This week, the crypto market saw both positive and negative developments. Two prominent crypto-related companies, Revolut and Nifty’s, announced that they would either completely or partially halt their operations due to unfavorable market conditions. On a more positive note, several exciting partnerships have been established to promote adoption and development in the Web3 sector, with Alchemy Pay, TrueUSD, Celo and Google Cloud being the main participants in such agreements. Unfortunately, Worldcoin encountered difficulties in some parts of the world following its hyped launch.
Revolut, a UK-based financial firm, has decided to discontinue its crypto services for US customers because of the country’s uncertain and complex cryptocurrency regulations. The decision, which will become effective on September 2, 2023, is likely to have been influenced by the SEC’s classification of certain cryptocurrencies as securities, and the lawsuits against Coinbase and Binance for not registering specific cryptocurrencies. Revolut expresses regret about the suspension, although it will only affect 1% of its crypto users. However, the company will continue to provide assistance to US customers via its in-app chat function.
TrueUSD, a transparent stablecoin, and Alchemy Pay, a leading fiat-to-crypto payment gateway, recently joined forces to make cryptocurrency transactions simpler. Allowing users to buy the stablecoin directly with fiat money makes it easier to partake in the TrueUSD ecosystem. Alchemy Pay’s onboarding solution supports 173 countries and over 50 fiat currencies, making the project more inclusive and increasing the utilization of cryptocurrencies. Furthermore, the platform allows users to exchange crypto holdings into fiat currency through debit and credit cards, bank transfers, and mobile wallets.
Nifty’s, a popular NFT platform, suddenly closed down. The organization had established a Web3 technology programmers’ association last year, but was unable to take advantage of its investment potential. The platform was known for titles such as Game of Thrones: Build Your Realm, Bullet Train, The Matrix Avatars, and Looney Tunes. To ensure progress, Nifty’s moved NFTs from Ethereum blockchain to the Polygon network. It has now advised users to export their private keys through two Twitter accounts to keep their NFT collections.
Google Cloud and the Celo Foundation are collaborating to enhance network security. Google Cloud has validated the Celo network and provided its cloud infrastructure for Web3 app development. cLabs, the Celo blockchain inventor, proposed migrating Celo from an independent layer-1 blockchain to a solution based on Ethereum’s layer-2 infrastructure for better scalability, safety, and usability. Google Cloud’s Blockchain Node Engine will help cLabs with the transition and provide a comprehensive node hosting solution with secure transaction relays.
The Kenyan Interior Ministry has banned all Worldcoin-related operations in the country for public safety. The project, introduced by OpenAI CEO Sam Altman, sought to create a new identity and financial network, offering free digital cash in exchange for iris scans. However, due to data-gathering activities, the government launched an inquiry, resulting in the ban.
Finally, Binance, a major cryptocurrency exchange, launched Binance Japan, a Japanese-specific portal, to customize crypto experiences for Japanese customers. The exchange provides spot trading, Earn products, and 34 tokens, including Bitcoin, Ethereum, and Binance Coin. The move is likely to capitalize on Japan’s growing interest in blockchain and cryptocurrencies, and create a secure and user-friendly environment for digital asset exchange and investment.
