The White House Publishes Guidelines for Regulating Digital Assets

The U.S President, Joe Biden has set up a new framework on how cryptocurrency will be traded and regulated in the U.S.


The framework focuses on how cryptocurrency can be improved to perform a seamless transaction and also reduce crime that can occur from the use of digital assets amongst investors and the crypto space in general.

According to reports, the president is debating whether to urge Congress to raise the penalties for sending unreported money as well as whether to amend some federal laws to allow the Department of Justice to investigate crimes involving digital assets wherever a victim of such crimes is found.

This new framework follows an Executive Order that was issued in March by President Biden; Federal agencies were asked to give a detailed report after examining the Pros and Cons of using cryptocurrencies for performing financial transactions.

The U.S government is aiming to be at the forefront in bringing democratic values and global relevance of digital assets, therefore 6 major priorities have been proposed in the national policy: protection of American businesses and investors; global financial stability; mitigating the illegal use of digital assets; promotion of U.S leadership and global competitiveness; enhance access to affordable financial institutions, and ensure responsible use of digital assets.

The Proposed Digital Dollar

According to a report from International Monetary Fund (IMF) in July, there are about 100 CBDC in various stages of study and development across the world with two fully operational: the eNaira in Nigeria and the Bahamian sand dollar.

The United States government has also demanded research to be made on the use and development of the Central Bank Digital Currency (CBDC) as a means of transitioning into the use of digital currencies. 

CBDC is a token similar to cryptocurrency and issued by the Central Bank. The CBDC will be pegged with the same value as the U.S dollar and considered a means of making payments for goods and services in the country.

The possible benefits of using the U.S CBDC include financial inclusion, improvement of international payments, providing access to safe central bank money, boosting the U.S dollar internationally, and protection against criminal activities.

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Jeff Bezos Amazon Among 5 Partners to Design Digital Euro Prototype

The European Central Bank (ECB), has confirmed Jeff Bezos’s tech company AMAZON,  as part of the five partners to design a digital euro prototype. 


ECB said via a post on its website, that the selected organizations will perform different functions in developing the interface of the virtual euro prototype. 

Notably, ECB began to look into the digital euro back in July 2021, however, it made no guarantees that it will eventually issue the virtual currency. While stating that only a digital euro that is generally recognized by European users could be deemed an achievement.

Based on recent developments, ECB has planned for the prototype exercise to commence in September and reach an end in December. 

Similarly, this exercise will form part of a continuous two years study phase, to analyze the prototypes designed and to assess the effectiveness of the partnership. ECB forecasts completing this cycle by March 2023.

ECB sets Responsibility Based on Unique Capabilities

European Central Bank directors revealed that the five organizations will prioritize specific roles unique to their capabilities. Leading e-commerce firm, Amazon will be assigned the duty of designing the eCommerce payment system for the project. 

While other organizations were chosen from 54 applicants that met the requirements required to design the features of the currency. Spain’s CaixaBank, will design the online peer-to-peer payment for the App, and French global payment service, Worldline will design the offline payment system.

Recall that ECB announced a call for partners back in April and received 54 applications from both international banks and Multinational Technology Companies. 

Therefore, the five applicants that were selected were based on their adherence to “specific capabilities” necessary to carry out the demands of the project. Again, the ECB applauds the 54 Applicants across the globe that showed interest in designing the prototype.

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Fintech Banking Platform TrueLayer Says it will Reduce 10% of its Workforce

Global Open Banking platform, Truelayer has announced its intention to reduce its workforce by 10%, following a blog post published by the fintech firm earlier this week.


Francesco Simoneschi, CEO and co-founder of TrueLayer, stated that the layoff was made public during an all-hands meeting last Thursday with the team. While it was reaffirmed on the company’s website on Friday. According to him, the move was billed to showcase “transparency to our partners, customers, and the larger TrueLayer community.”


Francesco indicated the recent development happened because the firm is competing in a more challenging and less favorable market climate, which the firm is not immune to. 


Truelayer is a fintech platform that offers businesses the tools needed For firms to leverage the UK’s open banking policy system. Back in September 2021, Truelayer sealed a $130 million fundraising project spearheaded by Tiger Global leadership. Interestingly, as a result of the fundraising project, the firm valuation surpassed $1 billion, earning it the title of “unicorn.”


Management set to Compensate Affected Team Members


Following the blog post on the firm website, Management will have a personal meeting with the affected employees, to discuss their next line of action.


According to the post, the firm has prepared a departure package that will include pay to cover notice periods and an additional number of months based on length of service and three months of employee pension contribution. With extended access to health insurance, and mental health support.


Employees affected by the firm’s worker reduction will be connected with new employment opportunities within the firm network.


“We are leveraging our network to fast track this process, and have also arranged for opt-in outplacement support including interview preparation, CV review, and coaching to be available,” Francesco added.


The British Fintech startup CEO encouraged the employees to remain committed to the company objectives in order to engender growth despite the current incident in the firm. 

Laying off of staff is now a recurrent move in the broader fintech world, particularly in the crypto space. Coinbase and Gemini are two big players known to have laid off staffs in the wake of the current global economic meltdown.

