Quote of the week: “Digitizing documents for traditional clearance processes, and transactions in international trade can take up to 120 days to complete, but with bills of lading tracked through blockchain, the need for such processes and potential for double spending is eliminated.”- Zen Young, CEO of Web3Auth. Source:
Alpha Sigma Capital in the News: The recent downfall of Celsius Network LLC may be a harbinger of things to come for other troubled cryptocurrency startups, whose backers appear reluctant to prop them up with emergency funds, investors and analysts say. Enzo Villani, CEO, shared his insights in Wall Street Journal’s article, Investors Take Sink-or-Swim Approach to Struggling Crypto Startups.
A New Bitcoin City is Formed: This week, Honduras launched ‘Bitcoin Valley’ in the town of Santa Lucia, twenty minutes from the capital. In this ‘Bitcoin Valley’ tourists can pay for goods and services with cryptocurrencies in an effort to attract more tourism. Source: https://www.fxempire.com/news/article/honduras-launches-bitcoin-valley-in-the-tourist-town-of-santa-lucia-1080732
Robinhood is Fined by New York State Financial Regulator: The New York State Department of Financial Services issued a statement this week that mentioned that the crypto arm of Robinhood Markets Inc. did not set aside sufficient funds and resources to address compliance and cybersecurity risks. As a result, the company was fined $30 million for alleged violations of anti-money-laundering, cybersecurity, and consumer protection rules. Source: https://finance.yahoo.com/news/robinhoods-crypto-arm-fined-30-142209940.html
Charles Schwab Asset Management Division Launches Crypto-Linked ETF: This week, an arm of Charles Schwab launched an exchange-traded fund with exposure to firms involved in mining and staking cryptocurrencies and/or developing blockchain-based apps or distributed ledger technology. The company announced that the ETF will be available on August 4 under the ticker STCE on the New York Stock Exchange’s Arca. Source: https://cointelegraph.com/news/charles-schwab-s-asset-management-arm-launches-crypto-linked-etf
SEC Charges 11 Individuals for Cryptocurrency ‘Ponzi Scheme’: On August 1, the SEC announced that it charged 11 individuals with creating and promoting a $300 million cryptocurrency ‘Ponzi Scheme’ for over two years. Source: https://www.marketwatch.com/story/sec-charges-11-with-creating-promoting-300-million-crypto-ponzi-scheme-11659373856?siteid=yhoof2
Cardano Vasil Hard Fork Delayed Again: Cardano’s Vasil hard fork was scheduled to go live last month; but, the upgrade is delayed again for at least several weeks. Cardano’s blockchain development team is prioritizing a smooth network transition and upgrade; and, the company made a strategic decision to hold off on the upgrade until all parties are ready for it. Source: https://cointelegraph.com/news/cardano-vasil-hard-fork-hit-with-another-delay-for-several-weeks
And, that’s a wrap!