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Welcome to this week’s Crypto Weekly Digest! 📰💻
The crypto world never stops evolving, and neither do we. From industry-shaking innovations to exciting developments across the globe, we've gathered the top stories you need to know. Whether you're a seasoned investor or just dipping your toes into the digital waters, this week’s updates will keep you informed and ahead of the curve. Let’s dive in and explore the future of finance together! 👀
In a groundbreaking collaboration, Moody’s, one of the largest rating agencies in the U.S., and the world’s largest blockchain identity dataset Elliptic are joining forces to enhance risk screening for Virtual Asset Service Providers (VASPs). This partnership promises to significantly boost security and compliance for the rapidly evolving digital finance space.
By combining Moody’s extensive offchain data with Elliptic’s cutting-edge blockchain technology, the two firms are set to deliver an integrated risk engine that offers a comprehensive view of digital transactions. 🖲️
This new service will empower traditional financial institutions to confidently enter the digital assets market with robust Anti-Money Laundering (AML) and Know Your Customer (KYC) solutions. With real-time onchain data and insights from over 1,000 VASPs, this collaboration will help mitigate risks associated with illicit activities in the crypto space. 🌐
As both firms continue to push the boundaries of innovation, their combined expertise is set to transform how financial services interact with digital assets, creating safer pathways for institutions to engage in this dynamic sector.
Learn More About Our Collaboration! 💡 - Check out our case study with Elliptic here to see how this partnership is transforming the future of finance!
Silicon Valley startup @FabricCryptography just secured a cool $33M in Series A funding to develop a cutting-edge chip focused on data privacy. Co-led by @BlockchainCapital and @1kxnetwork, with backing from @OffchainLabs, @0xPolygon, and @matter_labs, this new round will help Fabric build the Verifiable Processing Unit (VPU) — a chip designed to speed up and cut costs for cryptographic workloads. 💡
Founded by Michael Gao, Tina Ju, and Sagar Reddy, former students of MIT and Stanford, the startup is riding the wave of privacy-focused blockchain tech, attracting pre-orders in the millions. With a VPU capable of handling advanced cryptography more efficiently than CPUs or GPUs, the future of secure, privacy-first computing is looking bright. 🌐
VanEck’s plan to launch a Solana ETF is still in the works, even though the filing to list it on Cboe’s exchange mysteriously vanished. According to Matthew Sigel from VanEck, the proposal is “still in play” and the fund manager is actively working with regulators to push it forward. The disappearing filing may have sparked some rumors, but VanEck remains confident that Solana, much like Bitcoin and Ether, can be treated as a commodity. 📈
So, for all the Solana fans out there, the ETF is still very much alive — stay tuned!
According to Colin Butler from @0xPolygon, tokenized real-world assets (RWAs) could unlock a massive $30 trillion market opportunity! 🚀 High-net-worth individuals and private equity funds are expected to drive this trend, as tokenization brings liquidity to traditionally illiquid assets like private credit. Currently, $9 billion is already invested in tokenized private credit, with heavyweights like KKR and Hamilton Lane leading the charge on platforms like Polygon. 💼
This surge in tokenization isn't just limited to traditional finance — it’s making waves in unexpected places, too. Take, for example, a Colorado church group that’s using blockchain to tokenize their $2.5M chapel. ⛪
The Colorado House of Prayer, led by Pastor Blake Bush, is raising funds through a token called Stone Coin to purchase the historic Old Stone Church. Bush was inspired by a spiritual experience to tokenize the building, viewing blockchain as a divine tool for securing the future of their congregation. With half of the funds already raised, the church is inviting investors — parishioners and non-parishioners alike — to be part of this holy mission. 🌟
From finance to faith, tokenization is proving to be a game-changer across industries.
San Francisco-based asset manager Bitwise is making big moves in Europe! With the acquisition of ETC Group, Bitwise adds nine European-listed crypto exchange-traded products (ETPs) to its portfolio, pushing its assets under management (AUM) to a whopping $4.5 billion.
The deal brings popular crypto products like Bitcoin, Ethereum with staking, and Solana ETPs under Bitwise’s umbrella, opening up new opportunities for European investors to dive into the crypto market.
Having already gained traction in the US with spot Bitcoin and Ether ETFs, Bitwise’s European expansion signals the growing global demand for crypto investments. 🚀 Expect crypto ETP adoption to accelerate as institutions and investors embrace the digital asset revolution!