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Grayscale Investments Files Claim over Ethereum Proof of Work Token after the Merge

Grayscale Investments, a leading investment partner for digital currencies is set to distribute Ethereum Proof of Work (ETHPoW).


The distribution will come following the “Merge’’ as a result of a fork in the Ethereum blockchain and is set to take effect on September 26, 2022.

According to filings, Grayscale Trust currently has approximately 3,059,976.06309448 ETHPoW tokens while Grayscale Fund possesses 40,653.24325763 ETHPoW tokens approximately. However, the amount of these assets from both the Trust and Fund has not been determined as they are relatively new to trading.

Grayscale Investments will be appointed as an agent to acquire and sell the Ethereum Proof-of-Work token on behalf of Record Date Shareholders. Grayscale will there have the right to sell or abandon the ETHPoW tokens as it deems fit and if there is an event of any sale of ETHPoW token, Grayscale has the right to remit cash proceeds to Shareholders.

Grayscale may also choose to sell ETHPoW tokens through an affiliate, any affiliate being used will be expected to receive a commission from the proceeds of such sale. Therefore, the price of ETHPoW token may either increase or decrease when a purchase is made through an affiliate.

The trading of the ETHPoW tokens has not been established as there are still uncertainties in the acceptance of the token by investors and trading platforms. The price of ETHPoW tokens is therefore excepted to fluctuate as a result of the volatility that may occur due to these uncertainties.

Ethereum (ETH) has remained in the news since going through its biggest software upgrade, known as the Merge, which saw a change from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus process.

Based on the conjecture generated by the much-awaited Merge, active addresses were assumed to rise with weekly social engagement levels jumping by 53%. However, the Ethereum platform did not achieve the anticipated result after going live during intraday trading according to a report from CoinMarketCap.

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Celsius Files for Permission to Sell Its Stablecoin Holdings

Bankrupt crypto lender Celsius Network on Thursday filed a request for bankruptcy court permission to sell its stablecoin holdings to fund its Chapter 11 cases, according to a court document.

The New Jersey-based firm intends to sell its current and any future stablecoins it may receive, as needed, to generate liquidity to fund its operations.

Celsius filed the request with the US Bankruptcy Court Southern District Of New York. A hearing is scheduled on October 6 to discuss the proposed sale.

Celsius filed for bankruptcy in July, after it suspended withdrawals, citing “extreme” market conditions. The case is currently before the court.

The firm disclosed that $23 million worth of stablecoins is held by three of its corporate entities. While the company currently owns 11 different forms of stablecoins, it did not disclose which ones.

If the presiding Judge Martin Glenn, the chief U.S. bankruptcy judge, approves the motion, then the proceedings of the sale would go primarily pay for the operations of Celsius Network.

Recovery Efforts Continuing

Celsius’ spending has been under scrutiny in bankruptcy court after it filed for Chapter 11 in July in the wake of its decision to freeze customer accounts.

The company’s business model, like that of other crypto lenders, came under scrutiny after a sharp selloff in the crypto market triggered by the collapse of major tokens TerraUSD and Luna in May.

Celsius’ bankruptcy proceedings have shown that the company has misrepresented many of its assets with deep complexities in its operations.

On Wednesday, the US bankruptcy judge in the Southern District of New York approved the need for a neutral third party to examine the company’s finances, following a request from the Justice Department, securities regulators, and representatives of creditors.

Last week, state securities regulators from Texas, Vermont, and Wisconsin pushed for greater transparency in the bankruptcy of Celsius Network.

The regulators joined the U.S. Department of Justice’s call for a court-appointed examiner to ensure that Celsius is providing creditors with accurate information.

Regulators supported the appointment of an examiner in court filings in U.S. bankruptcy court, noting that they were concerned about protecting retail investors who may have deposited retirement accounts or college funds with Celsius based on false promises.

The DOJ argued that an examiner could provide an impartial review of Celsius’ actions and finances, helping to dispel widespread confusion and distrust surrounding the crypto lender’s bankruptcy.

The DOJ claimed that Celsius has not provided clear information about the type and value of the cryptocurrency it holds, where its assets are held, and its lending and investment activity.

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Ukrainian Retailer VARUS Partners with Binance Pay to Launch Crypto Payments

On September 16, Binance announced on its official Twitter page that it has cooperated with Ukrainian food chain retailer VARUS to launch cryptocurrency payments.

Customers can now order groceries online and pay their bills through the Binance Pay wallet.

Binance said the move will allow the community to enjoy seamless crypto payments with fast delivery across the country of Ukraine. Major cities that will be served include the capital Kyiv, Dnipro, Kamiansk, Kriverich, Zaporozhye, Brovali, and Nepal Cities such as Kopol, Vishhorod, and Pavlograd.

Varus is Ukraine’s largest chain-owned retailer with more than 100 supermarket stores in Ukraine and became the first supermarket in Europe to accept Binance Pay.

Users can visit the Varus website by downloading the Binance app, selecting the products they want to buy, and sending digital currency from the Binance Pay wallet to pay for the relevant goods.

