☕️The Morning Cup: Dominica adopts TRON as national blockchain; America’s oldest bank launches crypto services
Good morning, good day, and good evening. Welcome back to The Morning Cup. It’s your weekly recap of the latest in crypto news and your start to the week, no matter where you are. Don’t worry, we’ve selected just what you need to stay up-to-date, so you won’t spend time pouring through the news you don’t need, only the news you care about.
Poloniex Market Watch
Crypto market is a bit dull over the week. Bitcoin (BTC) is now trading at $19,293 while Ether (ETH) is at $1,313 by press time. Meanwhile, the 24H Gainers are FUND/ USDT, SNX/ USDT, SUN/ USDT, KUD/ USDT, AAVE/ USDT, POL/ USDT on Poloniex.
So what happened this week?
TRON becomes the first national blockchain of Dominica
H.E. Justin Sun, the founder of TRON, last Wednesday revealed on his Twitter account that all TRON cryptos including TRX, BTT, JST, NFT, USDD, USDT, TUSD were granted statutory status as an authorized digital currency and medium of exchange in the commonwealth of Dominica effective on October 7, 2022. The ordinance attached to Sun’s tweet indicated that TRON cryptos may be accepted to pay public services, like tax, as well as other goods or services in the Caribbean country (to come later). As this is the first blockchain protocol to have collaborated with a Caribbean country, Sun described it as a historical moment during an interview from Bloomberg TV. With almost 4 years of history, TRON has attracted 150 million users with a large use case for stablecoins.
America’s oldest bank launches crypto services
As we’ve seen recently, cryptocurrency is attracting more and more traditional institutions looking to gain a foothold in the crypto market and the latest one is the Bank of New York Mellon Corp. The 238-year-old bank is adding cryptocurrencies to assets that it holds as a custody manager with the aim to attract different investors and traders. Earlier this fall, the bank won the approval of New York’s financial regulator, becoming the first of the eight systemically important U.S. banks to store digital currencies. Meanwhile, tech giant Google has partnered with Coinbase to allow users to pay for cloud services via Coinbase Commerce, which supports cryptocurrency including Bitcoin, Ether, and Dogecoin The service will roll out in early 2023. Lastly, JPMorgan and Visa are collaborating to create connectivity between their private blockchain technologies, Liink and B2B Connect, to enable international transactions. The collaboration also allows the two institutions to share financial data and validate transactions. Most importantly, it is assumed that the duo may be able to provide an alternative to the commonly used Society for Worldwide Interbank Financial Telecommunications (SWIFT) messaging system to manage and facilitate cross-border payments.
Reuters, Reuters, Cointelegraph
BAYC creator faces Investigation from SEC — report
Yuga Labs, the company that created Bored Ape Yacht Club (BAYC), is reportedly facing a probe from the US Securities and Exchange Commission (SEC) since the company may have sold unregistered security offerings. According to Watcher.Guru, the investigation is to inquire whether the BAYC NFT collection violated federal law; and whether the collection as well as its ApeCoin (APE) token are similar to securities; as well as whether they should follow similar rules to entities that list securities.
New Listings on Poloniex
Here’s what we’ve listed recently:
New Coins
Futures
Polopedia
In support of our Chiliz Futures campaign, we published an explainer on Chiliz, the crypto project bringing fandom to Web3!
Crypto Glossary
This week, we’re explaining the term Rekt. Rekt comes from the word “wrecked”, which defines something that got completely destroyed, and it also describes a person who experienced failure, like Terra (Luna)’s implosion in May. You can say: “This crypto project is rekt,” or “The coin owners are getting rekt”.
What’s happening here at Poloniex?
Highlights for the week
Campaigns
Our recap of ongoing campaigns that YOU can get involved in!
Zebec Protocol(ZBC) Listing Giveaway: Invite Friends & Trade to Share 30,000 USDT (10/13–10/27/2022)
Trade CHZ Futures to Win 20,000 USDT! (1013–10/20/2022)
Poloniex October Referral Contest in Full Swing: 10,000 USDT up for Grabs! (Ends 10/31)
Become a Poloniex KOL to Win a Commission of up to 60% and Share 10,000 USDT (10/1–12/31/22)
The community megaphone📢
Highlights from the community
And that about covers it for this week! Curious about our campaigns or upcoming events? Give us a shout in our Telegram channel-
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Thanks for spending some time with us as we went over what’s going on. And wherever you are, from the team here at Poloniex, good morning, good day, and good evening!
