🔴Goodbye to Crypto Fees?

Tether launches another stablecoin, $100 million in crypto is stolen from the Harmony network, and Binance US starts a trading fee war. These stories and more this week in crypto.

Tether launches British pound stablecoin

Tether, the world’s largest stablecoin issuer, has announced the launch of a new stablecoin, this time pegged to the value of the British pound sterling. The new token, ticker GBPT, will initially be issued on the Ethereum blockchain. The announcement comes on the heels of Tether’s recent launch of a currency pegged to Mexican pesos, MXNT.

100 Million Dollars Stolen in Blockchain Hack

Hackers have stolen $100 million in crypto from Horizon, a cross-chain bridge developed by the Harmony network. The Harmony team has already identified an individual account believed to be responsible for the incident. The event follows a series of similar attacks on blockchain bridges, including the $600 million hack of the Ronin network earlier this year.

Is Binance USA Starting a Trading Fee War?

Binance US has removed fees for local Bitcoin trading on its platform for customers using US dollar and USD stablecoins, making it the lowest cost provider on the market. Industry experts say the move could bring a response from Coinbase and spark a trading fee war between exchanges.

Solana is making a crypto phone

Blockchain company Solana Labs unveiled Saga, a powerful Android smartphone set to launch in early 2023 to help crypto continue its quest to go mobile. The company also revealed the Solana Mobile Stack (SMS) software kit, which provides tools for developing native Android mobile apps and games, and also includes a decentralized app store.

BoE: Crypto will survive

The deputy governor of the Bank of England, Jon Cunliffe, has suggested that the survivors of the crypto winter could become the tech companies of the future, rivaling Amazon. Cunliffe compared the recent crypto market crash to the dotcom bubble at the turn of the millennium saying that while many companies went, the technology stayed.

Goldman Sachs to buy Celsius assets

Wall Street bank Goldman Sachs is seeking $2 billion in commitments from investors to buy distressed assets at deep discounts if troubled crypto lender Celsius goes bankrupt. The proposed deal would allow investors to buy Celsius’ assets, likely cryptocurrencies, at potentially steep discounts in the event of a bankruptcy filing.

BlockFi secures $250 million in credit

Another struggling crypto lender, BlockFi, secured a $250 million credit line from crypto exchange FTX this week to provide access to capital that further strengthens the platform’s balance sheet and strength. BlockFi CEO Zac Prince announced the bailout just a day after FTX CEO Sam Bankman-Fried said his exchange planned to bail out troubled crypto companies.

Cristiano Ronaldo partners with Binance

Soccer superstar Cristiano Ronaldo has signed a partnership with Binance to promote NFT. As part of the multi-year deal, the Portuguese soccer star will create a series of NFT collections for sale on the Binance platform. The first collection will be released later this year to give fans the chance to own an iconic piece of sports history.

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That’s what happened this week in crypto, see you next week.

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