Tag: solana

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Brazil Legalizes Crypto as a Method of Payment – Top Crypto Updates

Brazil legalizes crypto as a method of payment

Brazil’s Chamber of Deputies approved a regulatory framework legalizing the use of crypto as a method of payment in the country. This gives a regulatory boost to the adoption of digital currencies and the expansion of the ecosystem. However, it does not grant cryptocurrencies the status of legal tender.

Crypto prices today: Bitcoin up 2.4%, ETH rises 5.3%

Bitcoin is currently trading at $16,878.94, an increase of 2.4% over the previous day. Ethereum rose 5.3% over the last 24 hours to $1,270.33. Solana rose 0.21% to $13.71, while Cardano is trading higher by 1.1% at $0.314. Avalanche (AVAX) is up 3.27% to $12.91. The global crypto market cap stands at $853.04 billion, a 2.07% increase over the previous day.

Phantom Solana wallet adds support for Ethereum, Polygon

Phantom, a self-custody wallet for Solana-based decentralized applications and NFTs, has added support for rival blockchains Ethereum and Polygon to its desktop, iOS, and Android apps. The company said an easy-to-use self-custodial wallet is essential as an alternative to centralized exchanges and firms that handle sensitive user data.

Phantom aims to offer a simple, easy-to-use wallet with a unified interface for storing and viewing assets across multiple blockchains.

FTX fallout os ‘opportunity’ to refocus on trust: OpenSea CEO

The CEO of NFT marketplace OpenSea, Devin Finzer, described the entire FTX collapse as an “opportunity” for the industry to rebuild with a focus on trust while further embracing decentralization. “I think for the broader crypto ecosystem, this is really an opportunity to invest in strong, continual trust with users,” he said.

Dominica releases national crypto token with Huobi, Tron

The Commonwealth of Dominica in the Caribbean reportedly issued its national token, DMC, on Tuesday. The country partnered with crypto exchange Huobi Global, TronDAO, and DMC Labs. The nation would roll out a Dominica Digital Identifier (DID) as a know-your-customer (KYC) verification standard. This can be used to open bank accounts, apply for loans, and other financial transactions.

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Binance Doesn’t See Viable Business in India – Top Crypto Updates

Binance doesn’t see viable business in India: CZ

“To be honest, I don’t think India is a very crypto-friendly environment,” said Binance CEO Changpeng “CZ” Zhao. He blamed the country’s high tax environment for making the market not so viable for global players. “If you are going to tax 1% on each transaction, there is not going to be that many transactions,” said CZ. Binance, the world’s largest crypto exchange by volume, is still operational for users in India.

Crypto prices today: Bitcoin up 1.24%, ETH rises 1.1%

Bitcoin is currently trading at $16,796.62, an increase of 1.24% over the previous day. Ethereum rose 1.18% over the last 24 hours to $1,218.61. Solana fell 4.06% to $13.7, while Cardano is trading higher by 0.5% at $0.329. Avalanche (AVAX) rose 0.12% to $13.18. The global crypto market cap stands at $836.89 billion, a 1.03% increase over the previous day.

‘Severe’ outflows from Gemini, OKX, and Crypto.com: JP Morgan

JPMorgan analysts reported that investors are pulling funds out of major crypto exchanges as a result of the collapse of FTX. All major exchanges experienced outflows last week but Gemini, OKX, and Crypto.com had the most “severe” draining of funds. Analysts also said that the stablecoin market is getting smaller—and this may continue to hurt the price of other major cryptos like Bitcoin. 

Bahamas regulators confirm they directed SBF to move assets

The Securities Commission of the Bahamas said it ordered the contents of FTX’s crypto wallets to be transferred to government-controlled wallets on the previous Saturday. The regulator made the order under existing authorities that allow for it to take action if it needs to protect clients or their funds. It’s also unclear whether and when exactly these transfers may have occurred.

Solana NFT protocol Metaplex announces layoffs

Solana NFT protocol maker Metaplex has undergone a company-wide round of layoffs, as FTX’s collapse continues to spread across the Web3 ecosystem. In the days following FTX’s collapse, SOL dropped a staggering 60% in value. Metaplex’s layoffs are yet another data point in the still-to-be-accounted-for ripple effects of the collapse. 

