- 1. Revolut to Cease US Crypto Operations by October 2023
- 2. TrueUSD and Alchemy Pay Partner to Simplify Crypto Transactions
- 3. Nifty's, Prominent NFT Platform, Abruptly Shuts Down Operations
- 4. Google Cloud and Celo Collaborate for Web3 App Development
- 5. Kenyan Interior Ministry Bans Worldcoin Operations for Public Safety
- 6. Binance Launches Tailored Portal - Binance Japan
The crypto market saw both good and bad news this week. Here are the main stories:
- Two well-known crypto firms, Revolut and Nifty’s, announced they will stop all or part of their operations because of tough market conditions.
- Several exciting partnerships aimed to boost adoption and growth in the web3 sector. Alchemy Pay, TrueUSD, Celo and Google Cloud led these deals.
- Worldcoin hit trouble in some parts of the world after its hyped launch last week.
- Binance launched a dedicated portal for Japan.
Revolut to Cease US Crypto Operations by October 2023
Revolut, a UK financial company, has stopped crypto services for US users. The changing US crypto rules drove this decision. The company pointed to how unclear and complex the country’s crypto rules are.
Key dates:
- September 2, 2023: the suspension begins.
- October 3, 2023: US users can no longer buy, sell or hold crypto on Revolut.
The Securities and Exchange Commission (SEC) has classed some cryptocurrencies as securities. This means they must follow investor protection rules, which drove Revolut’s decision.
The move follows SEC lawsuits against Coinbase and Binance. These exchanges are accused of not registering certain cryptocurrencies. Revolut had already delisted Cardano, Solana and Polygon after the SEC’s actions. Revolut regrets the suspension, though only 1% of its crypto customers are affected. The company will keep helping US customers through its in-app chat.
TrueUSD and Alchemy Pay Partner to Simplify Crypto Transactions
TrueUSD, a transparent stablecoin, has teamed up with Alchemy Pay, a leading fiat-to-crypto payment gateway. The goal is to make crypto transactions simpler. Users can now buy the stablecoin directly with fiat money, which makes it easy to join the TrueUSD ecosystem.
Key features of the deal:
- Alchemy Pay’s on-ramp works in 173 countries and supports over 50 fiat currencies.
- Users can turn crypto into fiat through debit and credit cards, bank transfers and mobile wallets.
- Alchemy Pay’s 300+ payment channels make cashing out simple.
The partnership puts ease of use first. TrueUSD’s focus on inclusion lets both new and experienced traders take part. The deal helps grow crypto adoption worldwide.
Nifty’s, Prominent NFT Platform, Abruptly Shuts Down Operations
Nifty’s, a well-known NFT platform, has suddenly ceased operations. Last year, the company set up an association for Web3 technology developers. Nifty’s closed after it failed to make the most of its investment potential.
The platform was known for NFT collections tied to titles such as Game of Thrones: Build Your Realm, Bullet Train, The Matrix Avatars and Looney Tunes. Nifty’s had moved its NFTs from the Ethereum blockchain to the Polygon network.
The company pointed users to the Twitter (now X) accounts of related NFT projects for more information. It also advised users, through two Twitter accounts, to export their private keys so they can keep their NFT collections. Many NFT holders are upset by the sudden closure.
Google Cloud and Celo Collaborate for Web3 App Development
Google Cloud and the Celo Foundation are working together to improve network security. Google Cloud announced that it now validates the Celo network. The two began working together in April. Google Cloud lets sustainable businesses on Celo use its cloud infrastructure to build Web3 apps. cLabs, which created the Celo blockchain, has used Google Cloud for a long time.
cLabs has proposed moving Celo from an independent layer-1 blockchain to an Ethereum layer-2 network. The Celo community voted in favor. They see benefits in scalability, safety and ease of use.
Google Cloud’s Blockchain Node Engine will help cLabs move to Ethereum faster. It offers full node hosting with efficient operations and fast, safe transaction relays. Integrating Celo 2.0 with Ethereum aims to make it easier for users and projects to work together.
The Celo ecosystem supports projects in more than 1,000 instances across 150 nations. Two examples show Celo’s real-world dApps:
- Grassroots Economics’ community inclusion currency (CIC)
- GoodDollar’s app for universal basic income
Xochitl Cazador, Head of Ecosystem Growth at the Celo Foundation, thanked Google Cloud for its shared goal of using blockchain to solve global problems. Carlos Arena, Google Cloud’s Director of Digital Assets, said the company is committed to strengthening Web3 by providing key tools to scale apps.
Kenyan Interior Ministry Bans Worldcoin Operations for Public Safety
Kenya has stopped the Worldcoin crypto project over security concerns. The interior ministry banned all local Worldcoin activities to protect public safety. Sam Altman, CEO of OpenAI, co-founded Worldcoin to build a new identity and financial network. The project gives people free digital tokens in exchange for scans of their eyes (iris scans).
After the launch, Interior Minister Kithure Kindiki said several security, financial and data protection agencies are looking into Worldcoin’s legitimacy. The government opened the inquiry because of the project’s data collection.
Despite the criticism, Kenyan media reported that over 350,000 people signed up for Worldcoin. Each received free tokens worth 7,000 Kenyan shillings ($49.09). The project’s future in Kenya is now uncertain. The case shows that the privacy and security risks of crypto projects are becoming clearer. Governments worldwide are acting to protect their citizens from these risks.
Binance Launches Tailored Portal – Binance Japan
Binance, a major cryptocurrency exchange, has launched Binance Japan, a portal built for Japanese customers. In 2022, Binance bought SAKURA Exchange BitCoin, Inc. (SEBC) and renamed it Binance Japan Inc.
What Binance Japan offers:
- 34 tokens, including Bitcoin, Ethereum and Binance Coin (BNB), which only recently launched in Japan
- Spot trading in Japanese yen
- Earn products with daily deposits, rewards and auto-investing
Japan’s interest in blockchain and crypto is growing, so the move was deliberate. Binance aims to offer a safe and easy place to trade and invest in digital assets. This should help the local crypto community grow.
The launch is a milestone in Binance’s global growth plan. It targets a new generation of Web3 pioneers in Japan. Binance hopes to combine its global expertise with Japan’s rising interest in blockchain technology.
