NewsBriefs - Ledn shifts to bitcoin-only lending model, ending support for Ethereum

May 23, 1:01 PM The Block

Ledn shifts to bitcoin-only lending model, ending support for Ethereum

Ledn, a centralized crypto lender, is shifting its focus solely to bitcoin-collateralized lending, discontinuing Ethereum support and bitcoin yield generation. Starting July 1, Ledn will terminate lending client assets to minimize third-party credit risk exposure. The company will now solely offer a 'Custodied Bitcoin' loan structure, where client collateral remains fully in their custody, ensuring asset security. This strategic pivot aims to return to the founding principles of Bitcoin and eliminate lending risks for users.

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• Jul 31, 1:14 PM Grayscale

  Grayscale launches new trust for Story network's IP token

  Grayscale, a leading digital asset investment platform, has launched Grayscale Story Trust to provide investors with exposure to the $IP token of the Story network. Story, a blockchain network, facilitates the management and monetization of intellectual property as programmable assets, tailored for artificial intelligence and digital rights across blockchain applications. The trust aims to appeal to institutional investors by embedding intellectual property in the booming AI and creator economies, making it licensable and monetizable on-chain.

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• Jul 30, 8:20 PM The Block

  Robinhood reports 32% increase in Q2 crypto trading volume

  Robinhood Markets saw a 32% year-over-year increase in crypto trading volume, reaching $28 billion in the second quarter. The company further executed on its crypto strategy by acquiring Bitstamp and expanding tokenization, including launching new products in tokenized equities and crypto futures. Additionally, transaction-based crypto revenue nearly doubled, implying strong growth in its crypto business.

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• Jul 30, 5:20 PM The Block

  Polygon experiences hour-long outage following validator exit

  Polygon faced a temporary outage lasting over an hour due to a bug triggered by a validator's exit from the network. Despite the disruption in the Heimdall system, which is crucial for running validators and maintaining consensus, the network's block-producing Bor layer continued to operate normally. This incident occurred shortly after a major upgrade aimed at improving scalability and reducing finality times. Operations, including transaction processing, were maintained, although users may have experienced access issues due to related RPC disruptions.

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• Jul 30, 1:49 AM The Block

  Bank of Korea establishes new crypto division to focus on stablecoins

  The Bank of Korea has set up a new virtual asset division under its financial payment systems bureau to monitor the crypto market and guide discussions on national currency-based stablecoins. This move reflects South Korea's growing focus on stablecoin development, bolstered by the recent shift in the US approach and local governmental support, aligning closely with private sector initiatives to trademark stablecoin symbols.

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• Jul 29, 8:22 PM Blockworks

  Orca introduces Wavebreak, a new launchpad for Solana tokens

  Orca has launched Wavebreak, a launchpad for Solana tokens, designed to prioritize human users over bots through the integration of CAPTCHA and a specialized onchain permission structure. This innovation aims to combat the common issue of token sniping by bots in the DeFi sector. Wavebreak will also feature daily user rewards based on trading volume, distinguishing itself amid a competitive landscape of Solana DEXs and memecoin-focused launchpads.

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• Jul 25, 6:22 AM The Smarter Web Company

  UK’s The Smarter Web Company purchases 225 Bitcoin, yield surpasses 43%

  The Smarter Web Company has announced the acquisition of 225 additional Bitcoin at an average price of £87,096 each, as part of its ongoing Bitcoin treasury strategy. With the new purchase, the company's total Bitcoin holdings have reached 1,825 and it has achieved an impressive year-to-date Bitcoin yield of 43,787%. This move is part of the company's broader '10 Year Plan' to integrate Bitcoin into its financial strategy and secure its position in the future financial ecosystem.

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• Jul 25, 2:38 AM Decrypt

  Nigeria establishes regulatory sandbox to boost stablecoin firms

  Nigeria has expressed its readiness to support stablecoin businesses under its evolving digital asset rules. This announcement was made by Securities and Exchange Commission Director-General Emomotimi Agama at the Nigeria Stablecoin Summit. The country aims to create a supportive environment for innovation while ensuring market protection. The SEC has already started onboarding stablecoin-focused firms through its regulatory sandbox, aiming to position Nigeria as a stablecoin hub.

