| |
| Hey Insider! Welcome back to the Inside Cryptocurrency newsletter! Today’s issue has again brought some of the biggest stories from the crypto market to your inbox, including Worldcoin’s suspension in Kenya, Kraken’s new contest for the NFTs that would appear on the race cars of Williams Racing, Coinbase CEO’s reiteration of plans for the Lightning Network integration, and more. Enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | Coinbase's CEO, Brian Armstrong, recently reiterated the platform's plans to integrate Bitcoin's Layer-2 scaling solution, Lightning Network, on Twitter. Armstrong, the top executive at the largest U.S. crypto exchange, made these statements nearly four months after he first hinted at plans for the integration. More: - In his Twitter post, Armstrong said they are actively exploring the best ways to integrate the Lightning Network.
- The renowned CEO also added that he wholeheartedly supports the payments taking off in Bitcoin.
- The reiteration came as a response to Twitter founder Jack Dorsey asking why Coinbase continues to ignore the Lightning network.
- A potential integration is expected to make Bitcoin (BTC) transactions on Coinbase faster and cheaper, decreasing the congestion on the main network.
Zoom Out: - Last month, rival Binance, the world's largest crypto exchange by trading volume, also integrated the Lightning Network into its platform, allowing users to utilize the Layer-2 solution for BTC deposits and withdrawals.
- Several other crypto exchanges, including Bitstamp, Bitfinex, River Financial, OKX, Kraken, and CoinCorner, similarly have the Lightning Network integration.
|     | |
| 2 | |  What the numbers say: The internal company documents viewed by The Wall Street Journal have revealed that Binance, the largest crypto exchange by trading volume, reached a $90.08B trading volume in crypto assets in China within May alone. The figure made the country Binance's largest market despite a crypto ban. China forbade cryptocurrencies, crypto transactions, and all crypto mining activities in 2021. However, the trading volume in the country accounted for 20% of Binance's total volume worldwide in May 2023. In the top five, China was followed by South Korea, Turkey, Vietnam, and the British Virgin Islands, respectively. All other countries other than the top five represented only less than 5% of the total volume.
Relevance: Earlier this year, Binance hit the headlines with a report that alleged company employees helped customers in China bypass the platform's Know Your Customer (KYC) identity verification measures. The report claimed that the employees aided Chinese customers through Discord and Telegram groups controlled by Binance, sharing some key techniques. The process allegedly allowed Chinese customers to access Binance by hiding their residence of country or origin. Another report from March also pointed out that Binance hid its substantial ties with China for several years, contradicting CEO Changpeng Zhao's (CZ) earlier statements that the platform left China after the country began scrutinizing the industry in 2017. Brands that should care: Following China's ban on crypto activities, many crypto exchanges operating in the country tried to find alternative ways to offer their services to Chinese customers. Being one of these exchanges, rival Huobi advised its users in China to apply for Dominican digital citizenship to allow them to trade on the platform. | | | |
| A message from our sponsor, impact.com. |  | | Introducing the Ultimate Guide to Influencer Marketing! Are you looking to harness the power of influencers to boost your brand's reach and engagement? Look no further. This comprehensive guide is your roadmap to success in the dynamic world of influencer marketing. Uncover the strategies and best practices that industry experts swear by. From identifying the right influencers to crafting compelling collaborations, this guide covers it all. We delve into the nuances of influencer selection, negotiation, and campaign measurement to ensure you achieve the desired impact. Gain valuable insights into the latest trends shaping the influencer landscape. Discover how to leverage micro-influencers, nano-influencers, and macro-influencers to create authentic connections with your target audience. Whether you're a seasoned marketer or new to influencer campaigns, this guide will equip you with the knowledge to navigate this ever-evolving field. Download your ultimate guide | |
|
| 3 | | Kenya has become the first country to suspend the local activities of OpenAI CEO Sam Altman's crypto project, Worldcoin, citing that the government agencies are evaluating the project's potential risks to public safety. The country's interior ministry made the announcement. More: - Interior Minister Kithure Kindiki said the country's security, financial services, and data protection watchdogs launched investigations to inquire about the legality of Worldcoin's activities.
- Kindiki also added that the government is concerned about how Worldcoin would use the biometric data it collects.
- Besides, the ministry declared that anyone engaging in Worldcoin's activities would face legal actions without elaboration.
- Worldcoin defines itself as a digital passport helping holders prove their identity, humanness, and uniqueness securely and privately through iris-scanning devices dubbed the "Orb."
- At the launch, the project already had two million users, who signed up and were verified through an Orb during the beta testing phase.
- There were more than 35,000 Kenyans signed up for Worldcoin in exchange for free WLD tokens worth around $49.09 as of Aug. 1.
- The team behind the project plans to accelerate sign-ups by deploying the Orbs in over 35 cities across 20 countries worldwide.
Zoom Out: - Worldcoin is also under scrutiny by German, French, and British data watchdogs.
- In response to the probes, Worldcoin stated that it adheres to strict privacy guidelines, adding that the project fully complies with all the biometric data collection and transfer regulations, including Europe's General Data Protection Regulation (GDPR).
- The increased scrutiny followed the official launch of Worldcoin's long-awaited WLD token on July 24 and the project's migration to the Optimism network.
| | | |
| 4 | | The U.S.-based video game retailer GameStop has announced that it would halt its crypto wallet services, citing regulatory uncertainty. The company said its iOS and Chrome Extension wallets would be removed from the market as of Nov. 1. More: - GameStop's crypto wallets allowed players to manage their crypto and NFT holdings and to use decentralized apps (dApps) built on the Ethereum network.