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Google Cloud Becomes Solana Validator – Top Crypto Updates

Google Cloud becomes a Solana validator

Google Cloud has announced an innovative collaboration with Solana. It will join the Solana network and incorporate Solana into its diverse range of products and services. The company will run a Solana validator that generates blocks, allowing it to participate in and validate the Solana network. Google Cloud has also been collaborating with Solana to bring its Blockchain Node Engine to the Solana ecosystem. 

Crypto prices today: Bitcoin falls 1.8%, ETH down 2.7%

Bitcoin is currently trading at $20,796.93, a decline of 1.79% over the previous day. Ethereum fell 2.7% over the last 24 hours to $1,572.01. Solana crashed 11.93% to $31.54, while Cardano is trading lower by 4.1% at $0.403. Avalanche (AVAX) fell 6.6% to $18.18. The global crypto market cap stands at $1.03 trillion, a 2.36% decline over the previous day.

Crypto wireless carrier Helium Mobile to power Solana’s smartphones

Nova Labs (the company behind Helium Network) and a crypto-powered cellular service Helium Mobile will provide SIM cards and free trials to customers of Solana Labs’ new Saga phones. Saga phones sold in the U.S. will get a 30-day free subscription to Helium Mobile. These phones are Solana’s flagship Android device, tightly integrated with the Solana blockchain.

UK bank Santander to block payments to crypto exchanges

UK bank Santander is set to block real-time payments to crypto exchanges next year to protect consumers from scams. From Nov. 15 onwards, payments to crypto exchanges using mobile and online banking will be limited to £1,000 per transaction with a total limit of £3,000 in any rolling 30-day period. The new rules will not impact the ability of customers to make withdrawals.

Binance to liquidate its entire position in FTX tokens

Binance CEO Changpeng Zhao said his crypto exchange is liquidating its holdings of FTT, the native token of rival exchange FTX. The decision follows weeks of criticism directed at FTX’s founder and Chief Executive Sam Bankman-Fried for regulatory proposals he put forth in a blog post which recommended restrictions regarding decentralised finance (DeFi).

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OpenSea Adds Avalanche NFT Support – Top Crypto Updates

OpenSea adds Avalanche NFT support

OpenSea has added non-fungible tokens (NFTs) from the Avalanche blockchain to its online marketplace. Avalanche is an open-source network with the native token AVAX and three different blockchains, one of which is called the C-Chain. The C-Chain is optimized for Ethereum compatibility and smart contracts, which NFTs use. OpenSea currently features 200 Avalanche-native collections. 

Crypto prices today: Bitcoin up 0.4%, ETH rises 1.4%

Bitcoin is currently trading at $19,133.85, an increase of 0.4% over the previous day. Ethereum is up 1.43% over the last 24 hours to $1,296.83. Solana fell 0.6% to $31.33, while Cardano is trading lower by 0.54% at $0.394. Avalanche (AVAX) rose 0.333% to $16.04. The global crypto market cap stands at $923.8 billion, a 0.52% increase over the previous day.

SEC investigating Yuga Labs over securities violations: Report

As per a Bloomberg report, the US Securities & Exchange Commission (SEC) is investigating Yuga Labs over whether its Bored Ape Yacht Club Ethereum NFTs and the ApeCoin token are unregistered securities. The report claims that SEC is exploring whether the crypto startup broke federal law by issuing NFTs that act like stocks. It is also probing the distribution of the Ethereum-based ApeCoin token that launched earlier this year. 

Crypto firm 21Shares lists Bitcoin ETP on Nasdaq Dubai

Crypto investment products firm 21.co’s subsidiary, 21Shares AG, has listed a Bitcoin exchange-traded product (ETP) on Nasdaq Dubai. It is the Middle East’s first physically-backed Bitcoin ETP. The 21Shares Bitcoin ETP trades in the same way as the 21Shares Bitcoin ETP in Europe. Following the Dubai listing, 21Shares has 46 listed products across seven countries.

Solana DeFi trading platform Mango Markets loses $100M in hack

Mango Markets, a decentralized platform hosted on the Solana blockchain, faced an exploit for over $100 million. Mango’s token MNGO was severely impacted and crashed over 40% in the past 24 hours. According to the blockchain auditing website OtterSec, the attacker temporarily drove up the value of their collateral and then took out loans from the Mango treasury.

