[Link to FM] Three Arrows Capital owes 27 cryptocurrency companies a total of 3.5 billion US dollars, and Dubai launches a national metaverse strategy

【Data Intelligence】

In the past 24 hours, the entire network has exploded 529 million US dollars

According to data from Coinglass, over the past 24 hours, more than US$529 million has been liquidated on the entire network, of which US$301 million has been liquidated on Ethereum, accounting for 56% of the total network liquidation. Bitcoin liquidated $122 million.

STEPN Shoeboxes 24-hour transaction volume is 1740.6 ETH, OpenSea ranks first

According to the latest data from OpenSea, the transaction volume of STEPN APE NFT Shoeboxes in the past 24 hours was 1740.6 ETH, an increase of 15.32% in 24 hours. The 24-hour trading volume on OpenSea ranks first.

【 Regulatory News 】

South Korea's central bank joins hands with 10 commercial banks to launch third phase of digital currency testing

News on July 19, recently, the Bank of Korea announced that it will work with at least 10 commercial banks, including Shinhan Bank and Nonghyup Bank, to conduct the third phase of the retail central bank digital currency (CBDC) test, to understand and confirm the relationship between CBDC and Interoperability between financial institution IT systems. Later this year, the Bank of Korea will release a survey report on the digital won based on the test results.

U.S. government workers need to declare NFT assets worth more than $1,000

U.S. executive branch employees who own national trust funds must disclose NFT assets that should bereported to be worth more than $1,000 or have generated more than $200 in investment income, according to a new legal advisory from the Office of Government Ethics.The office oversees executive branch employees in the White House and more than 130 government agencies. Advised employees who filed public financial disclosures after the NFT market peaked earlier this year. The new advisory focuses on NFTs and retail NFTs in the form of "virtual artwork, music, video files, trading cards, digital real estate, or items in a virtual world."

【Industry Trends】

OpenSea Announces Launch of Solana Launchpad

The official release blog of OpenSea stated that Solana Launchpad was officially launched on OpenSea. With this new feature, creators can now host an NFT minting event on OpenSea from start to finish. Creators can now browse all pre-NFT minting events, a licensed list of community and backers, as well as all post-NFT minting events and secondary sales on OpenSea. Additionally, user Solana favorite NFTs will automatically appear on OpenSea and allow users to self-host NFTs.

Circle's head of government relations released 19 principles for stablecoin regulation, supporting non-bank institutions to issue USD stablecoins

According to news on July 19, Dante Disparte, head of government relations at Circle, the stablecoin USDC issuing company, released a set of 19 stablecoin regulatory principles, including support for non-bank financial institutions to participate in the issuance of US dollar digital currencies. He stated that he hopes to help formulate U.S. stablecoin policy, address the obvious risks of stablecoins, and establish clear rules so that the U.S. dollar will continue to be the main digital currency of the Internet to improve the leadership and economic competitiveness of the United States.

Meow completes US$22 million Series A financing led by Tiger Global Fund

Meow, a New York-based encrypted financial company, announced the completion of a US$22 million Series A financing, led by Tiger Global Fund, with participation from QED Investors and FTX. Meow mainly provides institutional and corporate investors with compliance-first solutions to participate in emerging cryptocurrency investment opportunities, and eventually hopes to become a "one-stop shop for corporate financing". It has also received Coinbase Ventures, Gemini Frontier Fund and With the support of Lux Capital, they plan to use the latest financing to increase recruitment, enhance new product functions, build GAAP accounting solutions and B2B stable currency cross-border payment services.

Dubai Launches National Metaverse Strategy "Dubai Metaverse Strategy"

According to the UAE Crown Prince Hamdan bin Mohammed announced on social media the launch of the national metaverse strategy "Dubai Metaverse Strategy", which aims to promote the innovation of new technologies. Dubai is currently home to more than 1,000 companies operating in the Metaverse and blockchain space, contributing $500 million to our national economy. Hamdan bin Mohammed said the strategy plans to double the number of Metaverse-related companies in the UAE over the next five years and place it among the top 10 Metaverse economies, pushing the country to the top position in terms of adoption of digital solutions. Global leadership.

Binance's Bitcoin inventory surpasses that of Coinbase for the first time

News on July 18, according to data from Glassnode, the Bitcoin stock of Binance Exchange surpassed Coinbase for the first time since its establishment in 2017. At present, the stock of Bitcoin on Binance Exchange is slightly more than 600,000, while that on Coinbase is less than 600,000.

【Elite Viewpoint】

Circle CFO: Regardless of the market, the company plans to go public in the fourth quarter of this year

According to news on July 19, according to Jeremy Fox-Geen, Circle’s chief financial officer, regardless of market conditions, Circle is expected to go public through a SPAC (Special Purpose Acquisition Company) by the end of 2022. Jeremy Fox-Geen said that Circle is a registered financial services company, just like PayPal or Apple, and operates under the same regulatory framework as payment companies such as ApplePay products and mobile payment service Venmo operator PayPal. According to the latest report released by Circle, USDC reserves are now held entirely in cash and three-month U.S. Treasury bonds, completely separate from the company’s operations. As of June 30, the total amount of USDC in circulation is 55,569,519,982, and the total amount of reserve assets supporting USDC is 55.7 billion US dollars.

Former U.S. CFTC chairman: Celsius bankruptcy reorganization is a milestone in the development of the encryption industry

Former U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christoper Giancarlo said Monday that Celsius's bankruptcy hearing could lead to greater legal certainty. Giancarlo said that although the bankruptcy reorganization is only the starting point of the lending platform, this is the first time that the federal bankruptcy court has intervened in a bankruptcy case based on encrypted collateral. Giancarlo believes that it is good that these issues are resolved, as it will be a milestone in the development of this new asset class, and the system followed by insolvency will be more clearly articulated.

【What to watch today】

Three Arrows Capital owes 27 cryptocurrency companies a total of $3.5 billion

Hedge fund Three Arrows Capital (3AC) owes $3.5 billion to 27 cryptocurrency firms, according to court documents. The largest creditor on the list is Genesis, which lent 3AC $2.3 billion. Voyager Digital, which recently filed for bankruptcy, followed Genesis in lending more than $685 million (at current cryptocurrency prices) to 3AC in the form of bitcoin and ether. Other notable creditors to 3AC include DRB Panama, the parent company of cryptocurrency exchange Deribit (1,300 BTC and 15,000 ETH); Celsius (lent about $75 million in USDC); CoinList Services ($35 million in USDC) and FalconX (65 million Dollar).

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