- The decision comes as the company has started withdrawing from its crypto strategy.
- The firm also previously downsized, which mainly affected its employees working on crypto and blockchain technologies.
- Besides, the collapse of FTX, the previously third-largest crypto exchange, in November 2022 forced GameStop to end its partnership with the platform.
- Meanwhile, the company launched its NFT marketplace last July but has seen a significant decrease in sales volumes due to an NFT market downturn and the increased competition among NFT marketplaces.
Zoom Out: - Last month, Sega, the Japanese video game giant behind popular games like Sonic The Hedgehog, made a similar move by partly abandoning its plans towards the blockchain gaming industry.
- France-headquartered video game publisher Ubisoft also previously withdrew investments in NFT games, citing low demand.
| | | |
| A message from our sponsor, NativePath. |  | | Say Goodbye to Dry Eyes, Stiff Joints, Aging Skin, and Varicose Veins This powerful Antarctic Krill Oil supplement from NativePath is formulated to address these common health issues. With a potent combination of krill oil, astaxanthin, and vitamin D3, its ingredients work together to promote healthy skin, reduce inflammation, and improve brain function. Natural and effective, it helps you feel your best by alleviating joint pain, dry eyes, and discomfort faster than over-the-counter anti-inflammatories. But that's not all – NativePath's mission is to help people live their healthiest lives possible. They believe that eating, moving, and living in harmony with the natural state is key to achieving optimal wellness. That's why they offer truly native products—or as close to nature as humanly possible, to help people look and feel their best. Stop suffering from joint pain, dry eyes, and discomfort. Try NativePath's Antarctic Krill Oil today for 66% off. Buy Now | |
|
| 5 | | The team behind the Ordinals protocol has established a registered non-profit organization, the Open Ordinals Institute, to fund the protocol's development. The organization will accept donations in Bitcoin, boosting the progress of the works of its core developers. More: - The team was previously funded by programmer Casey Rodarmor, who is attributed with the origin of the Ordinals protocol and gifted contributions to the developers.
- Supporters will be able to send their donations through the Ordinals.org site originally launched to share progress on the development of the protocol.
- The institute will also collect donations through two Bitcoin wallet addresses.
- A core developer, Ordinally, said the non-profit organization would be the cleanest way to support developers without breaching the protocol's values and goals.
Zoom Out: - Ordinals refer to the digital assets permanently attached to a satoshi or 1/100,000,000 of a full Bitcoin (BTC).
- The Ordinals protocol, allowing developers to inscribe various data file formats onto the Bitcoin network, launched in January by paving the way for Bitcoin-based NFTs, and since then, it gained massive popularity.
- Users have inscribed over 21 million Ordinals since the protocol's launch.
| | | |
| 6 | | The U.S.-based crypto exchange Kraken has launched a campaign to expand its user base and boost engagement among its users as part of its partnership with the British Formula 1 team Williams Racing. The campaign has paved the way for a contest giving the participants a chance to choose the NFT that would appear on Williams Racing's cars. More: - The contest started on Aug. 1 and will go up to Aug. 18.
- As part of the contest, NFT holders whose digital collectibles are listed on Kraken's native NFT marketplace can submit their NFTs.
- The top 20 assets among the submissions will be collaboratively chosen by Williams Racing and Kraken and put up for a community vote between Aug. 28 and 31.
- The results will see the four most popular NFTs and two NFTs selected by Williams Racing drivers Alex Albon and Logan Sargeant appearing on the race cars during the U.S. Grand Prix in Texas on Oct. 22.
- Kraken signed its multi-year sponsorship deal with Williams Racing in March as its first major sponsorship agreement.
- Within the deal's scope, Williams Racing placed Kraken's logo on the halo and rear wing of the cars, along with drivers and team uniforms, for the rest of the 2023 season.
Zoom Out: - Over the last several years, crypto gained massive popularity in Formula 1, with many crypto-related firms signing deals with racing teams, such as OKX, Kraken, Bybit, Mysten Labs, and Crypto.com.
| | | |
| 7 | | Quick Hits: - Elevate your cloud expertise with the AWS Cookbook. Practical, concise, AWS-focused: This resource is your key to cloud success.*
- Bankrupt crypto exchange FTX's former CEO, Sam Bankman-Fried, has raised his concerns that sending him to prison by revoking his bail agreement would violate his free speech right.
- Binance CEO Changpeng Zhao (CZ) has reportedly attempted to shut down the U.S. arm of the crypto exchange, Binance.US, to protect global operations amid a crackdown by the regulators in the country.
- Business intelligence company MicroStrategy has purchased another 420 Bitcoin (BTC) for $14.4M, taking its total Bitcoin reserve to 152,800.
- Big savings on an e-bike that'll help you live your best life this summer. Upway sells top-notch, certified e-bikes at up to 60% off retail prices. Get $150 off with code INSIDE.*
*This is a sponsored post. | | | |
| Upcoming Events | | OCT
4 | | Join this free hybrid event in Amsterdam and you'll hear from industry experts at Meta, Opera, AdGuard, Mozilla, Google, and more. | | | | | | | OCT
16 | | Meet Our Fund 5, Building and Investing in AI | | | | | | * This is a sponsored event | | | |
Term of the Day Stock-keeping unit (SKU): SKUs are unique identification codes used by retailers to track their inventory. Question of the Week Have you ever regretted a career decision? What would you have done differently? Join the conversation |
INSIDE CRYPTOCURRENCY LEADERBOARD (30 DAYS) |
 | 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 Christopher Hachey | |
| |
| |
|
| |
|
| |
Comments
Post a Comment