Crypto News: Bitget La Liga Deal, Azuki Anime Launch, Bitcoin Surge

September 20, 2024

Crypto World

Maciej Zerelik

Stay up to date with the freshest updates from StealthEX and CryptoDaily! This week, we bring you the most important cryptocurrency news. Curious about what’s currently popular? Our summary offers easy-to-understand insights, fresh perspectives, and the latest happenings in the crypto industry. Keep yourself informed with our concise coverage, ensuring you’re always in the loop on the latest crypto trends!

Bitget Partners with La Liga in Multi-Million Dollar Deal

Bitget, a fast-growing cryptocurrency exchange, has entered into a major partnership with La Liga, one of the most popular football leagues in the world. The deal, announced at the Token2049 event in Singapore, coincides with Bitget’s sixth anniversary, underscoring the company’s aim to expand its influence in the sports industry. The collaboration aligns with Bitget’s “Make It Count” philosophy, promoting passion and growth in new markets like Latin America and Southeast Asia.

Gracy Chen, CEO of Bitget, highlighted the importance of the partnership, saying that the world of sports is embracing digital innovations such as crypto and blockchain. This partnership with La Liga will enable Bitget to boost the adoption of cryptocurrency in sports, offering new opportunities to fans and athletes globally.

La Liga President Javier Tebas echoed similar sentiments, emphasizing the league’s commitment to innovation. He stated that La Liga has focused on digitalization in recent years and aims to remain a pioneer in technology, especially through collaborations like this one.

This partnership sets the stage for broader crypto adoption within sports, potentially impacting over a billion people worldwide as digital and blockchain technologies continue to evolve.

Azuki Expands Universe with Launch of Anime.com for Digital Anime Innovation

Chiru Labs, the creators behind the Azuki NFT collection, has taken a significant step toward broadening its presence in the anime world by acquiring Anime.com. This initiative marks a strategic move to enhance its anime-focused entertainment offerings and expand beyond NFT sales.

The Anime.com testnet, launched on September 13, allows users to mint digital stickers as NFTs. While the full scope of the platform’s future is yet to be revealed, Chiru Labs has outlined plans to integrate the site into the broader Azuki ecosystem. There is even potential for introducing digital assets such as Animecoin.

Led by the pseudonymous Zagabond, the Azuki team aims to create an open anime universe, blending traditional and modern animation techniques. This approach mirrors the success of other Web3 projects like Doodles, focusing on building a unique space for anime enthusiasts.

In addition to expanding its digital footprint, Chiru Labs has strengthened its team by bringing on Hollywood veterans Mark Goffman and Jessica Turner. Their expertise will guide Azuki’s multi-year roadmap, with a focus on user-generated content and storytelling through short-form content.

With Anime.com, Chiru Labs aims to bring new storytelling dimensions to its community, further blending anime and digital innovation.

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Bitcoin Surges as Federal Reserve Announces First Rate Cut in Four Years

The Federal Reserve has implemented its first interest rate cut since early 2020, reducing rates by 50 basis points. With additional cuts expected before the end of the year, including a possible 75 basis points reduction, Bitcoin has surged above $63,000, as bullish traders look to benefit from the increasing liquidity.

Entering a new phase of monetary easing, economies worldwide are adjusting to manage faltering growth and mounting debt. The significant 50 basis point cut highlights the Fed’s concerns about declining employment figures and the growing risk of a recession.

In this new environment of monetary easing, Bitcoin appears poised to break free from the stagnant price trends it has experienced over the past six months. Many analysts believe this marks a turning point for the cryptocurrency, with expectations of stronger upward momentum as liquidity increases.

Prager Metis Settles with SEC for $1.95 Million Over FTX Audit Misconduct

Prager Metis CPAs, the audit firm for crypto exchange FTX, has reached a $1.95 million settlement with the U.S. Securities and Exchange Commission (SEC). The settlement follows allegations of negligence and violations of auditor independence rules during audits of FTX conducted between February 2021 and April 2022.

The SEC’s investigation uncovered that Prager Metis falsely claimed adherence to Generally Accepted Auditing Standards (GAAS) in its reports. The firm also failed to disclose significant risks associated with FTX’s relationship with Alameda Research, leading to negligence-based fraud charges.

As part of the settlement, Prager Metis will pay a $745,000 penalty related to the FTX charges, along with $1 million in additional civil penalties and $205,000 in disgorgement. The firm also agreed to permanent injunctions and a review of its audit procedures by an independent consultant.

This settlement highlights ongoing regulatory scrutiny of audit practices in the crypto industry, with the SEC emphasizing the need for firms to uphold their legal obligations.

