This Week In Crypto | 26th July 2021

Hello everyone!

Welcome to this week’s episode of Crypto Weekly, where you get updated on some of the major news events shaking the crypto-verse.

In the bulletin today;

 
  • European Union to step up Crypto regulations,
  • IPO release for Robinhood,
  • ArkInvest purchased GBTC,
  • and more…

Details below.


1. FTX makes $900 Million

FTX was able to rake in a whopping $900 million from investors over the past weeks.

The investment is expected to be used as financial backing to acquire more revenue sources.

2. ArkInvest Buys More BTC holdings

ArkInvest, an asset management investment platform owned by Cathie Wood, purchased $13 million worth of Grayscale’s Bitcoin Trust (GBTC).

They plan to use it in the upcoming ARK Next Generation ETF.

GBTC is a trust that allows investors to invest in and own shares of Bitcoin without actually purchasing BTC.

This means that as the price of BTC rises or falls, shares in these trusts track the value of the cryptocurrency but not closely.

3. Circle Shows Its Assests

The creators of the USDC stable coin, Circle, for the first time, made public their assets backing the stablecoin which include bonds, cash, and foreign certificates of deposits.

4. Flare Sings A Bird Song

The Flare Network has announced plans to release its Songbird token in the coming weeks.

Songbird is a testnet token with a minimum amount of supply. It is similar to the Kusama testnet provided by Polkadot.

Developers can test out new codes and develop applications without risking a lot of money.

All XRP holders who participated in the airdrop snapshot last year would receive the token in the ratio of 0.1511 SGB to 1 XRP.

5. Robinhood To Release IPO

Popular American crypto trading platform, Robinhood, has revealed plans to release an IPO which would be priced between $38 – $48.

6. JP Morgan Bank Delves Into Crypto

JP Morgan, one of the largest financial institutions, has become the first major bank to allow its users to purchase digital assets such as Bitcoin.

The bank had previously only opened this service to its wealthiest clients but has now succumbed to pressure.

7. EU Steps Up Crypto Regulations

The European Union has announced plans to stop crypto transactions over €10,000 from being anonymous.

This is in an attempt to reduce crime that occurs through the aid of cryptocurrencies.


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Conclusion

That’s a wrap on this week’s episode,

HODL on, and I’ll see you next week.

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