Top Crypto News: 06/21

As always, the crypto space was busy today. Bitcoin is currently down 5.6% and is trading at $32,699. Meanwhile, Ethereum is down 9.2% over the last 24 hours and is trading at $1,939.

Let’s take a look at some of the top crypto news stories for the day.

1 – China’s Central Bank Cracks Down on Cryptocurrency Activities

The People’s Bank of China (PBOC) has talked to financial institutions and informed them to work harder in cracking down on cryptocurrency transactions. The PBOC told the financial institutions to block any account engaging in cryptocurrency activities. The central bank reportedly wants to protect people and knock off the speculation associated with digital currency transactions.

According to reports, the action on cryptocurrencies was discussed with financial institutions such as China Construction Bank, Alipay (China), and Industrial and Commercial Bank of China (ICBC). Other financial institutions contacted include the Postal Savings Bank of China and the Agricultural Bank of China (AgBank).

“Speculative trading in virtual currencies roils economic and financial order, spawns the risks of criminal activities such as illegal asset transfers and money laundering, and endangers people’s wealth,” the PBOC stated.

2 – MakerDAO Conducts Executive Votes for Possible Alterations

MakerDAO, the creators of DAI, have announced that MKR holders have been requested to vote for an executive proposal if they support the proposed changes to Maker Protocol.

Besides, the proposed change involves Maker Protocol adding the activation and authorization of the Flash Mint Module to flash-mint DAI.

In addition, the report states that, within the Maker Protocol, the “Debt Floor (dust) parameter for the ETH-B vault type will be increased from 15,000 DAI to 30,000 DAI.” Meanwhile, the “Debt Floor (dust) parameter for all vault types excluding PSM-USDC-A, ETH-B and ETH-C will be increased from 5,000 DAI to 10,000 DAI.”

3 – Formation Fi Enters Partnership With Injective Protocol

Formation Fi has announced its partnership with Injective Protocol, a Layer 2 trading platform.

The collaboration aims to set up multi-chain risk-optimized yield farming derivatives. Notably, such derivatives will allow many users to access DeFi yield features.

Injective CEO Eric Chen commented on the partnership. He said, “On our Solstice V2 testnet, we presented users with the opportunity to take part in yield farming derivatives. The collaboration with Formation Fi will enable Injective users to launch new risk optimized derivatives markets with ease, which would again help abstract away many of the convoluted steps required to earn yield today on DeFi protocols.”

4 – Scaleswap Announces IDO

Scaleswap, the next generation IDO launchpad, revealed that their Initial DEX Offering (IDO) begins soon. The ability to whitelist for the IDO is now over, ending on June 21.

Notably, the IDO takes place on June 25, 2021 (10:30 am UTC). It’ll happen on their launchpad on Layer 2 (Polygon). Also, other information includes:

  • 500,000 SCA public sale token allocation
  • $0.35 public sale token price
  • $300 maximum cap per person
  • $175,000 raised in total
  • $418,250 initial market cap

Besides, the IDO and whitelist follows an impressive funding round where $2.5 million was raised, reportedly greatly oversubscribed just 24 hours after the project’s first pitch.

5 – LABS Group Enters Partnership With Refinable

LABS Group is collaborating with Refinable, the first NFT marketplace on Binance Smart Chain (BSC), to tokenize its real estate assets on the latter’s NFT platform. Recently, LABS Group launched the first resort NFT owned by a community. Notably, the new resort will be fractionalized into 365 RTS-NFTs (Rewarding Timeshares non-fungible tokens).

“The collaboration demonstrates real estate trading becoming more accessible and convenient, while expanding the applicability of NFT as an enabler of new commerce,” the official announcement stated.

Bidding begins when the auction goes live in mid-July.

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