Binance $500m Pool, TRON Legal Tender, Uniswap $165m Series B
Yesterday’s Market Moves
BTC
S&P
WTI
21,047.60 |
+ 1.56%
3,900.11 |
- 0.30%
111.29 |
+ 1.57%
In the midst of macroeconomic uncertainty, it’s been an exciting week for the crypto space! This week, the oldest US bank began crypto custody services, TRON is now a legal tender, Uniswap continued their fundraising spree, and we now have a $500 million fund to assist BTC miners. Let’s dive in!
What was the first Fortune 500 company to acquire Bitcoin?
Read the full issue to find out
Markets

The global crypto market has registered a broad recovery with an increasing correlation with the traditional markets. A buy sentiment can be spotted in the market after the release of the latest US CPI data.

The US inflation rate came out to be higher than expected. As per reports, the September CPI stood out to be 8.2%. Meanwhile, it was higher than the expected rate of 8.1%. However, the previous CPI rate was recorded to be 8.3%.

The cumulative crypto market is up by 3.5% over the last 24 hours, after losing around $12 billion of its total capitalization the day before. This comes as Bitcoin is struggling to maintain its price above $19,000, whereas major altcoins tumble. BTC is down 0.6% in the past 24 hours but a much steeper 5.8% in the past seven days, highlighting the uncertain state of the entire market.

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Headline
Binance launches $500 Million lending pool for Bitcoin miners

Cryptocurrency exchange Binance has unveiled a $500 million lending pool for Bitcoin miners, as a combination of energy costs, low Bitcoin prices, and higher-than-ever mining difficulty strains the sector.

The company said its Binance Pool project was designed to provide “secure debt financing services to both public and private blue-chip Bitcoin (BTC) mining and digital asset infrastructure companies globally.”

Borrowers will have access to loans on an 18- to 24-month term, with interest rates ranging from 5% to 10%. They will also have to offer collateral in the form of mining hardware or cryptocurrencies that will have to be deemed “satisfactory to Binance.”

In other news,

  • Crypto Asset Manager BlockTower Launches $150M Venture-Capital Fund. Read More
  • BNY Mellon, The Oldest Bank in The U.S., Will Provide Crypto Custody Service. Read More
  • Skype Co-Founder Leads $13M Investment in Liquid-Cooled Bitcoin Mining Tech. Read More
  • Stablecoin Issuer Tether Cuts Commercial Paper Holdings to Zero. Read More
  • Ripple partners with Lemonway, Xbaht to bring ODL payments to Europe. Read More
In Other News,
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Adoption
TRON becomes legal tender in Dominica 🇩🇴

Leading blockchain network Tron has inked an agreement with the government of Dominica to make Tron-native tokens authourized digital currency in the Caribbean Island.

Tron founder Justin Sun shared the milestone on Oct. 12, stating that Tron tokens, including TRX, BTT, JST, NFT, USDD, USDT, and TUSD, are accepted as a medium of exchange in Dominica. According to the government’s crypto ordinance, Tron now has a legal status as a legal tender in the nation.

The country will accept Tron-native tokens for public payments, including tax. Businesses are also urged to receive Tron-native tokens for their services. The government added that the exchange rate between Tron crypto and the East Caribbean Dollar (XCD) will be freely determined by the market, and transactions between the two assets will be free from capital gain tax.

In other news,

  • Crypto Exchanges Still Available to Russians Despite Latest EU Sanctions. Read More
  • 21Shares Launches a Physically-Backed Bitcoin ETP on NASDAQ Dubai . Read More
  • Polygon powers new Indian police complaints portal. Read More
  • Chinese Digital Currency Transactions Exceed 100 Billion Yuan. Read More
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Exchanges
Uniswap labs raises $165M as attention shifts to NFTs, Web3

Decentralized exchange Uniswap Labs has raised $165 million in a Series B funding round that had participation from some of blockchain’s biggest venture firms, putting the company on track to expand into other crypto-focused domains. The funding round was led by Polychain Capital with additional participation from several existing investors, including Andreessen Horowitz, Paradigm, Variant and SV Angel.

Uniswap said the funding would go toward expanding its existing product offerings and improving the user experience through new web applications, developer tools and a shift toward mobile. The company also plans on launching non fungible token (NFT) projects in the future.

The official announcement was titled “Bringing Web3 to Everyone,” a sign that Uniswap was looking to incorporate many of the core ideas that separate Web3 from the current Web2 environment.

In other news,

  • Crypto.com to invest €150M in France. Read More
  • Crypto investment platform Pillow raises $18M. Read More
  • Crypto Prime Brokerage FalconX Unveils Risk-Management Platform for Institutional Clients. Read More
  • Blockchain.com Gets Green Light to Operate in Singapore. Read More
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Regulation
U.S. to implement new regulations for banks supporting crypto

The US Federal Reserve Vice Chair for Supervision, Michael S. Barr, has hinted at an ongoing project to implement a new regulatory framework for banks dealing in crypto. He made the reveal while delivering a speech at D.C. Fintech Week, Washington, on Wednesday 12, October.

In his speech, Barr made it known that the board of Governors of the Federal Reserve System is currently working with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to ensure that all crypto activities that banks may be engaged in are well regulated and supervised, to protect both customers and the financial system.

Earlier this year, in August, the Board issued supervisory guidance that outlines the steps Federal Reserve-supervised banks should take before engaging in crypto activities. According to Barr, “Crypto-asset related activity, both outside and inside supervised banks, requires oversight that includes safeguards to ensure that crypto service providers are subject to similar regulations as other financial services providers.”

In other news,

  • UK Passes Bill That Could See Trade Documents Stored Using Blockchain. Read More
  • Rep. McHenry gives progress report on stablecoin legislation. Read More
  • Brazilian Securities and Exchange Commission CVM Defines Rules to Classify Cryptocurrency Assets as Securities. Read More
  • Coin Center sues US Treasury over Tornado Cash sanctions. Read More
In Other News,
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Quiz Answer
Tesla was the first Fortune 500 company to announce acquisition of Bitcoin.
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