Crypto News, August 17: Who Let The Doge(chain) Out?

Created 1yr ago, last updated 1yr ago

The Dogecoin mania is briefly back with the launch of Dogechain, a (sort of) layer-two solution for Dogecoin (though an unofficial one).

Crypto News, August 17: Who Let The Doge(chain) Out?

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The Dogecoin mania is briefly back with the launch of Dogechain, a (sort of) layer-two solution for Dogecoin (though an unofficial one).  Celsius CEO Mashinsky may not be part of the memecoin mania, as Financial Times reporting said he lost the company a hefty sum in a BTC trade gone wrong.

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Dogechain Launched, DOGE Pumps on Memecoin Trading Excitement

Dogecoin lovers received what they never knew they needed, a Dogecoin-themed layer-two solution called Dogechain. Although not officially associated with the Dogecoin founders, Dogechain had Crypto Twitter buzzing with excitement and clocked up thousands of transactions within its first trading day. The L2 is based on Polygon Edge, a layer-two solution for Ethereum. DOGE has had its best trading week in a while and is up more than 20% over the last seven days.

Crypto Banks on Track to Receive Upgrade by New Federal Reserve Guidelines

The Federal Reserve released new guidelines about master accounts with the Fed. Their implementation could see crypto banks like Custodia and Kraken open accounts with the Fed, which implies further integration between the crypto industry and the traditional financial industry. Crypto banks are likely to fall into tier 3 in the Fed’s multi-tiered framework, designed to regulate banks according to how stringent applicants have been reviewed. This would not see crypto bank deposits insured by the Fed, though banks would be able to serve fiat and crypto clients.

Financial Times: Celsius CEO Mashinsky Traded Company Bitcoin Personally

A Financial Times report published information from several sources at Celsius, indicating that CEO Mashinsky may have influenced the company’s trading decisions. While one source said that Mashinsky was merely “vocal” about his views but did not influence trading directly, another one recalled an instance where Mashinsky personally bought back a BTC trade at a loss only 24 hours after it was made. Moreover, the report indicates an allegedly difficult relationship between Mashinsky and his former chief investment officer Frank van Etten. Registers With UK Financial Conduct Authority, UK Proposing Stablecoin Regulation received regulatory approval from the FCA, the UK’s financial regulator. The decision follows applications to be regulated in Canada and South Korea. The UK is also introducing a new bill to regulate stablecoins, which is to be debated in September. The bill would leave the final decision over whether a stablecoin issuer threatens the country’s financial stability to the Bank of England.

Two New Crypto Brokerages Launched in Brazil

Brazil’s largest investment bank and one of the country’s largest brokerages both launched crypto trading platforms. BTG Pactual, the investment bank, launched Mynt, a trading platform allowing access to several cryptocurrencies like BTC, ETH, SOL and ADA: XP, the brokerage, launched XTAGE, a trading platform for more than 3.5 million customers. The launches come only days after Mercado Pago, one of Latin America’s biggest online payment platforms, announced the rollout of crypto payments.
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