| The total supply of stablecoins reached 180 billion US dollars; India’s Bitcoin premium reached 5.7%, surpassing that of South Korea (February 24)
headlines
Bitcoin is trading at a 5.7% premium to the global average on major Indian exchanges. Bitcoin’s current premium in India is more than three times the premium in South Korea, where the current Bitcoin premium is 1.6%. One factor contributing to the high premium is India’s taxation of crypto income, allaying fears of a ban. “Bitcoin prices are higher in India because the demand for cryptocurrencies in the country exceeds the supply in the country,” said Sathvik Vishwanath, CEO of cryptocurrency exchange Unocoin. Another factor contributing to the high premium is the nature of the Indian rupee. Higher transaction fees and a higher USD/INR exchange rate are also driving factors behind the rise in Bitcoin prices in India. Blockchain forensics firm Chainalysis has found that emerging markets such as India are turning to cryptocurrencies to store savings, send and receive remittances, and conduct business transactions as currencies depreciate. (Forkast)
cryptocurrency
4,110 BTC transferred to Coinbase exchange, worth more than $150 million
Whale Alert data shows that at 23:41 on February 23, Beijing time, 4,110 BTCs were transferred from an unknown wallet (address starting with bc1qtsdx56) to the Coinbase exchange (address starting with 3GHB7ho4n), worth $158,345,140.
Report: Total stablecoin supply hits $180 billion
Despite the bearish backdrop for the entire crypto industry, the total stablecoin supply has reached $180 billion, a surge of $9.5 billion over the past 30 days. Crypto research organizations Arcane Research and CryptoRank confirmed that the stablecoin supply hit the $180 billion milestone. Stablecoins continue to outpace the rest of the market, up 6% over the past 30 days.
USDT, the world's largest stablecoin with a 44% market share, stagnated throughout last year, according to Arcane Research. USDC is accelerating and will grow by 20% in 2022. If USDC and USDT continue to grow at a similar rate through 2022, USDC will become the largest stablecoin by market capitalization by the end of June. (Cointelegraph Chinese)
OpenSea sees 37% drop in transaction volume 7 days after hack
After the NFT community intervened, a large number of users expressed their desire to leave OpenSea. The number of OpenSea traders fell 19% to about 227,272 in the past seven days. From February 20 to February 23, the transaction volume of the LooksRare platform increased from $5 million to $25 million. (U. Today)
GameFi and NFTs
BAYC creator Seneca's new work LITTLEONE NFT starts auction at SuperRare
Zhang Xiaohe, the "representative image of Chinese office worker animation", announced today that he will release an independent upgraded version of the IP series Dummy Box Gang overseas, announcing his entry into the NFT and metaverse markets.
Loopring L2 will launch NFT casting function
Investment and Financing
Investment and Financing
Ren Labs completes US$7.5 million in financing, Amber Group and others participate in the investment
Ren Labs, the cross-chain bridge Ren development team, completed a financing of US$7.5 million. Amber Group, Multicoin Capital, BlockTower Capital, Cumberland DRW, GBV Capital, Chiron, Fisher8 Capital, LedgerPrime, Bixin, PetRock Capital, etc. participated in the investment. This round of financing will be used to promote the development of the first application on the Ren chain, the cross-chain AMM Catalog. (CoinDesk)
Metaverse chain game Cradles completes $5 million private placement financing led by Animoca Brands
Metaverse chain game Cradles announced the completion of private equity financing of US$5 million, led by Animoca Brands, and participated by Huobi Ventures and Mirana Ventures. Cradles is the first 3A MMORPG online game on the blockchain. It innovatively proposes the EIP-3664 metaverse NFT protocol, which supports free splicing, combination and upgrade between NFTs. At present, applications and products based on EIP-3664 have been launched one after another, including the first A replaceable NFT Dragontar.
