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VALR launches Solana Summer event with 300 SOL in rewards

  • VALR’s Solana Summer runs from August 1st to September 31st with 300 SOL in rewards.
  • Daily, one participant wins 1 SOL; the top 5 traders share a final pool of 100 SOL.
  • The event includes major in-person activities, podcasts, and online events with notable Solana figures.

VALR is set to captivate the crypto community with its upcoming Solana Summer event, running from August 1st to September 31st, 2024.

The event promises to be a major draw for traders with its substantial prize pool of 300 SOL and various lucky airdrops throughout the campaign.

The Solana Summer event on VALR

The Solana Summer event is designed to enhance trading activity on VALR by offering daily rewards and competitive incentives.

Each day, one fortunate participant will receive 1 SOL, while the top traders, based on their Spot, Futures, and combined trading volumes, will be rewarded from significant prize pools.

The grand finale will see the top 5 traders by combined volume sharing a total reward pool of 100 SOL.

Participation is seamless for users with a fully verified VALR account. Traders need only engage in trading Solana’s SOL or any SPL-native token listed on VALR to be eligible.

Eligible trading pairs for the event include Spot pairs like SOL/USDC, SOL/USDT, SOL/ZAR, and others, as well as Futures pairs such as SOL/USDT-perp.

Rankings will be updated on the Solana Summer Leaderboard, ensuring transparency and fair distribution of rewards.

Solana-related podcasts and online events

The event aligns with major in-person activities in South Africa and Asia and will be complemented by Solana-related podcasts and online events. These will feature prominent figures in the Solana ecosystem, offering participants valuable insights and engagement opportunities.

VALR’s inclusive approach ensures that traders of all levels can benefit from this exciting summer initiative.

VALR, founded in 2018 and headquartered in Johannesburg, is a leading global crypto exchange. It serves over 1,000 corporate and institutional clients and has received $55 million in funding from notable investors, including Pantera Capital and Coinbase Ventures, the investment arm of Coinbase.

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SEC withdraws claims that ADA, MATIC, and SOL are securities in its Binance lawsuit

  • SEC retracts request to classify ADA, MATIC, and SOL as securities in Binance suit.
  • Affected tokens include ADA, MATIC, SOL, BNB, BUSD, and others.
  • The shift in SEC’s stance follows increased pro-crypto political support in the US.

In a notable shift in regulatory stance, the US Securities and Exchange Commission (SEC) has withdrawn its request for a court ruling to classify certain cryptocurrencies, including Cardano’s ADA, Polygon’s MATIC, and Solana’s SOL, as securities in its ongoing lawsuit against the cryptocurrency exchange Binance.

This development marks a significant change in the SEC’s approach to the classification of these digital assets.

SEC no longer views ADA, SOL and MATIC as securities

On July 30, 2024, the SEC filed a response to the court’s minute order issued on July 9, 2024. In the filing, the SEC indicated its intention to amend its complaint concerning what it previously referred to as “Third Party Crypto Asset Securities” in its opposition to Binance’s motion to dismiss.

By retracting this request, the SEC has effectively removed the need for a judicial ruling on whether these tokens should be classified as securities at this time.

While the immediate tokens affected by this retraction are ADA, MATIC, and SOL, other prominent cryptocurrencies such as Binance Coin (BNB), Binance USD (BUSD), Cosmos(ATOM), The Sandbox(SAND), Decentraland (MANA), Axie Infinity (AXS), and COTI.

SEC’s retraction follows the SEC’s earlier stance, which had identified at least 68 tokens as securities, impacting a significant portion of the cryptocurrency market valued at over $100 billion.

SEC’s move coincides with increased pro-crypto political support in the US

The SEC’s change of stance appears to be influenced by recent political developments as the US Presidential candidates increasingly voice pro-crypto sentiments, impacting regulatory attitudes.

