Crypto News Weekly Round Up 3rd – 8th August

Crypto News Weekly Round Up

Grayscale Ethereum Trust to be an SEC Reporting Company

Grayscale has filed for its Ethereum Trust to become an SEC reporting company. It has filed a Voluntary Registration Statement on Form 10 with the US Securities and Exchange Commission(SEC). If the filing is approved, it would be the second crypto after Bitcoin to obtain an SEC reporting status.

Ethereum Classic Attacked Second Time in a Row

Ethereum Classic was attacked 51 percent by hackers and about 4000 blocks were reorganized. It is said that ETC lags the influx of funds that impact the mining process. Therefore the limited miners are not in a state to protect from these kinds of attacks which makes it easy to penetrate through the digital asset.

Altcoins Recapture the Market

The most dominated cryptocurrency Bitcoin, which recorded approximately 60-70 percent of the market dominance, could possibly be challenged by the altcoins. Currently, bitcoin’s dominance has slipped down to 61 percent whereas the altcoin dominance has grown above 30 percent. The 12-month low recording of the bitcoin dominance might provide an insight into the growing adoption of altcoins.

New DEX for DeFi Sphere

The team that created FTX exchange has launched a new Decentralized Exchange(DEX) for the Decentralized Finance (DeFi) platform. Built on Solana blockchain, Serum is said to test the boundaries of DEXs using a non-Ethereum blockchain. However, the DEX needs to be tested with the real-time users which are expected to go live in a couple of weeks. The DEX will be also launching the native token $SRM based on Solana blockchain and alternatively on ERC-20 with around 10 billion max supply.

Banks in Russia, Switzerland and South Korea to offer Crypto Service

Shortly after the US bank regulators, OCC allowed the banks to hold cryptos on behalf of their customers, other banks around the world too lined up to support crypto custody. 

KB Kookmin Bank, one of the largest South Korean banks has partnered with a blockchain venture fund, Hashed, and a crypto trading platform, Cumberland Korea to offer crypto services. 

Basler Kantonalbank or BKB, a government-owned commercial bank in Switzerland is planning to launch crypto custodial services to its customers through its banking subsidiary.

Russia’s biggest bank Sberbank, a state-owned company, is considering launching its own stablecoin that could be pledged one-to-one with the Russian Ruble. The stablecoin would be compliant to the recent crypto law signed by President Putin.

Collectively, it was a pretty fair week for the Cryptos and the major altcoins witnessed a bull run which would probably continue further also. More banks entering the crypto space could provide strong support in terms of laws and regulations. Did you enjoy this Crypto News Weekly Round Up? what are you waiting from the crypto world in the coming week, let us know via Twitter?