Explore today's crypto news with Huobi's CRV purchase, Robinhood's revenue drop, Binance's growth, Namibia's crypto law, and Argent's invisible wallet.
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Huobi Buys 10 Million CRV Tokens from Michael Egorov

Huobi Buys 10 Million CRV Tokens from Michael Egorov

Explore today's crypto news with Huobi's CRV purchase, Robinhood's revenue drop, Binance's growth, Namibia's crypto law, and Argent's invisible wallet.

Last update:
Aug 4, 2023
| Issue
#
75

In this new issue of Datawallet Daily, we're zeroing in on vital trends and news altering the face of the crypto space. Here's a rundown of the most important events and stories from the last 24 hours:

  • Huobi buys 10 million CRV tokens from Michael Egorov 
  • Robinhood crypto revenue drops 
  • Binance user base swells to 150 million 
  • Nambia prepares national crypto strategy 
  • Argent is moving towards an “invisible wallet”

Huobi buys 10 million CRV tokens from Michael Egorov  

Jun Du, co-founder of Huobi, recently acquired 10 million curve tokens (CRV) for $4 million from Curve founder Michael Egorov. Egorov is actively seeking to minimize his at-risk loan position of CRV tokens in AAVE. You can read more about this stories in yesterday’s newsletter.

Initially, Du expressed his interest in purchasing 10 million CRV at a price of $0.40. This price aligns with the ongoing over-the-counter deals between Egorov and various crypto individuals. Du confirmed through direct messaging on Twitter that he successfully completed the token purchase and has since locked up the tokens as veCRV. By locking up these tokens for a specific duration, he gains voting rights on the Curve platform in return.

Robinhood crypto revenue drops 

According to Robinhood's earnings report on Wednesday, the company experienced an 18% decline in crypto trading revenues during the second quarter, amounting to $31 million. This marks the second consecutive quarter of revenue drops in their crypto business, primarily due to reduced trading fees. However, Robinhood did report a positive development in terms of overall assets under custody, which increased by 13% to reach $89 billion. Unfortunately, there was a decrease in monthly active users by one million, resulting in a total of 10.8 million users.

Binance user base swells to 150 million 

Binance, the cryptocurrency exchange, has achieved a significant milestone by surpassing 150 million registered users, as confirmed by Changpeng "CZ" Zhao, the co-founder and CEO. This accomplishment is noteworthy considering the company's ongoing legal battle with regulatory authorities in the United States. 

Furthermore, Binance recently made a comeback in Japan and obtained a license in Dubai. These achievements were announced by Zhao via his Twitter account. Despite facing rigorous global regulatory scrutiny, Binance managed to attract an additional 22 million users within just three months, as its user base grew from 128 million to over 150 million.

Nambia prepares national crypto strategy 

According to legal experts in Namibia, the newly implemented crypto law offers minimal clarity for service providers, but it lays the foundation for future legislation. The Virtual Assets Act was enacted in July by the South African nation and mandates a regulatory body to oversee the cryptocurrency sector. 

It also includes licensing prerequisites for service providers such as exchanges. However, when compared to other countries like neighboring South Africa, Namibia still has a significant amount of progress to make in establishing robust laws and regulations for this industry.

Argent is moving towards an “invisible wallet”

Argent's innovative web wallet simplifies user access to dapps by requiring only an email address and password for initiation. CEO Itamar Lesuisse explained that the privacy of users is protected through encryption using their passwords. This encryption ensures complete data security, as Argent does not have access to the encrypted information but retains a copy of it for backup purposes.

Other breaking news

  • Rebase exchange is live, enabling asset bridging between Ethereum and Base
  • Gnosis chain has completed its version of Shapella upgrade
  • BlockFi chapter 11 gets approval from a court
  • Marathon Digital becomes the largest publicly traded crypto-miner in the world 
  • Hong Kong grants first two crypto exchange licenses

Wrapping up

Wrapping up today's Datawallet newsletter, we've delved into pivotal developments across the crypto sector. From Huobi's substantial CRV token acquisition and Robinhood's revenue dip to Binance's user base growth, Namibia's legal groundwork for crypto, and Argent's innovative approach to wallet privacy, the industry's dynamic landscape has been highlighted. These key stories, along with other significant news, underscore the ever-evolving nature of the crypto world and the importance of staying informed. Keep an eye on our daily updates for the latest in crypto.