What is wrapped Ethereum (wETH) and how does it work?

Traders who use the Ethereum network are familiar with the ERC-20 technical standard and have most likely traded and invested in tokens that utilize it. After all, its practicality, transparency and flexibility have made it the industry norm for Ethereum-based projects. As such, many decentralized applications (DApps), crypto wallets and exchanges natively support ERC-20 tokens. However, there’s one problem: Ether (ETH) and ERC-20 do not exactly follow the same rules, as Ether was created way before ERC-20 was implemented as a technical standard. So, why does wrapped ETH matter? Briefly…

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CFTC takes legal action against Digitex futures exchange and CEO

The United States Commodity Futures Trading Commission, or CFTC, filed a complaint against Digitex LLC and its founder and CEO Adam Todd for failing to register the cryptocurrency futures exchange and manipulating the price of its DGTX token. According to a Sept. 30 court filing in the Southern District of Florida, Todd allegedly pumped up the price of DGTX tokens in an effort to inflate Digitex’s holdings. The U.S. regulator claimed the Digitex CEO used different corporate entities as part of a scheme to launch and operate an illegal digital…

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What is regenerative finance (ReFi) and how can it impact NFTs and Web3?

On Sept. 30, NFT Steez, a bi-weekly Twitter Spaces hosted by Alyssa Expósito and Ray Salmond, met with Mashiat Mutmainnah to discuss how regenerative finance (ReFi) can provide more accessibility and inclusivity to blockchain technology.  As a “mission-driven movement,” Mutmainnah explains that ReFi enables users to redefine their relationship with the current financial system and their relationship with finance and wealth. Currently, in many countries, millions of people lack basic, equitable access to the financial services that would allow them to meet their daily needs. What if there were newer…

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Bitcoin 2021 bull market buyers ‘capitulate’ as data shows 50% losses

Bitcoin’s (BTC) spot trading below $20,000 is seeing a new “capitulation” event encompassing an entire year’s worth of buyers, research reveals. In one of its Quicktake market updates on Sept. 29, on-chain analytics platform CryptoQuant flagged intense selling by a large number of recent hodlers. 2021 bull market coins “have been sold aggressively” As BTC/USD lingers near levels barely seen since 2020, it is not just miners feeling the pinch. Analyzing Bitcoin’s Exchange Inflow Spent Output Ages Bands (SOAB), CryptoQuant contributor Edris showed that those who bought between April 2021…

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MicroStrategy takes its BTC maximalism to the next level with new engineer hire

MicroStrategy, the business intelligence and tech company that holds the world’s largest Bitcoin (BTC) reserve, is hiring a Bitcoin Lightning software engineer to create a Lightning Network-based software-as-a-service platform. The new engineer will be responsible for building a Lightning Network-based platform to address enterprise cybersecurity challenges and enable new e-commerce use cases, according to a job posting linked to the MicroStrategy website. Besides “an adversarial mindset,” the applicant should have certificates, knowledge of tools and programming languages, and experience with decentralized finance technologies. MicroStrategy is looking to hire a Bitcoin…

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NEXO risks 50% drop due to regulatory pressure and investor concerns

Crypto lending firm Nexo is at risk of losing half of the valuation of its native token by the end of 2022 as doubts about its potential insolvency grow in the market. Is Nexo too centralized? For the unversed: Eight U.S. states filed a cease-and-desist order against Nexo on Sep. 26, alleging that the firm offers unregistered securities to investors without alerting them about the risks of the financial products. In particular, regulators in Kentucky accused Nexo of being insolvent, noting that without its namesake native token, NEXO, the firm’s “liabilities would…

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Binance launches New Zealand-based offices following regulatory approval

Global cryptocurrency exchange Binance has registered with New Zealand’s Ministry of Business, Innovation and Employment and opened local offices in the country. In a Sept. 29 tweet, Binance said it was registered as a financial service provider in New Zealand, allowing residents to access services including spot trading, nonfungible tokens and staking. The move to the crypto-friendly Pacific nation followed regulators in Dubai, Abu Dhabi, Kazakhstan and Italy giving the green light for Binance to open an offshoot. “New Zealand is an exciting market with a strong history of fintech…

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Mainstream media sentiment shifts in favor of Bitcoin amid fiat currency woes

Despite USD bringing an onslaught to stocks, commodities and its rival currencies, Bitcoin (BTC) holds steady at the $19,000 to $20,000 mark, leaving mainstream media no choice but to put BTC into the headlines. American daily newspaper The New York Times highlighted BTC’s 6.5% increase in the last seven days and noted that this had caught the attention of crypto bulls and bears. Meanwhile, Fortune Magazine’s crypto outlet has also compared Bitcoin’s standout performance to other assets like the Japanese yen, Chinese yuan and gold, apart from the euro and…

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Sam Bankman-Fried reportedly intended to join the Twitter deal in March

Not only Elon Musk thought of buying Twitter — crypto billionaire and CEO of FTX exchange Sam Bankman-Fried “was interested” in acquiring the social network back in March 2022, according to a report from Business Insider. In the piece, published on Sept. 29, journalists are referring to the private texts released amid the court battle between Musk and Twitter, which had been unwinding after the businessman had suspended the acquisition negotiations in July.  According to the report, in March, a philosopher and Bankman-Fried’s close advisor Will MacAskill texted Musk and…

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Spain’s largest telecom brand dives deep into Web3

With crypto adoption moving forward in various parts of the world, Spain continues to encounter major developments in its local blockchain space as its largest telecom services provider dives deeper into Web3 technologies.  Telefónica, the multinational telecom company based in Madrid, Spain, has enabled payments with cryptocurrencies like Bitcoin (BTC), Ether (ETH), Litecoin (LTC), USD Coin (USDC) and many others on its online tech marketplace called Tu. The firm integrated a crypto payment feature provided by the Spanish crypto exchange Bit2Me to receive crypto in exchange for their tech products.…

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