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- Crypto Roundup: Quidax Licensed, SK Telecom Invests, Ripple Adds Smart Contracts, Pump.fun Faces Criticism
Crypto Roundup: Quidax Licensed, SK Telecom Invests, Ripple Adds Smart Contracts, Pump.fun Faces Criticism
Our canary brings mixed crypto news today. In a positive development, Nigerian crypto exchange Quidax became the first to secure a license from the country's SEC. Meanwhile, South Korean giants SK Telecom and Hana Financial invested in BitGo Korea, showing growing institutional interest in crypto. Ripple also made waves by announcing plans to integrate smart contracts into the XRP ledger, potentially expanding its use cases. However, it wasn't all sunshine and rainbows. Memecoin launchpad Pump.fun hit $100 million in revenue quickly, but faces criticism for a potentially unsustainable model.
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Meme of the Day
Market Movements - 03 Sept 2024
The crypto market witnessed mixed movements on Tuesday. Bitcoin was up by +1.59% to $59,210.76, while Ethereum dipped by -0.13% to $2,515.26. BNB rose by +3.44% to $535.80, and Solana was up by +2.61% to $134.90.
Among altcoins, Tron slipped by -2.67% to $0.152, and Toncoin declined by -0.23% to $5.17. Cardano also dipped by -0.51% to $0.331, while Avalanche was in green by +1.27% to $22.38.
Movers and Shakers
In the last 24 hours, the top gainers included ORDI (+10.89%), MANTRA (+10.08%), and dogwifhat (+8.89%). The top losers included Tron (-2.67%), Helium (-2.71%), and Immutable (-2.33%).
Project Updates
Binance migrates South African derivatives operations to its Bahrain subsidiary, ensuring adherence to evolving regional regulations.
Read more here
Crypto asset manager 21.co expands its wrapped token offerings by launching 21BTC, a wrapped Bitcoin product, on the Ethereum blockchain.
Read more here
Eric Trump, son of U.S. presidential candidate Donald Trump, has launched a new DeFi project called World Liberty Financial. Trump Jr. emphasized that the project is not related to meme coins and aims to challenge traditional banks.
Read more here
IT solutions firm ABD Systems unveils the ABDS Token, built on Ethereum. The token offers in-app features, transaction rewards, and governance participation.
Read more here
A new rideshare platform, REVO, aims to challenge the dominance of established giants like Uber and Lyft. This blockchain-based app aims to revolutionize the industry by giving drivers a larger share of the profits.
Read more here
Hall of Fame, Hall of Shame
Ukrainian Scammers Extort $250k
Ukrainian law enforcement officials have uncovered a sophisticated scam where fraudsters, posing as police officers, extorted $250k in USDT from a businessman. The perpetrators fabricated criminal charges and threatened the victim with imprisonment unless a substantial ransom was paid.
Read more here
Scottish Court Seizes Stolen Crypto
A Scottish court has set a precedent by seizing $128k worth of stolen cryptocurrency. This landmark case marks the first time a Scottish court has authorized the seizure of crypto assets in a criminal investigation.
Read more here
Trivia Question: What is the name of the first blockchain-based art auction house??
Answer at the bottom of the page
What moved in the Crypto World Today
Quidax Gets Nigeria License
Nigerian crypto exchange Quidax makes history by securing the first provisional license from the country's Securities and Exchange Commission. With the license granted by the Nigerian SEC, Quidax is now able to collaborate with banks and other financial institutions.
Read more here
SK Telecom, Hana Invest in BitGo Korea
South Korean telecom giant, SK Telecom and financial company, Hana Financial Group have acquired stakes in BitGo Korea, a subsidiary of the American digital asset custodian BitGo. Hana Financial acquired a 25% stake in BitGo Korea, while SK Telecom has secured a 10% share.
Read more here
Ripple Adds Smart Contracts to XRP
Ripple plans to integrate smart contracts into the XRP Ledger, expanding its functionality beyond cross-border payments and potentially attracting new developers and use cases.
Read more here
Pump.fun Hits $100M, Faces Criticism
Pump.fun, a memecoin launchpad platform launched in January 2024, has achieved a remarkable feat by surpassing $100 million in revenue within just seven months. However, it faces criticism for a potentially unsustainable model fueled by high fees and retail speculation.
Read more here
Funding Announcements
Our Canary tweets of the latest funding news:
Digital asset technology company, IDA (HKDA) raised $6M in a Seed funding round led by CMCC Global and Hashed.
Read more here
L2 scaling solution focused on developing a universal ZK Rollup, Kroma raised undisclosed amount in Series A funding round from Gate Ventures, Imagine Creation Combinator, Planetarium, and others.
Read more here
Scroll-based launchpad, Pencils Protocol (PenPad) raised undisclosed amount in Strategic funding round led by Taisu Ventures.
Read more here
Launchpad and trading platform for meme coins, Parlay raised $2M in a funding round led by DNA Fund.
Read more here
AI-driven Web3 trend tracking and smart trading platform, TrendX raised $5M in a Series A funding round from AZH, Coinstash, Frontier Research, and others.
Read more here
Whale Movements
Today’s Token Unlocks
Sui (SUI) - $69.67M
Worldcoin (WLD) - $7.46M
Neutron (NTRN) - $3.60M
Coinversation Street
Our Canary brings some of the trending and informative tweets from the crypto world:
@AndreCronjeTech shares article about why defi:
Why defi?
andrecronje.medium.com/why-defi-14e96…
— Andre Cronje (@AndreCronjeTech)
9:35 AM • Aug 28, 2024
@AzFlin thread on the hierarchy of yields:
📜hiearchy of yields📜
This is my general framework when evaluating farms. With so many possible farms out there, it's difficult to choose what to allocate to, so I use these criteria to help me. As you go down these levels, your yields increase but risk and difficulty of… x.com/i/web/status/1…
— AzFlin (@AzFlin)
8:32 PM • Aug 28, 2024
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Trivia Question: What is the name of the first blockchain-based art auction house??
Answer: Portion
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