Daily Crypto News

  1. McLaren Racing Unveils Crypto-Inspired Car Livery Ahead of Singapore GP — Formula One (F1) team McLaren Racing unveiled a crypto-inspired look for its racing cars at an event in Singapore on Tuesday, ahead of next week’s Grand Prix held in the city. The move is part of a planned partnership with the crypto exchange OKX. The livery will feature on McLaren’s MCL36 F1 cars at the 2022 Singapore Grand Prix and 2022 Japanese Grand Prix. These races have returned to Asia for the first time since 2019.
  2. Christie’s launches curated art Ethereum NFT marketplace — Christie’s, the 256-year-old fine art auction house, is debuting Christie’s 3.0, an Ethereum-based NFT marketplace with the launch of an exclusive collection from leading Web 3.0 visual artist Diana Sinclair.
  3. Ethereum Merge Vaults Cryptocurrency Past Bitcoin in Hard-Money Allure — Ethereum won plaudits and the spotlight two weeks ago for smoothly pushing through its much-hyped Merge, a historic shift to a different “proof-of-stake” blockchain system designed to drastically reduce energy consumption — roughly 99% by some estimates. Now, the second-biggest blockchain appears to be proving itself on another promise of the Merge: greater inflation-resistance, a characteristic that’s usually more closely associated with Ethereum’s bigger and better-known rival, Bitcoin.
  4. Bitcoin price back under US$20,000, Ether little changed, XRP falls, Uniswap gains — Bitcoin traded back in the US$19,000 range on Wednesday morning in Asia after breaching US$20,000 the previous day in a broader market surge. Ether was little changed, while Solana, Cardano and XRP on the list of top 10 by market capitalization lost ground.
  5. Binance is launching a training program for law enforcement to catch crypto criminals around the world — Binance, the world’s largest crypto trading platform, said Tuesday it has launched a global program to train law enforcement on how to spot cyber crimes, moving in response to greater demand for help by public and private entities. Binance said in a statement the program is the first globally coordinated effort in the industry. The focus expands beyond crime detection to include aiding in the prosecution of “bad actors who exploit digital assets,” it said.
  6. Bitmain Founder Jihan Wu Setting Up $250M Fund to Buy Distressed Bitcoin Mining Assets — Crypto billionaire Jihan Wu — the founder of bitcoin mining rig maker Bitmain — is setting up a $250 million fund to purchase distressed assets from mining firms, Bloomberg reported Tuesday. Wu founded Bitmain in 2013 but left the company in early 2021 to lead its spin-off, Bitdeer Technologies. A representative of Bitdeer tells Bloomberg the company will initially put $50 million to work and plans to raise another $200 million from outside investors. “We can buy the cheaper machines and run them in our existing facilities with stable and cost-effective power purchase agreements,” Bitdeer CEO Matt Kong said.
  7. US Fed Chair Powell Urges Caution on Regulating DeFi — Regulation of decentralized finance (DeFi) needs to be done “carefully and thoughtfully” given its limited impact on the real economy, U.S. Federal Reserve Chair Jerome Powell said at an event hosted by the French central bank on Tuesday.
  8. DeFi Hub Umee Targets TradFi With Institutional Lending DAO — Cross-chain decentralized finance (DeFi) protocol Umee is stepping into TradFi. Umee is creating an institutional lending decentralized autonomous organization (DAO) called UDX to help facilitate the transition of bond markets into DeFi lending. The initiative will improve bond markets’ efficiency on Umee’s Cosmos-, Ethereum-, Avalanche-, Near- and Solana-compatible trading platform.
  9. S. Korean Crypto Project Klaytn Will Offer Gas Fee Rebates to Gaming Firms — South Korean crypto project Klaytn would provide rebates on gas fee payments made by gaming companies building on its network, it said on Wednesday during the ongoing Token 2049 conference in Singapore. Gas fees refer to payments made by users to execute blockchain-based transactions or commands. Fees on networks like Ethereum have reached over $3,000 per transaction during times of network congestion, which may push potential users away from the network toward cheaper options.

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