Miami Set to Launch Its Own Cryptocurrency

Hello everyone, this is our weekly crypto digest. Here you’ll find everything from a weekly market summary and top news to the hottest new listings on exchanges, and even memes to cheer you up. To get these updates as soon as we post them, follow us on Twitter.

Weekly Market Summary

At a conference organized by the Aspen Institute, SEC Chair Gary Gensler explained his position on crypto regulations.

The SEC Chair emphasized the need for more stringent and well-enforced investor safeguards in the cryptocurrency space.

“Right now, we just don’t have enough investor protection in crypto,” said Gensler. “Frankly, at this time, it’s more like the Wild West.”

He added that most cryptocurrencies are “highly speculative stores of value.” DeFi protocols, crypto lenders, and stablecoins, according to Gensler, may all be targets of an expanded regulatory regime.

Binance’s Singapore-registered entity is free from the need for a license for the time being, but it’s under review with Singapore’s regulator. Binance’s application is presently being reviewed by the Singapore Monetary Authority, although a “substantial number” of companies like Binance have been turned down.

Changpeng “CZ” Zhao, the CEO of Binance, has frequently insisted that his company is “decentralized,” and so lacks a physical headquarters. That argument has not gone over well with other global regulators recently, including the Financial Conduct Authority of the United Kingdom, which issued a consumer warning against a Binance entity in the United Kingdom in June and said the FCA views Binance’s lack of headquarters as a “huge issue.”

Quick weekly news:

• Satoshi Nakamoto Collaborator Says His Bitcoin Fork, Zcash, Should Go Proof Of Stake And Wind Down Its Carbon Footprint.
• Miami Set to Launch Its Own Cryptocurrency, Reward Users in Bitcoin.
• Square’s value could be 5x thanks to Afterpay deal.
• DeFi Protocol Popsicle Finance Hacked for $25 Million.  

Other notable events include:

– Google Allows Crypto Ads in US
– Binance to bring Bitcoin payments to Shopify via new partnership

Google Allows Crypto Ads

On August 3, after the updated financial products and services policy came into force, cryptocurrency advertising on Google was again allowed.

This document was first introduced in June that “exchanger and wallet advertisers” targeting US consumers offer their services and products if they meet certain requirements.

Certain sorts of advertising, as well as ad destinations that collect or compare crypto service providers, are still prohibited by Google. Ads related to initial coin offerings and DeFi trading protocols are also not permitted.

Binance to bring Bitcoin payments to Shopify via new partnership

Despite the constant hate from regulators, Binance, the world’s largest cryptocurrency exchange by trading volumes, continues to actively expand its crypto-fiat directions.

Yesterday the company announced a partnership with crypto-fiat hybrid payment platform Alchemy Pay that will bring peer-to-peer (P2P) crypto to over 2 million merchants worldwide through its Binance Pay payment app.

• Spot trading: At the spot trading front Bitcoin (BTC) and Ethereum (ETH) have become new favorites. Solana (SOL) and FTX Token (FTT) were disposed to third and fourth places.
• Derivatives: No wonder Bitcoin (BTC) and Axie Infinity (AXS) have become the most traded currencies as to trading derivatives. Ethereum (ETH), Solana (SOL), and Polkadot (DOT) had been left behind.

New Listings on CoinbasePro:

• Rai Reflex Index (RAI/USD)
• Alchemy Pay (ACH/USD)
• Plair (PLA/USD)
• Harvest Finance (FARM/USDT FARM/USD)

New Listings on Binance:

• Flow (FLOW/BNB FLOW/BUSD FLOW/USDT FLOW/BTC)
• Quant (QNT/BTC QNT/USDT QNT/BUSD QNT/BNB)
• Clover Finance (CLV/BUSD CLV/BNB CLV/USDT CLV/BTC)

New Listings on Kraken:

• Wrapped Bitcoin (WBTC/EUR WBTC/USD)
• Badger DAO (BADGER/USD BADGER/EUR)
• Loopring (LRC/EUR LRC/USD)
• Cartesi (CTSI/EUR CTSI/USD)

New Listings on Kucoin:

• Solana (SOL/USDT)
• My DeFi Pet (DPET/USDT)
• Polychain Monsters (PMON/USDT)
• Smooth Love Potion (SLP/USDT)

By the way, our PRO plan includes new Exchange Listing alerts for all 27 exchanges in our app. Become a PRO and receive an instant notification when a new coin is listed on Coinbase Pro, Binance, or an exchange of your choice!

PinkMoon Protocol is the ecosystem consisting of several modules including pinkswap.finance, pinksale.finance and, most importantly, their own token. To join the project and receive your own liquidity provider tokens (LP tokens), you must hold your share of the PINKM tokens in their pools. That said, the more your share in their pool weights, the more rewards you reap.

Also, the project is known as a suite of tools to create your own tokens and launchpads in a fast, simple and cheap way, with no prior code knowledge required. That’s why on BSC, PinkMoon often serves as a launchpad for manifold meme currencies.

Peculiarities:

• Community driven & fair launch.
• Every transaction incurs the fee of 10% to the benefit of all.
• Anti whale trades, transactions (sell/buy) that trade more than 0.05% of the total supply will be rejected.
• The Liquidity of PinkMoon (45% of total supply) will be locked at launch with Unicrypt.

🔍DYOR

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Monero is the leading cryptocurrency focused on private and censorship-resistant transactions.
The majority of existing cryptocurrencies, including Bitcoin and Ethereum, have transparent blockchains. Transactions can be verified and/or traced by anyone in the world. This means that the sending and receiving addresses of these transactions could potentially be linked to real-world identities.

Monero, on the other hand, uses various privacy-enhancing technologies to ensure the anonymity of its users.

Peculiarities:

• Monero transactions are confidential and untraceable.
• Monero is electronic cash that allows fast, inexpensive payments to and from anywhere in the world.
• Monero is a grassroots community attracting the world’s best cryptocurrency researchers and engineering talent.

Recent announcements:
Privacy-Threatening Flaw Discovered in Monero’s (XMR) Wallet Code
Monero (XMR) Keeps Rising Despite Discovery of Latest Bug

🔥DYOR:
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We have prepared top-performing coins of Aug 5 for you.

AAVE has managed to become the best performing asset among TOP-100, gaining 14.20% within the last 24 hours.

Perpetual Protocol was the worst-performing asset among TOP-100 (again), losing 7.20% within the last 24 hours.

To get up-to-date reports on gainers and losers during the week, follow us on Twitter.

Top cryptomeme of the week

And what do you know about ambiguous phrases? 

We hope you found this digest useful and informative! If you want to be the first one to receive new crypto insights and stay up-to-date with the market, follow us on Twitter. Happy trading with the Good Crypto app!