Happy Friday, and welcome to the final edition for the week of the Datawallet newsletter. Today, as usual, we will cover the fun, exciting and informative news from the crypto world, tailored to experienced and novice crypto investors. So read on!
Today’s drop will cover these key daily news items:
Binance gets green light to operate exchange in Thailand
Binance, the world's leading cryptocurrency exchange, has successfully obtained a digital asset license in Southeast Asia through a strategic partnership with a local business in Thailand. This collaboration, known as Gulf Binance, has been established in conjunction with Gulf Innova Co, a wholly-owned Thai subsidiary of Gulf Energy, a publicly listed holding company.
This achievement comes after a diligent year-long endeavor by Binance to regain a prominent presence in Thailand following its previous expulsion for operating without the necessary license. During that period, the exchange faced legal challenges from Thailand's securities regulator, which led to criminal complaints being filed against them.
It is noteworthy that this license marks Binance's initial triumph in the entire Southeast Asian region. While the exchange has continued its operations in various countries like the Philippines, it had yet to secure official licensure prior to this development, highlighting the significance of this milestone for Binance and its expansion efforts.
BTC, ETH hold ground amid $3.5 billion options expiry
Bitcoin and Ethereum have shown resilience amidst a substantial options expiration event that took place earlier today.
The leading cryptocurrency, Bitcoin, registered a modest 1% price increase in the early hours of Friday, while Ethereum demonstrated a slightly higher jump of 1.6%.
Currently, Bitcoin is being traded at $26,509, reflecting an 11% decline over the past 30 days. During the same period, the second-largest cryptocurrency by market capitalization experienced a decrease of 4.6%.
Memecoin trading bot raking in millions
A notable participant in the trending memecoin trading frenzy is a Telegram bot that has proven to be highly lucrative.
Referred to as Maestro, this bot has generated a staggering amount of approximately $4.5 million in trading fees during the current month alone, as reported by DeFi Llama. This figure significantly surpasses its total fee earnings from the previous month, more than tripling the amount. Furthermore, the fee revenue accumulated in May also exceeds the cumulative fees generated from its inception in July last year until the beginning of May by an impressive margin of 32%.
Binance to launch NFT Loans feature
Binance, a leading cryptocurrency exchange, has announced the upcoming launch of its NFT Loan feature. This fresh feature will enable users to obtain loans in ETH and provide backing for esteemed NFT collections such as Bored Ape Yacht Club (BAYC), Azuki, Mutant Ape Yacht Club (MAYC), and Doodles.
During the initial promotional period, users can benefit from a substantial 70% discount on borrowing rates, reducing the standard interest rates from 11.2% per annum to a highly competitive 3.36% per annum. The platform will provide instant liquidity, waive gas fees, and serve as the trusted pool for these secure, peer-to-peer loans, which will have open-ended terms and require overcollateralization for added safety.
TradeBlock is shutting down
Digital Currency Group (DCG), the parent company of Genesis, a prominent crypto lender, has made the decision to shut down its institutional client-focused trading platform, TradeBlock, on May 31.
According to Bloomberg, the choice to sunset the trading platform was primarily influenced by prevailing economic conditions, an extended period of market downturn commonly referred to as "crypto winter," and the intricate regulatory landscape surrounding digital assets in the United States. A spokesperson from DCG provided this information.
Other breaking news
- QuickPerps is live
- Voltz launches SOFR's on Avalanche
- Lyra upgrade on Optimsim
- Circle’s Euro-pegged stablecoin EUROC is now live
- Celer vulnerabilities patched
There it is, folks, the Friday edition of the Datawallet newsletter. BTC and ETH are still in the green despite a massive options expiry event; meanwhile, Binance is launching NFT loan features. Moreover, Binance managed to get a license to run an exchange in Thailand while a memecoin trading bot rakes in million. Stay informed and ahead of the game with our daily crypto scoop.