SEC Scrutinizes Binance Chain; CoinEx Establishes $50M Ecosystem Fund; Circle USDC Yield & Lending Products

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. US SEC will scrutinize Binance Chain. CoinEx announces $50 million development fund. Circle will offer lending and yield USDC based products. Electric Coin Company launches “Crypto in Context” initiative. Twitter aims to defend an open internet standard, and Venezuelan workers launches BCH-based market.

SEC to Scrutinize Binance Chain

Binance Chain

The US SEC will start paying more attention to the transactions of $BNB and other Binance tokens that are made using Binance Chain, Binance’s own blockchain. According to a memo from the SEC, the company awarded the contract to CipherTrace, a blockchain analysis company, to watch the movements made on Binance Chain. The agency declared “CipherTrace products are the only known blockchain forensics and risk intelligence tool that can support BNB and all tokens on the Binance network.”

CoinEx Announces $50 Million Ecosystem Development Fund

Binance Chain

CoinEx, a China based cryptocurrency exchange, announced the launch of a $50 million development fund that will back companies with innovative products and services useful to the CoinEx environment. Haipo Yang, CEO of CoinEx, declared that before making any investment, “our team will conduct a thorough and multi-dimensional assessment of the project to ensure its quality and potential.” Yang stated also DeFi projects would be the fund’s focus. OneSwap, a DeFi protocol exchange, received the first investment.

Circle to Offer USDC Based Lending and Yield Products

Circle, a cryptocurrency company involved in the issuance of USDC, announced a partnership with Genesis, a cryptocurrency brokerage firm, to offer new lending and yield products based in USDC. DCG, a Genesis partner company, will invest $25 million in the new initiative that seeks to generalize the use of USDC as a financial instrument to be leveraged to gain interest, taking advantage of the low APY featured in traditional finance products today. Circle will formally announce these products later this year, according to its PR.

Electric Coin Company Launches “Crypto In Context” Initiative

Binance Chain

Electric Coin Company, the company that created Zcash, launched a project called “Crypto in Context,” an initiative that will pair known crypto companies and under-served communities to expand crypto knowledge. Gemini, Flexa, Messari, and other partners will issue cryptocurrency based workshops for communities to discover the advantages of using cryptocurrencies in their lives. The Electric Coin Company will act coordinating and managing material and human resources.

Twitter Aims to Defend the Open Internet Standard

Twitter, the microbbloging social network, announced its policies to defend what they call the Open Internet Standard. In a Twitter thread, the company stated its vision of an Open Internet, and how governments and legislation can affect this standard. Twitter criticized legislation that cements the establishment and position of larger companies and limits competition, and also disclosed its approach to content moderation is more profound than just taking off content out of its servers.

Venezuela Workers Launches Online Work Platform

Oscar Salas, manager of InstaBitcoin, announced Venezuela Workers, an online work marketplace for Venezuelans created by Jonald Fyookball. It provides a safe alternative to established work markets. The site aims to be a link between talent seekers from other countries and Venezuelan freelancers, letting these be paid in Bitcoin Cash, taking advantage of its low transaction fees. The platform is already accepting workers, and some tasks are available, but it will formally launch in August.

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