Issue #53

Paypal launch a stablecoin on Ethereum, MicroStrategy to buy $750m more BTC, 6x ETH Futures ETF SEC filings, Coinbase fight the SEC & more...

Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market is $US1.21T, down (-1.9%) from last week.

Below is the weekly performance of the top crypto assets. 

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News Headline Highlights

  • Paypal have announced a new stablecoin, PayPal USD (PYUSD) built on Ethereum. It’s designed for payments and is backed by highly liquid and secure assets (Dollars and Treasuries). Launching today, Paypal users will be able to buy, sell, hold and transfer PYUSD. Below is Paypal's smart contract launched just a few hours ago on Ethereum mainnet!

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 Crypto Asset Project Updates

  • Coinbase, the largest US regulated crypto exchange, plans to release Base, an Ethereum Layer 2, for full public access on August 9 and has launched an Ethereum bridge ahead of time. “Base’s bridging functionality is live today, and the mainnet is set to be accessible to all by August 9,” said Jesse Pollak, protocols lead at Coinbase.
  • Magnet Portfolio Company: Lyra, a decentralised options trading protocol, announced v2 of their platform, improving on-chain capital efficiency (by 15x) and enabling developers to generate and build financial products that harness the power of derivatives.
  • nWayGames and Animoca announced the upcoming release of Wreck League, a Web3-powered multiplayer fighting game that allows players to assemble Mechs, own their creations, and fight other players’ Mechs in real time in various game events and competitions.

Regulation Station

The Weekly Deal Room

  • Orbital, a traditional fintech service provider seeking to explore crypto solutions such as stablecoin cross-border payments, raised $6.3m in a round led by Golden Record Ventures.
  • zkPass, a composable, privacy-preserving identity protocol, raised $2.5m in a Seed Round from Binance, Sequoia China and others.
  • D8X, a decentralised derivatives exchange, raised $1.5m in a pre-seed round from Polygon Ventures, Axelar and SwissBorg.
  • Binance has invested in a private round of four new projects that will join its startup program Binance Labs:
    • AltLayer,  a decentralised layer2 infrastructure service provider.
    • KiloEx, a decentralised perpetual exchange.
    • Kinza, a decentralised lending protocol.
    • Sleepless AI, an AI blockchain based virtual companion game.

Metric of the Week

Currently, tourists are inactive while residents are accumulating swiftly, owning 74.8% of all supply. This is consistent with an early-stage bull market.

Thirty percent of Bitcoin on exchanges has left for cold storage since 2020, leaving exchanges with 2.26 million.

Source: Jamie Coutts and Glassnode

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