Retail space accepting cryptocurrency is steadily increasing, a piece of evidence that shows that the crypto market is continuing to grow.  

This April Merchants on Shopify, a global e-commerce giant, will have the option of receiving Bitcoin off-chain payment through the Bitcoin Lightning Network after sealing a deal with Strike. Shopify further expanded crypto payment options through a partnership with so its merchants can accept cryptocurrency payments from customers through Pay.

The Canadian e-commerce giant will now give its merchants the option to accept payments in more than 1,000 cryptos.

BigCommerce announced a strategic partnership with cryptocurrency providers BitPay and CoinPayments to deliver crypto payment solutions to BigCommerce merchants in select countries.

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Animoca Brands Reached Agreement to Acquire Game Developer WePlay Media

On September 16, according to the official announcement, Blockchain gaming, and investment company, Animoca Brands announced that it has acquired WePlay Media, the developer of MotoGP Championship Quest, and reached a membership rights purchase agreement.

WePlay Media is the sole shareholder of the Official License of MotoGP™. MotoGP Championship Quest, the main mobile game under the MotoGP brand, was launched in 2017 and is the first official mobile game jointly developed by Brembo and American game manufacturer WePlay Media.

In this game, fans can choose their favorite MotoGP drivers to experience braking fun.

The game has been downloaded more than 50 million times on mobile platforms and has approximately 1.2 million monthly active users worldwide.

The agreement states that Graeme Warring, COO of WePlay Media, will continue to lead the MotoGP™ project, working with Animoca Brands’ REVV Motorsport team, which operates the blockchain game MotoGP™ Ignition.

The acquisition is designed to enhance Animoca Brands and WePlay Media’s product integration with the REVV ecosystem and with WePlay Media, providing users with opportunities to play and monetize motorsports-focused mobile games, build existing partnerships and expand fan engagement.

Yat Siu, co-founder of Animoca Brands commented

“The acquisition of WePlay Media will boost our engagement with fans of the amazing sport of MotoGP, unlocking powerful exposure in both the metaverse and traditional gaming. We are gaining a unique platform to implement our Web3 strategy as we incorporate our motorsport-based REVV Token and NFT programs with the official MotoGP mobile game and deepen our strategic relationship with MotoGP.”

Just recently, Animoca Brands raised new capital worth $110 million from the issuance of convertible notes.

The leading gaming platform remains committed to expanding its footprint in the digital currency ecosystem as it is searching for the next mega unicorn like The Sandbox.

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Ethereum PoW Fork Token Price Drops Over 60% A Day after Mainnet Launch

Based on data from CoinMarketCap on Friday, the price of ETHW tokens from Ethereum’s proof-of-work fork has dropped by over 65% since the launch of its mainnet hardfork after the highly-anticipated Ethereum Merge took place on September 15th.

ETHW spiked as high as $60.68 in the early hours of Thursday morning following The Merge. At the time of writing, the tokens were trading at $12.80, a loss of 61% in the past 24 hours, according to CoinMarketCap.

The lowest point the price of ETHW exchanged hands was $8.20. The tokens traded at over $42 on Thursday before the Merge but plunged as much as 78% to as low as $8.20 in early European hours Friday.

ETHPoW is a separate Proof-of-Work (PoW) blockchain, forked from Ethereum’s Merge on September 15. However, its chain suffered technical issues after the launch, which put downward pressure on its ETHW token.

The team behind ETHPoW recognized the issue and fixed the network’s ChainID later on the same day. But several miners appeared to have abandoned the network despite a few major pools continuing to mine the PoW chain.

As a result, the ETHPoW hash rate dropped to 66.64 TH/s on Friday after peaking at 80.56 TH/s earlier in the day.

Meanwhile, the hash rates of other PoW alternatives for Ethereum miners like Ethereum Classic (ETC), Ravencoin, and Ergo, have experienced all-time high levels after the merge. After Ethereum’s successful merge, miners started switching their rigs to other blockchains such as the above mentioned.

According to data from crypto mining pool 2miners, the Ravencoin blockchain’s hashrate doubled from 8.29 TH/s to 18.47 THs over the past 24 hours.

Ergo (ERG), another PoW blockchain that supports GPU mining, also saw its hash rate rise over 372% in the last 24 hours from 29.05 TH/s to 157.56 TH/s currently. ERG, the native coin of Ergo, is also up 14.51% to $4.93 over the past 24 hours.

Eric Wall, the Chief Investment Officer at cryptocurrency investment firm Arcane Assets, explained that ETHPoW miners could not sustain the chain at current ETHW prices. He further added: “The daily rewards are 13100 ETH, $354k instead of $20m. There is no way miners can just ‘keep mining’ the ETHPoW chain, no matter how you adjust the difficulty. There simply aren’t enough rewards in the system to pay for the electricity bills.”

The price of ETHW fell in the past 24 hours, likely because users received the new tokens and instantly sold them on the open market. The tokens are listed on several major cryptocurrency exchanges, including FTX, Huobi, and OKX.

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