ValteFri, Dec 17, 2021 4:32 PM
Weekly Digest: Tether Lawsuit & SHIB Will be Listed on Bitstamp
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.
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Rarible Marketplace finally got integrated with Tezos blockchain, which means that Tezos NFTs will be sold on the marketplace. Also, the secondary projects will be sold out through the marketplace. Moreover, Rarible and Tezos on December 15 released Blazing Futures NFT collection that includes the works from several artists. The uniqueness of Rarible is in the unification of three Layer 1 blockchain systems (Tezos, Ethereum, and Flow).
Circle announced its plans to launch a stablecoin on Avalanche blockchain, which will be a new version of USDC token. That is supposed to make the usage of the tokens easier for the users, while also reducing their cost. Users will be able to issue the tokens directly on Avalanche and the developers will be able to use the development kit from the Circle that supports USDC on Avalanche.
Binance crypto exchange will suspend the activity in Singapore due to the pressure from the regulation body, accusing the company of providing the services without the license. Binance.sg platform will not be accessible after February 13, so the users are advised to withdraw their funds and close all the positions by the mentioned date. Richard Theng, CEO of Binance Singapore assured that the company will assist the users in transferring their assets to other wallets. He also said that Binance is interested in future expansion in the region.
On December 7 video game publisher company Ubisoft launched a beta-version of Ubisoft Quartz operating on Proof-of-Stake mechanism — marketplace for trading in-game items as NFTs, but the news saw lots of criticism from the users for trying to benefit from the hyped topic and from offering “fake” NFTS as the company owns all the items. The announcement received thousands of negative comments and the company hi the video from the public Youtube profile. Though some crypto enthusiasts expressed a positive reaction.
Tether, the stablecoin issuer was officially accused of misrepresenting the asset's backing. The company claims that the coin is 100% backed by the reserves, such as fiat money and equivalents to them, but sometimes also some other types of money. In any way Tether always has a dollar in reserve for every stablecoin. Though Tether is called unethical again this year and the company is investigated in order to see if executives committed bank fraud. Similar case earlier this year cost the company $41 million due to the capability to back the funds only a quarter of the time in 2016 and 2018.
Despite a lot of criticism for not bringing any utility, Shiba Inu’s overall adoption was kicking this year together with the enlarging number of its use cases. Recently the company announced that SHIB will be listed on Bitstamp, the biggest crypto exchange in Europe and also one of the oldest regulatory-compliant services. Initially, the listing was planned for December 8 but finally was delayed to the next year due to technical glitches.
“Since the announcement was made, the price of SHIB has risen by more than 5%. SHIB now trades at $0.00003398.” — Dailycoin
Main crypto supporter of the year Elon Musk recently announced on his Twitter, that Doge will be accepted by Tesla for some of the Tesla merchandise. This caused a 20% surge in the assets’ price after it had been in a downtrend for a while. The exact Merches that will be available for Doge were not named yet.
“Even though it was created as a silly joke, dogecoin is better suited for transactions.” — Elon Musk
The Central Bank of Russian Federation sees cryptocurrencies as a threat to financial stability and considers a possibility to prohibit any types of cryptocurrency investments. Before the head of the central bank, Elvira Nabuilina called Bitcoin a fraud and financial pyramid and the bank regularly posts warning about crypto investments. At the same time, annual transaction volume in Russia reaches $5 billion and the country also became third in the top of mining. Russian authorities reviewing 2 different approaches — from a complete ban to the exchanges legalization.