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Helium Shifts to Solana Blockchain – Top Crypto Updates

Helium ditches own blockchain in favor of Solana

Helium community members have voted to move the decentralized WiFi network from its blockchain (officially known as HIP 70) to the Solana blockchain. The HIP 70 proposal concluded voting early Thursday morning with ~81% voting in favor of migration. Developers behind Helium proposed the migration to Solana to help scale the protocol through more efficient transactions as well as interoperability.

The move will transfer all tokens, applications, and governance to the Solana network.

Crypto prices today: Bitcoin falls 0.3%, ETH down 4%

Bitcoin is currently trading at $18,765.81, a decline of 0.38% over the previous day. Ethereum is down 4.1% over the last 24 hours to $1,267.68. Solana fell 0.68% to $31.30, while Cardano is trading higher by 0.14% at $0.443. Polkadot (DOT) rose 1.7% to $6.29. The global crypto market cap stands at $912.30 billion, a 0.7% decline over the previous day.

Bitcoin bear market is ‘healthy’ for crypto industry long term: Binance CEO

Binance CEO Changpeng Zhao said a four-year crypto market cycle is normal, and a bear market is healthier in the long term than a seemingly never-ending upward trend. He added that investors should not look at token prices as signs of how the crypto market is doing. Instead, he suggested investors look at the number of users buying & using crypto and the number of different blockchains and Web3 projects.

Jesse Powell steps down as CEO of Kraken

Jesse Powell, the controversial co-founder of crypto exchange Kraken, will step down as the company’s chief executive. He aims to spend more time on the company’s products, user experience, and broader industry advocacy. Powell will become chairman of Kraken’s board of directors.

Ethereum NFTs driving crypto adoption in Central, South Asia: Report

As per a Chainalysis report, non-fungible tokens (NFTs) may be the biggest driver of crypto adoption in Central, Southern Asia, and Oceania (CSAO). NFT-related actions accounted for 58% of all web traffic going to crypto services from this region in Q2 2022. Another 21% of traffic in the quarter went to websites of play-to-earn blockchain games like Axie Infinity and STEPN.

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SEC Sues Dragonchain for $16.5M Dragon Token ICO – Top Crypto Updates

SEC sues Dragonchain for $16.5M Dragon Token ICO

The U.S. Securities & Exchange Commission (SEC) has announced charges against the chief architect of Dragonchain, John Joseph Roets, for allegedly raising $16.5 million in unregistered crypto asset securities offerings. Roets and Dragonchain conducted an unregistered offering of Dragon tokens (DRGN) through a discounted “presale” to members of a crypto investment club and through an initial coin offering (ICO) in October and November.

Crypto prices today: Bitcoin falls 0.4%, ETH down 0.85%

Bitcoin is currently trading at $23,933.4, a decline of 0.4% over the previous day. Ethereum fell 0.85% over the last 24 hours to $1,898.48. Solana rose 0.1% to $43.29, while Cardano is trading higher by 1.35% at $0.561. Avalanche (AVAX) fell 1.54% to $27.34. The global crypto market cap stands at $1.16 trillion, a 1.21% increase over the previous day.

Crypto crime falls 15% along with bear market: Report

Illicit activity involving crypto has declined by 15% in volume so far this year, reported blockchain intelligence firm Chainalysis. “If we dig into specific forms of crypto-based crime, we find that some have actually increased in 2022, while others have declined more than the market overall,” said the report. The total scam revenue for 2022 is 65% lower than it was through the end of July 2021 and currently sits at $1.6 billion.

Crypto.com registers with UK financial regulator

Digital asset exchange Crypto.com has registered with the United Kingdom’s Financial Conduct Authority (FCA). The Singapore-based firm is now authorized to conduct “certain crypto asset activities” in the UK. Since 2016, Crypto.com has competed with other exchanges, including FTX and Binance, to cement its presence in international markets. 

Jump Crypto to revamp core part of Solana’s infra

Jump Crypto, the crypto arm of high-frequency trading firm Jump Trading Group, announced plans to develop a new open source validator client for the Solana network to boost throughput and reliability. The firm will lead the development of a new open-source validator client called Firedancer. They will also bring their experience in building networks to Solana as it scales to potentially larger audiences in the years to come.

