Maker Minds #19 — Paypal, Tether, Revolut, KuCoin
Gm Maker Minds tribe ☕
Welcome to the newcomers to this newsletter, I hope you are ready to rack your minds! We are more than 3,200 now 🙌🏻
For those who don’t know me, every Monday, I share whatever helpful information and news I come across with you. To put it simply, I make crypto easy to grasp. And if you're here, it means you're an early Web3 adopter!
If you want to support my work, consider clicking on the ❤️ just above.
Here’s a recap of what shaped the crypto space this week 👇
🌦️ Market Weather
Bitcoin: $29,064
Ethereum: $1,819
Solana: $22.83
Gold: $1, 937
S&P 500: $4,511
😯 The unusual news… which is quite usual
The crypto $BALD experienced an astonishing increase of +3 million percent before collapsing when the developer withdrew 7000 ETH liquidity, garnering over $5 million.
Some speculate this could have been an orchestrated rugpull by SBF. They point to links between the BALD developer's address and the Sushiswap community, of which SBF was a part, as well as similarities in writing styles between SBF and the developer.
However, no conclusive evidence has been provided, and SBF is said to have limited access to communication networks. Furthermore, influencer Tiffany Fong, who has had several exchanges with SBF, debunked the theory, explaining that he doesn't have internet access.
💰 Blockchain and adoption
PayPal continues to lead the way once again. After enabling the buying and selling of cryptocurrencies on its app for its U.S. customers, the company has just announced the creation of a dollar-backed stablecoin. The company's goal is clear: to provide new innovative services for both merchants and consumers.
Tether has become the 11th largest Bitcoin holder in the world, holding approximately 55,022 BTC worth around $1.6 billion. Tether's wallet has not been officially disclosed, but on-chain investigators have located it.
FTX has submitted a proposal to reorganize its operations by establishing a new offshore exchange for non-U.S. users. FTT holders will have their claims canceled and will not receive any distribution.
Elon Musk has denied the idea that X, formerly known as Twitter, will launch a token.
PancakeSwap will now reward $CAKE holders with a portion of the income generated from trading fees. This mechanism provides an additional source of income for $CAKE holders.
The hacker responsible for the Curve hack has started returning the stolen funds to Alchemix. He explained that he didn't want to "ruin the project." However, Curve and Metronome are still awaiting the return of their funds.
Binance has exceeded 150 million registered users, according to its CEO CZ. The company gained 22 million users in just 3 months and maintains its position as the world's largest platform.
In July, MicroStrategy purchased 467 BTC, increasing its total investment to 152,800 BTC, which is over $4.5 billion. The company is also considering selling $750 million worth of Class A shares to fund the purchase of BTC.
Etihad Airways has announced an expansion of its loyalty programs, allowing NFT holders to earn miles. This also provides several benefits, including access to the lounge.
The presidential candidate and governor of Florida, Ron DeSantis, criticized the Biden administration for its "war" on Bitcoin and cryptocurrencies, promising to end it if he were to become president.
Sorare now offers the possibility to make purchases in fiat currency through a partnership with Mangopay. Sorare's 3 million users can now pay in dollars, euros, and British pounds, in addition to ETH.
X is considering creating an integrated trading center within its application. The platform has reportedly sought proposals from partners to provide real-time financial content and stock market data.
Revolut will suspend its crypto service in the US territory starting from the autumn. From September 2nd, US customers will no longer be able to purchase crypto, and they will have until October 2nd to sell their existing assets.
Several companies, including Roundhill Investments, VolatilityShares, VanEck, ProShares, BitWise, and Grayscale, have filed applications for Ethereum ETFs.
Over the past three days, the TVL in DeFi has experienced an 8% decrease, falling to $40 billion. The attack on Curve led to the withdrawal of over $3 billion in assets by investors.
Francis Suarez will accept BTC donations for his presidential campaign. Criticizing the Biden administration's handling of crypto, Suarez has also expressed his opposition to a CBDC.
The Central Bank of Russia has unveiled the logo of its project and released the exchange fees, set at 0% until 2025. Afterward, B2B transactions will cost 15 rubles, while individuals will pay a percentage of the total amount.
Tether reported a profit of $850 million in Q2 in its latest report, bringing its excess reserves to $3.3 billion. The company had already achieved a net profit of $1.5 billion in Q1 2023.
KuCoin has announced that it will suspend its Bitcoin and Litecoin mining pools starting from August 15th, citing an "evolving business strategy." Users have until August 27th to back up their data.
🔥 What’s Poppin’?
If you have some spare time, give it a read 👇
▹ Bitfinex Hacker Revealed: Razzlekhan's Husband Admits He Stole Billions in Bitcoin
▹ Worldcoin CEO defends token launch after criticism over unfair distribution
▹ PayPal to Issue Dollar-Pegged Crypto Stablecoin Based on Ethereum
▹ Shiba Inu Takes Step to Become DeFi Contender, Will Add Digital IDs to Ecosystem Projects
▹ Coinbase Sets Public Launch of ‘Base’ Layer 2 Blockchain for Next Week
🤡 Meme of the week
And that’s a wrap-up! If you enjoy what I do, don't forget to drop a like and comment, it gives me the strength to keep going! See you on Wednesday for Maker Minds Hub,
Tony.
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Have a nice week!