DBS to Launch Bitcoin and Ethereum OTC Options for Institutional Clients

DBS, Singapore’s largest bank, is set to introduce Over-the-Counter (OTC) options trading linked to Bitcoin and Ethereum for its institutional and accredited wealth clients. The new service, expected to launch in the fourth quarter of 2024, will make DBS the first Asian-headquartered bank to offer financial products directly tied to these leading cryptocurrencies.

This expansion of digital asset services aims to provide institutional investors with advanced options for managing their crypto portfolios. The OTC options will allow eligible clients to hedge against market volatility by giving them the ability to buy or sell Bitcoin and Ethereum at predetermined prices.

Jacky Tai, Group Head of Trading and Structuring at DBS, emphasized the increasing demand for digital assets among professional investors. This new offering will enable clients to implement more sophisticated investment strategies and manage their portfolios more effectively.

With this move, DBS is positioning itself as a leader in the growing trend of major financial institutions embracing cryptocurrencies as part of their investment offerings, particularly in Asia, where the appetite for digital assets continues to rise.

Sui to Launch Native USDC and Cross-Chain Transfer Protocol (CCTP)

Sui, the high-performance Layer 1 blockchain, has announced the upcoming launch of native USDC and the Cross-Chain Transfer Protocol (CCTP) on its network. USDC, the leading regulated dollar-backed stablecoin issued by Circle, boasts a market cap of over $35 billion as of September 2024. CCTP is a permissionless utility that securely facilitates USDC transfers across blockchains, offering a more efficient way to transact.

The integration of native USDC and CCTP is set to boost Sui’s liquidity, improve transaction efficiency, and enhance interoperability for both users and developers. Builders on Sui will gain access to USDC for use in DeFi, gaming, ecommerce, and more, allowing seamless transactions with digital dollars.

With nearly $700 million in Total Value Locked (TVL) and over $250 million in bridged USDC, Sui’s DeFi ecosystem is already thriving. Native USDC will further solidify its position, as developers gradually transition from bridged USDC to the native asset.

Circle’s Chief Product Officer, Nikhil Chandhok, expressed excitement about the collaboration, highlighting the potential for developers to deliver enhanced blockchain utility on Sui. The move marks a significant milestone for Sui, positioning it as a leader in the digital currency space.

Bhutan Amasses $780 Million in Bitcoin Through Renewable Energy Mining

The Kingdom of Bhutan has quietly accumulated $780 million worth of Bitcoin (BTC), making it one of the top government holders of the cryptocurrency. This achievement stems entirely from Bhutan’s renewable energy-powered mining operations, setting it apart from other nations.

Blockchain analytics firm Arkham revealed that Bhutan holds 13,011 BTC, surpassing countries like El Salvador, which holds 5,875 BTC. Bhutan’s Bitcoin mining operations, powered by the country’s abundant renewable resources, are managed by Druk Holdings, the nation’s investment arm.

In May 2023, Druk Holdings partnered with Bitdeer, a leading mining company, to develop a carbon-free BTC mining facility in Bhutan. Bitdeer’s $500 million investment kickstarted a 100-megawatt (MW) facility, with plans to expand capacity to 600 MW by 2025. This large-scale operation has played a key role in Bhutan’s significant Bitcoin holdings.

Bhutan’s approach to Bitcoin accumulation is unique, as it relies solely on its renewable energy mining capabilities, reflecting a forward-thinking strategy in digital asset acquisition. The country’s mining operations continue to grow, positioning Bhutan as a rising player in the global cryptocurrency landscape.

Binance Founder Changpeng Zhao Sset for Early Release After Prison Sentence

Changpeng Zhao, the founder and former CEO of Binance, is set to be released from a US prison on September 29 after serving a reduced sentence for violating Anti-Money Laundering (AML) laws. Zhao, commonly known as CZ, was initially sentenced to three years in April 2024, but the sentence was shortened to four months following a plea agreement with the US Department of Justice (DOJ).

Zhao’s legal troubles began when Binance was found to have inadequate AML measures, allowing illegal activity on the platform. To resolve the case, Zhao paid a $50 million fine and stepped down as CEO. Binance itself was hit with a $4.3 billion fine.

The early release of CZ has sparked widespread speculation about his future in the crypto industry, especially given his permanent ban from managing Binance. Despite the legal restrictions, Zhao retains a significant stake in Binance, leaving open the question of whether he will pursue new ventures within the crypto space.

While Zhao’s future remains uncertain, the crypto community is closely watching his next moves, as his influence on the industry continues despite his legal challenges.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.