TL;DR Breakdown Biden pledges to eliminate loopholes for crypto trade cryptocurrency traders and hedge fund managers  Bidenomics is aiming to promote economic success amid public doubts Description The U.S. President, Joe Biden, pledged to target cryptocurrency traders and hedge fund managers in his economic policy speech where he talked about Bidenomics. The president’s speech in Chicago yesterday highlighted the vision for “Bidenomics,” a catchall term referring to his investment strategy to boost the middle class and increase competition to reduce the costs … Read more The U.S. President, Joe Biden, pledged to target cryptocurrency traders and hedge fund managers in his economic policy speech where he talked about Bidenomics. The president’s speech in Chicago yesterday highlighted the vision for “Bidenomics,” a catchall term referring to his investment strategy to boost the middle class and increase competition to reduce the costs for working families.  Biden to eliminate loopholes for crypto traders During the Bidenomics report speech, the U.S. president vowed to keep making tax increases on the wealthy and increase childcare and provide education access. According to him, these items will…

TL;DR Breakdown Ledger launches an institutional-grade crypto trading platform. The Ledger Enterprise platform addresses risk management and compliance challenges for institutions in the crypto market. Users can trade without holding assets directly on exchanges, reducing exchange-related risks. Description Paris-based Ledger, renowned for its cryptocurrency hardware wallets, unveiled a cutting-edge trading platform for institutional investors. The Ledger Enterprise Tradelink network has already garnered significant interest from prominent cryptocurrency exchanges and brokers such as Bitstamp, Huobi, Crypto.com, Uphold, CEX.IO, Wintermute, Coinsquare, NDAX, Damex, Bitazza, Flowdesk, and YouHodler. This revolutionary system addresses the pressing challenges of … Read more Paris-based Ledger, renowned for its cryptocurrency hardware wallets, unveiled a cutting-edge trading platform for institutional investors. The Ledger Enterprise Tradelink network has already garnered significant interest from prominent cryptocurrency exchanges and brokers such as Bitstamp, Huobi, Crypto.com, Uphold, CEX.IO, Wintermute, Coinsquare, NDAX, Damex, Bitazza, Flowdesk, and YouHodler. This revolutionary system addresses the pressing challenges of risk management and compliance faced by institutions in the current crypto landscape, offering a compelling alternative to traditional vertically integrated exchanges. By leveraging the Ledger Enterprise platform, users can…

TL;DR Breakdown Flare Networks and Atriv have formed a strategic partnership to promote the widespread adoption of NFTs. By leveraging Atriv’s AI-powered digital platform. The integration between Flare Networks and Atriv creates a mutually beneficial alliance. Artists, businesses, and collectors will benefit from increased accessibility to the NFT space, Description Flare Networks, a decentralized oracle service provider backed by Ripple, has announced a strategic partnership with Atriv, an innovative AI-powered digital platform. Atriv’s cutting-edge technology aims to accelerate the adoption of Non-Fungible Tokens (NFTs) by introducing a user-friendly, no-code prompt-generating NFT platform to the Flare network. This collaboration marks an important step towards enhancing accessibility … Read more Flare Networks, a decentralized oracle service provider backed by Ripple, has announced a strategic partnership with Atriv, an innovative AI-powered digital platform. Atriv’s cutting-edge technology aims to accelerate the adoption of Non-Fungible Tokens (NFTs) by introducing a user-friendly, no-code prompt-generating NFT platform to the Flare network. This collaboration marks an important step towards enhancing accessibility and simplifying the process of creating and tokenizing digital artwork. By leveraging Flare Networks’ diverse ecosystem and…

TL;DR Breakdown The company’s restructuring chief, John Ray, has initiated the process of seeking interested parties for the reboot of FTX.com. Reports suggest that FTX’s existing creditors may be offered a stake in the reorganized crypto exchange, along with other forms of compensation.  The exchange’s legal team has stated that the launch of the new exchange is projected to be completed in the second quarter of 2024. Description Crypto exchange FTX, which recently filed for bankruptcy, is moving closer to relaunching as a new exchange. The company’s restructuring chief, John Ray, has initiated the process of seeking interested parties for the reboot of FTX.com. Potential investors, including blockchain lending firm Figure, have been in talks with the Company regarding financing the relaunch. Interested … Read more Crypto exchange FTX, which recently filed for bankruptcy, is moving closer to relaunching as a new exchange. The company’s restructuring chief, John Ray, has initiated the process of seeking interested parties for the reboot of FTX.com. Potential investors, including blockchain lending firm Figure, have been in talks with the Company regarding financing the relaunch….

