TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Dogecoin TikTok operation explodes. Chainalysis raises $13 million in Series B funding. Tether mints $6 million on top of Bitcoin Cash. Aave launches undercollateralized lending services. Centre blacklists Ethereum address with 100,000 USDC, and Binance announces beta test of a desktop app for emerging markets.
Dogecoin TikTok Operation Seeks $1
Dogecoin, a cryptocurrency created as a meme in 2013, is experiencing a resurgence due to an operation to boost its price to $1, being carried out by TikTok influencers. Users of this popular video-based social network are creating viral videos for the propose of buying Dogecoin. The price has since mooned more than 60% in the last two days, but it is still far from reaching TikTok campaign proposed goal price of $1, even when it has lured users outside of the crypto world.
Chainalysis Raises 13 Million in Series B Funding
Chainalysis, the blockchain analysis company, expanded its Series B funding to receive $13 million more from two companies, Ribbit Capital and Sound Ventures (a company owned in part by Ashton Kutcher). With these new investments, its series B Funding reaches $49 million total, including the $36 million raised last year. Chainalysis’ proposal for these resources is to double down on its government business, providing services to “propel a flywheel of growth for the industry,” as it said in a PR statement.
Tether Mints $6 Million on Bitcoin Cash
Tether, the stablecoin company, appears to have started distributing its SLP version of USDT by minting $6 million worth on top of the Bitcoin Cash blockchain. While the stablecoin is present on several other blockchains, Tether transactions in the most popular version of the currency (ERC20) are congesting the already clogged Ethereum blockchain, causing fees to be quite high. BCH and SLP could benefit USDT users with their uncongested environment and near-zero fees, and could help decongest other blockchains by migrating some activity as well.
Aave Launches Undercollateralized Lending Services
@AaveAave is starting native Credit Delegation (CD). Aave depositors can delegate their credit lines. For example, Karen deposits an asset such as USDT to @AaveAave and delegates her credit line to Chad, who draws funds such as ETH from Aave Protocol. pic.twitter.com/MwU1faThIi
— stani.eth Credit Delegation is so hot right now 👻 (@StaniKulechov) July 7, 2020
Aave, a decentralized lending protocol, is now allowing users to borrow funds without needing to deposit collateral in partnership with OpenLaw, a legal company operating its services on top of Ethereum. The system use credit delegation, where traders collateralized a position and then use it to delegate a credit line to another user that will be the one to draw the resources from the Aave platform. The idea introduces a market for P2P loans secured by a legally binding contract provided by OpenLaw and enforceable by courts.
CENTRE Blacklists USDC Address for the First Time
CENTRE, the consortium behind the issuance of the USDC stablecoin, blacklisted an Ethereum address holding $100,000 in USDC for the first time. A Centre spokesperson acknowledged the event, declaring the company “blacklisted an address in response to a request from law enforcement. Centre complies with binding court orders that have appropriate jurisdiction over the organization,” the spokesperson stressed. Stablecoins, such as USDC and USDT exploded in popularity in the last months.
Binance Announces Beta Testing of Desktop App
Beta testing a new version of the @Binance desktop app.
It is FAST!
— CZ Binance (@cz_binance) July 8, 2020
Binance, the biggest cryptocurrency exchange in the world, announced it is beta testing a desktop app to access their services without a web interface. Changpeng Zhao, CEO of the exchange, announced the app via its Twitter account, stressing its speed. This app would be specially designed for users with low-speed internet connections. The interface and all assets already reside on the PC, and only data would have to be downloaded, achieving maximum efficiency for users in emerging markets.
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