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Wednesday, July 24, 2024

đź”´Is Coinbase in Trouble?

đź”´Is Coinbase in Trouble?

The FDIC warns about false Voyager insurance claims, Cathie Wood dumps Coinbase and Mercedes Benz uses Polygon’s blockchain to store data. These stories and more this week in crypto.

Voyager’s Insurance Claims Were False

The Federal Deposit Insurance Corporation has issued a letter to Voyager Digital, demanding an end to its false claims of insurance of its customers’ funds. The FDIC explained that Voyager misled its customers by implying that their uninsured deposits were FDIC insured. Voyager applied for bankruptcy protection during the first week of July.

Cathie Wood Dumps Coinbase

ARK Invest – the hedge fund spearheaded by Cathie Wood – sold more than 1.4 million shares of Coinbase Global stock. It appears that they sold the stock at an all-time low price of $53 a share, possibly losing nearly $280 million. This is the first time this year that the fund has dumped Coinbase’s stock.

Multinational Bank to Launch Crypto Trading

Spanish multinational bank Santander plans to offer crypto trading to its clients in Brazil in the coming months. Santander Brazil’s CEO acknowledged that their clients have demand for this type of asset, so the bank will offer crypto trading in the most educational way they can.

EU Lacks Crypto Experts

The European Union has a lack of crypto experts to regulate the crypto market, according to the President of the European Banking Authority. José Manuel Campa said the lack of experts in the crypto sphere in the EU has generated a major concern in the body responsible for overseeing the EU banking sector.

Ethereum Classic Jumps 124%

Over the last two weeks, Ethereum Classic’s price has doubled against the dollar. Since the hard fork in 2016, Ethereum Classic has been using the same proof-of-work consensus algorithm as Ethereum. Now, with Ethereum’s upcoming switch to proof-of-stake, there is some speculation that some of Ethereum’s proof-of-work miners will transition to mining Ethereum Classic.

Solana Opens Real Life Store in New York

A Solana-themed store is set to open its doors in New York City. At the new store called Solana Spaces,visitors can learn how Solana works, and what Web3 is. Solana’s team will also help its visitors with setting up a wallet, buying their first NFTs and providing a real-life guide through their first on-chain transactions.

Binance to Sell First NFT Soccer Tickets

Crypto exchange Binance will be selling NFT match tickets for one of Italy’s leading soccer teams, Lazio, this coming season. Beyond attending matches, Lazio fans will be able to use the tokens to take advantage of various discounts and merchandise offers from their club and participate in giveaways.

New Blockchain Network Launched by Mercedes

The Mercedes Benz Group has introduced a blockchain-based data sharing network specifically designed for corporate users. The new project will let businesses purchase and sell data, including insurance information and trial data, in a decentralized setting. Polygon, the Ethereum Layer-2 scaling solution, will help execute transactions on the blockchain.

That’s what’s happened this week in crypto, see you next week.

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