OCC Okays US Banks & Crypto Custody; AVAX $42 Million Token Sale; YouTube Claims “No Liability” in Ripple Lawsuit

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. US regulator OCC clarifies federal banks can provide crypto custody services. AVAX raised $42 million in its public token sale. YouTube claims it cannot be liable in Ripple scam lawsuit. Binance introduces LEND perpetual contracts. Coinbase publishes DeFi app building tutorial, and 100x Group gives $50,000 grant to a bitcoin developer.

OCC States Federal Banks Can Provide Crypto Custody Services

OCC

The Office of the Comptroller of the Currency (OCC) published a letter clarifying that federal banks and thrifts can, in fact, serve as cryptocurrency custodians, opening a new potential business for these companies. The OCC stated in an interpretative letter that “providing cryptocurrency custody services, including holding the unique cryptographic keys associated with cryptocurrency, is a modern form of traditional custody” related to activities that are among the most basic services provided by bank institutions today.

AVAX Raised $42 Million in Public Token Sale

AVAX, the AVA Labs token, was able to sell more than $42 million in its initial token sale, according to data released by the AVAX team. The team positioned 72 million AVAX tokens in 4.5 hours divided between three pools of investors. The first token sale was planned to happen July 8th, but was postponed due to a DDoS attack that hit Tokensoft, the third party company set to provide the token sale services. “It’s clear that the market was craving a project of this caliber,” stated John Wu, President of Ava Labs.

YouTube Claims it is Not Liable in Ripple Scam Lawsuit

OCC

YouTube, the video publishing giant, declared they are not liable for crypto scams perpetrated using its platform as outlined in a lawsuit filed by Ripple, the XRP company, because the scams were the responsibility of third parties. YouTube’s filing argues that the platform is protected by the Section 230 of the Communications Decency Act that has been used by social media networks to avoid being liable for messages or harmful content posted by third parties.

Binance Launches LEND Perpetual Contracts

Binance, the biggest crypto exchange by market share, launched perpetual future contracts based in LEND, the official token of the Aave DeFi protocol. The perpetual future contract will allow users to use leverage up to 50x. Aave uses LEND as a governance token, and it gives back to its users using part of the fees for the loans to burn LEND and increase its value. Aave is now the third DeFi protocol with most value locked, and it recently launched under-collateralized lending services.

Coinbase Publishes DeFi App Building Tutorial

Coinbase, the US-based crypto exchange, published a tutorial explaining how to build DeFi apps with USDC (the CENTRE issued stablecoin) in Ethereum. The tutorial teaches the basics of creating an Ethereum smart contract, and manipulating (sending and receiving) USDC in the app created. The exchange states “there really has not been a better time to start developing in this space.” The DeFi environment has really flourished this year, and the $3+ billion locked in these protocols are a testament.

100x Group Gives $50,000 Grant to Bitcoin Developer

OCC

100x Group, the parent company of BitMEX, a cryptocurrency derivatives exchange, awarded a one year $50,000 grant to Jeremy Rubin, a Bitcoin developer from Judica Inc., as part of its 100x Open Source Development Grant program that provides funds to developers working on Bitcoin, NodeJS, Java, or Kubernetes. This is the fifth grant the company awarded this year, with all grants awarded being directed to the development and research of Bitcoin related initiatives.

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