And that concludes the first week of September! Good job you guys! Before you go, don't forget to read today's newsletter! 😄
Today in history (1969), TV sitcom "The Brady Bunch" premiered on ABC in the U.S. 👨👨👦👦
In today's newsletter, we will be covering Paxos launchingatokenbackedbyGold,Binance launching dollar-backed stablecoin "Binance USD" (BUSD)and LINE receiving acryptocurrencybusinesslicense.
Today, we will also be covering OmiseGO (OMG) for our weekly deep dive! Also today in our 'Blockchain term of the day' section, we have another well put together infographic done by cryptocurrency index building and trading automation software, Panda Analytics! We also have a very special announcement from our sponsor, Paxful! So don't forget to check all these things out below!
Please do not forget to answer the polls down below too! It's a great way to interact with you and hear what you have to say. 💭 Happy reading! 📚
Slight bump 😄
Over the past 24 hours, total market capitalization rose from ~$267 billion to ~$273.5 billion, with most coins seeing gains in the ~1-3% range. 24-hour daily volume registered ~$50.7 billion.
BTC is currently trading at ~$10,870, up ~2.6% over yesterday. BTC dominance continues to break 24-month highs, and is currently standing at ~71.1%. It just keeps rising! On the daily chart, BTC continues to be trading above its 21, 50 and 100-day EMA lines, and RSI is at ~54.👀
Backed by gold 🏆
Stablecoin operator Paxos has launched a gold-backed Ethereum (ETH) token, PAX Gold (PAXG), claiming to be “the first crypto-asset redeemable for physical gold.” The New York State Department of Financial Services (NYDFS) has even put forward their approval of the issuance in an official statement, and has defined it as the “first gold-backed virtual currency in New York state.” 😲
Each PAXG token will be backed by one fine troy ounce of London Good Delivery gold stored in professional vault facilities in London. Users owning the tokens in question own the gold it represents but the tokens can be moved like any other ERC-20 tokens.
Paxos claims that users can convert the tokens to and from fiat currency or unallocated gold, or redeem tokens for physical gold bars. Token holders can also look up the serial number, brand code, gross weight, fineness, and fine weight of their gold bars.
Opening up markets 👐
In partnership with the Paxos Trust Company, crypto exchange Binance is launching a dollar-backed stablecoin in the U.S., dubbed "Binance USD (BUSD)". BUSD has also been approved by the New York Department of Financial Services (NYDFS). 👍
BUSD will be backed by USD on a 1:1 ratio. The issuance of BUSD is part of Binance's Venus project. According to Binance CEO Changpeng Zhao, Binance hopes to "unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of stable digital assets.”
BUSD's reserves will be held by Paxos, who will act as both the custodian and the issuer for BUSD, and will regularly audit the dollar holdings. According to the co-founder of Paxos, Rich Teo, BUSD will be “a vital step towards long term stability in global crypto markets”.
Locked and loaded 🔫
LVC Corporation, the digital asset- and blockchain-focused arm of popular messaging app LINE has received a cryptocurrency business license by Japan’s Financial Services Agency, permitting it to offer its crypto exchange services in Japan where it has 80 million monthly active users. 👍
In August, LINE revealed that it was aiming to build a “token economy" around its own blockchain LINK Chain. 5 decentralized dapps (decentralized applications) will soon be launched across categories including “prediction, Q&A, product review, food review and location review using social media” on the chain.
Do you like free stuff, good vibes, staying in the know, and connecting with like-minded people from all over the world? Then you better start making plans for 'The Capital', CoinMarketCap's event designed just for you!
The Capital brings together crypto advocates, entrepreneurs, developers, traders, and teams to explore how we can advance our industry. We're gathering crypto and blockchain leaders to drop some awesome knowledge on us come November!
Take part in discussions, meet influencers, expand your social network, and win awesome prizes like your own NFT designed by an artist. All of this will take place inside a gorgeous venue! Here are our best reasons to attend The Capital. Which ones are you coming for?
On a separate note, have you followed us on Instagram yet? 😉 Follow us right now to get more of these updates and for more exciting content! Yes... right now!
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OmiseGO is building a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway.
It seeks to act as a P2P, decentralized exchange blockchain that ports into other blockchains to allow for interoperable trading.
The permissionless OmiseGO Network aims to enable instant, peer-to-peer transactions in real-time, facilitating financial services across geographies, asset classes, and applications.
