Crypto Weekly Roundup: DC NFTs, SparkPool Shutdown, Alibaba Delisting BTC Products, And More

China’s crypto industry is still recovering from the stern warning by PBOC against any crypto-related activity. Long-term investors are buying the dip, while major companies such as online shopping portals and exchanges are closing down all crypto-related activities in China. Continue reading to learn more.

Bitcoin

An IMF report shows that interest in cryptocurrency and investment are increasing at an unbounded pace, particularly in emerging countries. This could pose a threat to the global financial system, according to the IMF.

Despite the recent PBOC notice declaring all crypto-based activities illegal, cryptocurrency investments are gaining momentum in China. Investors are buying the BTC dip despite the fact that PBOC has not yet issued a notification.

Ethereum

Several top Chinese mining pools have been forced to close their doors by the PBOC notice. SparkPool in Hangzhou, which is the second largest Ethereum mining pool, is one of these.

DeFi

The Societe Generale is France’s third largest bank. It has now initiated direct interaction with DeFi Protocol MakerDAO. This bank is the largest to interact with DeFi and has more than 29 million clients.

An error in the most recent Proposal62 update to Compound’s Comptroller smart contracts has resulted in payouts of millions in liquidity mining rewards.

Business

Coinbase Inc. was the victim of an exploit that allowed unidentified threat actors to gain access to approximately 6,000 user accounts. The account compromise occurred between March and May this year.

Alibaba, a Chinese e-commerce company, has announced it will cease selling crypto mining equipment and related programs starting October 8, 2021 in response to the PBOC’s strengthened Bitcoin ban.

Technology

Miami Mayor Francis Suarez plans to make Miami the crypto hub in the US. He is continuing the MiamiCoin project that will integrate cryptocurrency into the city government.

Thailand Tourism Authority (TAT), is looking to attract crypto holders to Thailand by launching and adopting the TAT coin utility token.

Visa’s research and product team has announced the Universal Payment Channel (UPC) cross-chain Layer-2 interoperability idea, which allows for smoother multi-chain payments.

Regulation

According to the WSJ, the Biden administration has been looking at the possibility of regulating stablecoins issuesrs as if these were banks.

Jerome Powell, the Chairman of the Federal Reserve, admitted to a session of US House Financial Services Committee that it was impossible to impose a blanket ban against Bitcoin and other digital assets.

NFT

Ripple launched a $250M fund to support creators. It provides technical, financial and creative support for NFT projects, as well as tokenization projects, on the XRP ledger.

DC Entertainment Studios has teamed up with Palm NFT Studios in order to drop new digital collectibles on DC FanDome 2021, October 5.

TikTok, a social media platform that is gaining popularity, has partnered up with celebrities and online creators to create a limited-edition line of tokens that are not fungible.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

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https://www.cryptodaily.co.uk/2021/10/crypto-weekly-roundup-dc-nfts-sparkpool-shutdown-alibaba-delisting-btc-products-and-more