Former President Donald Trump, in his election campaign, has pledged to end the so-called “war on crypto” and expressed intentions to replace SEC Chair Gary Gensler with a more crypto-friendly figure.

Concurrently, members of the Democratic Party have advocated for a more progressive approach to digital assets.

This adjustment by the SEC underscores a broader, evolving narrative in US regulatory attitudes towards cryptocurrencies, reflecting a growing recognition of the sector’s significance and potential.

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Cat-themed meme coin Blackjack ($JACK) to launch on Solana, presale commences in 24 hours

Key takeaways

  • Blackjack is launching on the Solana blockchain and will have a total supply of 100 million tokens.
  • The presale will commence tomorrow, with 85% of the tokens available to the community via the fair launch.

What is Blackjack?

Meme coins are growing in popularity in the Web space. Dog-themed meme coins remain the popular ones but cat-themed meme coins are warming up to investors. Blackjack ($JACK) is a cat-themed meme coin that will launch on the Solana blockchain. 

However, Blackjack ($JACK) is not a typical cat. It is a gambling cat with the proverbial nine lives. According to their website, $JACK comes straight from ‘City of Second Chances’ ready to play at any table. $JACK knows that sometimes the only way out is to go all in, and that counting wins at the table is never a good idea.

Blackjack will be launching on the Solana blockchain to leverage the various features other meme coins like Popcat enjoy. The transparency, speed, and security of the Solana blockchain could boost Blackjack’s adoption. 

Blackjack seeks to usher in a new era of gambling finance on the Solana ecosystem, leveraging the blockchain’s speed of transaction and transparency.

How does Blackjack differ from other cat-themed meme coins?

While Blackjack is launching as a cat-themed meme coin, it differs from other cat-themed meme coins thanks to its unique tokenomics and utility. The leading cat-themed meme coin on the Solana blockchain is Popcat, which currently offers no utility to users.

However, Blackjack seeks to introduce gambling finance to the Solana blockchain. This means that Blackjack offers utility to users, unlike most of the cat-themed meme coins with no real use cases. 

$JACK will list on Raydium, with a 100 million token supply

Blackjack is adopting a unique tokenomic model, with the scarcity of $JACK tokens expected to make them more valuable. 

According to the development team, $JACK will launch on the decentralized exchanges Raydium and Jupiter. There will be a 100 million $JACK supply, with 85% of it going to the community via a fair launch. Blackjack is following the examples of leading cryptocurrencies like Bitcoin with limited token supply. The limited token supply usually leads to scarcity, which results in higher token prices. The remaining 15% will be allocated to project marketing and liquidity.

The Blackjack presale commences in less than 24 hours. Investors can read more about the project by joining the community or visting the official website.

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Slovenia Becomes First European Union Nation to Issue Sovereign Digital Bond

  • Slovenia issued the first sovereign digital bond in the EU, a 30 million-euro ($32.5 million) bond which will be settled through the Bank of France’s tokenized cash system.
  • BNP Paribas coordinated the issuance using the Neobonds platform on the Canton blockchain.

Slovenia Pioneers Digital Finance in EU

Slovenia has made history by becoming the first European Union member to issue a sovereign digital bond. The landmark issuance, valued at 30 million euros ($32.5 million), represents a significant advancement in using blockchain technology for sovereign debt instruments.

The digital bond offers a 3.65% coupon and is set to mature on November 25, 2024. The settlement was completed on-chain through the Bank of France’s tokenized cash system as part of the European Central Bank’s (ECB) money settlement experimentation program.

The Evolution of Digital Bonds

Digital bonds, unlike their traditional counterparts, use blockchain technology to improve the transparency, efficiency, and security of their issuance and trading processes. Over the past few years, the adoption of digital bonds has increased, with notable issuances by several countries.

For instance, in 2019, Société Générale issued a $10 million green bond on the Ethereum blockchain. Similarly, in 2021, Germany’s Vonovia issued €20 million ($24.3 million) worth of digital bonds on the Stellar blockchain.

