Author: Andrei Ionescu
Russia is set to begin testing cross-border cryptocurrency payments next week in an attempt to bypass international sanctions, but experts warn that the effort may be futile due to the traceability of blockchain transactions and the potential for even stricter sanctions. The new legislation, passed in July and quickly signed into law by President Vladimir Putin, allows cross-border payments using cryptocurrencies but does not lift the existing ban on using them as legal tender within Russia. The law grants Russia’s central bank the authority to oversee an “experimental” regime for these payments, though specific rules and mechanisms remain unclear. Russia…
Former President Donald Trump announced that he will unveil a comprehensive plan on Thursday aimed at positioning the United States as the global leader in cryptocurrency. Trump made the announcement via a post on X (formerly Twitter), signaling a major move in his campaign to win back the presidency in 2024. “This afternoon I’m laying out my plan to ensure that the United States will be the crypto capital of the planet,” Trump said in the post, which featured the logo of World Liberty Financial, a decentralized finance (DeFi) project that has received endorsements from his sons, Donald Trump Jr.…
IREN, formerly known as Iris Energy, announced record-breaking financial results for the fiscal year ending June 30, 2024, with significant growth in bitcoin mining revenue and capacity expansion. The company reported $184.1 million in bitcoin mining revenue, marking a 144% increase from the $75.5 million generated in the previous fiscal year. This surge was driven by a combination of increased hashrate and higher bitcoin prices. The company nearly doubled its self-mining capacity, growing from 5.6 exahashes per second (EH/s) to 10 EH/s during the period. As a result, IREN mined a record 4,191 BTC, up from 3,259 BTC in the…
Kaia, the highly anticipated Layer-1 blockchain developed by two of Asia’s leading messaging apps, Kakao and LINE, has officially launched its mainnet. The launch occurred at 10 p.m. Eastern time on Wednesday, marking a significant milestone in the blockchain’s development. According to a press release, the Kaia mainnet is touted as “the world’s fastest EVM blockchain,” featuring one-second finality, ultra-low gas fees, and backing from prominent Asian web3 partners, including Kakao and LINE NEXT. The blockchain’s development comes after a merger in April between Kakao’s Klaytn and LINE’s Finschia platforms. Together, Kakao and LINE command a massive user base of…
Spot Ethereum exchange-traded funds (ETFs) in the U.S. have reversed a nine-day trend of outflows with a net inflow of $5.84 million on Wednesday. This marks a significant moment for the funds, which have seen sustained outflows over the past week. Data from SoSoValue reveals that while the Grayscale Ethereum Trust (ETHE) experienced a daily net outflow of $3.81 million, this was more than offset by inflows into other funds. Notably, BlackRock’s spot ether fund attracted $8.4 million, and Fidelity’s FETH saw an inflow of $1.26 million. Despite the recent inflow, the nine spot ether ETFs recorded $151.57 million in…
Sony Block Solutions Labs, the blockchain division of Sony Group Corporation, has announced the launch of the first public testnet for its Soneium blockchain, an Ethereum Layer 2 network based on the Optimism stack (Op Stack). Alongside the testnet, Sony is also rolling out a developer incubation program to foster innovation on the platform. “This dual initiative marks a significant milestone in Sony Group Corporation’s entry into Web3, poised to catalyze ecosystem growth and accelerate adoption by leveraging its vast global reach and technological expertise across entertainment, gaming, and consumer electronics sectors,” Sony stated in a press release. The Soneium…
Binance, one of the world’s largest cryptocurrency exchanges, has imposed restrictions on Palestinian user accounts following instructions from the Israel Defense Forces (IDF). This move has sparked significant debate within the global cryptocurrency community and raised concerns about user access and the broader implications of regional tensions on the industry. Ray Youssef, co-founder of Paxful and CEO of Noones, brought attention to the issue on X (formerly Twitter), stating that Binance had frozen the accounts and funds of all Palestinian users. According to Youssef, this action was taken in response to a directive from the IDF, with no opportunity for…
Solayer Labs, the developer behind the Solana restaking protocol Solayer, has secured $12 million in a seed funding round, pushing its valuation to $80 million. The round, led by Polychain Capital, included investments from Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Arthur Hayes’ family office, Maelstrom, the company announced on Tuesday. The round, which closed in May, was structured as a simple agreement for future equity (SAFE) with token warrants, according to co-founder Rachel Chu. Binance Labs also participated in the funding, as part of the same round. Solayer had previously raised funds in a pre-seed…
Despite former President Donald Trump’s hints that he may skip the upcoming September 10 debate with Vice President Kamala Harris, traders on the crypto-based prediction market platform Polymarket believe he’s bluffing. As of Tuesday afternoon in New York, “Yes” shares for the question “Will Trump debate Kamala on Sept. 10?” were trading at 84 cents. This indicates that traders see an 84% chance he will participate in the debate. The bets, encoded into a smart contract on the Polygon blockchain, offer a $1 payout in stablecoin USDC if Trump follows through, and zero if he doesn’t. The contract launched Monday,…
Xapo Bank is partnering with Hilbert Capital to manage a bitcoin-denominated hedge fund worth $200 million, the companies announced on Tuesday. The fund is set to launch in September and will be accessible to corporates, businesses, and professional investors. The partnership between Xapo Bank and Hilbert Capital, the asset management division of Swedish investment firm Hilbert Group (HILB), aims to offer institutional investors a more structured approach to growing their bitcoin holdings. “We believe that offering the right products for participants in the space who are aiming not only for exposure to the Bitcoin price but also structured ways to…