13 August

A user has transferred 30,000 Wrapped Ethereum (WETH), worth roughly $11,4 million, in a single transaction to the experimental—and unaudited—decentralized finance (DeFi) protocol Yam today.

Even though Yam was developed in just 10 days, users eagerly deposited $76 million worth of crypto in less than an hour after its launch yesterday—and that figure surged to $390 million today.

Yam is an experimental DeFi yield farming protocol that rewards those who stake tokens on the network in its native YAM tokens. At press time, YAM is up around 50% on the day, trading at roughly $100 per token.”

See Also: Deposits in ‘Monetary Experiment’ Meme Token YAM Break $460M
See Also: Yam Suffers Technical Outage Following Scam Accusations

“Coinbase will allow U.S. retail customers to borrow fiat loans against as much as 30% of their bitcoin holdings in the fall. The product is available in only 17 states but Coinbase is pursuing licenses in other states and countries.

The exchange is setting conservative parameters on the product, capping credit lines at $20,000 per customer and offering an interest rate of 8% for bitcoin-backed loans with terms that are a year or less.

The exchange says it won’t reinvest the collateral elsewhere and will keep the bitcoin at the exchange, unlike some crypto lenders who rehypothecate collateral or invests deposits into perpetual swaps.”

“Fresh off the announcement that the retail DCEP app is undergoing the final stages of beta testing in Shenzhen, a representative from the People’s Bank of China told local media in the country that the first area where the platform would be officially deployed is the Greater Bay Area.

The Greater Bay Area is a regional amalgam of Hong Kong, Macau, and Shenzhen, with a combined GDP of $2 trillion that Beijing wants to turn into a unified economic hub.

Financial institutions and firms in the region that deal with high volumes of cross-border trade would be first on the list of companies piloting the platform.”

“The director of IBM financial services and digital assets says it is essential that banks understand and embrace DeFi space. Otherwise, it could eventually disrupt their entire business model.

Most financial institutions are still in early exploratory stages when it comes to DeFi, and are stuck at the crossroads between true decentralized finance and just digitizing traditional securities. Gaur foresees an entry ‘of the large banks, starting with investment banks.’

It is not enough for them to just create some DeFi products, the real value will only be unlocked if they embrace the global nature of the blockchain networks.”

See Also: Curve’s CRV token distribution: Everything you need to know
See Also: Worth The Talk? Weighing Up DeFi Products With the Token Price Craze
See Also: DeFi Token Serum Surges 1500% in 12 Hours After Listing

“Under the proposal, the tool would track transactions and identify cryptocurrency services providers and “partially” remove anonymity from people sending bitcoin, ether, dash, omni and monero.

Its goal is to create an artificial intelligence-based system for blockchain analysis. A prototype for the project, dubbed “Transparent Blockchain,” has already been developed by the Lebedev Physical Institute based on the bitcoin blockchain.”

“Andrew Hamilton, a lawyer with a background in computer science, is spearheading a class-action lawsuit accusing the social media and search giants Google, Facebook, Twitter, and YouTube for cartel-like behavior intended to kill off the burgeoning cryptocurrency sector.

The suit, which has already amassed more than $600 million in claims, accuses the firms of acting as a cartel in launching a coordinated attack designed to crush competition emerging from the nascent virtual currency sector in 2018 — when the social platforms enacted sweeping bans against the promotion of crypto assets and initial coin offerings.”

See Also: Google Ads is Failing to Protect People From Crypto Scams

“The Bolivarian Council of Mayors in Venezuela signed the so-called “National Tax Harmonization Agreement” for 305 municipalities in the country, including the Petro (PTR) as a means to collect payments of taxes and sanctions.

The cryptocurrency is becoming increasingly widely used as the result of a new campaign.”