Circle filed an S-4 to become a US bank / Axie Infinity reached $1B in sales / Fresh Funding / Monthly DEX trading volume reached $56B in July

Plus: The Ethereum network has burned an avg. $395K/hour since London upgrade.

Inside.com Part of   Network August 09, 2021

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The global crypto market cap is $1.84T 3.92%▲ with a 24-hour market volume of $108.05B 0.69%▲. Bitcoin's dominance is currently 46.62% 0.11%▲. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $45,538.21 3.88% ▲ 2 Ethereum ETH $3,083.70 3.16% ▲ 3 Binance Coin BNB $350.31 3.05% ▲ 4 Cardano ADA $1.46 3.07% ▲ 5 XRP XRP $0.8065 2.84% ▲ *Prices as of 5:00 p.m. ET.

Circle submitted a regulatory filing to become a national bank in the U.S. The S-4 filing states that approval would reduce several operational risks, including risks from third-party payment systems. More: The move from the U.S. dollar coin (USDC) creator comes after announcing that the company will go public through a SPAC merger. Circle CEO Jeremy Allaire said the move would lead to a more efficient and safe financial system. Paxos, a rival stablecoin provider, recently received conditional approval from the OCC for a national trust banking license.

Axie Infinity (AXS) is the first NFT-based game to reach $1B in sales. The Pokémon-type game surpassed NBA Top Shot ($675M) and CryptoPunks ($657M) in all-time sales. More: Axie’s massive sales growth is attributed to the game’s ability to let players trade tokens on secondary markets. Sky Mavis, the developer of Axie Infinity, calls the primary and secondary market trading structure a “play to earn” model. AXS rose from a $900M market cap on July 20 to a current market cap of $2.6B less than three weeks later.

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▲ TOP GAINERS # Name Price 24h % 1 Ravencoin RVN $0.1127 23.51% ▲ 2 XinFin Network XDC $0.0966 22.11% ▲ 3 Internet Computer ICP $62.36 14.66% ▲ 4 Chiliz CHZ $0.3076 11.56% ▲ 5 Celo CELO $3.18 11.55% ▲ ▼  TOP LOSERS / ▲ LEAST GAINERS # Name Price 24h % 1 UNUS SED LEO LEO $2.94 1.97%▼ 2 Helium HNT $14.34 1.44%▼ 3 Holo HOT $0.00847 .0174%▼ 4 Nexo NEXO $1.93 0.03%▲ 5 Ankr ANKR $0.0938 0.36%▲ *Limited to cryptocurrencies in the Top 100. Prices as of 5:00 p.m. ET.

🍋Fresh Funding🍋 Pintu, Mobile Wallet/Exchange: $35M ⮕ The Series A+ funding round was led by Lightspeed Venture Partners with participation from Alameda Ventures, Blockchain.com, Pantera Capital, Coinbase Ventures, Castle Island Ventures, and Intudo Ventures. More: The Indonesia-based crypto wallet and trading platform provider received additional funding two months after its $6M Series A funding round. Pintu plans to use the fresh funding to expand product offerings and increase crypto adoption in Indonesia. Despite Indonesia's ban on crypto payments, Pintu received a license from Indonesia's commodity futures trading regulatory agency as a crypto broker.

DeFi exchanges reached a monthly trading volume of $56B in July. 65% ($37.27B) came from Uniswap v2 and v3.  More: SushiSwap was the second-largest exchange in monthly trading volume, reaching $6.07B. Overall monthly trading volume declined from $80.85B in June. DEX spot trading volume compared to centralized exchanges was up slightly from June.

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QUICK HITS Hear from one of the all-time greats: Nik Sharma on DTC marketing team building and strategy.* The Ethereum 2.0 deposit contract reached 6.5M ETH (~$20B) staking.   Pononiex settled with the SEC for $10M for its “aggressive” sale of digital securities.  The Ethereum network has burned an average of $395,000 per hour since the adoption of the London upgrade. A compromise in the U.S. Senate has been proposed regarding the crypto tax provisions within the U.S. infrastructure bill. London-based bitcoin mining company Argo Blockchain reported record profits in Q2 and a holding of 1,100 bitcoin (~$50M). Your PDFs are bad for business. Scale up with contract automation!* * Sponsored Content

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Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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