Why people love it
OMG is being developed by its parent company, Omise. Omise is an experienced payment processor with a strong South-East Asia presence and is already equipped with a large customer base.
OMG is supported by some prominent figures in the blockchain space like Vitalik Buterin (founder of Ethereum), Joseph Poon (founder of Lightning Network), Gavin Wood (co-founder of Ethereum) and Roger Ver.
Omisego recently released the highly anticipated blockchain scaling solution known as 'Plasma', which is also the brainchild of Vitalik Buterin and Joseph Poon.
Why people doubt it
Omisego's success is heavily dependent on its technology, which remains highly speculative at this point. It needs to scale well in order for its business model to become profitable.
Omisego's vision is one that is grand. It plans to challenge and overthrow financial institutions ("Unbank the Banked with Ethereum") . It goes without saying that they will meet with a great deal of resistance.
Tying in to the previous point, Omisego will likely face more intense regulation as it continues to grow.
Other news 📰
Crypto exchange Gemini has introduced a new clearing and settlement product, Gemini Clearing, that allows traders to negotiate off-exchange or over-the-counter (OTC) crypto trades using Gemini accounts.🤝
During a recent private event in San Francisco, Apple Pay's vice president Jennifer Bailey, told CNN's chief business correspondent Christine Romans that “we're [they're] watching cryptocurrency" and "think it's interesting" and "has interesting long-term potential”. 🤔
A Denver-based startup called Dapix Inc. that is seeking to build a delegated proof-of-stake (DPoS) blockchain that acts as the connective tissue between cryptocurrency wallets, exchanges and other applications, has raised $5.7 million in a Series A funding round. The round saw the likes of Binance Labs, Blockwall Capital, NGC Ventures and LuneX Ventures participating. 💰
Crypto calendar 📅
29 Sept - U.S. SEC's decision on the Wilshire Phoenix's Bitcoin and Treasury Investment Trust ETF application, under the NYSE Arca exchange (initial decision)
13 Oct - U.S. SEC's decision on the Bitwise Asset Management's Bitcoin ETF application, under the NYSE Arca exchange (final decision)
18 Oct - U.S. SEC's decision on the VanEck/SolidX Bitcoin ETF application, under the Cboe BZX exchange (final decision)
Why or why not? What are your plans for the weekend? Share with me in the polls!
What you said
"How much do you agree with this statement: "I believe I am good at identifying crypto scams.""
The average vote was 5.6.
"Why or why not?"
Last year one ico called bdaq took 20 dollars from me. Bdaq was mentioned in few media articles that its a promising ico to invest on. Concept was before ico tokens get listed in exchange you can buy and sell it. I got emails from them that i got so much bdaq token plus bonus for being a early investor. But could not see the tokens. They told go to metamask wallet and follow procedure. Slowly i found their email id was bouncing and they were not responding in fb. I told i will report on them i know all the guys involved in this and damn , next minute they deleted themselves from fb and twitter. They ran awsy with my 20 dollars. After tjis i invest only im known cryptos listed in exchanges. But it beats me how bdaq was featured in mefia articles and even rated in some ico rating website. Some ass also in interview recommended bdaq by making a subtle mention of it. I dont know what to do, with the bdaq shit): ... Moved on, this was last year on august and i was just starting with crypto onvestments. I am yet to.make loads of profits, as you can see i have been learning about crypto investing the hard way): anyway. - Well, look on the bright side - you only lost $20. I know of people who've lost tens of thousands due to some very well crafted scams. If only these scammers actually put their heads together to think of scaling solutions for the blockchain space lol... But yeah, I guess this was a lesson for you to only trust your own due diligence when researching on a coin to invest in. 🤔
ive been scammed once. if it sounds too good to be true it is!!!! - Ain't no free cookies in this world.
"If you are the smartest person in the room, you're in the wrong room" There is always a smart scam out there. Either by craft or luck I have been able to call them when I see them. A little patience and digging will show the signs. - Tons of brilliant scams out there. Smartest scam out there? The fiat system lmao. 🤣 Okay jokes aside, it's always have to make it a point to peel back the layers to get to the core of thangs.
Sooooooo easy! - I guess you've got the eye, eh?
Yeah I knew something was up when my mom gave me allowance in dollars as 4-year old - HAHAHA, this made my day.
Gut feeling ? If its to good ? - Sometimes, you just gotta trust your gut. 😉
Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