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2022-07-13 20:05:07 Vermont becomes the sixth US state to launch investigation against Celsius

Vermont's Department of Financial Regulation (DFR) issued a warning against troubled crypto lending firm Celsius on Tuesday, reminding users that the crypto lending firm is not licensed to offer its services in the state. The DFR alleged that Celsius is “deeply insolvent” and doesn’t possess “assets and liquidity” to fulfill its obligations towards the customers. The state regulator accused the crypto lender of mismanaging customers’ funds by allocating them towards risky and illiquid investments.

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2022-07-12 19:30:29 Regulator Scrutiny Over Crypto Lender Voyager Intensifies

Security regulators in Texas and Alabama have intensified investigations into crypto lender Voyager following the recent slump witnessed by the platform.Soon after the information emerged regarding the loans and the credit status of the borrowers, regulators expanded the investigation into the collapsed crypto lender platform. Not just Voyager, even Celsius Network Ltd which also experienced a implosion recently has received the same treatment by the regulators.

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2022-07-11 18:45:10 Kenya is the African Leader in Crypto Adoption

A study conducted by the United Nations (UN) determined that 8.5% of Kenya’s population own digital assets, which makes up around 4.25 million people. This makes the country a leader in cryptocurrency adoption across Africa, while globally, Ukraine ranks first, with 12.7% of its residents being HODLers. Kenya – an African nation considered a tech and innovation hub on the continent – has been tied to the cryptocurrency industry for years now. In 2020, amid the COVID-19 crisis, struggling citizens of the country turned to local digital assets (such as Sarafu) to aid their monetary issues.

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2022-07-10 19:40:07 Crypto exchange CoinFlex plans to recover $84 mn from an investor

Cryptocurrency exchange, CoinFlex is in dismay, and all because of one investor. The crypto trading platform's co-founders Sudhu Arumugam and Mark Lamb on Saturday released a detailed statement in which they said CoinFlex plans to recover $84 million through legal proceedings against this individual.In their statement, CoinFlex founders said, "We have commenced arbitration in HKIAC for the recovery of this $84m as the individual had a legal obligation under the agreement to pay and has refused to do so.

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2022-07-09 21:51:02 Reddit announces new blockchain-backed ‘Collectible Avatars’

Content aggregation, ranking, and discussion website Reddit announced a new blockchain-backed avatar system on Thursday. Though no official date was revealed, the company suggested that the avatars will be available to the general public in the next few weeks.Collectible Avatars are a set of limited-edition artwork created by independent artists who are also users of the Reddit website. The new avatars can be purchased with local currencies, however the announcement stated the artwork is stored on the Polygon (MATIC) blockchain.

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2022-07-08 21:15:02 Aave to launch overcollateralized stablecoin called GHO

Decentralized finance (DeFi) giant Aave has unveiled plans to launch an overcollateralized stablecoin called GHO, subject to the community decentralized autonomous organization’s (DAO’s) approval. According to the governance proposal shared on Thursday, GHO would be an Ethereum-based and decentralized stablecoin pegged to the U.S. dollar that could be collateralized with multiple assets of the user’s choice.To obtain GHO, users would need to mint the stablecoin against their deposited collateral. However, the list of supported collateralized assets and the collateral ratio has yet to be detailed.

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2022-07-07 20:30:37 Shiba Inu Plans to Launch Stablecoin, Reward Token, Collectible Card Game

A lead developer behind popular meme cryptocurrency SHIB on Wednesday teased plans to expand the Shiba Inu ecosystem with a decentralized stablecoin, a reward token called TREAT as well as a collectible card game for its metaverse.In a Medium blog post, pseudonymous developer Shytoshi Kusama said that "independent developers" are crafting a decentralized stablecoin called SHI, which "seems to avoid the issues found in other moonshots" – a likely reference to the billion-dollar Terra/luna implosion.

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2022-07-06 21:29:02 CryptoCom CEO Denies Imposing Withdrawal Restrictions

With the recent rise of crypto trading firms suspending essential services due to liquidity-related issues, speculations on the next victim of the ongoing market crash have also gone rampant in the community. In the same thread, Marszalek revealed that the company has chosen to “optimize unit economics” amid market downturns. Following the massive scaling last year, the exchange can now handle the significant drop in revenue and trading activities since the low point today, according to the CEO, is equivalent to the record-breaking revenue achieved in early 2021.

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2022-07-05 17:45:07 US Millennials Own More Crypto Than Mutual Funds: Survey

According to a research conducted by the investing firm Alto, 40% of the American millennials (those aged 26-41) hold cryptocurrencies. Nearly the same share of people own individual stocks, the survey estimated. The poll further informed that more US millennials had distributed some of their wealth into crypto than those who had dealt with mutual funds.In addition, the vast majority of Americans in that age group who do not own cryptocurrencies consider entering the ecosystem in the near future.It is worth noting that real estate remains the most appealing investment option to US millennials, as 77% said they would allocate funds to properties. 67% said they would jump into Innovation funds, while 55% described Angel Investing as a great alternative.

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