Volare Finance to Receive $6M Boost Following Its Avalanche Integration and Testnet on Fuji Now

The Volare Finance protocol is designing its platform as a one-stop shop for options traders with a range of concerns they face on a daily basis being resolved. Advanced options trading platform for the Web3.0 ecosystem, Volare Finance has announced a new milestone bordering on its launch of its Testnet on the Fuji protocol. The move is important as Volare Finance continues in its push to provide a transparent, trustworthy, and convenient decentralized mechanism without intermediaries on options trading which can imitate the serviceability of centralized exchanges.
Picture for Volare Finance to Receive $6M Boost Following Its Avalanche Integration and Testnet on Fuji Now Dismisses 25% of Workforce as It Absorbs Financial Losses and Survives Bear Market

Apart from cutting its workforce, is also lowering its institutional lending operations. Many investors, traders, and companies are victims of the ongoing crypto bear market, and has also had its share as it announced reducing its workforce. Like other crypto companies that have lowered headcounts in the wake of the market condition, crypto exchange is letting go of 25% of its entire workforce. About 44% of the impacted workers are in Argentina. While 26% are in the US, 16% are in the UK and the remaining are spread across other parts of the world.

China Cybersecurity Regulator CAC Fines Didi $1.19B for Data Security Law Violations

Didi has responded to the fine penalty. The company said in an online statement that it accepts the regulator’s decision. The Cyberspace Administration of China (CAC) has fined Chinese transport company Didi 8.026 billion yuan, equaling $1.19 billion, for violating data security laws. The cybersecurity regulator in China came to the conclusion of the year-long probe that forced the transport company to delist from the New York Stock Exchange (NYSE). According to the CAC, the $1.2 billion fine was because Didi violated the country’s network security law, data security law, and personal information protection law.

Bitcoin Price Falls Under $23K Following Tesla Q2 2022 Report

In the company’s letter to investors, Tesla executives stated that the company sold 75% of its Bitcoin holdings, adding $936 million in cash to its balance sheet. Bitcoin price saw a spike in price in the early stages of yesterday and looked like it was finally about to break out, briefly climbing above $24,300, before falling again before the end of the official trading day. The Bitcoin price at press time was trading at $22,895, down 2.03% in the last 24 hours. BTC hot run ended after Tesla Q2 2022 financial report revealed that the company sold 75% of its Bitcoin holdings.

Fundamentals of Finhaven Token

Finhaven is a Vancouver-based financial services and technology company with a capital markets technology platform built on distributed ledger technology (DLT) and digital securities. Many people are preparing for the future of Decentralized Finance (DeFi) with all hopes that when it has attained a full bloom, they will be able...

FTX and FTX US Seek Even More Funding Following Recent Acquisitions

Bankman-Fried has assured that they will keep growing with new staff just as they did in the better market days. Crypto exchangeFTX and its US subsidiary FTX US have reportedly planned for more acquisitions as they set up funding targets each. They recently reported to have acquired firms facing financial difficulties following the recent struggle of the crypto market. However, they are not stopping there as they have lined up several high-profile acquisitions and credit provisions to struggling companies. According to FTX co-founder Sam Bankman-Fried, the company is seeking to raise money to match the $400 million funding round in January that brought its valuation to $32 billion.

Ethereum Layer-2 Scaling Solution zkSync Announces Mainnet Launch in 100 Days

ZkSync will support scripting languages for EVM-based apps such as Solidity and Vyper. The mainnet launch for zkSync 2.0 shall happen before the end of 2022. On Wednesday, July 20, Ethereum Layer-2 scalability solution zkSync announced that it will go live on the mainnet within the next three months. Matter Labs, the project’s developer made the announcement on Wednesday.

SEC Moves to Disregard Agitations of XRP Holders Aiding Ripple Defense

The SEC has filed objections against XRP holders and attorney John E Deaton who are aiding Ripple in its defense against the regulator. In its ongoing case with crypto-focused firm Ripple, the Securities and Exchange Commission (SEC) is objecting to XRP holders aiding Ripple’s defense. The regulatory agency also wants to ban attorney John E. Deaton from any further participation in proceedings.

NFT Marketplace OpenSea Announces Its Solana Launchpad NFT Feature

The Solana Launchpad will also focus on enhancing the collectors’ experience. OpenSea said that they will also help creators navigate through all pre-mint activities. OpenSea, the Ethereum-based popular marketplace for non-fungible tokens (NFTs), announced the launch of Solana Launchpad on the platform. Under this launchpad experience, creators will be able to mint NFTs from start to end.

