EU proposed crypto transaction legislation / Virdi Funds launched crypto mining ETF on NYSE / Fresh Funding

Plus: Circle revealed 61% of USDC is backed by cash or cash equivalents

Inside.com Part of   Network July 20, 2021

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The global crypto market cap is $1.21T 2.57%▼ with a 24-hour market volume of $64.79B 14.98%▲. Bitcoin's dominance is currently 46.26% 0.07%▼. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $29,800.09 2.64% ▼ 2 Ethereum ETH $1,799.97 0.69% ▼ 3 Binance Coin BNB $268.78 4.50% ▼ 4 Cardano ADA $1.07 4.77% ▼ 5 XRP XRP $0.5327 4.24% ▼ *Prices as of 3:30 p.m. ET.

The EU proposed drafted legislation for transactions of crypto assets. The “travel rule” will mandate that virtual asset service providers (VASPs) share information on the senders and recipients of virtual transactions larger than $1,000. More:  If approved, this rule would ensure full traceability of crypto-asset transfers, effectively banning anonymous crypto wallets. This legislation comes from the EU’s attempt to limit money laundering in the crypto space. The rule would further establish a €10,000 limit ($11,783) on “large cash payments.”

Viridi Funds launched a new crypto mining exchange-traded fund (ETF) on the NYSE. The ETF is set to track publically traded, environmental-focused crypto mining projects. More: CEO Wes Fulford announced that an algorithm would help select environmentally conscious companies for the ETF to invest in. Viridi Funds ETF is currently funding Bitfarms, Hut 8 Mining, Nvidia, and others. The launch timing of the ETF coincides with a sharp dip in the overall crypto market.

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▲ TOP GAINERS # Name Price 24h % 1 Quant QNT $70.86 6.78% ▲ 2 FTX Token FTT $26.10 5.99% ▲ 3 Celo CELO $2.34 5.84% ▲ 4 UNUS SED LEO LEO $3.12 4.31% ▲ 5 Compound COMP $350.20 3.80% ▲ ▼  TOP LOSERS  # Name Price 24h % 1 Revain REV $0.00573 17.75%▼ 2 Mdex MDX $1.15 14.55%▼ 3 Telcoin TEL $0.01007 13.57%▼ 4 Flow FLOW $12.03 11.88%▼ 5 Dash DASH $120.09 10.58%▼ *Limited to cryptocurrencies in the Top 100. Prices as of 3:30 p.m. ET.

🍋Fresh Funding🍋 FTX, Crypto Exchange: $900M ⮕ the series B funding round was led by the firm with participation from Paradigm, Sequoia Capital, Alan Howard and others. More: FTX is a popular crypto exchange that derives the majority of its profits from crypto trading fees. FTX plans to use this fresh funding to strengthen existing endorsement deals and invest in white-labeling software. Since its launch in 2019, FTX has amassed a valuation of $18B.

🍋Fresh Funding🍋 OpenSea, NFT Marketplace: $100M ⮕ The Series B funding round was led by Andreessen Horowitz with participation from Michael Ovitz, Kevin Durant, Ashton Kutcher, and others. More: OpenSea is an NFT Marketplace that boasted the sale of $160M in digital assets in June 2021 alone. OpenSea plans to use this fresh funding to hire more engineers and globalize its network to new markets and audiences. Recently, 12-year-old @ObiWanBenoni sold “Weird Whales” for a whopping $150,000 on OpeanSea.

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QUICK HITS See how a viral video game, Cookie Run: Kingdom, has 360,000+ concurrent users pushing 60,000 SQL QPS to 90 nodes running on CockroachDB. * Circle revealed that 61% of USDC is backed by cash or cash equivalents in an effort to increase transparency as it prepares to go public. The SEC halted operations of a $12M crypto scam from a Las Vegas-based company claiming bets were backed by an “artificial intelligence supercomputer.” Ark purchased $8M worth of Grayscale Bitcoin Trust shares to add to its growing portfolio of bitcoin-related entities. Seascape Network and Binance NFT collaborated to release limited edition zombie NFT mystery boxes to hype their upcoming Zombie game series. BlockFi faces a cease and desist order from the New Jersey Bureau of Securities after allegedly breaking NJ securities laws. Neon Labs announced that its Ethereum Virtual Machine would launch on the Solana testnet. The Institute of Science and Technology announced the launch of Revival NFT Marketplace, which will offer artists fast and nearly fee-free transactions. 87% of all businesses worldwide use video as part of their overall marketing strategy. See more insights about video conferencing in 2021. * * 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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