CryptoSlate Wrapped Daily: Coinbase bankrolls Tornado Cash users’ lawsuit; Terra Classic makes 1,900% comeback led by community

The biggest news in the cryptosphere for Sept. 8 includes Coinbase financing the lawsuit against the U.S. Treasury Department over Tornado Cash, Terra Classic’s community-led revival and an attack on the New Free DAO protocol. CryptoSlate Top Stories Bitcoin holds steady as ECB implements 75 bps rate hike Despite European Central Bank’s (ECB) announcement regarding … Read more

OpenSea announces it will switch to Ethereum’s proof-of-stake after merge

OpenSea, the world’s largest non-fungible tokens (NFTs) marketplace, announced it will commit to exclusively support NFTs based on the proof-of-stake version of the Ethereum blockchain once the Merge is complete. 3/ While we won’t speculate on potential forks–to the extent forked NFTs on ETHPoW exist–they won’t be supported or reflected on OpenSea. — OpenSea (@opensea) … Read more

Buterin makes the case for alternative stablecoin technology in high inflation environment

Vitalik Buterin said the cryptocurrency industry would benefit from developing new forms of stability away from dollar-pegged stablecoins. Responding to Coinbase CEO Brian Armstrong, who asked if there was room in the market for a coin pegged to consumer prices, Buterin implied yes by explaining the limitations of fiat-backed stablecoins, especially in a high-inflation environment. … Read more

Fireblocks and Tokeny Drive Adoption of Permissioned Tokens on Polygon

Fireblocks, the award-winning provider of digital asset and crypto custody technology, and Tokeny, the leading tokenization solution provider, announced their partnership to provide a turnkey and enterprise-grade solution for tokenization using the ERC-3643 market standard on Polygon.  Institutions seeking to mint and manage permissioned tokens such as digital securities, stablecoins, and loyalty tokens can rely … Read more

Research: Ethereum is recovering its dominance over stablecoins

One of the easiest way for investors to deleverage their positions is to turn to stablecoins. Centralized stablecoins, unlike their algorithmic counterparts, are resistant to volatility and retain their peg even in the most violent market conditions. Over the past two years, the market has seen stablecoins grow significantly and become one of the most … Read more

Circle to ‘fully and solely support Ethereum PoS’

USD Coin (USDC) issuer Circle has revealed that it would fully support the Ethereum (ETH) proof-of-stake (PoS) chain post-merge. According to an Aug. 9 blog post, the stablecoin issuer was looking forward to “the future scaling opportunities (the Merge) unlocks as well as the reduced energy consumption profile of the network.” While we don’t speculate … Read more

Ethereum founder Vitalik Buterin sees potential for algorithmic stablecoins

👋 Want to work with us? CryptoSlate is hiring for a handful of positions! Ethereum founder Vitalik Buterin has been in a contemplative mood recently. After posting a series of “open contradictions” in his “thoughts” and “values,” Buterin has now taken his musings to the arena of “automated stablecoins.” Commonly referred to as algorithmic stablecoins, … Read more

Tether $USDT Stablecoin is Coming to Polygon

Tether, the company behind the largest stablecoin by market capitalization, is now offering their $USDT tokens on Polygon. Tether was first issued on the Bitcoin protocol via the Omni Layer, but it has since migrated to other networks such as Ethereum, resulting in increased trading volumes and liquidity in recent years. Polygon’s DeFi ecosystem will … Read more

Dubai-based law firm, school to start accepting crypto payments

Ashish Mehta & Associates, Solicitors and Legal Consultants, a Dubai-based law firm, has announced plans to start accepting crypto for payments. Through this integration, the law firm’s clients will be able to pay for services in digital currencies, including Tether (USDT), Bitcoin (BTC), and Ether (ETH). Explaining why the law firm decided to take this … Read more

Bitcoin dips below $43k – UST backing not enough as Fed turns hawkish

The market price of bitcoin stayed pretty much flat for most of the first week in April. But as the U.S. Federal Reserve signaled higher and faster interest rate hikes, and quantitative tightening of its $9 trillion balance sheet, the general market took a turn downwards, and bitcoin (BTC) went down with it as the … Read more