HashKey Group Becomes First Web3 Partner for Telegram Mini App Catizen
HashKey Group has formed a partnership with the Telegram Mini App Catizen, becoming the platform’s first Web3 partner. The collaboration will allow HashKey Global to offer regulated digital asset services to Catizen users, focusing on the TON blockchain infrastructure. Ben El-Baz from HashKey highlighted the rapid growth of the TON ecosystem (COIN:TONCOINUSD) and the increase in developers in DeFi and GameFi projects as motivation for the partnership. Catizen already has over 120 million daily active users. Additionally, developments such as the launch of TON Ventures and integration with Injective (COIN) have also contributed to the price increase
COO of Ava Labs Account Hacked to Promote Memecoin
Luigi D’Onorio DeMeo’s X account, COO of Ava Labs, was allegedly hacked and used to promote the memecoin Pika (COIN:PIKAUST), inspired by Pikachu, and links to dubious airdrops. The posts, now deleted, included links to fake sites mimicking Ava Labs (COIN:AVAXUSD), likely aiming to steal cryptocurrency. PIKA’s market value dropped significantly after an initial surge, and DeMeo’s account disabled comments to avoid scam alerts.
Babylon advances with Bitcoin staking and first phase of the mainnet
Babylon, a Bitcoin staking platform led by Stanford University professor David Tse, will launch the first phase of its mainnet on August 22. After raising $70 million from Paradigm, Babylon will allow users to lock up to 1,000 BTC on the network. Staking is an innovation for Bitcoin, which typically doesn’t use this system. More than 200 finality providers, such as Allnodes and Galaxy Digital, will support the operation.
Tether expands USDT to Aptos, boosting the network’s DeFi
Tether (COIN:USDTUSD) announced the expansion of USDT to the Aptos layer-1 blockchain, aiming to reduce transaction costs and leverage the network’s growing ecosystem. This integration could inject new energy into Aptos’s DeFi sector, attracting more users and increasing liquidity. Aptos (COIN:APTUSD), co-founded by former members of Meta’s Diem project, has seen a rise in activity, solidifying its position as a promising platform for decentralized applications.
Ether price hit harder by risk aversion than ETF outflows
The price of Ether (COIN:ETHUSD) has dropped more than 26% since the launch of spot ETFs in July, reaching $2,583. The primary factor for the decline is investor apathy, not fund withdrawals, according to Aurelie Barthere of Nansen. The recent crypto market selloff also reflects its correlation with equities and a global economic slowdown. Although expected to boost the market, ETFs saw $420.5 million in net outflows, contributing to the selling pressure. The increased Ether supply and challenges following the Dencun upgrade have also weighed on the price, which has struggled since March. Investors are hoping for a possible recovery in 2025.
Injective launches plug-and-play module for DeFi dApps
Recently, Injective (COIN:INJUSD) launched plug-and-play modules that simplify the creation of decentralized financial applications (dApps). Among them is the exchange module, which enables developers to build prediction markets and betting apps. This module is popular for its flexibility and ease of integration, allowing for the quick creation of various financial applications. Additionally, Injective, with its highly efficient solutions and strategic partnerships, is expanding the functionality and adoption of DeFi technologies.
Bitwise acquires ETC Group, expands its crypto offerings
Bitwise Asset Management has acquired ETC Group, a London-based digital asset manager known for the BTCE physical Bitcoin ETP, the largest in Europe. This increases Bitwise’s assets under management to over $4.5 billion and expands its product offerings to European investors. The acquisition includes the ET32 Ethereum staking ETP and the ESOL Solana physical ETP. CEO Hunter Horsley emphasized that integrating ETC Group will strengthen Bitwise’s presence and innovation in the cryptocurrency market.
Bitcoin miners diversify into AI but face strategic challenges
Analysts at Bernstein highlight that investors are showing interest in Bitcoin miners shifting focus to artificial intelligence (AI) and high-performance computing (HPC) data centers. Known as the “Mullet” strategy, this shift requires incorporating GPUs instead of ASIC machines. However, the transition presents challenges, as the business models for Bitcoin mining and AI data centers differ, complicating the migration to the new market.
Vitalik Buterin transfers $1.05 million to Railgun
Vitalik Buterin, co-founder of Ethereum (COIN:ETHUSD), transferred 400 ETH, about $1.05 million, to Railgun, a cryptocurrency privacy platform, on August 19. Over the past ten months, Buterin has sent a total of 662 ETH to Railgun. The platform, which uses the Privacy Pool protocol created by Buterin, obscures transactions to protect user privacy, making it harder to trace illicit transactions. The exact motivation for the recent transfer is still unknown but may be related to charitable donations.
