Welcome to another edition of Crypto Explained.
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Another 2 months have passed by, and even though it was not as eventful in comparison to May and June, there are still some relevant adoption news for you to be aware of.
Let’s get right to it!
Crypto asset manager Grayscale wins SEC lawsuit for Bitcoin ETF review. Previously, in the effort to convert its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin exchange-traded fund (ETF), the SEC rejected the application. Grayscale subsequently sued, and the court ruled that the SEC did not adequately explain its denial of Grayscale’s application for an ETF, and the decision has been overturned (read more here).
In the end of August, the SEC submitted a sealed motion to the court against Binance, which is typically used to file sensitive or confidential information without revealing the contents publicly. The motion included more than 35 exhibits (read more here).
On July 13, the United States District Court for the Southern District of New York ruled that Ripple’s XRP token is not a security — but only for programmatic sales on digital asset exchanges. We have wrote a whole piece here: Ripple vs the SEC explained.
Swift announces a successful tokenization experiment using Chainlink’s CCIP. The blockchain interoperability test included multiple financial institutions like Citi, SIX Digital Exchange (SDX), BNP Paribas, and BNY Mellon (read more here).
Elon Musk's X has obtained licenses in multiple U.S. States to process payments, including crypto (read more here).
Solana Pay, the payment protocol built on the Solana blockchain, is now plugged into e-commerce giant Shopify, allowing users to pay in USD Coin (USDC) (read more here).
Coinbase gets a stake in stablecoin operator Circle, and USDC adds 6 new blockchains (read more here).
PayPal has launched a US dollar-denominated stablecoin PYUSD in collaboration with the stablecoin issuer, Paxos Trust Company (read more here).
Additionally, PayPal intends to continue its push into the crypto industry by integrating its PYUSD with the decentralized finance (DeFi) ecosystem (read more here).
Coca-Cola unveiled its "Masterpiece" NFT collection, displaying a fusion of traditional and modern artwork on Base, Coinbase's Ethereum Layer 2 network (read more here).
Following a Crypto.com issuer pilot, Visa expands stablecoin settlement capabilities with Circle’s USDC, adding pilot programs with merchant acquirers Worldpay and Nuvei, and utilizing the Solana blockchain (read more here).
Aptos Lab, the developer of a layer 1 blockchain started by former Facebook employees, is leveraging Microsoft's infrastructure to deploy new offerings that combine AI and blockchain technology, including a new chatbot called Aptos Assistant (read more here).
The Bank of England (BoE) has set up a digital pound advisory group which it is currently recruiting for as the country enters the design phase for its central bank digital currency (CBDC) (read more here).
Binance, the world's largest cryptocurrency exchange, has won a license to operate in Dubai after meeting the pre-conditions since receiving a preparatory license in September 2022 (read more here).
The Toyota GR Cup, a North American racing series held by Toyota Gazoo Racing, recently announced it would start awarding digital trophies and record driver performances on the Polygon blockchain (read more here).
Uber CEO has announced that the company would accept cryptocurrencies like Bitcoin (BTC) as a form of payment for its services in the future (read more here).
Italian central bank backs DeFi tokenization project with Polygon, Fireblocks (read more here).
Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six and Polygon Network have created a $200 million initiative to invest in social media and Web 3-based projects (read more here).
The British Museum is partnering with Ethereum-based metaverse game, The Sandbox, to create a range of NFT digital collectibles in conjunction with the museum’s licensing partner, French startup LaCollection (read more here).
Base, the highly anticipated Layer 2 network backed by Coinbase, has opened its doors to all users (read more here).
Polygon’s Chain Development Kit allows developers to freely build, customize and deploy layer 2 chains connected to the wider Ethereum ecosystem (read more here).
Social platform Friend.tech, which lets holders buy "shares" of people who hold an account on X, formerly known as Twitter, and grants the buyers certain privileges, has surged to more than 100,000 addresses since its launch on August 10th (read more here).
Coinbase has launched its initial services in Canada and aims to be “super active” in the country. The exchange anticipates a near-term doubling of crypto adoption in the region (read more here).
Thanks to an updated integration with fintech partners Banxa, MetaMask users can now buy Ethereum and other cryptocurrencies using Apple Pay's "1-click" service (read more here).
And that’s it for today. Thanks for making it this far! Make sure to like, subscribe and share, so more people can find us!