Governments continued to exert their influence(s) on the industry, with increasing adoption despite bad actors showing up. Stablecoins are improving the odds of adoption, with privacy concerns gaining ground.
The headlines:
- ProvLabs launched a tokenization platform;
- Sony introduced its Web3-focused blockchain to everyone;
- Grayscale launched an Avalanche fund;
- Coinbase thinks young crypto voters will swing the 2024 elections;
- Plus, Monero enhanced the privacy and security of its blockchain;
- And much more!
As always, these are your decentralized diaries!
Bitcoin is at $63k
Despite the crypto market’s volatility, Bitcoin’s prices moved from a $58,109.39 low to a $64,947.06 high to settle at $63,877.74 (as of 8/26/24).
The altcoins are doing good, too. Ethereum (ETH) is at $2,745.18, Solana (SOL) at $160.99, Avalanche (AVAX) at $27.01, Chainlink (LINK) at $12.35 and Polkadot (DOT) at $4.73.
Provenance Blockchain Labs Launched a Tokenization Platform
Deploying real-world assets was again on the menu, with Provenance Blockchain Labs (ProvLabs) revealing the launch of a new platform. The new ecosystem has everything anyone needs to conduct everyday operations, including lending, listing, administration, and tokenization.
Furthermore, ProvLabs developed the solution in partnership with NAV Lend and Figure Markets.
Sony Revealed Ethereum Layer 2 Blockchain Plans
Following global multinational Sony’s partnership with niche Web3 infrastructure firm Startale, the firm unveiled Soneium, its Ethereum Layer 2 blockchain. Sony developed Soneium with ease of use and scalability in mind. Additionally, Soneium’s launch will focus on several areas within the Web3 space, including gaming, entertainment, and finance.
Prometheum will Treat Arbitrum‘s and Uniswap‘s Tokens as Securities
Despite most of the crypto community’s (current) opposition to the securities question, SEC-registered Prometheum has indicated that it would treat Arbitrum’s and Uniswap’s digital assets as such, following listings.
The move (closely) aligns with the SEC’s positions on the crypto tokens.
FTX‘s American Trustee Objected to its Amended Reorganization Plan
The FTX drama continued with new filings from Andrew Vara, the U.S. Trustee supervising its bankruptcy and (subsequent) reorganization. Vara identified ten issues with the plan, including creditors’ liability payments for last year’s data breach involving FTX tech partner Kroll.
Furthermore, Vara opposed the (allegedly unequal) treatment of creditors by claim size.
In related news, the DoJ charged Michelle Bond, former FTX executive Ryan Salame’s partner, with illegal campaign finance violations. According to an August 22 press release, the DoJ accuses Bond of using $400,000 in funds wired to her by Salame to run for Congress.
On August 21, Salame filed to reverse his guilty plea, accusing the DoJ of violating its promise to exclude Bond from investigation and prosecution.
Grayscale Introduced a Fund for Avalanche‘s AVAX Token
On August 22, crypto giant Grayscale revealed the launch of the Grayscale Avalanche Trust, a fund that provides investors with exposure to the AVAX token. The new fund is (only) open to accredited investors and is (also) off-exchange.
New Hampshire’s State Regulator Issued an Order Against Finstate Investment
Seemingly fraudulent crypto investment firms continued to target victims via social media. Following a $3,526 loss from a New Hampshire resident, the state regulator issued a cease-and-desist order against Finstate Investment LLC.
The New Hampshire Bureau of Securities Regulation accused the firm of defrauding investors via a crypto investment website. In addition, the site’s operators had (allegedly) convinced the victim, a retired resident, to part with the said amount via Facebook.
The Bureau (also) claimed that Finstate offered illegal loss guarantees.
Coinbase: Young American Crypto Voters Will Decide the 2024 Presidential Elections
As the (ongoing) 2024 Presidential race heats up, young crypto voters could be the key to deciding who wins. That’s what an August 19 Coinbase post suggests.
According to the post, 9% of (surveyed) Americans expressed satisfaction with the current financial system. Moreover, 7% said the current system works for them. The post also indicated that 25% of Americans aged between 18 and 34 own crypto tokens, and that the population segment makes up 40% of eligible voters.
Coinbase (also) identified the impact of Gen Z and millennial voters in the 2020 elections, highlighting the possibility that the (said) group will form the electorate’s majority by 2028.
Wyoming’s Digital Dollar Will Launch in 2025
According to an August 23 CNBC report, Wyoming is pushing ahead with the launch of its stablecoin token in Q1, 2025. The Wyoming stable token aims to give people and businesses cheaper (efficient) transaction and commerce options.
At the Wyoming Blockchain Symposium in Jackson Hole, Governor Mark Gordon indicated that digital assets “are going to have a future” and that the Cowboy State’s flexibility shows it “can make a difference.”
The Feds Seized $5 Million Worth of Tether Tokens
Federal authorities in North Carolina seized almost $5 million worth of Tether tokens believed to be the proceeds of pig butchering scams. According to an August 22 press release, the United States Attorney for the Eastern District of North Carolina traced the funds to addresses linked to crypto investment scams nurtured via (allegedly) fraudulent online romantic relationships.
Monero Began the Integration of a Privacy Feature
Privacy on the Monero blockchain has improved with a new feature from its development team. Full-Chain Membership Proofs (FCMP++) enhance transaction security and anonymity by proving spent outputs. Additionally, FCMP++ increases the Monero network’s anonymity set from 6 to 100,000,000.
Furthermore, the deployment is ongoing.
Tether Unveiled Aptos USDT Listing Plans
Stablecoin issuer Tether will (reportedly) continue its expansion by deploying the USDT token on the Aptos blockchain. In an August 19 post, Tether revealed that the Aptos Network’s advantages include scalability and cheaper transaction costs.
Similarly, in an August 22 Bloomberg interview, Tether CEO Paolo Ardoino indicated that the firm could develop its (own) ledger but refrained from doing so. Ardoino cited blockchain saturation as the reason for the pullback.
