ValteFri, Oct 8, 2021 5:32 PM
Weekly Digest: Million Cosmos Transfers on IBC & Elrond DeFi
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!
Gaining 360% compared to the previous week, Shiba Inu meme token became the 20th world’s cryptocurrency by the market cap with its market capitalization reaching $10 billion. Partly it was influenced by Elon Musk’s tweet about his new Shib Inu pup called Floki, but also due to some big whale buying almost 6.3 trillion SHIB tokens in just 2 days. Shib Inu had already been to the “Top-15” in early May this year and despite the price, drop stayed on the peak of popularity with over a million followers on Twitter.
Leading movie theatre AMC will start accepting Bitcoin and also Ethereum, Litecoin, and Bitcoin Cash. Dogecoin is already accepted as a payment option for buying digital gift cards through the BitPay payment processor. Customers can pay on the web page or use the mobile app. The announcement for accepting Bitcoin and other cryptocurrencies was revealed in mid-August and the company will complete the work on it by the end of 2021.
“Huge news Dogecoin fans! As we work to accept online crypto payments, now you can buy @AMCTheatres digital gift cards (up to $200 per day) with Dogecoin and other cryptocurrency using a BitPay Wallet, — Adam Aron, CEO of AMC
Elrond Network recently partnered with Panthers Protocol known for producing end-to-end privacy-preserving protocols to implement Interchain Swaps and Privacy-Preserving DeFi products as well as to promote interoperable privacy and complainable disclosure systems. Thanks to the collaboration Elrond’s users will be able to utilize Panther Protocol’s zkShark technology by depositing their ESDT, EGLD, and other coins into the Panther’s vaults and at the same time to mint completely collateralized zAssets with the DeFi Apps. This partnership benefited Elrond which prices surged right after.
“The venture is delighted to offer end-to-end privacy solutions to Elrond and make it a compliance-friendly, private, and interoperable blockchain” — Cryptonewsz
The Internet Blockchain communication Protocol (IBC) that was launched earlier this year enabling cross-chain communication recently experienced increased popularity with over 1 million transactions in the last 30 days recorded. The record amount of transfers shows the increased activity in the Cosmos ecosystem expanding and affects the value of the native Atom token.
World’s largest digital asset manager has added Solana and Uniswamp to its major investment Fund, The Digital Large Cap Fund. To free up the space for the assets Grayscale had to sell some of the current investments and used the difference to purchase Solana and Uniswap. Right now the fund holds 8 cryptocurrencies with Bitcoin being the largest weighting with 62,19%.
Following strict policies on cryptocurrencies and intense regulatory pressure from Chinese authorities, KuCoin had to shut down its services in China. It gave the customers time till the end of the year to withdraw their funds and close the accounts. The exchange has already removed all the Chinese users from the platform after the regulators banned the conversion of legal tender into cryptocurrencies, but recently the exchange still found some Chinese users hiding on the platform.
“Kucoin is the second large exchange to remove Chinese users following Houbi which announced the move on September 26” — Ourbitcoinnews
Japanese national authorities are nailing down the investors avoiding taxes as they suggest starting a large-scale audit on certain individuals that profited from trading ADA when its price surges this year. Cardano has been quite popular in Japan since its ICO time and the authorities are also planning to put a closer look at the “tax-saving measures” that gained popularity among Japanese traders. But the problem is that Japan cannot track personal crypto transfers as they bypass formal exchanges.
“It’s difficult to identify who holds or is receiving cryptocurrencies unless there is a professional exchange involved, meaning criminal organizations can exploit personal transactions.” — Kazuyuki Shiba of the Institute for International Monetary Affairs
About 6000 users of Coinbase became victims of phishing attacks between March 20 and May 20 that provided third parties with access to the customer's data such as name, address, emails, etc. The trading platform is unsure if the intruders obtained mentioned data from their database. In any case, the attack brought up the risk for the funds to be transferred from the exchange and Coinbase is ready to reimburse all the affected customers and it also fixed the SMS Account Recovery protocol which is considered to be one of the possible loopholes for the fraud.
Crypto-friendly bank services provider COTI announced the launch of its Visa debit cards and bank accounts that are available for users from now on. That will help all types of users to access a comprehensive financial ecosystem and at the same time, it's another bridge between fiat currencies and the crypto assets realm supported by Simplex, one of the biggest partners of COTI. The card will have the same functionality as usual Visa with additional possibilities of withdrawing cryptos, more convenient exchange between crypto and fiat through the Visa system. Later on more luxurious options such as benefits and loyalty-based plans, VIP models will be developed.
As Bitcoin restored its price up to $47 k many altcoins gained in prices and VeChain is among the biggest gainers with its price skyrocketing 28% in 24h period. The token price currently stays close to the above price target and as it seems like the market is going to continue growing the price can easily reach $0.14 or higher soon.