Crypto fundraising is on the rise! July saw a 72.9% jump in deal volume, hitting $1.44 billion despite fewer deals overall. 🚀 But with venture capitalists growing more cautious, they’re looking for better returns and more liquidity—sometimes preferring Bitcoin and Ether over riskier early-stage startups.
In this roundup, Parfin scored $10M to expand its blockchain infrastructure, while Andrena raised $18M to decentralize broadband with its DAWN network. 💡
Meanwhile, Blockscout secured $3M to enhance its block explorer, and Cartridge landed $7.5M to accelerate development in the onchain gaming world. 🎮 Despite the rising funds, investors are clearly thinking twice before diving in headfirst!
The decentralized finance (DeFi) space is heating up! Nudge, a new protocol launching on Ethereum, aims to tap into the hidden value sitting in users' wallets. 🧠
By offering incentives—dubbed "Nudges"—for users to reallocate assets like stablecoins, memecoins, and staked tokens, Nudge is setting the stage for a fresh wave of DeFi innovation. The protocol allows Web3 users to earn rewards by shifting liquidity and engagement between competing ecosystems, potentially reshaping how onchain incentives work.
At the same time, Aave is seeing a resurgence with a record 40,000 weekly borrowers on its platform! 📲 Thanks to Layer-2 chains like Base and Scroll, Aave’s lending markets are booming, and depositors are returning to peak levels.
Aave’s Total Value Locked (TVL) has climbed 70% this year, showing that DeFi is making a strong comeback. With TVL across the ecosystem reaching $90 billion, the future of DeFi looks brighter than ever. 🌟
Gate.io’s venture arm, Gate Ventures, has teamed up with the Blockchain Center in Abu Dhabi to launch a massive $100 million fund aimed at driving Web3 innovation across the globe. 🌍 The fund, called Falcon Gate Ventures, is all about advancing decentralized infrastructure and blockchain adoption, targeting talent from the US, Asia, Europe, and the MENA region. The goal? To foster high-potential projects and turn Abu Dhabi into a blockchain powerhouse.
With this partnership, both organizations are committed to scaling innovative projects, supporting startups, and investing in the digital future.✨ Looks like the Web3 world just got a major boost!
RAKBANK is teaming up with Bitpanda to launch a new digital asset management platform for UAE residents, highlighting the nation’s growing embrace of crypto as part of everyday finance. This platform will provide a regulated, secure way for individuals to manage digital assets, signaling RAKBANK’s confidence in the future of crypto. However, the project is awaiting final approval from the UAE's Central Bank before going live.
Meanwhile, Dubai has made a groundbreaking move by recognizing cryptocurrency as a valid form of salary payment, aligning with global trends toward digital finance adoption. This bold step cements the UAE’s position as a leader in the crypto space, making digital assets more integral to its financial ecosystem. 🔋
Coinbase is making waves in the crypto world with a trio of big announcements! 🌊 First up, Hawaii residents are finally getting access to Coinbase’s platform, thanks to regulatory changes allowing them to buy, sell, and stake crypto. After years of strict crypto rules, Hawaiians can now explore the world of digital assets with features like staking rewards of up to 12% APY. With a safer regulatory environment now in place, the Aloha State is joining the crypto revolution. 🏝️
But that's not all! Coinbase is also shaking up the DeFi space with its upcoming Wrapped Bitcoin token, cbBTC. This new asset is expected to supercharge Bitcoin-native decentralized finance (BTCFi) by unlocking massive liquidity from Coinbase’s user base. 🚀 The move could bring Bitcoin DeFi into the mainstream, making it easier for users to engage with decentralized applications and opening the door to real growth in the DeFi ecosystem. 🔗
And in Turkey, Coinbase, KuCoin, and other major exchanges are seeking crypto licenses following the country's regulatory updates. Turkey’s bustling crypto market is drawing the attention of global giants, though companies must still secure formal approval before fully entering the market. As Coinbase expands across borders and markets, it's clear that the crypto exchange is on a mission to broaden its global reach and innovation in the digital finance space. 🏦🌍
HashKey Group has teamed up with Catizen, a Web3 gaming app on the TON blockchain, marking a big step for GameFi and digital entertainment in the Web3 world. 🌍 This partnership will provide Catizen users with secure and compliant digital asset services, thanks to HashKey’s expertise. As TON's developer base rapidly grows, this collaboration is set to push the boundaries of blockchain gaming, combining innovation with regulatory peace of mind.