The ECB has been at the forefront of exploring digital finance innovations, conducting various trials and experiments with wholesale central bank digital currency (CBDC) solutions. In May, the ECB completed its first test involving Austria’s central bank, examining the tokenization and simulated delivery-versus-payment settlement of government bonds.

Significance of Slovenia’s Digital Bond Issuance

Slovenia’s issuance of the sovereign digital bond marks a significant milestone in modernising financial markets. The Slovenian government emphasized the importance of these initial transactions and experiments with wholesale tokenized central bank money, viewing them as crucial steps toward greater transparency and efficiency in financial markets.

BNP Paribas was important in this issuance, acting as the global coordinator and sole bookrunner. The bond was issued on Neobonds, BNP Paribas’s private tokenization platform built with Digital Asset’s Daml and using the Canton blockchain. This technology facilitates the efficient management of digital bonds, including recording legal ownership, coupon generation, and support for all lifecycle events.

The Future of Digital Bonds in Financial Markets

Digital bonds have the potential to significantly enhance transparency and efficiency in financial markets. The issuing and settling processes can be made faster, more secure, and less costly by leveraging blockchain technology. These improvements can lead to greater market liquidity and reduced transaction times, benefiting issuers and investors.

Robinson Rouchie, CIO for systematic and quantitative investments at BNP Paribas, highlighted the significance of this development, stating, “The issuance and placement of the first Eurozone sovereign digital bond marks a significant milestone in the financial industry. Our participation underscores our commitment to embracing new technologies and pioneering change within the asset management sector.”

Global finance is poised for significant transformation as more countries and financial institutions explore the potential of digital bonds. Slovenia’s pioneering step should inspire other EU nations to follow suit, accelerating the adoption of blockchain technology in the global debt market and beyond.

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Bybit introduces digital rupee payments for Indian users

  • Bybit adds digital rupee (eRupee) payments for Indian users to enhance security.
  • Bybit also supports bank transfers and Paytm for diverse payment options in India.
  • Despite past challenges, Bybit aims to attract more merchants and grow in India.

Crypto exchange Bybit has expanded its payment offerings for peer-to-peer (P2P) transactions for its Indian user base, with the addition of the digital rupee, known as eRupee.

This new addition, announced in a recent press release, aims to enhance the security and efficiency of financial transactions for Indian customers.

The eRupee aims to shield Bybit users from cyber attack

Bybit’s decision to introduce the digital rupee responds to feedback from local INR merchants concerned about the security risks associated with traditional banking transactions.

The company highlighted that by adopting eRupee, merchants could significantly reduce the risk of cyber-attacks on their bank accounts. This move is expected to foster a more secure financial ecosystem, benefitting all stakeholders involved.

In addition to the digital rupee, Bybit continues to support other payment methods for its Indian users. These include bank transfers in Indian rupees for deposits and withdrawals, as well as third-party payment providers such as Paytm.

This variety of payment options aims to cater to the diverse preferences and needs of Bybit’s growing user base in India.

Joan Han, Bybit’s Sales and Marketing Director, emphasized that integrating eRupee aims to improve the payment experience for INR users. Han noted that this enhancement is part of Bybit’s broader strategy to attract more merchants to the platform, thereby driving business growth and expanding the exchange’s services within the Indian market.

Bybit seems to overcome the challenges in India

This development comes despite the recent challenges Bybit faced in India.

In March, Apple removed the Bybit app from its App Store in India, impacting access for Indian iPhone and MacBook users.

Additionally, in December 2023, India’s Financial Intelligence Unit identified several crypto exchanges for non-compliance with local anti-money laundering laws. However, Bybit was notably not among the listed exchanges.

Bybit’s proactive steps to incorporate the digital rupee demonstrate its commitment to addressing local market needs and enhancing the user experience, positioning itself as a resilient and adaptive player in the Indian crypto market.

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