TL;DR Breakdown The RBI warns that stablecoins can harm emerging markets and developing economies through currency substitution, disrupting the financial system and impeding credit risk assessment. The pseudonymous nature of stablecoin transactions raises concerns about tracking and potential misuse, posing challenges for regulatory authorities. Description In its latest Financial Stability Report released on June 28, the Reserve Bank of India (RBI) has underscored the potential dangers associated with stablecoins and their impact on emerging markets and developing economies (EMDEs). The RBI, known for its skeptical stance on cryptocurrencies, outlined six specific risks that stablecoins pose, urging global regulatory authorities to … Read more In its latest Financial Stability Report released on June 28, the Reserve Bank of India (RBI) has underscored the potential dangers associated with stablecoins and their impact on emerging markets and developing economies (EMDEs). The RBI, known for its skeptical stance on cryptocurrencies, outlined six specific risks that stablecoins pose, urging global regulatory authorities to take decisive action. This report comes as central banks worldwide grapple with the challenges and opportunities presented by digital currencies. Contents hide…

TL;DR Breakdown The Bank of Italy has called for increased regulatory monitoring of stablecoins, claiming that they “have not proven stable at all.” The Italian bank stated that the rise of cryptocurrencies, coupled with multiple “boom and bust cycles” in a largely unregulated environment, has resulted in “significant consumer harm.” The bank states that the industry must also dispel “the decentralization illusion” and recognize that the majority of decentralized protocols are run by primary stakeholders. Description The highest banking authority in Italy has called for a “robust, risk-based” regulatory framework for stablecoins, which could prevent the worst-case scenario — a “run” on stablecoins. In its recently released “Markets, Infrastructures, and Payment Systems” report for the month of June, the central bank urged regulators to apply the same financial standards of conduct … Read more The highest banking authority in Italy has called for a “robust, risk-based” regulatory framework for stablecoins, which could prevent the worst-case scenario — a “run” on stablecoins. In its recently released “Markets, Infrastructures, and Payment Systems” report for the month of June, the central bank urged…

TL;DR Breakdown The American central bank has announced that all 23 of the country’s largest banks have passed the “stress tests” and would be able to withstand a severe recession. The purpose of these tests is to assess potential losses in the banking industry if there were to be a significant rise in unemployment and a severe contraction in economic activity. Earlier this year, the American banking system experienced a significant upheaval with the collapse of several high-profile banks, including Silicon Valley Bank, Signature Bank, Silvergate Bank, and First Republic Bank.  Description In a recent report issued on June 28, the American central bank announced that all 23 of the country’s largest banks have passed the “stress tests” and would be able to withstand a severe recession. However, the report also highlighted some weaknesses among midsize and regional banks in the US, although they were not required … Read more In a recent report issued on June 28, the American central bank announced that all 23 of the country’s largest banks have passed the “stress tests” and would be able…

TL;DR Breakdown Maple Finance launches a direct lending program to replace services previously provided by bankrupt Web3 lenders like Celsius and BlockFi. Traditional lenders lack the expertise to underwrite loans for innovative Web3 technology firms, emphasizing the need for Maple Finance’s direct lending program. Description Maple Finance, a prominent Web3 lending platform, has recently announced the launch of a direct lending program, aimed at replacing the services previously provided by bankrupt lenders such as Celsius and BlockFi. The move comes in response to the exit of major Web3 lenders from the space, leaving a void in the industry. Maple Finance’s … Read more Maple Finance, a prominent Web3 lending platform, has recently announced the launch of a direct lending program, aimed at replacing the services previously provided by bankrupt lenders such as Celsius and BlockFi. The move comes in response to the exit of major Web3 lenders from the space, leaving a void in the industry. Maple Finance’s direct lending program will enable the platform to provide loans directly to borrowers, utilizing its own credit underwriting expertise and capital from…

TL;DR Breakdown Paxos and MercadoLibre partner to introduce USDP, reducing remittance fees in Mexico. MercadoPago users in Mexico gain access to USDP, easing high remittance costs. Paxos’ collaboration with MercadoLibre revolutionizes the Mexican crypto economy, driving adoption. Description In a move set to alleviate the burden of exorbitant remittance fees for customers, Paxos, the pioneering blockchain finance company, has joined forces with MercadoLibre, a leading online marketplace, to introduce the Pax Dollar (USDP) to the Mexican crypto market. This groundbreaking collaboration, announced on June 28th, will utilize MercadoLibre’s widely-used payment service, MercadoPago, to … Read more In a move set to alleviate the burden of exorbitant remittance fees for customers, Paxos, the pioneering blockchain finance company, has joined forces with MercadoLibre, a leading online marketplace, to introduce the Pax Dollar (USDP) to the Mexican crypto market. This groundbreaking collaboration, announced on June 28th, will utilize MercadoLibre’s widely-used payment service, MercadoPago, to introduce USDP in Mexico. Through this partnership, all MercadoPago users in Mexico will gain access to USDP, offering a gateway to stablecoins and potentially reducing the necessity for high…

TL;DR Breakdown Magic Eden has announced that the platform now supports BRC-20 tokens. The platform wants to merge NFTs and Bitcoin-based tokens. Description Multi-chain NFT marketplace Magic Eden has announced the inclusion of support for BRC-20 tokens, thereby expanding its Ordinals offerings to encompass tokens built on the Bitcoin network. The integration of BRC-20 support is scheduled for Tuesday at 8 pm ET, according to a spokesperson from Magic Eden. Magic Eden will support tokens built on the … Read more Multi-chain NFT marketplace Magic Eden has announced the inclusion of support for BRC-20 tokens, thereby expanding its Ordinals offerings to encompass tokens built on the Bitcoin network. The integration of BRC-20 support is scheduled for Tuesday at 8 pm ET, according to a spokesperson from Magic Eden. Magic Eden will support tokens built on the Bitcoin network This development allows users not only to trade BRC-20 tokens on the secondary market but also to create new tokens on the Bitcoin network. Traders will be able to mint these tokens directly through Magic Eden’s launchpad, which provides premium services for…