With over 120 million daily active users, Catizen is already making waves, and the launch of the TON Ventures fund promises even more growth for the ecosystem. The future of GameFi just got a little more exciting! 🔋
MetaMask has partnered with Mastercard and Baanx to roll out a pilot self-custody debit card in the UK and EU, giving users the ability to spend their crypto like cash while keeping control of their funds until the transaction is processed. 💸
The card seamlessly converts digital assets into fiat at the point of sale, opening up more possibilities for crypto holders to shop at regular retail and online outlets. 🔛
This initiative has the potential to bring banking services to over a billion unbanked people worldwide, with the ultimate goal of financial inclusion for all. With inflation soaring in countries like Argentina, solutions like MetaMask's debit card could be game-changers for individuals in unstable economies. 💹
China's Supreme Court has just made a major update to its Anti-Money Laundering (AML) laws, now recognizing "virtual assets" like crypto as potential tools for money laundering. 🚨 This marks the first major revision in almost 20 years and comes as China prosecutes a growing number of money laundering cases involving digital transactions. Offenders could face hefty fines and even jail time for these activities. 💼
While some speculate this could hint at China reversing its crypto ban, experts remain skeptical. For now, the country seems focused on cracking down on illegal activities within the crypto space. 💰
A recent survey of over 2,000 Chinese-speaking crypto users reveals that Binance is the clear favorite, with a staggering 96.72% using the exchange to trade and store their digital assets. 🏆
Despite regulatory hurdles, most users don’t seem too fazed by government actions, focusing more on convenience and reliability. Social media platform X (formerly Twitter) is the go-to for crypto insights, with 87.17% of respondents using it to guide their investments. ✖️
Though crypto remains banned in China, the community is vibrant, with many traders holding the bulk of their assets in crypto and relying heavily on platforms like Binance and X to navigate the market. 🌐
Tether has done it again! The stablecoin giant just minted another $1 billion USDT on the Tron network, pushing their total for the past year to a staggering $33 billion. 🏦 Tron continues to dominate the stablecoin game, holding 37.9% of the market, and with demand showing no signs of slowing down, Tether is keeping its inventory well-stocked. Whether on Tron or Ethereum, these freshly minted tokens are ready for action when the time comes for more liquidity to hit the market.
Looks like stablecoins are still going strong, and Tether is here to meet the demand one billion at a time! 💸
Kamala Harris had a golden opportunity to win over crypto voters at her "Crypto4Harris" event, but she missed the mark. Instead of delivering clear policies, her campaign offered vague promises and a lackluster performance—Harris herself didn’t even make an appearance. Crypto voters are craving solid answers about their investments, but all they got was a lot of noise and no clear stance on Bitcoin or regulations. 💱
Meanwhile, Donald Trump is capturing this vital voting bloc by offering firm pro-crypto policies, and that could spell trouble for Harris. Anthony Scaramucci, founder of SkyBridge Capital, warns that crypto voters could swing the election in Trump’s favor, especially in key swing states. With millions of voters up for grabs, the crypto community might just hold the keys to the White House, and Harris needs to step up her game fast if she wants to avoid a loss in 2024. 🏛️
EigenLayer's EigenDA just got even more appealing by slashing data prices by 10x and rolling out a "free tier" to make onchain data more affordable. But that's not all — EigenLayer is also dominating the restaking sector with a $12.9 billion TVL, an 11% increase in just one week. This surge is driven by Actively Validated Services (AVS) rewards and the growing interest in Ethereum-based restaking.