Minecraft Bans NFT Integration on Game Servers

Minecraft plans to block the use of its in-game assets such as skin packs, mods, and personal items to create digital collectables. Microsoft-owned video game, Minecraft, has announced an update to its usage guidelines, banning NFT integration on its servers. Minecraft noted the platform is modelled to ensure an inclusive...

Tesla Sold 75% of Bitcoin for Fiat during Second Quarter

Tesla’s recent Q2 report reveals that the EV company sold $936 million in Bitcoin to help with COVID-triggered liquidity concerns. In its second-quarter earnings report, Tesla Inc (NASDAQ: TSLA) revealed that it sold $936 million worth of Bitcoin (BTC). This represents a massive 75% reduction of the company’s Bitcoin portfolio, leaving its holdings at $218 million.

Criminal Investigative Squad Raids 15 Entities Linked to Terra Collapse in South Korea

Authorities in South Korea have cracked down on several business related to the Terra collapse of the UST and LUNA tokens. According to a Wednesday report from News 1 Korea, government authorities recently raided 15 entities in South Korea connected to the Terra collapse. Among the raided entities were 7 crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Copax. The search and seizure team behind the raid comprised enforcers from the Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutors Office.

UK Financial Services and Markets Bill Includes Stablecoins Regulations

The UK Treasury Department had earlier called for regulations for only those stablecoins that are pegged to a fiat currency. For the first time, the UK Financial Services and Markets Bill (FSMB) contains the provision of regulations for stablecoins. The UK government rolled out its FSMB on the 30th of July, including its intention to regulate stablecoins.

Tesla Sees Highest Vehicle Production Month in Q2 2022, Revenue Climbs 42% YoY

Despite seeing its highest vehicle production month in history, Tesla also saw its automotive gross margin fall for the first time in a long while. Shares of EV giant Tesla Inc (NASDAQ: TSLA) jumped in extended trading as the company beat analysts’ expectations in Q2 2022 despite the market conditions. The company released its quarterly financial result and shareholders’ letter after the market closed on the 20th of July. Analysts’ prediction on Tesla for Q2 2022 was $16.521 billion in revenue. Also, the Wall Street consensus for earnings per share was $1.81. These predictions were fueled by the fact that Tesla had to shut down its Gigafactory Shanghai.

DeFi Platform Portal to Conduct Equity Offering on Republic

As revealed by the platform, the equity offering will be opened to all investors across a wide range of jurisdictions. Portal, a decentralized finance (DeFi) protocol built on the Bitcoin blockchain, is offering the general public a chance to be a co-owner through the proposed Reg D equity offering on the Republic platform. As contained in a press release shared with Coinspeaker, the public sale for the Portal’s Reg D equity offering on Republic commenced on Monday, July 18th.

21Shares Launches Bitcoin & Ethereum ETPs Targeting Less Volatility

Amid the crypto market downturn, Swiss crypto ETP issuer 21Shares is now offering investors low-risk exposure via its BTC & ETH ETPs. Leading crypto exchange-traded products (ETPs) issuer 21Shares has launched S&P risk-controlled Bitcoin and Ethereum ETPs. This comes amid the broader crypto market downturn that has eaten into the overall market cap of several digital assets.

UK Inflation Data Shows Historic Surge to 40-Year High at 9.4%

The Bank of England is considering a 50 basis points rate hike next month which would be the single biggest increase in over 30 years. The United Kingdom announced its inflation data for June 2020 which stands at a 40-year-high and a staggering 9.4%. The inflation in the UK peaks with food and energy prices continuing to soar putting major pressure on the country’s cost of living.

BNP Paribas Partners with Metaco to Enter Crypto Custody Space

French international banking group BNP Paribas is exploring crypto custody through a partnership with Swiss institutional digital asset custody firm Metaco. The matter was revealed by three people who have knowledge about the partnership deal. Despite the volatility in the crypto market, several banking giants are expanding their services to include crypto custody. However, the bank’s move into crypto custody is significant as BNP Paribas Securities Services’ boasts of almost $13 trillion in assets under custody.

Dow Jones Rally 754 Points Ahead of the Some Corporate Earnings Announcements

Markets make a strong rebound with some analysts believing that the bottom could be already in. Banking giants make strong gains on Tuesday. On Tuesday, July 19, all three US stock indices witnessed a strong rally as traders showed confidence ahead of the corporate earnings report. Many traders on Wall Street believe that the bottom could be already in and a strong earnings season might lead to markets resuming the uptrend.