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• Jul 22, 12:23 AM The Block

  xTAO to list on TSXV and raises $22.8 million for Bittensor-focused initiatives

  xTAO, a company dedicated to advancing decentralized AI and Bittensor's ecosystem, announced its upcoming listing on the TSX Venture Exchange under the ticker XTAO.U. The firm successfully closed a $22.8 million funding round from prominent digital asset venture capitals like Digital Currency Group, Animoca Brands, and others. This move marks a significant step in xTAO's mission, using TAO tokens as treasury reserves and enhancing their validator operations to assess and connect Bittensor ecosystem products.

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• Jul 15, 9:53 PM The Block

  House postpones votes on key crypto legislation after procedural setback

  The US House of Representatives has canceled Tuesday's votes on significant crypto legislation, including the GENIUS Act and Clarity Act, due to a procedural vote failure. The initial attempt to move forward with these bills was defeated 196 to 223. Further voting attempts were planned but have now been postponed, with no subsequent votes scheduled for the day. Discussions and efforts to advance the legislation are expected to continue, despite the setback.

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• Jul 11, 11:18 AM Cointelegraph

  SASAC in Shanghai considers policy response to stablecoins despite China's crypto ban

  Shanghai is showing signs of openness towards stablecoins as the Shanghai State-owned Assets Supervision and Administration Commission recently discussed strategic responses to digital currencies. This initiative aligns with growing expert and corporate calls in China for a yuan-pegged stablecoin. The People's Bank of China is also focusing on stablecoins' potential to enhance global payment systems and is considering regulatory approval for yuan-backed stablecoins. Calls for stablecoin development in China suggest the urgency of the matter, with suggestions to use Hong Kong as a testing ground.

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• Jul 10, 4:26 PM The Block

  Treasury Department and IRS repeal controversial crypto broker rule

  The US Treasury Department and IRS have repealed a rule requiring decentralized exchanges and other crypto protocols to report customer transaction information for tax purposes. This move ends a protracted controversy over the rule, which was deemed unenforceable by crypto advocates due to privacy and feasibility concerns, and threatened the growth of the DeFi sector and broader crypto industry in the US.

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• Jul 10, 4:02 PM Ethereum Foundation

  Ethereum Foundation expands EcoDev to accelerate ecosystem growth

  Ethereum Foundation is expanding its Ecosystem Development (EcoDev) initiatives to better support and accelerate the growth of the Ethereum ecosystem. The new EcoDev structure focuses on areas such as enterprise relations, developer growth, app relations & research, and founder success. Furthermore, the expansion includes enhancing ecosystem support through strategic funding initiatives, grant support, and operational assistance via the Launchpad team.

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• Jul 10, 4:23 AM Hyperliquid

  Hyperliquid lists PUMP-USD hyperps with up to 3x leverage

  Hyperliquid has launched PUMP-USD hyperps, offering users the ability to long or short the upcoming PUMP token with up to 3x leverage. Hyperps, which operate like perpetual contracts, do not require external oracles for price determination, relying instead on a funding rate connected to the mark price's moving average. This structure aims to provide more stable prices and reduce manipulation risks, especially critical in pre-launch futures trading environments. Traders should be cautious of potential risks, including low liquidity and high volatility.

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• Jul 10, 2:12 AM The Block

  YZi Labs collaborates with 10X Capital to launch BNB treasury company aiming for US IPO

  YZi Labs, linked to former Binance CEO Changpeng 'CZ' Zhao, is supporting 10X Capital to launch a BNB treasury company targeting a public listing on a major US stock exchange. The company aims to provide US investors access to BNB, the 4th largest crypto token by market cap, focusing on the BNB Chain ecosystem. Details about the specific exchange listing and fundraising goals were not disclosed.

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• Jul 9, 5:45 PM CoinDesk

  Circle forms USDC revenue sharing deal with crypto exchange Bybit

  Circle has established a revenue sharing agreement with Bybit, providing terms similar to existing deals meant to boost USDC adoption on the exchange platform. This strategy mirrors arrangements with other exchanges like Coinbase and Binance, where Circle allocates a portion of the interest from its reserves and other financial incentives to facilitate the deployment and usage of the USDC stablecoin. This move comes as Circle seeks to expand its footprint in the competitive stablecoin market, where USDC's circulation is significant but trails behind leader Tether.

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