With 3.6 million restaked ETH securing EigenDA and Wrapped Ether (WETH) making up 70% of the TVL, EigenLayer is leading the way in making data available, secure, and scalable for everything from gaming to decentralized AI. The restaking market as a whole is on the rise, and with EigenLayer at the helm, the possibilities seem endless. 📊
Good news for Bitcoin miners: the Hash Ribbons indicator is flashing a sign of relief! After struggling with record low revenues and soaring mining difficulty, CryptoQuant reports that miner capitulation may be ending. This typically marks a price bottom for Bitcoin, offering savvy investors a chance to buy the dip before prices potentially rebound. 💰
However, with mining difficulty still at an all-time high, many miners are branching out into AI and high-powered computing to diversify their income. The mining landscape is changing, and so is the tech powering it! ⚒️
Solana users, watch out! A sneaky Chrome extension called Bull Checker has been targeting wallets, posing as a harmless tool to track memecoin holders but actually draining funds. 🕵️♂️ Jupiter, a decentralized exchange aggregator, sounded the alarm after discovering this malicious extension that managed to bypass Solana's security checks, tricking users into thinking everything was safe. 🚨
Once installed, Bull Checker waits for users to interact with a DApp, then modifies the transaction to steal their tokens. If you’ve installed it, remove it immediately and stay cautious about any extensions asking for more than “read-only” permissions. Stay safe out there, Solana community! 🌐
Once a headline-stealer, CryptoPunk #5822, the rare alien punk with a bandana, recently sold for an undisclosed amount amidst a cooling NFT market. Originally purchased for 8,000 ETH (about $23.7 million) in 2022, speculation is rife that the sale happened at a loss as NFT sales continue to plummet—down 45% in Q2 2024. Even the iconic CryptoPunks are struggling to keep their value in a fading market. 💸
Meanwhile, Sotheby’s is gearing up for a high-profile digital art auction featuring another CryptoPunk and a piece from renowned artist Beeple. The auction, which runs until Aug. 22, promises to celebrate the fusion of creativity and technology with works from top-tier digital artists. However, with NFT interest waning, it remains to be seen if these blue-chip pieces will spark the same excitement as they did in their heyday.
Swiss Company Launches AI Powered by Human Brain Cells—But It Only Lives for 100 Days 🧠 In a twist straight out of a sci-fi movie, Swiss tech firm FinalSpark has introduced a service that lets scientists rent AI-powered "biocomputers" made from human brain cells for just $500 a month.
These brain-based computers could be up to 100,000 times more efficient than traditional silicon-based systems. The catch? The brain cell clusters, known as organoids, only live for about 100 days—then the AI dies. 😮
The tech uses dopamine and electrical signals to train AI in a way similar to how human neurons work. While this cutting-edge technology might sound temporary, it's opening up wild new possibilities for AI and even hints at a future where blockchains could run on organic material. 🌱
Coinbase CEO Brian Armstrong is pushing the envelope by suggesting that AI should have its own crypto wallets. To get this rolling, Coinbase has launched a $15,000 bot accelerator aimed at projects combining AI with digital wallets, offering $3,000 to five standout ideas.
The vision? Imagine AI agents handling tasks like choosing images in a study, then directly receiving payment in crypto for their work—just like Amazon's Mechanical Turk, but with digital wallets!
As AI and finance begin to merge, Coinbase is betting on the rise of economically empowered AI, capable of conducting transactions and participating in the digital economy. 🌐
Decentralized Web3 AI firm Theoriq has officially joined Google's Cloud Startup Program, aiming to scale its AI agent platform. Theoriq’s platform allows developers to create and manage AI agents—mini digital workers designed to complete specific tasks—throughout the Web3 ecosystem. 🧠
With Google's accelerator program providing up to $350,000 in cloud service credits, plus access to mentorship and networking, Theoriq is gearing up to launch its mainnet by late 2024. This partnership could help Theoriq create a robust marketplace for AI agents, bringing decentralized intelligence to the forefront of Web3. 🧾
Hong Kong’s central banking authority, the HKMA, has introduced new guidelines for the use of generative AI in consumer-facing applications. The focus is on ensuring transparency, governance, and data protection, especially as banks rush to adopt AI for chatbots, robo-advisors, and personalized services. 💼
To further explore AI’s potential in finance, Hong Kong has also launched a Generative AI Sandbox—a safe space for banks to test their AI applications while receiving supervisory guidance. With these safeguards in place, Hong Kong is embracing AI innovation while keeping consumer protection front and center. 🧧
California has dialed back its controversial AI law, the Safe and Secure Innovation for Frontier Artificial Intelligence Models Act, after backlash from the tech industry. While the amendments make the bill more corporate-friendly, the core issue remains unresolved—AI developers could still be held responsible for harm caused by their products, even when predicting such outcomes is near impossible. 🧩
The tech world worries this could stifle innovation, and despite lawmakers' efforts to strike a balance, many remain skeptical. The bill now heads for a final vote, which could shape California’s AI landscape for years to come. 🧑💻
The landscape of crypto and blockchain is full of rapid changes and limitless possibilities. 📖 Stay tuned, stay curious, and keep pushing the boundaries of what’s possible in the world of digital finance. Catch you next week for more exciting updates and insights! 😉
Missed last week's Crypto Weekly Digest? Don't worry — catch up on all the groundbreaking updates and stay ahead in the ever-evolving world of crypto! 🌐👀