Distributed API infrastructure startup Bware Labs has raised $6 million in Series A funding, bringing its total funding to $7 million. Hypersphere Ventures, Blizzard, Infinity Ventures Crypto, etc. participated in the investment. Investors from the previous round, including Spartan Group, Ascensive Assets, GBV and Morningstar Ventures also participated in this round. It is reported that Bware Labs is a multi-chain subscription-based API platform that supports developers and enterprises built on the blockchain to efficiently send requests to the integrated network. (Zubu Brothers)
Web3 startup Fast Break Labs announced the completion of a $6 million seed round of financing, co-led by Patron and Pantera Capital, and other investors include Collab+Currency, Solana Ventures, etc. Funding from this round of financing will facilitate the continued development of the team, as well as the development and deployment of its fantasy basketball game Virtual Basketball Association (VBA). (PRNewswire)
According to official news, Marginfi, a margin agreement, has completed a $3 million seed round of financing, co-led by Multicoin Capital and Pantera Capital, with participation from Sino Global Capital and Solana Ventures. The funds will be used to drive community and ecosystem growth, bring the protocol to DevNet in Q1, and support institutional and partner integration. It is reported that Marginfi is a decentralized portfolio margin protocol built on Solana. The protocol provides traders with a unified account to access margin, form investment portfolios, and increase the capital efficiency of the underlying trading protocol.
DeSyn Protocol (www.desyn.io) has completed its second round of financing, with participation from Zonff Partners, TPS Capital, OKX Blockdream Ventures and other institutions. It is reported that DeSyn Protocol is a DeFi protocol that allows users to create and trade pool-based assets through smart contracts, such as ETFs/Portfolios, leveraged assets, etc. Other features include multi-asset liquidity pool, unique AMM dynamic routing, super simple operation interface, and multiple usage scenarios of platform tokens. At present, DeSyn Protocol has opened Beta 1.0 version internal testing.
Brazilian crypto exchange Foxbit completes US$21 million Series A financing, led by OK Group
Zebec Protocol, the Solana ecological cash flow agreement, announced the completion of private equity financing of US$15 million, led by Solana Ventures and others, and participated by OKX Ventures and others
Official news, Zebec Protocol, the Solana ecological cash flow agreement, announced the completion of $15 million private placement financing, led by Distributed Global and Solana Ventures, OKX Ventures, Lightspeed, Circle, Greenoaks, Alameda Research, DST Global Partners, Goldentree, Coinbase, 500 Global, Road Ventures and others participated in the investment. Financing was used to expand the product to support rapidly increasing crypto adoption.
It is reported that the Zebec protocol is the first programmable cash flow protocol on the Solana network, which can realize real-time continuous payment and financial transaction flow in terms of salary and investment. The automated money flow enabled by the Zebec protocol enables businesses, employees, and consumers alike to reimagine how they pay, invest, and purchase products or services.
global policy
Mexican Senator To Introduce Bitcoin Fiat Currency Bill This Year
In the case of El Salvador reporting the positive effects of Bitcoin (BTC) adoption in the country, a government official in Mexico has again urged that Mexico should follow El Salvador's lead with Bitcoin.
Senator Indira Kempis, who represents the state of Nuevo Leon, believes bitcoin should become legal tender in Mexico, as its adoption could drive global financial inclusion.
The senator went on to say that Bitcoin adoption is a historic opportunity for countries around the world to address issues such as inequality and achieve financial inclusion. “We need bitcoin to be legal tender in Mexico because if it’s not, it’s going to be hard to act if we don’t make decisions like El Salvador.” (Cointelegraph Chinese)
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U.S. Secret Service: Investing and Trading in Bitcoin Is Not a Crime
Bitcoin Magazine tweeted that the US Secret Service (US Secret Service) stated that investing and trading in Bitcoin is not a crime.
Bank of Spain Governor Calls for Strict Regulation of Crypto Markets
The governor of the Bank of Spain, Pablo Hernández de Cos, called on the country's government authorities to strengthen monitoring, regulation and supervision of the cryptocurrency market. Pablo Hernández de Cos said this action is crucial in order to manage the danger posed by well-known cryptocurrencies such as BTC and ETH, stablecoins such as USDT, and other decentralized services such as DeFi.
