Crypto and blockchain updates in brief

Here are some of the top crypto and blockchain stories of the week. 

Paxful adds naira Token (NGNT) as a form of payment on its platform. 

Paxful, a global peer-to-peer crypto trading platform, has partnered with Buycoins in an effort to add the Naira token (NGNT), a fiat-backed crypto pegged to the Naira, as a payment method to its platform. In contrast to the usually volatile digital currencies, the NGNT provides the much-needed stability as it is pegged 1:1 against the Naira. 

Nigeria is fast becoming one of the fastest thriving crypto markets in the world. Paxful opens a whole new exciting step for the NGNT community with their coalition with Buycoins opening up new opportunities and use cases for NGNT that will boost trading activities within the cryptosphere and Nigeria in particular.

Square Inc. invests $50 million dollars in Bitcoin acquisition

Square Inc has reportedly made an exorbitant investment into the crypto asset, bitcoin. Jack Dorsey, the company’s co-founder, who has been a long-term supporter of crypto and especially Bitcoin, has announced the acquisition of a $50 million dollar worth of bitcoin which is equivalent to 4,709 bitcoins as of the time of writing. 

The purchase represents approximately one percent of Square’s total assets as of Q2, 2020. Square believes crypto to be an instrument of economic empowerment which provides a way for the world to participate in a global monetary system, which he emphasized, aligns with the company’s purpose.

Honda and GM specify a global standard for decentralized electric car charging network

Major automobile manufacturers, Honda and General Motor (GM), have jointly launched a global standard for integrating blockchain technology into a decentralized vehicle charging network. This integration will help in storing renewable energy into decentralized energy grids. 

The parties which work within the international technology consortium, Mobility Open Blockchain Initiative (MOBI), have jointly conducted research on electric vehicles and smart grid interoperability, using blockchain technology, with the aim of making mobility services more efficient. 

The team’s working group design specifications aspire to lay the foundation for a decentralized charging network that adequately utilizes excess green energy.

BitMEX experiences a $500 million bitcoin exit. 

BitMEX experienced a $500 million withdrawal in bitcoin from the exchange over a period of four days. The exchange experienced this enormous decline following a filed charge against the company’s executive from the US regulators a week ago. 

The Commodity Futures Trading Commission (CFTC) filed the charges against BitMEX for operating an unregistered trading platform and failing to implement anti-money laundering procedures labelling the exchange as “high-risk”. 

The exchange was quick to alleviate their users’ fears assuring traders that their funds are held in multi-signature wallets and as such, are very safe. Despite this assurance, however, most users were quick to withdraw their funds, and the exchange is currently reported to be hemorrhaging liquidity, as over $500 million has left the exchange.

DeFi markets cap sees a huge 24-hour timeframe drop. 

According to a report from data firm, Santiment, Defi markets have experienced a one-day significant drop based on market capitalization. The crypto market has recently been consumed in a sea of red, particularly this week, with most significant defi tokens documenting double-digit losses over the past 7 days. 

Santiment remarked in a blog post, that daily traded volume for defi token trades had fallen by 30% combined with recent market leaders like Sushi (SUSHI) and Yearn Finance (YFI) taking the hardest hit as regards to weekly losses.

Afro-pop music star David becomes BitSika ambassador

Popular Afro pop musician, Davido becomes an ambassador for Bitsika. Bitsika, an African based blockchain payment startup, seems to have gotten themselves a new ambassador in person of Davido. This was revealed by a Twitter user, whose tweet was retweeted by Davido in confirmation. 

DeFi AMM platform Uniswap continues to record big growth

Uniswap protocol continues to lead in the defi space, growing with nearly 470% in the space of a month.

Coinbase CEO ready to fire workers who disagree with the company’s ‘apolitical’ mission

Brian Armstrong, the CEO of Coinbase, has offered workers who do not agree with his view on how the company should engage with the political sphere, a way out.

According to the sources, 5% of the company’s workforce preferred to take an “exit package”, which was offered to those who did not agree with the company’s apolitical mission.

BitMEX kicks out Arthur Hayes amid collapsing open interest in Bitcoin futures

Arthur Hayes and Samuel Reed, BitMEX founders, have been forced to resign from their top positions as the crypto derivatives exchange is hit by CFTC charges. According to the information, Ben Delo and Greg Dwyer will also be moved from management positions in 100x Group while Vivien Khoo, Chief Operating Officer of 100x Group, will serve as an Interim CEO.

Grammy-nominated Murda Beatz, becomes a bitcoin owner

Famous multi-platinum record producer, Murda Beatz, who is a public figure with known popular collaborations with big names like Nicki Minaj, Drake, Travis Scott, is proud to call himself among his many titles, a Bitcoin holder, as well.

Beatz announced this development to his 283,200 followers on Twitter. He expressed his gratitude to Anthony “Pomp” Pompliano, the co-founder of Morgan Creek Digital, as well as Jermane Prime, the hip-hop artist, for being the two men that helped him in his decision to purchase the assets.

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