Daily Crypto News | July 14th, 2022

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Welcome to Barmy’s Daily Crypto News – July 14th, 2022

1. GameStop’s Ethereum NFT Sales Surpassed Coinbase NFT in 2 Days

The beta version of GameStop’s brand-new Ethereum-based NFT marketplace has been operational for just over 48 hours. Even though gaming NFTs will be the marketplace’s primary offering, it is not yet available.

Nevertheless, since it opened in May, the video game platform has seen roughly twice as much trade volume as that of Coinbase NFT.

According to information posted on the marketplace website, GameStop NFT has witnessed at least 3,167 ETH in trade volume since its introduction on Monday. The only publicly available statistics for the marketplace’s top 50 collections equals that much, or about $3.5 million, thus GameStop’s overall marketplace trading volume is probably larger.

2. Crypto Lending Platform Celsius Finally Went Bankrupt

Lawyers for crypto lending platform Celsius have formally informed regulators that the company is filing for Chapter 11 bankruptcy protection after weeks of speculation and rumors. “This is the right decision for our community and company,” Celsius Co-Founder & CEO Alex Mashinsky said in Wednesday’s press release. “We have a strong and experienced team in place to lead Celsius through this process.

According to Celsius, the filing will provide it the chance to stabilize its operations and complete a thorough restructure that maximizes value for all stakeholders.

In accordance with the press release, Celsius and a few of its subsidiaries submitted “voluntary petitions for reorganization under Chapter 11” to the Southern District of New York’s bankruptcy court. There is “ample liquidity with $167 million in cash to support operations,” according to the corporation.

3. The Walt Disney Company Looks For Accelerators, Polygon Included

The Walt Disney Company is yet to engage in any cryptocurrency trading. However, it now has a number of cryptocurrency startups in its accelerator program. Leading Web3 business Polygon is one of the participants in Disney’s accelerator program for 2022, which was revealed on Wednesday.

“Raise your hand if you remember your first Disney experience like yesterday,” the Polygon account tweeted, atttached a link to the official announcement. “We are excited to announce that Polygon has been chosen to be a part of the Disney Accelerator program.”

Polygon, which was once known as Matic Network and changed its name in 2021, is a scaling and interoperability framework for creating blockchains that are compatible with Ethereum. It aims to address some of Ethereum’s major constraints, such as its low throughput and subpar user experience.

4. UN Calls For Stricter Crypto Regulations

In a newly released policy brief, the UN warned of the dangers of leaving the cryptocurrency business unregulated and urged underdeveloped countries to take action against it.

The United Nations Conference on Trade and Development (UNCTAD) stated that the negative effects that cryptocurrencies may have on these countries outweigh any positive effects they may have on people and financial institutions in the document titled “All that glitters is not gold,” which was first published in June. And the document even suggests that emerging nations impose a requirement that all cryptocurrency wallets be registered and a ban on cryptocurrency-related ads.

“This is not about approving or disapproving [of crypto] but pointing out that there are social risks and costs associated with cryptocurrency,” said Penelope Hawkins, an economist and senior economic affairs officer at UNCTAD. “This is a recommendation that applies to any speculative or high-risk financial products where returns are uncertain.”

5. State-Owned Swiss Bank Postfinance To Enter The Crypto Market

According to reports, Swiss Post, the state-owned company in charge of providing postal services and other crucial pieces of the country’s infrastructure, plans to give its clients direct access to cryptocurrencies.

The forerunner of Postfinance was formed by the Swiss parliament in 1906 to offer payment services to retail clients. Prior to becoming a bank under Swiss law in June 2013, Postfinance was a part of Swiss Post. The Swiss Financial Market Supervisory Authority presently controls it (FINMA).

Through the Yuh app, which it co-developed with banking company Swissquote, the bank already provides its clients with exposure to cryptocurrencies. According to their website, “Yuh combines paying, saving, and investing in one package.”

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