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ED Probing WazirX For Money Laundering – Top Crypto Updates

ED probing WazirX for money laundering of Rs 2,790 crore

Minister of State for Finance Pankaj Chaudhary said the Enforcement Directorate (ED) is probing alleged money laundering of Rs 2,790 crore through crypto exchange WazirX. An investigation has revealed that Wazirx, operated by Zanmai Labs Pvt Ltd, has been using the walled infrastructure of Cayman Island-based exchange BINANCE. All crypto transactions between these two exchanges were not recorded on the blockchain.

Crypto prices today: Bitcoin up 0.9%, ETH rises 3.5%

Bitcoin is currently trading at $23,040.86, an increase of 0.92% over the previous day. Ethereum rose 3.57% over the last 24 hours to $1,635.67. Solana fell 4.72% to $38.67, while Cardano is trading higher by 2.37% at $0.505. Avalanche (AVAX) rose 4.28% to $23.48. The global crypto market cap stands at $1.07 trillion, a 1.71% increase over the previous day.

Solana, USDC drained from wallets in attack

An unknown attacker drained thousands of wallets containing Solana and USDC worth at least $4 million late Tuesday night. The hack seemed to originate on the Solana browser wallet Phantom and is believed to have compromised user keys. “We are working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem,” said Phantom in a tweet. 

Magic Eden expands NFT marketplace to Ethereum

Magic Eden, the most popular NFT marketplace on Solana, will add support for Ethereum this month. The platform will offer “go-to-market” benefits for Ethereum NFT creators, including its popular minting toolkit, whitelisting tools, and marketing support. It is also launching a “cross-currency trading product” to allow users to purchase both Ethereum and Solana NFTs in either blockchain’s native currency.

TaxCryp to launch tax computation platform for crypto investors

TaxCryp Technologies announced the launch of a software as a service (SAAS)-based solution to tackle India’s complicated crypto taxation regime. The software aims to simplify tax computation, compliance, and reporting requirements. India imposed a 30% flat tax on all crypto income from April 1. The govt also introduced a 1% tax deducted at source (TDS) on the sale and transfer of crypto assets in excess of Rs 10,000.

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Crypto Exchanges Bet on Long-Term Products After Trading Volumes Crash – Top Crypto Updates

Crypto exchanges bet on long-term products after trading volumes crash

Crypto exchanges in India are now pushing offerings such as systematic investment plans (SIPs) and loans after trading volumes on their platforms got severely impacted by new taxation rules and falling valuations of crypto tokens. They hope that long-term products will attract more retail investors. An estimated 85-90% of trading volumes on top crypto exchanges such as WazirX, Zebpay, CoinDCX, and Bitbns were wiped out between January 1 and July 14.

Crypto prices today: Bitcoin rises 7.6%, ETH up 12%

Bitcoin is currently trading at $22,996.93, an increase of 7.6% over the previous day. Ethereum jumped 11.9% over the last 24 hours to $1,634.51. Solana rose 7% to $39.58, while Cardano is trading higher by 6.8% at $0.502. Polygon (MATIC) surged 7.9% to $0.877. The global crypto market cap stands at $1.05 trillion, a 7.13% increase over the previous day.

UK Commission aims to clarify crypto property law

The U.K. Law Commission has proposed changes to clarify how property laws apply to digital assets in England and Wales. The body will review laws to ensure that they can accommodate NFTs and crypto tokens as they continue to evolve and expand as stores of value, forms of payments, or equity or debt securities. The agency also suggests recognizing a new category of personal property called “data objects”.

Solana to open IRL retail store, Web3 ‘Embassy’ in New York

A Solana-themed store, called Solana Spaces, is set to open in New York City. The new store will be launched in collaboration with the Solana Foundation, the organization behind the blockchain network. Visitors can learn how Solana works and what Web3 is. The store will be like a “cultural center” or “embassy” for Solana, which is currently the ninth most valuable crypto in the world by market cap.

