Weekly Digest: Venmo Cash Back & Flare Network Partnerships

5 months ago by Valte

Weekly Digest CoinJoy

Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to find out what companies’ representatives and media think about all things crypto.

Please enjoy and don’t forget to add your favourites to your CoinJoy Feed!

📌 Nasdaq Listed Technology Firm Announces Bitcoin and Ether Mining Plans

Powerbridge Technologies Co, a Nashdaq-listed technology company that offers SaaS solutions and blocking applications announced that it would invest in and engage in Bitcoin and Ether mining around the world. Moreover, the mining will be environment friendly as the firm has plans to use only clean energy for it. The group of crypto veterans will be also involved in the development of the crypto business. So the company will implement a network of clean energy mining facilities and the company representatives believe that crypto mining operations could fuel the overall growth of the company. Since FUD started to accuse Bitcoin mining of excessive energy usage, many crypto platforms has bought carbon credits in the past couple of months. The Chinese miner’s migration has also helped in making the Bitcoin network greener by moving the miners to the countries where the mining industry is regulated and offers energy supply from clean energy sources.

“We are optimistic about the positive outlook of the cryptocurrency market. Our initiative to engage in crypto mining is an important part of our overall blockchain strategy. We strive to continually build clean energy-based BTC and ETH mining networks globally. We believe our crypto mining business will generate valuable digital assets that help accelerate the Company’s growth.” — Stewart Lor, President, and Chief Financial Officer of Powerbridge Technologies Co

📌 Venmo customers to be able to buy crypto with their cash back

PayPal owned Mobile Online Payment Service Venmo started a new Cash Back to Crypto service for Venmo Credit Card customers that will allow them to use the cashback to purchase crypto straight from the Venmo account. Venmo credit card is contactless and can be used by the millions of merchants accepting Visa across the world. Customers can earn up to 3% of Cashback automatically and use it in Venmo’s dynamic reward program. The new feature is available on the Venmo credit Card Home screen. It is possible to automate the buying process which is held without any transaction fees. Bitcoin, Ether, Bitcoin Cash, and Litecoin are the cryptocurrencies available on Venmo that started providing crypto services in April, enabling users to invest in crypto for as little as $1. The feature will soon be available for all eligible Venmo Credit Cardholders.

”We’re excited to bring this new level of feature interconnectivity on the Venmo platform, linking our Venmo Credit Card and crypto experiences to provide another way for our customers to spend and manage their money with Venmo.” — Darrell Esch, SVP and GM of Venmo

📌 Poly Network hacker appears ready to return stolen funds

The Poly Network hacker that performed a $600-million exploit with the assets moved from the Ethereum, Binance Chain, and Polygon network, reappeared saying he is willing to return stolen funds in the form of the Ethereum transaction to himself with an embedded message that they are ready to return the funds and asking for the multistage wallet. In Poly Network’s twitter account, the company posted three wallet addresses for the hacker to return the funds, saying that they are working on creating a multistage address controlled by known Polly addresses. From the time of the attack, it was suggested that the person behind the hack was a white hat hacker. He already started to return the funds, sending back over $1 million in USD on the Polygon blockchain and Poly Network has admitted receiving the funds. The hacker also sends back $2.65 million worth of Shiba Inu and Fei.

“According to an April report by crypto research company Messari, DeFi protocols have lost about $285 million to hacks and other exploits since 2019.” — Cointelegraph 

📌 Ethereum Transaction Volume Topped Bitcoin in Q2: Coinbase Report

Coinbases’ shareholder letter reveals that the exchange's Ethereum volume surpassed Bitcoin’s by 2% for the first time as Bitcoins volumes have been always overshadowing the ones of Ethereum. The letter also contains interesting tidbits about its business operations. It shows that Coinbase has a strong position in a growing market with the gain in the Q2 of 2021 and also with diversification being one of the other major themes of the period. The amount of monthly transacting users has also increased 44% to 8,8 million due to the increased interest to the market as that was the time when Bitcoin experienced its peak growth of $64 000. The paper shows that the much-discussed infrastructure bill didn’t really pan out and Coinbase is hoping for better regulations, while it also plans to bring not less than a billion people into the crypto market. By the review period Coinbase managed to generate $2 billion in revenue and about $1.6 billion net income, the trading volume increased almost 20 times compared to the Q2 of 2020.  And the exchange itself hired 5 times more employees in Q2 of 2021.

“Coinbase most recently announced that it would integrate Google Play and Apple Play, which will help its goal of reaching one billion users.” — Beincrypto

📌 Bitcoin Neared $47K

Bitcoin finally reached its three-month-high of $47 000, bringing crypto market cap by $90 million in a day. The same goes for the other coins that recovered from the recent crash with Ethereum getting back to $3100 and UNI an LTC price consisting of 2 digits. Since the US government keeps making attempts to tax the digital assets industry, the price of Bitcoin went through the roller-coaster jumping from nearly $38 000 to $44 000 and then dipping below $43 000 and so it continued to jump before it reached $46 700 –the first higher price since the May drop.

