Monday August 15, 2022
◾ Galaxy Digital (GLXY) is terminating its previously announced acquisition of digital asset custodian Bitgo. (Galaxy)
◾ Digital asset financial services company EQONEX (EQOS) is streamlining its operations and proactively closing its digital currency exchange. (Eqonex)
◾ Russia is planning to release a phased roll-out of the digital ruble and will use its CBDC for real money settlement by next year. (Beincrypto)
Government & NGO Actions
◾ The Governor of Iran’s Central Bank reiterated that while it is legal to mine digital currencies or use them for import payments, it remains illegal to buy or sell digital currencies in the Islamic country. (News.bitcoin)
◾ The Reserve Bank of Zimbabwe (RBZ) is about to publish a white paper on the use of a CBDC that will be followed by a 90-day consultation period to obtain stakeholder feedback on the perceptions of a digital dollar. (RBZ)
◾ Brazil's central bank Governor Roberto Campos Neto says he expects to see the end of credit cards as consumers move to an open financial system with instant digital payments. (Reuters)
◾ Puerto Rican regulator have forced Bitcoin critic Peter Schiff to liquidate Euro Pacific Bank after international tax authorities accused the bank of failing to properly conduct AML-KYC diligence. (NYTimes)
◾ The CFTC has changed an Ohio-resident of fraudulently soliciting and misappropriating $12 million and at least 10 bitcoin from over 150 customers. (CFTC)
Public Company Releases
◾ Sphere 3D (ANY) mined 37 bitcoin in the second quarter increasing revenues to $1.9 million, but reported a net loss of $40.7 million driven by the loss on notes to Gryphon Digital for $13 million, bitcoin impairment expenses of $12 million and D&A of $7 million. (Sphere3d)
◾ Applied Blockchain (APLD) entered into an adjustable, secured $15 million loan agreement. (Globenewswire)
Restructuring, Losses and Legal News
◾ Vauld said India’s Enforcement Directorate has issued an order to the bankrupt crypto lender to freeze INR 2040 million in customer assets because of the activities of a single account holder. (Vauld)
◾ Singapore’s High Court granted South East Asian digital currency exchange Zipmex protection from creditor lawsuits until December 2nd.
◾ Investors in Zipmex are urging its CEO to resign citing a lack of trust and responsibility for the exchanges’ capital difficulties. (Bloomberg)
◾ Brazilian crypto lending platform BlueBenx reported a $31 million hack resulting in the suspension of customer withdrawals and the reported firing of all employees. (Pymnts)
Protocols, Applications & Business News
◾ Skynet Labs, the developer of data storage platform Sia, was unable to raise a new funding round and is ceasing operations, but the decentralized platform will remain in operation. (Skynetlabs)
◾ Point 72 Asset Management is establishing a crypto-only asset manager. (Blockworks)
◾ Japanese bank Sinsei is offering new clients $60 in bitcoin and ripple (XRP) as an incentive to open an accout. (Finbold)
◾ FTX is partnering with Paradigm Partners to launch one-click futures spread trading. (Paradigm)
◾ Axie Infinity has removed the token reward system from its original game and moved the token economy into a new game called Axie Infinity Origin. (Axie)
◾ Vaculug, Europe’s largest independent tire retreader plans to begin accepting payment in bitcoin and ether and will allow customers to sign fixed-price contracts based on crypto per kilometer or crypto per vehicle. (Cision)
Exchange, Custody and Product Updates
◾ Gate.io has been granted a trust license to offer virtual asset custody services by Hong Kong’s regulators. (Coindesk)
◾ Binance has received in-principle regulatory approval to offer crypto services in Kazakhstan. (TheBlock)
Thoughts on the Ecosystem
◾ Maxime Bernier, the founder of the People’s Party of Canada, is against the issuance of a CBDC warning it “will be a way for the government to control everything that you’re doing… It’s another way to [gain control] in a totalitarian country.” (Finbold)
◾ Billionaire investor Mark Cuban says that investing in metaverse real-estate is
“the dumbest s–t ever… super meta immaculately dumb.” (NYPost)
Note: Cuban previously said he would “rather have bananas” than digital currencies, before changing his mind 180 degrees and becoming an outspoken fan boy of crypto.