Blockchainreporter Weekly Crypto News Review: Ups, Downs and New Partnerships

The crypto market has experienced positive as well as negative advancements this week. Two renowned crypto-related firms, Revolut and Nifty’s announced to cease their operations entirely or partially due to unfavorable market conditions. However, some really exciting partnerships also took place to boost adoption and development in the web3 sector. Alchemy Pay, TrueUSD, Celo and Google Cloud were the main participants of such optimistic partnerships. What’s more, Woldcoin faced a difficult situation in some parts of the world after a hyped launch in the past week.

Revolut to Cease US Crypto Operations by October 2023

Revolut, a UK financial company, stopped crypto services for US users. The changing US crypto regulatory landscape encouraged this action. Due to the nation’s cryptocurrency rules’ ambiguity and complexity, the suspension will begin on September 2, 2023.

Revolut will stop selling, buying, and holding US cryptocurrencies on October 3, 2023. The Securities and Exchange Commission’s (SEC) classification of certain cryptocurrencies as securities, subjecting them to investor protection requirements, motivated this action.

Revolut’s move follows SEC lawsuits against Coinbase and Binance. These exchanges are accused of not registering specific cryptocurrencies. The company delisted Cardano, Solana, and Polygon following SEC regulations. Revolut regrets the suspension, although just 1% of their cryptocurrency customers are affected. The company intends to maintain its provision of help to consumers in the United States via its in-app chat feature.          

TrueUSD and Alchemy Pay Partner to Simplify Crypto Transactions

TrueUSD, a transparent stablecoin, and Alchemy Pay, a leading fiat-to-crypto payment gateway, aim to simplify cryptocurrency transactions. Directly buying the stablecoin with fiat cash allows users to easily join the TrueUSD ecosystem. Alchemy Pay’s on-ramp solution supports 173 countries and over 50 fiat currencies. This all-encompassing strategy helps to increase widespread acceptability as well as utilization of cryptocurrencies.

Since it allows users to change crypto holdings into fiat currency through debit and credit cards, bank transfers, and mobile wallets, the partnership prioritizes user-friendliness and convenience. Alchemy Pay’s over 300 channels simplify offboarding and cryptocurrency-to-fiat money conversion. TrueUSD’s commitment to inclusivity allows new and experienced crypto traders to participate. This agreement advances cryptocurrency adoption worldwide.

Nifty’s, Prominent NFT Platform, Abruptly Shuts Down Operations

Nifty’s, a well-known NFT platform, abruptly ceased operations. The organization established a Web3 technology programmers’ association last year. Nifty closed after failing to capitalize on its investing potential.

The platform, known for titles including Game of Thrones: Build Your Realm, Bullet Train, The Matrix Avatars, and Looney Tunes. Nifty’s moved NFTs from Ethereum blockchain to the Polygon network to ensure progress. The firm has recommended relevant NFT project Twitter (Now X) accounts for more information. The site advised users to export their private keys through two Twitter accounts to keep their NFT collections. NFTers are upset with Nifty’s abrupt closure.

Google Cloud and Celo Collaborate for Web3 App Development

Google Cloud and the Celo Foundation are working to improve network security. Google Cloud announced its validation of the Celo network. In April, Google Cloud and Celo began cooperation. Google Cloud has allowed sustainable Celo business owners to use its cloud infrastructure, enabling Web3 app development. cLabs, the Celo blockchain inventor, has used Google Cloud for a long time.

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cLabs has proposed moving Celo from an independent layer-1 blockchain to a solution based on Ethereum’s layer-2 infrastructure to promote blockchain technology. The Celo community voted for the idea, recognizing its potential scalability, safety, and usability benefits.

Google Cloud’s Blockchain Node Engine will help cLabs migrate to Ethereum faster. They can offer a complete node hosting solution with efficient node operations and safe, fast transaction relays. Integrating Celo 2.0 with Ethereum is meant to improve user cooperation. The Celo ecosystem supports several activities across 1,000 instances in 150 nations. Grassroots Economics’ community inclusion currency (CIC) and GoodDollar’s universal basic income distribution app demonstrate the Celo network’s dApps‘ practical applications.

Xochitl Cazador, Head of Ecosystem Growth at the Celo Foundation, thanked Google Cloud for their shared commitment to using blockchain technology to solve global concerns. Google Cloud’s Director of Digital Assets, Carlos Arena, emphasized the company’s commitment to strengthening the Web3 ecosystem by delivering critical application scaling capabilities.

Kenyan Interior Ministry Bans Worldcoin Operations for Public Safety

Kenyan security concerns stopped the Worldcoin crypto project. The interior ministry has banned all Worldcoin-related local operations to protect public safety. Sam Altman, CEO of OpenAI, introduced Worldcoin to develop a new identity and financial network. In exchange for iris scans, several governments offer free digital cash.

After the project’s launch, Minister of the Interior Kithure Kindiki announced that multiple security, financial, and data protection agencies are investigating Worldcoin’s legitimacy. The Kenyan government launched the inquiry due to the corporation’s data-gathering activities. Despite the criticism, Kenyan media reported that over 350,000 people registered for Worldcoin after obtaining free tokens worth 7,000 Kenyan shillings ($49.09).

Kenya’s project’s future is uncertain due to government inquiries. Cryptocurrency initiatives’ privacy and security risks are becoming more apparent. Global governments are taking steps to protect their populations from cryptocurrency’s growing risks.

Binance Launches Tailored Portal – Binance Japan

Binance, a major cryptocurrency exchange, launched Binance Japan, a Japanese-specific portal. The site customizes crypto experiences for Japanese customers. This contains Japanese yen spot trading and Earn goods. In 2022, Binance acquired SAKURA Exchange BitCoin, Inc. (SEBC) and rebranded as Binance Japan Inc.

Binance Japan offers 34 tokens, including Bitcoin, Ethereum, and Binance Coin. BNB launched in Japan recently. Earn products enable daily deposits, rewards, and auto-investing. Considering Japan’s growing interest in blockchain and cryptocurrencies, the choice was deliberate. Binance leverages this trend by creating a secure and user-friendly environment for digital asset exchange and investment, helping the regional cryptocurrency community grow.

Binance Japan’s launch marks a milestone in the platform’s global growth plan as it targets a new generation of Web3 pioneers in Japan. Binance hopes to capitalize on Japan’s growing interest in blockchain technology and its global expertise.