within the capital "D," picturing the evolution of the national fiat currency "real" to its digital version.
- The bank stated that the transition from blue to light green colors in the arrows aims to convey the "transaction completed" message.
- The Brazilian central bank is currently piloting its CBDC with 14 project participants, including several giant firms such as Visa and Microsoft.
- The bank officials expect to launch the CBDC for mass adoption by the end of 2024 after they complete the testing phase.
Zoom Out: - Earlier in August, the Bank of Russia (BoR), the Russian central bank, also unveiled the official logo of its CBDC, or the digital ruble, which features an international ruble symbol in a circle with basic color combinations.
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| 5 | | The U.K.'s National Crime Agency (NCA) has posted a new job opening to hire four senior investigators who would work on crypto-related crimes as part of its Complex Financial Crime Team. The job posting will be open until Aug. 21. More: - The qualified applicants will investigate high-end crypto fraud, money laundering, and similar blockchain-based crimes carried out by organized crime groups.
- The potential candidates will also jointly work with a surveillance team, London police, other investigators, intelligence units, and analysis team members.
- The collaboration will see the hired investigators developing complex cases using data and evidence from different sources.
- The role requires the applicants to have a Professionalising Investigation Programme Level 2 accreditation or an equivalent government-issued qualification on investigative crime.
- The position's annual salary will range from £34,672 to £38,314 ($44,145 to $48,782), and the candidates will also access some civil service benefits.
- The move came shortly after the NCA published another job posting for two blockchain investigators who would oversee complex investigations involving cryptocurrencies and digital assets.
Zoom Out: - The NCA launched its digital assets team in January, increasing its focus on crypto-related crimes.
- Job openings by regulatory agencies worldwide for crypto and blockchain experts have lately become quite common amid concerns about the increase in crypto-related crimes, such as money laundering and terrorism financing.
- In July, the U.S. Department of Justice (DOJ) also announced its plans to double the number of prosecutors in its National Cryptocurrency Enforcement Team (NCET).
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| 6 | | Crypto exchange Blockchain.com has obtained a major payment institution license from the Monetary Authority of Singapore (MAS), the city-state's financial market regulator. The license will allow the platform to offer its payment services for digital assets to its institutional and accredited investor customers in a regulated manner. More: - The grant came nearly 10 months after the company received in-principle approval for the license in the region.
- The license is expected to further boost the firm's expansion plans for its presence in Asia.
- The MAS is most famous for its strict stance on the crypto market and stingy attitude toward approving a license.
- However, the regulator recently committed to investing up to $111.6M under a financial technology (fintech) and innovation program involving the Web3 space over the next three years.
Zoom Out: - Circle, the issuer of the second-largest stablecoin USD Coin (USDC), and the crypto exchange Crypto.com also previously obtained a permanent license for their digital asset services in Singapore after passing the preliminary stage.
- On the flip side, several other crypto companies, including Coinbase and Ripple, are still in the preliminary stage with their in-principle approvals from the MAS.
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- Kenyan police have reportedly raided a warehouse of OpenAI CEO Sam Altman's crypto project, Worldcoin, in Nairobi, seizing documents and electronic devices.
- Stablecoin issuer Circle's CEO, Jeremy Allaire, has stated that 70% of the USD Coin (USDC) adoption comes from countries outside the U.S.
- More than 60 fake tokens imitating PayPal USD (PYUSD) have launched on several blockchain networks within one day after the financial services giant PayPal introduced its own dollar-pegged stablecoin on Ethereum.
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Term of the Day Product-led growth (PLG): Product-led growth (PLG) is a marketing and sales strategy that focuses on using the product itself as the primary driver of growth. Question of the Week Do you think the 9-to-5 workday still relevant in today's modern workplace? Join the conversation |
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 | Staff Writer | | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | This newsletter was edited by Aaron Crutchfield | |
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