Meta’s metaverse division loses $2.8 billion in Q2

US-based Meta’s metaverse-specific division suffered losses of $2.81 billion in the second quarter (Q2 CY22). That puts the division’s year-to-date losses at $5.77 billion The division, Facebook Reality Labs (FRL), focuses on building the hardware, software, and content central to Meta’s push into the metaverse. 

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Coinbase to Launch ‘Nano’ Bitcoin Futures – Top Crypto Updates

Coinbase to launch ‘Nano’ Bitcoin Futures via derivatives exchange

Coinbase Derivatives Exchange (formerly known as FairX) is launching its first crypto derivatives product this month. The CFTC-regulated futures exchange will launch its Nano Bitcoin Futures (BIT) on June 27. Coinbase is also awaiting regulatory approval on its own futures commission merchant (FCM) license to offer margined futures contracts for its clients.

Crypto prices today: Bitcoin rises 1.2%, ETH up 3.2% 

Bitcoin is currently trading at $20,815.18, an increase of 1.27% over the previous day. Ethereum is up 3.2% over the last 24 hours to $1,135.97. Solana rose 4.3% to $37.96, while Cardano is trading higher by 2.47% at $0.486. Avalanche (AVAX) surged 10.56% to $19.20. The global crypto market cap stands at $926.59 billion, a 1.18% increase over the previous day.

Binance teams up with Cristiano Ronaldo for NFT push

Binance announced a multi-year non-fungible token (NFT) partnership with football legend Cristiano Ronaldo. With this partnership, the firm plans to launch a global marketing campaign to promote Web3 and provide football fans with a compelling entry point into the NFT market.

Solana Labs launches mobile platform; reveals smartphone

Solana Labs has announced an Android-based software kit for developing mobile Web3 apps. “Solana Mobile Stack” (SMS) is an open-source software kit designed to enable the development of native Android apps built around the Solana blockchain. The firm will also release its own android smartphone called Saga, which will be released in 2023.

Indian govt gives clarity on taxation of digital token transactions

The Indian government has brought in some much-needed clarity in the matter of taxing digital token transactions. The Union Budget 2022-23 had declared a 30% tax on income from crypto from the new financial year and a 1% TDS on all crypto transactions starting July 1. Now, the Central Board of Direct Taxes has clarified how firms could comply with the revised tax.

According to the new rules, exchanges will have to deduct tax from the crypto buyer’s side in a transaction. This tax must be paid to the Centre within 30 days of the end of the month during which the deduction was made.

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Panama’s President Vetoes Crypto Bill – Top Crypto Updates

Panama’s President vetoes crypto bill

Panama’s President Laurentino Cortizo has partially vetoed a ‘crypto bill’, saying it requires more work to better fit the country’s financial regulations. Cortizo had previously warned that he would not sign the bill unless it included additional Anti-Money Laundering rules. If passed, the new law would allow Panamanians to buy everyday goods with crypto. 

Crypto prices today: Bitcoin down 3%, ETH falls 5%

Bitcoin is currently trading at $21,105.2, a decline of 3.13% over the previous day. Ethereum is down 4.9% over the last 24 hours to $1,111.26. Solana fell 5.68% to $31.69, while Cardano is trading lower by 1.3% at $0.502. Avalanche (AVAX) fell 2.8% to $16.62. The global crypto market cap stands at $901.88 billion, a 4.05% decline over the previous day.

Solana’s new gas fees won’t make the network ‘expensive’: Co-Founder

Solana is planning to launch a new fee prioritization model and other network upgrades aimed at stability. The model will charge an additional fee during times of congestion, but only for on-demand apps and services. Solana co-founder Anatoly Yakovenko has claimed that the model would not punish users with high fees across the entire network.

Crypto exchanges seek meeting with NPCI to restore UPI services

CoinSwitch Kuber, WazirX, CoinDCX, and other top crypto exchanges have written to the National Payments Corporation of India (NPCI), asking them to restore UPI services for crypto players. Members of the Blockchain and Crypto Assets Council have sought a meeting to discuss the regulator’s concerns regarding UPI usage for trade in cryptocurrencies.

Elon Musk, Tesla sued over allegations of running Dogecoin pyramid scheme

Elon Musk has been sued for $258 billion by a Dogecoin investor who accused him of running a pyramid scheme to support the meme coin. In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, Tesla Inc, and SpaceX of racketeering. He claims that Musk hyped up Dogecoin and drove up its price, only to let the price tumble later.

