TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. NY court rules Bitfinex must face $800 million lawsuit. Chinese Uber-like company DiDi will implement first real DCEP application. Jack Dorsey donates $3 million to UBI initiative. BlockFi hunts for seasoned CFO to help go public next year. Binance launches Dogecoin perpetual futures, and $60 million in BTC moved to Ethereum last month.
NY Court Rules Bitfinex Must Face $800 Million Lawsuit
A court of appeals in New York ruled Bitfinex and Tether, two companies issuing the USDT cryptocurrency, must face a lawsuit of $800 million initiated by New York Attorney General Letitia James. The court decided Tether, the company behind the popular stablecoin, was neither a security nor a commodity, and reaffirmed the state did have jurisdiction over the case. The court also declared both companies should answer to the lawsuit even though they’re not based in the state, as some of their customers were being served in New York.
DiDi Will Test First China DCEP Implementation
DiDi, a Chinese ride-sharing service equivalent to Uber, announced it will be one of the first companies to integrate test implementations of China’s digital currency, the DCEP. DiDi declared it would collaborate with the People’s Bank of China to “design and implement pilot DCEP projects in accordance with rigorous safety, security and governance standards.” This partnership could be one of the first applications of the digital Chinese currency used in real-world situations before it’s formally announced during the next Winter Olympic Games in 2022.
Jack Dorsey Donates $3 Million to UBI Initiative
$3M to @MichaelDTubbs and @mayorsforagi for #guaranteedincome programs in cities across the country. This is one tool to close the wealth and income gap, level systemic race and gender inequalities, and create economic security for families. #UBIhttps://t.co/1APG505xZH
— jack (@jack) July 9, 2020
Jack Dorsey, the CEO of Twitter and Square, announced he would donate $3 million towards an association promoting the establishment of Universal Basic Income (UBI) policies across the US. “Mayors For A Guaranteed Income,” the organization receiving the donation, is a group of mayors in several cities who established UBI pilot programs in some cities like Stockton, where 125 citizens have been receiving an income of $500 since February 2019. These funds were taken from the $1 billion donated for COVID relief.
BlockFi Hunts Seasoned CFO to Go Public Next Year
BlockFi, the cryptocurrency lending and borrowing platform, is reportedly looking to hire a seasoned new CFO in advance of a possible IPO that would happen next year, according to a new job offering published by the company. The CFO would have the responsibility of
“helping to guide and position the finance team for late-stage investment, acquisition, and/or IPO.” The firm is also in the hunt for new investors to run another funding round, according to a source familiar with the matter.
Binance Launched Dogecoin Perpetual Futures
— Binance (@binance) July 9, 2020
The recent popularity of Dogecoin, the meme coin created back in 2013, influenced Binance to include it on its Futures platform. Now, customers of the exchange will have the opportunity of investing in Dogecoin based futures with up to 50x leverage. Dogecoin rose again to the cryptocurrency scene just days ago, when it was the object of a social campaign orchestrated by users of TikTok, who dedicated several viral videos to its promotion, causing its price to spike significantly over the course of two days.
$60 Million Worth of BTC Moved to Ethereum Last Month
$60 million worth of BTC moved to the Ethereum blockchain last month in the form of tokenized instruments, according to data from Dune Analytics. Most of the Bitcoin tokenized on Ethereum is present in the form of Wrapped Bitcoin, the eldest BTC tokenization solution in the blockchain. Most of these funds will be used in DeFi-based applications such as Maker and Compound. Wrapped Bitcoin dwarves Lightning Network in locked value, with WBTC amassing more than $100 million, compared to $9 million on LN.
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