Kategorie: Crypto Business

• SoFi Bank’s second quarter earnings report indicated crypto holdings of $170 million.
• It includes Bitcoin, Ethereum, Litecoin, Dogecoin and Cardano.

San Francisco-based SoFi Bank, which has over 6.2 million customers, has revealed it holds up to $170 million worth of crypto, Trustnodes reported.

SoFi Bank holds BTC, ETH, DOGE

Per details in the bank’s Q2 earnings report, the holdings include $82 million in Bitcoin (BTC), over $55 million in Ethereum (ETH), $5 million of Dogecoin (DOGE) and $4.5 million of Cardano (ADA). 

The filing also showed the bank held $3.5 million worth of Litecoin (LTC), $2.1 million of Solana (SOL) and $2.9 million in Ethereum Classic (ETC) at the end of the quarter.

SoFi Bank did not begin its operations as a bank, but rather transitioned into one after making a strategic acquisition in the US. The company launched its crypto offering in September 2019, but became a bank after its double acquisition of Golden Pacific Bancorp and Golden Pacific Bank in February 2022.

The bank’s growth has seen it add Federal Reserve stocks to its offering. Its crypto products are offered via a partnership with leading US-based crypto exchange Coinbase.

Customers can start trading BTC and other cryptocurrencies with as little as $10. However, its crypto platform is not a crypto wallet and does not support staking.

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Key takeaways

• PayPal launched its stablecoin pegged to the US Dollar earlier this week. 

• Shiba Memu’s presale has now raised more than $1.7 million. 

PayPal, one of the leading payment service providers in the world, announced earlier this week that it had launched its stablecoin.

With PayPal entering the stablecoin market, it could attract more institutional investors to enter the crypto market.

Shiba Memu’s presale continues to move as expected, with the team raising more than $1.7 million so far.

PayPal enters the stablecoin market

Payments giant PayPal announced earlier this week that it had launched its stablecoin called PYUSD. The stablecoin is pegged to the US Dollar, and PayPal users can use the stablecoin to make purchases online and convert to and from other cryptocurrencies. 

With PayPal’s entry into the stablecoin, more than 400 million users could soon have access to PYUSD and, by extension, cryptocurrencies. The move could spark a major adoption of cryptocurrencies over the coming months and years. 

What is Shiba Memu?

Increased adoption of cryptocurrencies could benefit projects such as Shiba Memu, which has shown to be a promising Web3 project.

Shiba Memu is still in its presale stage, but the team has already garnered interest among investors. 

As a project, Shiba Memu seeks to combine the powers of AI and blockchain technology to create an unstoppable, entirely self-sufficient marketing powerhouse.

According to their whitepaper, Shiba Memu is designed to handle the work of numerous marketing agencies. As an AI-based platform, Shiba Memu will operate 24/7, eliminating the restrictions imposed by traditional marketing agencies. 

Shiba Memu’s platform will always be active, creating advertisements superior to what traditional marketing platforms can generate. 

Shiba Memu is launching as a meme coin thanks to the recent popularity of meme coins. The meme coin industry grew into a multi-billion dollar industry within a few years. The market cap of meme coins grew from practically $0 in 2020 to reach the $20 billion mark in 2022. 

Shiba Memu differs from the other thousands of meme tokens in the market because it offers real-world utility. 

It has self-sufficient marketing capabilities powered by AI technology. This feature makes it a project investors could be interested in. As a marketing platform, Shiba Memu will develop its own marketing strategies, write its own PR, and promote itself in relevant forums and social networks.

At the moment, Shiba Memu operates on the Ethereum and BNBChain blockchains. 

Shiba Memu’s presale tops $1.7M

Shiba Memu’s presale continues to generate waves, with the team raising more than $1.7 million so far. 

The surge in investment can be attributed to more investors entering the project and the team’s recent announcement that SHMU, the native token of Shiba Memu, will be listed on BitMart.

BitMart is one of the leading decentralised exchanges in the world and listing SHMU on the platform could make the token available to thousands of investors. 

The funds generated from the presale will be challenged towards the development of Shiba Memu products. 

Click here to find out more about Shiba Memu’s presale event. 

When is the best time to buy Shiba Memu?

Investing in a project depends on the decision of the investor. However, the best time to invest in a project is in its presale. 

Tokens are usually sold at a discount during the presale stage, and their prices tend to surge higher once they get listed on cryptocurrency exchanges. 

With the cryptocurrency market also performing well since the start of the year, this might be a good time to invest in Shiba Memu. 

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• Binance Labs has invested in AltLayer, a decentralised Rollups-as-a-Service (RaaS) protocol.
• The collaboration is aimed at increasing overall access to app-tailored rollups across the Web3 ecosystem.

Binance Labs, the venture capital arm and accelerator of leading crypto exchange Binance, has made a strategic investment in layer-2 scalability blockchain AltLayer.

