TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Justin Sun Offers $1 million bounty on Twitter hackers. Meituan food delivery to explore DCEP applications. Revolut partners with Paxos to enter the US market. DeFi protocol Aave raises $3 million in a token sale. Coinbase to add sterling pound and euro-based pairs for Algorand, Chainlink, Tezos and XRP; and Iran licenses mining farms and issues power cuts.
Justin Sun Offers $1 Million Bounty for Twitter Hackers
Justin Sun, the founder and CEO of Tron, a top 20 cryptocurrency, offered a $1 million bounty for information about the hackers who attacked Twitter, hijacking verified accounts of several crypto and non-crypto influencers and businesses, including Coinbase, Binance, Changpeng Zhao, Elon Musk, Gemini, Joe Biden, Kanye West, Kucoin, and Sun’s own account, among others, to post scam giveaways. Sun declared this incident further “illuminates the urgent need for our society to adopt decentralized, trustless software and services.”
Meituan Food Delivery Giant to Explore DCEP Applications
Meituan, a China-based food delivery giant company, is in talks with the research wing of the People’s bank of China to be included in the upcoming test run for DCEP, China’s official digital currency. According to people familiar with Meituan, the specifics of this partnership aren’t finalized yet. The central bank is also pursuing another partnership with BiliBili, a video streaming company, regarding trials of DCEP. Last week, DiDi, a ride sharing company similar to Uber, also signed up for trials.
Revolut Partners With Paxos to Enter US Markets
Revolut, the UK-based fintech bank and exchange, announced it will partner with Paxos, a NY-based fintech services company, to leverage its Paxos Crypto Brokerage services to expand their foothold and offer services in US markets. Paxos will have custody of the assets of US-based customers, letting Revolut sidestep complex regulation procedures and focus on offering better products and experience to the end user. This could set a precedent for other crypto firms adopting the same strategy to enter US markets.
DeFi Protocol Aave Raises $3 Million In Token Sale
Aave, an Ethereum-based DeFi protocol, raised $3 million during a sale of its official token LEND to two investment companies. Framework Ventures and Three Arrows Capital bought 30 million of LEND, with a value of $3 million. “We believe there will be a significant market shift of private borrow/lend activity moving to decentralized money market protocols,” said Framework Ventures partner Michael Anderson. The rise of DeFi apps (as Compound) has led investors to eye these seriously as interesting choices to diversify their portfolios.
Coinbase Pro to Add Support for Euro and Sterling Pound Based Pairs
Coinbase Pro, the US based trading platform, announced it will expand support for fiat based pairs (euro and pound sterling) for four different currencies: Algorand (ALGO), Chainlink (LINK), XRP (XRP) Tezos (XTZ). According to Coinbase’s PR statement, for every one of the currencies mentioned, a new pair will be opened to trade against each of these fiat currencies except for XRP which will only obtain a pound sterling pair. Coinbase stated these pairs will be added July 21 at 7:00 AM Pacific Time.
Iran Licenses Crypto Mining Farms and Cuts Power Costs
The government of Iran issued mining licenses for 14 mining farms and announced power tariff cuts for authorized mining operations, according to Mehr news. The Iran Power Generation, Distribution and Transmission Company (Tavanir) clarified licensed miners will get discounts of up to 47% during peak consumption times when normally tariffs are raised fourfold. However, miners will have to disclose their identities and register their mining equipment to have access.
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