Crypto News: Indian Key Crypto influencers form the Indian Blockchain Forum in Hyderabad, Telangana state.
- The Forum is launched by the Principal Secretary of Industry & Commerce and Information Technology of the Telangana State Government.
- Jayesh Ranjan has set up the Indian Blockchain Forum to establish the nation as the global hub for Blockchain and Web3 development.
» Indian Blockchain Forum To Collaborate with Industries & Govt!
The Forum has plans to establish community chapters to bring awareness and furnish global practices in the web3 development sector. The Forum will collaborate with regulators, educators, academia, and research institutes to nurture and support the Web3 community.
- The list of founding members includes BlockStack CEO, Founder & CEO of Idealabs FutureTech Ventures, including 40 other influencers.
- The Forum will set up Special Interest Groups (SIGs) focused on areas like CDBC, Metaverse, Policy Framework, NFTs, and Web3 adoption.
- Membership in the Forum will be open to all stakeholders with a vision to build the world’s largest web3 community!
→ BendDAO faces Insolvency Crisis After ETH Reserves Dip!
The NFTfi-based DAO protocol that lets NFT holders deposit their assets to borrow ETH is facing a bank-run scenario. The condition arose after numerous users depleted the reserves by withdrawing ETH in large amounts.
- CodeInCoffee, the co-founder of BendDAO, has already submitted the proposal for adjusting protocol operations, but its pending governance voting.
- EtherScan Data revealed BendDAO crypto wallet only held 0.75 ETH from approximately 18,000 ETH three days ago.
- The BendDAO wallet recently obtained a 500 WETH deposit, of which only 486.5 WETH remain.
- The NFTfi protocol BendDAO offers up to 77.54% APR on ETH deposits, with 73% paid in ETH and the remaining in BEND tokens.
- The offered interest rate sits at a hefty 93.6% on the borrowed ETH as per the homepage of the BendDAO.
- The co-founder has released a statement in Discord, stating that the protocol is working correctly, along with proposed amendments to the NFT liquidation threshold.
→ Crypto Exchange FTX Revenue for 2021 exceeds $1 Billion!
The revenue growth of the global Crypto Exchange platform FTX has ballooned over 1,000% during 2021, as BTC peaked. The CNBC report is confirmed by the FTX CEO, who claims the current year’s revenue will also exceed the $1.1 Billion mark.
- FTX Crypto Exchange was founded in 2019, initially offering futures trading with Altcoins.
- Over time, the Crypto Exchange has expanded its business worldwide, offering spot trading and the US licensed commission-free stock trading services.
- The data reveals that 15% of its revenue was spent on advertising and marketing in the previous term, with a net year margin being 27%.
→ Binance Adds Support for ZAR Fiat Currency!
World’s one of the leading blockchain systems, Binance, earlier announced its added gateway support to allow ZAR transactions. The company claims it will help strengthen their regional dominance, enabling South Africans to make quicker and seamless via instant ETF on the platform.
- Users can now use ZAR to add money to their crypto wallets or purchase crypto assets.
- The platform will also offer ZAR conversion to popular crypto tokens like BTC, ETH, BNB, USDT, and BUSD.
- Binance offers a wide range of services, from trading services to educational platforms, research & educational resources, investment and incubation services, etc.
→ Study Reveals High Crypto Use in the UK, US, and Ukraine!
The US tops the list with four other countries for the highest crypto usage globally. The researching firm is Merchant Machine, whose report claims the US was trailed by the UK and Ukraine respectively for crypto usage.
- Contributing factors in the report include crypto holders, monthly search volume, crypto (BTC) ATMs, DeFi services, and crypto businesses.
- The fourth nation ranking for top crypto use is India, followed by Thailand, Russia, France, Netherlands, Vietnam, and Columbia.
→ Seven Korean Brokerages will Start Crypto Exchanges in 2023!
The report from NewsPim, a local newspaper, mentions seven top brokerage firms in the nation will build their Crypto Exchanges. The said firms have already applied for preliminary approval and corporation establishment for running virtual assets exchange.
- The South Korean authorities are currently stringent concerning crypto activity and are reportedly flagging unregistered exchanges.
- Two of the top firms among the seven brokerages are named to be Mirae Asset Securities and Samsung Securities.
- The former of the two mentioned brokerage firms have established a subsidiary under Mirae Consulting, its affiliate.
Crypto Sale Today – August 22nd, 2022
The current top cryptocurrency prices in the global crypto market continue to resemble their previous values from earlier hours. The following figures per crypto news reflect their individual positions as shown below:
- (BTC) Bitcoin
- Average Price: $21,218.31
- 24h: – 1.26% ↓
- (ETH) Ethereum
- Average Price: $1,563.55
- 24h: – 3.87% ↓
- (BNB) Binance Coin
- Average Price: $295.01
- 24h: – 0.17% ↓
- (XRP) Ripple
- Average Price: $0.3356
- 24h: – 2.52% ↓
- (ADA) Cardano
- Average Price: $0.4479
- 24h: – 2.60% ↓
- (SOL) Solana
- Average Price: $34.36
- 24h: – 4.02% ↓