Bitget Launches Crypto Lending Product, Ethereum Community Proposes New Standard to Strengthen Security of DeFi Protocols, China Strengthens Exports of Two Key Materials Used in Computer Chips

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Get your daily, bite-sized roundup of crypto asset and blockchain-related news, digging into the stories flying under the radar in today’s crypto news.

exchange news

  • bitget announced the launch of its native Crypto Loans product, based on a dual-currency approach, which allows users to stake one currency of their holdings as collateral in exchange for the ability to borrow a corresponding amount in another currency, saying the press release Each loan is issued at a specific interest rate payable, with the amount borrowed determined by the market value of the collateral at stake. The loans are issued within a predetermined period, and users can choose to pay before or at the predetermined term, he said.

DeFi news

  • A group of members of the Ethereum community proposed a new standard to improve the security of decentralized finance (DeFi) protocols. According to the proposal, “This standard describes a smart contract interface to a circuit breaker that triggers a temporary halt of protocol-wide token outputs when a threshold for a predefined metric is exceeded. This circuit breaker does not assume the structure of the underlying protocol, and primarily serves as a transfer vehicle for token outflows.”

Regulation News

  • The Chinese government is tightening controls on exports of two key materials used to make computer chips. Starting next month, special licenses will be needed to export gallium and germanium from China, the world’s biggest producer of metals, according to BBC News. reported. He Ministry of Commerce He said the restrictions were necessary to “safeguard national security and interests.”

legal news

  • US based law firm McDermott Will and Emery requested compensation of USD 5.1 million from the creditors of the bankrupt cryptocurrency brokerage firm digital traveler for legal services offered between March 1 and May 13, 2023. The firm billed legal fees to the “Official Committee of Unsecured Creditors”, stating that he received an hourly rate of $1,026.76 for his services during the period.

nft news

  • swiss investment bank swiss credit is forming teams with the Swiss Football Federation (SFA) to launch a collection of non-fungible tokens (NFTs). The 756 NFTs, minted on Ethereum and featuring portraits of the members of the Swiss women’s teamwill be available for purchase starting July 11 at csx, the bank’s digital banking application. Proceeds will be donated to the team and to other organizations dedicated to supporting female soccer players.

Stablecoin News

  • The value of stablecoin-powered payment transactions will exceed $187 billion globally by 2028, up from $53 billion in 2023. found juniper research, a provider of analytical and research services. “By 2028, the value of cross-border stablecoin payments will account for nearly 73% of total stablecoin payment transaction values ​​globally, demonstrating the dominance of cross-border use cases,” he said.

mining news

  • clean spark released its unaudited bitcoin (BTC) mining and trading update for the month ending June 30, reporting: 491 BTC mined in June; total BTC holdings of 529; CY2023 bitcoin mined for 3,495; and a deployed fleet of some 68,678 bitcoin miners with a hashrate of 6.7 EH/s. By According to the press release, the company funded growth and operations by selling 413 bitcoins in June at an average of approximately $27,200 per BTC. These sales equated to profits of ca. $11.2 million. June daily BTC mined averaged 16.4 and peaked at 17.4, he said.