The investment will help the protocol enhance the adoption of its decentralised Rollups-as–a-Service (RaaS) offering, growing its usability across Web3 applications, according to details shared in a press release on Wednesday.

AltLayer’s Beacon Layer provides access to sequencing, execution, and verification for rollups, with all types of users including developers able to create and customise a rollup within two minutes.

Nicola W., the investment director at Binance Labs, commented:

“Application-tailored rollups offer the security of Layer 1s and the customizability of appchains. However, a common issue with rollups today is that they mostly operate with centralised sequencers and create fragmented liquidity and userbase. We found AltLayer’s approach to facilitating the launch of application-tailored rollups via Beacon Layer an inspired take. Their core network offers several decentralisation and interoperability properties much needed in a world of thousands of rollups. All this while dramatically cutting down time-to-market and encouraging rapid innovation and experimentation.”

AltLayer partnerships

AltLayer’s application-tailored rollups have seen increased adoption across the ecosystem, with this boosted by its multi-chain and multi-VM support.  Industry players collaborating with AltLayer include EigenLayer, Espresso, Double Jump, Arbitrum, Linea, Celestia and Jump.  

The protocol’s latest collaboration comes after Tuesday’s announcement of a partnership with Hyperlane as they look to expand ‘permissionless interoperability’ to rollups.

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TL;DR

• Bitstamp wants to raise funds to expand its services in Asia and Europe. 

• Galaxy Digital Holdings is acting as an adviser for the platform in its funding venture.

Bitstamp seeks to expand the number of markets it serves

Bitstamp, one of the oldest crypto exchanges, has revealed that it is currently in talks with investors to raise fresh funding.

This is according to Bitstamp’s CEO, Jean-Baptiste Graftieaux. The CEO told Bloomberg that the cryptocurrency exchange began the fundraising process a few weeks ago, and Galaxy Digital Holdings serves as its adviser. 

The cryptocurrency exchange will use the funds to expand its operations. Bitstamp wants to launch its derivatives trading service in Europe by next year and will also expand the number of markets it serves in Asia. The company will also expand its operations in the U.K.,

While commenting on this latest cryptocurrency news, Jean-Baptiste Graftieaux stated that;

“Bitstamp is not for sale, and we are not actively looking to sell the company. Our current and exclusive priority is to raise money through strategic investors to accelerate Bitstamp’s growth by providing new products and services to retail and institutional crypto customers.”

Bitstamp has been expanding its business in the crypto space in recent months. In June, Bitstamp was registered as a cryptoasset business by the UK’s Financial Conduct Authority (FCA). 

By doing so, Bitstamp joined other platforms like eToro, Revolut and Moonpay on the FCA list of firms complying with Money Laundering, Terrorist Financing and Transfer of Regulations (MLRs).

Bitstamp is a UK-based cryptocurrency exchange and has been around since 2011. 

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Key takeaways

• Crypto exchange Binance has added SHIB, IOTA and other cryptocurrencies as collateral assets on its platform.

• Binance also included 22 new cryptocurrencies as loanable assets. 

Binance Approves SHIB as a collateral asset

Binance, the world’s leading cryptocurrency exchange, announced on Friday, August 4th that it has approved SHIB, Shiba Inu’s native token, as a collateral asset on its lending platform.

While announcing this latest cryptocurrency news, Binance said it had added new loanable and collateral assets for its users.

In its blog post earlier today, Binance said that SHIB, COMP, IOTA, RLC, HOT, ENJ, THETA, and IOST are now collateral assets on its platform. This means users can borrow funds on the Binance lending platform and use these cryptocurrencies as collateral.

Furthermore, users can borrow new assets, including AUCTION, PYR, ILV, KNC, YGG, GAS, CELO, and IRIS, using the flexible loan option. Meanwhile, NKN, FARM, DIA, YGG, OGN, and ACA have been added to the VIP loan options.

Binance explained that its Flexible Loan is an isolated, over-collateralised, and open-term loan service that allows users to complete loan orders while collateralising cryptocurrencies in existing Simple Earn Flexible Products subscriptions. 

Meanwhile, the VIP Loan is designed as a large personal and institutional over-collateralised loan featuring competitive rates, terms, and services.

Binance could list the BONE token 

The cryptocurrency is also considering listing the BONE token on its platform. BONE is the governance token of ShibaSwap, Shiba Inu’s decentralised exchange. The token allows the Shiba Inu community to vote on upcoming proposals, submit proposals and access future NFTs.

The BONE token could also be an integral part of the upcoming Shibarium mainnet launch. The project’s lead developer, Shytoshi Kusama, has previously stated that the Shibarium mainnet launch could happen this month.

However, there is no specific launch date. SHIB, the native token of the Shiba Inu ecosystem, is currently up by more than 4% in the last 24 hours. At press time, the price of SHIB stands at $0.00000861.

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