Polygon faces activity decline as it prepares for MATIC to POL migration
Polygon announced that its MATIC token (COIN:MATICUSD) will migrate to POL on September 4. Last Sunday, Layer-2 network activity fell to its lowest level since December 2023, with 2.44 million transactions. This decline may reflect uncertainty about the migration. Despite this, Polygon’s DeFi sector remains robust, with increases in total value locked (TVL) and trading volume on DEXs.
HTX Ventures focuses on BTCFi and multichain infrastructure in semi-annual report
In its 2024 Semi-Annual Investment Report, HTX Ventures highlighted investments in 23 projects focused on six strategic areas. The report emphasizes BTCFi, aiming to expand Bitcoin’s use in DeFi, and multichain infrastructure, to improve blockchain connectivity. HTX Ventures also invested in solutions that enhance the user experience, aiming to increase Web3 adoption.
Drift adds prediction markets with DeFi focus
Drift, a trading platform on Solana, is launching a new prediction markets service, allowing bets on election events using various cryptocurrencies as collateral. Called BET, the service will be more integrated with decentralized finance (DeFi) than Polymarket, offering yield on collateral and protection of predictions with structured trades. Drift aims to attract traders who prefer Solana’s infrastructure over Polygon, as in the case of Polymarket.
Coin Center gets new chance to challenge tax code amendment
Coin Center has gained a new opportunity to sue the U.S. Treasury Department, challenging an amendment to section 6050I of the tax code, which would require the disclosure of personal data in cryptocurrency transactions over $10,000. The decision by Judge Karen Nelson Moore of the U.S. Court of Appeals overturned the previous dismissal for lack of jurisdiction, allowing the case to proceed with claims about constitutional rights. The amendment is seen as a violation of cryptocurrency users’ privacy.
Dunamu employees earn higher salaries than major South Korean banks
Dunamu employees, operators of the Upbit exchange, earned an average of 133.73 million won (approximately $99,500) in the first half of 2024, compared to 116 million won (about $86,700) at South Korean banks KB Kookmin, Shinhan, Hana, and Woori. This 124% increase in salaries compared to 2023 reflects the exchange’s strong performance, with operating revenue of 531.1 billion won (nearly $400 million) in Q1 2024, up 60.5% from the previous quarter. The profit surge is driven by growing cryptocurrency adoption, highlighted by the approval of Bitcoin ETFs in the U.S.
ASIC shuts down 615 crypto scams and fights online fraud
The Australian Securities and Investments Commission (ASIC) shut down 615 fraudulent cryptocurrency sites in the first year of a new program. These scams represent about 9% of the 7,300 phishing and fraud sites identified. Australians lost A$1.3 billion (US$870 million) to fraud last year. ASIC also dismantled sites like Dexa Trade Markets, which made false claims of regulation and trading volume.
Nigeria plans to tax cryptocurrencies in new bill
Nigeria’s Federal Inland Revenue Service (FIRS) plans to introduce a bill by September to tax the cryptocurrency industry, according to agency head Zacch Adedeji. The proposal aims to create a legal basis for taxation amid claims that cryptocurrency has contributed to the naira’s devaluation. Authorities assert that exchanges like Binance facilitated billions leaving the country, impacting tax revenue.
Colorado church tokenizes historic property to raise $2.5 million
One Hope of Colorado is launching an innovative project to raise $2.5 million by tokenizing the Old Stone Church, a historic chapel built in 1897. Led by Pastor Blake Bush, the project aims to use blockchain to sell digital tokens representing the property. The initiative seeks to engage the community and ensure the purchase and preservation of the building. Tokenization will be done with the help of REtokens and the Polymesh blockchain.
Fabric Cryptography raises $33 million to develop cryptographic chips
Fabric Cryptography raised $33 million in a Series A round led by Blockchain Capital and 1kx, with participation from Offchain Labs, Polygon, and Matter Labs. Founded by MIT and Stanford alumni, the startup will use the funds to develop its new Verifiable Processing Unit (VPU). This custom silicon chip aims to accelerate cryptographic workloads and could transform the efficiency of cryptographic algorithms, similar to the impact of GPUs on AI.
Gate Ventures and Blockchain Center launch $100 million Web3 fund
Gate Ventures, the venture capital arm of Gate.io, has teamed up with the Blockchain Center in Abu Dhabi to create a $100 million fund focused on Web3 innovation. Announced on August 19, Falcon Gate Ventures will support the development of infrastructure and decentralized applications, accelerating the adoption of emerging technologies. The partnership aims to boost high-potential blockchain projects, strengthening the UAE’s role as a global leader in digital innovation.