Crypto Roundup: Synthetix App Chain, Swiss Crypto Brokerage, Bitfarms Takeover Battle, India's Expanding Crypto Market

In a flurry of blockchain developments, Synthetix introduced SNAXchain, a dedicated app chain on Optimism's Superchain. Meanwhile, the financial world witnessed a partnership between Swiss bank ZKB and Crypto Finance, offering cryptocurrency brokerage services to clients. In corporate news, Bitfarms raised concerns about Riot Platforms' proposed board nominees, viewing it as a hostile takeover attempt. Lastly, India's FIU-IND hinted at potential approval for two more foreign crypto exchanges, expanding the regulated crypto landscape in the country.

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Meme of the Day

Market Movements - 05 Sept 2024

The crypto market witnessed recovery signs on Thursday. While Bitcoin remained flat at $56,605.59, Ethereum dipped slightly by -0.63% to $2,386.37. BNB was marginally up by +0.79% to $504.00, and Solana rose by +3.68% to $133.43.

Among altcoins, Tron was up by +0.44% to $0.150, and Toncoin swelled by +1.44% to $4.68. Cardano also rose by +3.45% to $0.329, and Avalanche was in green by +1.35% to $21.82.

Movers and Shakers

In the last 24 hours, the top gainers included Helium (+9.36%), SATS (+9.25%), and DOGS (+7.12%). The top losers included MANTRA (-5.14%), UNUS SED LEO (-4.30%), and Aptos (-4.14%).

Project Updates

1. Injective launches a new crypto product: a tokenized index that tracks the value of BlackRock's BUIDL fund, allowing easier access for investors.

   Read more here

2. Anchorage, a digital asset bank, announced custody support for Stacks (STX), the leading Bitcoin layer-2 (L2) solution. This move aims to boost institutional adoption of Bitcoin and its scaling solutions.

   Read more here

3. Indian crypto exchange CoinSwitch launches a new service targeting high net-worth individuals (HNIs) and institutions. This service offers personalized investment advice, robust risk management, and dedicated account management.

   Read more here

4. Unstoppable Domains, a provider of human-readable crypto addresses, is expanding its services to Ethereum's Layer 2 network, Base, built by Coinbase.

   Read more here

5. Dutch food delivery app Bistroo migrates to peaq blockchain, offering a decentralized alternative to Uber Eats and DoorDash. They plan to implement token rewards and integrate directly with restaurants.

   Read more here

Hall of Fame, Hall of Shame

WazirX Hacker Transfers Funds to Tornado Cash

In a suspected money laundering attempt, hackers behind the recent $230 million theft from WazirX reportedly transferred a portion of the stolen funds, roughly 1600 ETH, to Tornado Cash.

Read more here

Near Protocol Hack Posts Anti-Crypto

Near Protocol's X account was hacked, but unlike typical breaches, the hackers posted anti-crypto messages instead of promoting scams. This is the second such incident for Near this year.

Read more here

What moved in the Crypto World Today

Synthetix Launches SNAXchain on Optimism

Synthetix, a DeFi protocol, is launching its dedicated app chain, SNAXchain, on Optimism's Superchain. Partnering with Conduit and Wormhole, SNAXchain aims to be a neutral governance hub for Synthetix's multi-chain expansion.

Read more here

Swiss Bank Offers Crypto Brokerage

Swiss bank ZKB joins forces with crypto firm Crypto Finance to offer cryptocurrency brokerage services to its clients. This partnership allows ZKB customers to directly buy and sell cryptocurrencies through a regulated platform.

Read more here

Bitfarms Questions Riot Takeover Bid

In a potential takeover bid, Riot Platforms nominated board members to Bitfarms. Bitfarms contests the nominees' qualifications and views the move as a hostile takeover attempt.

Read more here

India Considers More Crypto Exchanges

The Financial Intelligence Unit of India might approve two more foreign cryptocurrency exchanges. This follows the recent registration of Binance and KuCoin after a previous ban. Details on the specific exchanges are under consideration, and haven't been disclosed yet.

Read more here

Funding Announcements

Our Canary tweets of the latest funding news:

1. Trustless omni-chain ledger protocol, Cycle Network received undisclosed funding from Manta Network.

   Read more here

2. Global GNSS network powered by blockchain technology, onocoy raised $940k in a Private funding round from Smart Island Capital.

   Read more here

3. Social network for crypto natives, 0xPPL closed Strategic funding round led by Alliance DAO (ex DeFi Alliance), Anagram, and Peak XV Partners.

   Read more here

4. Fintech company focused on offshore banking solutions, Biptap raised $2M in a Pre-seed funding round from PG Capital, CryptoDATA, Staynex, X+ (XDeGods), and GBCI Ventures.

   Read more here

5. Sound simulation technology startup, Treble Technologies raised $12.16M in a Series A funding round led by Kompas VC.

   Read more here

Whale Movements

1. The Ethereum Foundation sold another 100 ETH for 241,207 DAI via middle wallet 0xd77. Txn details here

2. Two whales (likely one entity) 0x3f9 and 0x64c, withdrew 16,592 AAVE ($2.22M) from Binance. More details here

3. Another Whale 0xce9 withdrew 3,461 ETH ($8.48M) from Binance. More detail here

Today’s Token Unlocks

Worldcoin (WLD) - $7.11M
Everclear (NEXT) - $4.61M 
Galxe (GAL) - $3.96M

Coinversation Street

Our Canary brings some of the trending and informative tweets from the crypto world:

@alpha_pls listing down some upcoming exciting projects:

@puntium about trends in DeFi:

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