Daily Crypto NewsEDITION #272, 29 July 2021

FTX beginning makes an FTX naming

Hey Moni Maker

Today, in 1954, the first part of J.R.R. Tolkien's Lord of the Rings trilogy saw the light of day. Oh, Sauron, your rings are wonderful. But decentralizing power as much as possible would give you more clout against the hobbits. You should study DeFi...

Or read our Digests. Let's go!

Fresh on the heels of the largest funding round in crypto history, FTX is getting its branding in order.

The crypto exchange helmed by Sam Bankman-Fried is slapping its name on the Blockfolio trading app it acquired in May 2020 for $150 million, killing a clunky colon in the process.

“The rebrand of FTX: Blockfolio to FTX puts the final cap on our acquisition of Blockfolio, doubling down on our commitment to being the number one crypto trading platform for both retail and institutional users,” Bankman-Fried said in a press release.

So what?

Well, renaming Blockfolio to FTX is certainly a good idea, lol. They should learn from the best and call it at least "FTX Trades"...

According to Clankapp, almost 30 thousand BTC ($1.2 billion) were withdrawn from Binance in 15 minutes to an unknown wallet.

Someone withdrew the cryptocurrency in three equal transactions: first, second, third.

Probably, this transfer was only from the internal wallet of the Binance exchange.

So what?

It's great to watch the Twitter reaction! When large sums of money are withdrawn, a million conspiracy theories are born. :D

And why do you think people withdraw so much money? We're waiting for your answer in the chat!

A months-in-the-making infrastructure bill in the U.S. Senate will be partially paid for by enhanced tax enforcement of cryptocurrency, the White House said Wednesday.

Though the text of the legislation — said to be struck Wednesday after a long period of at-times acrimonious negotiations between Democrats and Republicans on Capitol Hill — is not publicly available, a White House fact sheet mentions crypto tax enforcement as one of the spending offsets to help finance the multi-billion dollar infrastructure project.

The fact sheet notes:

"In the years ahead, the deal will generate significant economic benefits. It is financed through a combination of redirecting unspent emergency relief funds, targeted corporate user fees, strengthening tax enforcement when it comes to crypto currencies, and other bipartisan measures, in addition to the revenue generated from higher economic growth as a result of the investments."

So what?

That sounds like... In fact, we think the White House should use other ways. They could take the crypto accounts at Coinbase and pay their plans with them :)

ERC-721 — is a standard for Non-Fungible tokens in Ethereum Network and is known as NFT. The main property is that every ERC-721 token unique and can not be replaced. Its often used for collectibles, real estate, paintings and art overall. Crypto Punks, Hashmasks, and “Everydays — The First 5000 Days” by @beeple are ERC-721 NFTs.

And more you can find in our Glossary!

And you...buy Bitcoin! (it's a good time!)