• – Changes started to be put on the agenda as the US GDP started to decline once more. Zipmex decided to start looking for protection after another DeFi protocol was hacked, and it was on the schedule.

Business News

According to the Bureau of Economic Analysis’s “advance” prediction, the second quarter of 2022 saw a 0.9 percent year-over-year fall in the US dollar gross domestic product (GDP), following a 1.6 percent decline in the first quarter. Although there is no official definition of a recession, two consecutive quarters of negative growth are frequently regarded as one.

Crime Reports

In a flash credit assault, DeFi protocol Nirvana Finance confirmed: “maliciously hacked and stolen reserves.” The system is thought to have been used for $3.49 million, causing its ANA token price to drop by 86%.

Financial News

Shaky cryptocurrency exchange On July 22, Zipmex said that its attorneys in Singapore had submitted five files on behalf of several Zipmex Group entities under Singapore’s Bankruptcy, Restructuring, and Liquidation Act. The group is pushing for global moratoria that would limit and prevent the beginning or continuation of legal actions against corporations for up to six months.

  • US President Brett Harrison announced the opening of stock trading to users in each of the country’s 50 states in a tweet. Hundreds of equities and exchange-traded funds (ETFs) can now be traded by users online or through FTX. mobile app for US Pro.
  • Customers in the UK of Gemini can now link their bank accounts and transfer GBP to Gemini accounts to purchase cryptocurrencies via the open banking data network and payment system Plaid.
  • To function as a cryptocurrency exchange in Italy, Bitstamp stated that it had registered as a Virtual Asset Service Provider (VASP) in that nation.

Regulatory Updates

The UK’s Law Commission claims that the country’s current rules are insufficient to regulate the young industry and that legislation needs to be changed especially to take crypto and NFTs into account. He continued by saying that the definition of “data objects” in the laws governing personal property should be expanded to include intangible and occasionally one-of-a-kind assets like cryptocurrency tokens.

Maxine Waters, chair of the House Financial Services Committee, stated that the US stablecoin bill has been formally postponed until the conclusion of the congressional recess in August. Although the law had “significant development,” she continued, “sadly it’s not there yet.”

  • – According to a new Digital Asset Management Review from crypto analytics company CryptoCompare, average daily volumes across all digital asset investment products decreased by an average of 44.6 percent to $122 million in July. This, according to them, is the lowest daily volume average since September 2020.
  • – The developers of the health and fitness software Sweatcoin, Sweat Economy, announced that they have acquired $13 million in investment, including through a special token sale, to hasten the transfer of the service to Web 3. Participating in this fundraising round were Electric Capital, Spartan Capital, OKX Blockdream Ventures, and GSR Ventures.
  • – Investment companies like Quasar Finance, Polychain Capital, Blockchain Capital, Figment Capital, Lightshift Capital, and Galileo have contributed $6 million to the DeFi project. In the DeFi ecosystem, it aspires to “build a range of accessible, structured investment products that investors and liquidity providers may take advantage of.”
  • – The decentralized data platform for blockchain applications that uses Chainlink (LINK) to unite Data, Space, and Time raised $10 million in a seed round that was co-led by Framework Ventures and included participation from Digital Currency Group, Stratos, Samsung Next, IOSG Ventures, Alliance, and several DeFi, GameFi, venture, and angel investors.

 



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