Tether Reports Record-Breaking Profit for Q2
Tether, the issuer of the world’s largest stablecoin, has announced a record-breaking profit for the second quarter of 2024, highlighting a substantial increase in its earnings. The company’s net profit surged to new heights, driven by a significant rise in its reserves and strategic investments. Tether's performance reflects growing confidence and demand for its stablecoin amidst a dynamic cryptocurrency market. This milestone underscores Tether’s strong financial health and resilience in a competitive sector. (Cointelegraph)
Cantor Fitzgerald to Launch Bitcoin Financing and Lending Business
Wall Street firm Cantor Fitzgerald is set to enter the cryptocurrency sector with a new Bitcoin financing and lending business. This move marks a significant expansion into digital assets for the traditional financial firm, aiming to capitalize on the growing demand for crypto-backed loans. Cantor Fitzgerald plans to offer various lending solutions tailored to institutional and high-net-worth clients, positioning itself as a major player in the evolving digital finance landscape. The initiative reflects a broader trend of financial institutions increasingly integrating cryptocurrency services into their offerings. (Coindesk)
England’s Law Commission Proposes Reforms for Crypto Asset Property Rights
The Law Commission of England and Wales has proposed significant reforms to clarify the legal status of crypto assets as property. The proposed changes aim to enhance legal certainty and protect the rights of individuals and businesses dealing with digital assets. By recognizing crypto assets as property under English law, the reforms seek to address challenges related to ownership disputes. These updates are expected to bolster the legal framework surrounding cryptocurrencies and encourage further innovation in the sector. (The Block)
Web3 AI Firm Hyperbolic Secures $7 Million in Seed Funding
Hyperbolic, a Web3 and AI startup, has successfully raised $7 million in its seed funding round. The investment will support the development of its innovative technologies aimed at integrating artificial intelligence with decentralized applications. The funding round was led by prominent venture capital firms and highlights growing investor interest in the convergence of Web3 and AI. Hyperbolic’s goal is to advance the capabilities of blockchain and AI to create more efficient and intelligent decentralized systems. (Cointelegraph)
OKX Ventures and Aptos Foundation Launch $10 Million Fund for Move-Based Ecosystem
OKX Ventures and the Aptos Foundation have partnered to establish a $10 million fund aimed at supporting the Move-based Layer 1 blockchain ecosystem. The fund is designed to accelerate the development and adoption of projects built on the Move programming language, which is central to Aptos and other emerging blockchain platforms. This initiative seeks to foster innovation, enhance infrastructure, and drive growth within the Move ecosystem. The collaboration reflects a growing commitment to advancing blockchain technology and expanding its applications. (Coindesk)
Telegram Introduces Web3 Browser for Enhanced Blockchain Integration
Telegram has launched a new Web3 browser designed to integrate blockchain functionalities directly into its platform. This browser aims to simplify access to decentralized applications (dApps) and cryptocurrency services, enhancing user interaction with blockchain technology. The move positions Telegram as a significant player in the Web3 space, leveraging its large user base to drive adoption of decentralized tools. By offering built-in Web3 capabilities, Telegram is set to bridge the gap between traditional messaging and emerging blockchain applications. (BeInCrypto)
Bitcoin Generally Stable Following Fed's Decision to Keep Rates Unchanged
Bitcoin experienced a slight increase after the Federal Reserve decided to maintain interest rates, citing ongoing progress towards its 2% inflation target. The Fed's decision to hold rates steady was seen as a positive signal for risk assets, including cryptocurrencies. Market participants interpreted the move as supportive of continued economic stability and potential for future growth in digital assets. This minor gain reflects Bitcoin's sensitivity to macroeconomic policies and investor sentiment surrounding inflation and interest rates. (The Block)