“Its dominance over the altcoins has remained rather similar, above 46%, but its market capitalization is well north of $850 billion.” — Cryptopotato 

📌 Vechain Targets China Pet Food Market As VET Price Is Looking For Major Upswing

Anticipated bullish Golden Cross occurred with VeChain when the 50 six-hour SMA crossed over the 200 six-hour SMA and helped VeChain to experience a 30% increase. It currently stays in the middle of the trading range and is preparing to enter China’s pet food market, in particular, to standardize variables on the market to fight counterfeit and substandard products, so it can be expected VeChain price will explode with the overall bullish market. Though the bullish moment is slowed, VeChain investors still can expect gains as the general tendency for the token is positive. VeChain is aiming to incorporate the entire lifecycle of the products into the blockchain to provide traceability of the whole chain, proof-of-origin and proof-of-ingredients.

“Investors can expect VET to return to the support of $0.095. This will relieve the pressure on VET and allow buyers who are willing to buy VET at little discount to join the party” — The Crypto Basic

📌Audi to debut its limited-edition NFTs on xNFT Protocol

The German automaker released limited edition NFTs in collaboration with xNFT Protocol, a decentralized network platform for the creation and exchange of NFTs. Before that Audio published a short video highlighting the limited edition and also saying that the collectibles will be a joint venture with FAW-Volkswagen, a group that manufactures the Audi and Volkswagen passenger car for the Chinese market. That news came along with the massive adoption of blockchain technology in the form of NFT virtually in every sphere from popular sports to unique art objects and celebrity items.

“The value proposition of the unique assets comes from the same outlook that sees collectibles command a lot of interest from retailers.” — Coinjournal

📌 Dogecoin-Themed Hot Dogs Pack Gets $15,000 in Auction

Dogecoin-Themed Hot Dog Pack created by Oscar Mayer firm was auctioned at $15 000 on Ebay Inc. The money was donated to the Feeding America initiative. The item got overall 76 bids. The winner will receive the “one-of-a-kind '' 10 packs of hot dogs with the Shiba Inu image but also a cash equivalent of 20 000 Dogecoins worth about $4,800 at the time of giving. Previously the most expensive hot dog was sold for $169 in 2014. Oscar Mayer isn’t the first to profit from the Dogecoin’s popularity as earlier this year Slim Jim, smoked meat created DOGE-featured marketing drive that caused the token’s prices to rise. Also, Brasilian Burger King recently introduced a dog snack Doggper that can be purchased for Dogecoin.

📌 Flare Networks Inks Partnership With Largest E-Sports Organization Worldwide

Flare Network Inks, a smart contract platform became the global long-term partner of GEF, the most influential cybersport organization to create the pathway for the adoption of blockchain-based solutions in the global gaming community. As per Adrian F Lismore GEF chair of finance, legal, and administration commission two companies share the same missions and methods. Flare Network also recently introduced its sister chain, canary network Songbird with an unlimited supply of core native assets.

“Gaming and esports are an area where we think Blockchain has exciting applications. Through this fantastic partnership with the GEF, we hope to foster an enriched, democratized and better connected esports community.” — Hugo Philion, co-founder and CEO of Flare Networks

📌Tezos Works With New York Mets for Blockchain Awareness in Time for Seventh Upgrade

New York Mets is adding an open-source Tesoz as an advertised brand at city field baseball park. The Tesoz brand will be featured in the iconic centerfield scoreboard and around the ballpark and this signifies its success as a blockchain network. The new collaboration will give a huge push to rising awareness about how blockchain technology can transform the world. This milestone of Tesoz happens after a series of important developments and three upgrades since the beginning of this year. The last one called Granada occurred this year and cut block times in half and decreased smart contract gas consumption by 3x-6x and introduced liquidity banking.

“Citi Field is one of the most recognizable sporting venues in the New York region. As more people learn about blockchain every day, the Mets and Citi Field are amazing properties to introduce Tezos to New Yorkers.” —  Marks Soares, Founder, and CMO of Blokhaus

📌Binance Suspends Crypto-based Derivatives Products in Hong Kong

Singapore-based global cryptocurrency exchange informed that it will prohibit the creation of new derivatives accounts from the time of announcement. The users who created accounts have a 90-days grace period to deal with existing derivative products accounts to close the opened positions, but the creation of new positions is not allowed anymore. The news makes Binance the first major cryptocurrency and digital asset exchange to actively restrict Hong Kong users from using derivative products. This is just one of the latest Binance measures to improve its compliance measures to meet global regulators legal requirements. Binance also no longer provides crypto-based features and derivatives in the three European countries – the Netherlands, Italy, and Germany.


Weekly Crypto Prices August13

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The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.