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Crypto Crash Devalues Ukraine Govt’s Crypto Fundraise – Top Crypto News

Crypto crash devalues Ukraine govt’s crypto fundraise

Ukraine plans to continue to tap crypto investors to help raise funds after a crash in token prices wiped out its fundraising efforts in May. On March 19, the Ukrainian government said it had raised more than $60 million worth of crypto. But two months later, the total amount raised was only worth $51.5 million.

All the funds raised in the “Aid for Ukraine” fund were stored in crypto. The government was able to spend $45 million on equipment for Ukraine’s army before the crash.

Crypto prices today: Bitcoin up 1.6%, ETH up 0.21%

Bitcoin is currently trading at $29,785.75, a 1.6% increase over the previous day. Ethereum rose 0.21% over the last 24 hours to $1,983.62. Solana fell 1.17% to $49.08, while Cardano is trading higher by 0.4% at $0.520. Avalanche (AVAX) fell 2.2% to $26.62. The global crypto market cap stands at $1.27 trillion, a 0.99% increase over the previous day.

Brave adds Solana support and Ramp Wallet functionality in latest update

Privacy web browser Brave’s latest desktop release now includes support for the Solana blockchain and its SOL and SPL tokens. Brave Wallet can be used to buy, sell, and hold SOL and SPL tokens through the non-custodial payment platform Ramp. Ramp allows users to buy crypto directly from their Brave Wallet instead of having to purchase crypto on an exchange and then transfer it to a wallet.  

Coinbase becomes first Bitcoin company among Fortune 500

Coinbase has become the first crypto-focused company to be included in the Fortune 500. The US-based crypto exchange recorded $7.8 billion in revenue for the 2021 financial year, ranking 437th on the list. The company derives a bulk of its revenue from trading fees.

Crypto risks could spill over into wider economy: ECB

A European Central Bank (ECB) report stated that financial institutions using crypto/digital assets as a form of payment could increase “spillover to the wider economy”. Regulators have been looking into the devastating collapse of the Terra blockchain coins. It has raised questions on the stability of algorithmic stablecoins like UST, which are not backed by a fiat currency.

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Wikipedia to Stop Accepting Crypto Donations – Top Crypto News

Wikipedia to stop accepting crypto donations

Wikimedia Foundation announced that it will no longer accept crypto donations on environmental grounds. The decision was made based on a community request, which came out of a three-month-long discussion that wrapped up in April. A total of 232 users, accounting for 71.17% of the total vote, voted in support of the proposal. Wikimedia is the company behind the free web-based encyclopedia Wikipedia.

Crypto prices today: Bitcoin down 1.5%, ETH falls 1.7%

Bitcoin is currently trading at $38,992.7 a 2.7% increase over the previous day. Ethereum is up 3% over the last 24 hours to $2,858.92. Solana rose 1.51% to $90.29, while Cardano is trading higher by 3% at $0.792. Terra (LUNA) rose 3.5% to $83. The global crypto market cap stands at $1.75 trillion, a 2.49% increase over the previous day.

Bored Ape NFT company raises $285 million of crypto in virtual land sale

US-based Yuga Labs has raised ~$285 million worth of crypto by selling tokens that represent land in a virtual world game it says it is building. Last year, the company created the Bored Ape Yacht Club NFTs. They are blockchain-based tokens representing a set of 10,000 computer-generated cartoon apes. Yuga Labs has now set its sights on the Metaverse.

Solana crash blamed on bots swarming Candy Machine

Solana went dark for nearly 7 hours on Saturday after bots appear to have swarmed Candy Machine, an NFT minting tool. The bots reportedly submitted more than 4 million transactions a second, generating more than 100 gigabits per second (Gbps) of traffic that crashed the network.

India includes crypto businesses in new rules for cyber security

The Computer Emergency Response Team (CERT) has been named India’s national agency for cyber security, including the crypto industry. The agency has the authority over suspicious or illicit activities in the crypto sector. The move requires crypto businesses to keep know-your-customer (KYC) information and records of financial transactions for five years. This will ensure cyber security in the area of payments and financial markets for citizens.