Daily Crypto News | August 26th, 2022

Welcome to Barmy’s Daily Crypto News – August 26th, 2022

1. In 2023, Bitcoin Depot intends to list its stock on Nasdaq.

The United States’ largest bitcoin ATM operator, Bitcoin Depot, intends to go public by merging with a company that specializes in acquisitions (SPAC).

As a result of the business merger, Bitcoin Depot will become a publicly traded company and will be known as Bitcoin Depot Inc. It will trade on the Nasdaq under the new ticker symbol BTM.

Gus Garcia, a former SPAC banker at Bank of America, stated that the company’s consistent development gives him confidence in Bitcoin Depot’s financing choices. He stated we believed Bitcoin Depot was ideally positioned to take advantage of the extremely fragmented BTM market both domestically and abroad, given its extensive BTM footprint, critical strategic partnerships, and feature-rich mobile app.

2. In a hearing before the Philippine senate banking committee, Binance provides security assurances.

According to a Wednesday report in the regional news, officials of Binance attended a hearing of the Philippine Senate Banking Committee. According to the article, the session focused on consumer protection and fintech innovation.

In addition, Binance said it is in negotiations with regional colleges about offering courses and certification in blockchain technology. This month, Binance is also supporting a training program for novice cryptocurrency traders in the Philippines.

Despite its fast expanding economy and the currency’s appeal there, the Philippines has had a tumultuous relationship with cryptocurrencies in general and Binance in particular. Although a local think tank had previously been dismissed by the authorities, Binance has long sought to establish services in the nation.

The creation of a wholesale central bank digital currency is also being investigated, according to the central bank of the Philippines.

3. Sandeep Nailwal, the founder of Polygon, raises $50 million for the Web3 fund.

Sandeep Nailwal, the founder of Polygon, has raised $50 million for a new startup fund just for Web3 businesses, demonstrating venture capital’s rising interest in the internet powered by blockchain.

Symbolic Capital, a venture capital firm founded by Nailwal, has previously invested in BlinkMoon, Planet Mojo, and Community Gaming, three blockchain-focused gaming firms. These startups’ early funding sources were kept secret. Nailwal stated that his organization is focused on assisting project creators from emerging markets, which may be a novel approach to venture capital.

Similar to other crypto-focused venture capital firms, Symbolic Capital places a strong emphasis on Web3 initiatives or products that will improve the decentralized internet. Two Web3-focused funds were revealed earlier this month, according to Cointelegraph; CoinFund started a $300 million project while Shima Capital made its debut with a $200 million commitment.

With 42% of all individual deals, Web3 projects accounted for the majority of the second quarter’s crypto venture capital. Between April and June, venture funds made a massive $14.67 billion investment in cryptocurrency startups, matching the amount they allocated in the first quarter.

4. Before Merge, ETH whales transfer their holdings to exchanges.

After the successful Goerli testnet integration, the last testnet merger before the actual transition, on September 15, the Merge date is set. Following the announcement of the Merge date, the price of Ether (ETH), the native token of Ethereum, had a bullish spike, climbing to a new six-month high of over $2,000 but failed to consolidate at the key resistance.

As the Merge draws closer, the positive euphoria in terms of token price and market sentiment appears to be waning. A large number of ETH whales have seen a huge reduction in their holdings.

Top whale addresses have sent a sizeable quantity of ETH to exchanges over the last three months. Exchange-based addresses have increased by 78% while non-exchange addresses have decreased by 11%.

Bearish sentiment is often reflected in the flow of cryptocurrencies onto exchanges, which is frequently done by traders looking to make a profit by offloading their tokens. This could mean that whales anticipate a drop in price in the near future.

Although the Sept. 15 event is an important turning point for Ethereum, the Merge just signifies a shift in mining consensus. After the third phase is finished, significant advantages like a high transaction throughput, lower gas costs, and a decrease in energy usage will become available.

5. Is Bitcoin a solution to US student loan problems?

Following the announcement by US President Joe Biden of a plan to forgive millions of Americans’ college debts of up to $20,000, a proponent of Bitcoin (BTC) suggested an alternative method for paying the debt.

There is another option for the US government to address the student loan crisis, according to Dennis Porter, the CEO of the nonprofit Satoshi Action Fund. Porter claimed that Biden could give each creditor $10,000 worth of Bitcoin and lock it away in a smart contract for ten years. The executive clarified that once it is released, the contract should be adequate to cover the outstanding debt.

Porter’s suggestion of a smart contract drew criticism from the community since some people think the Bitcoin network cannot support this. Porter defended his concept and his position in the face of accusations over the compatibility of smart contracts with Bitcoin.

Porter’s proposal might be predicated on the idea that Bitcoin will serve as a hedge against inflation and that, over time, its value will rise to the point where it can be used to pay off student loan debt. Anthony Scaramucci, CEO of Skybridge Capital, believes that Bitcoin has to reach the “billion-plus zone” in terms of user base before it can serve as a reliable inflation hedge.

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