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Crypto Flipsider News – August 3rd – Miami Crypto, Digital Asset Investment, Binance, CoinJr, Independent Reserve, NFT Boom

  • Miami starts its crypto experiment: launches the city’s own cryptocurrency.
  • Digital asset investment products see outflows for the 4th week in a row.
  • Binance: Suspending ETH and ERC-20 token deposits, banned by HSBC. 
  • Australian exchanges: CoinJar and Independent Reserve.
  • The NFT boom continues: $300 million in weekly trade and CryptoPunks rent.

Miami Starts Its Crypto Experiment, Launching the City’s Own Cryptocurrency

The City of Miami is launching MiamiCoin ($MIA) this week. MiamiCoin allows people to invest in Miami by buying or mining the coin. Funds will be converted into US dollars and will be used for the city’s infrastructure or event projects.

MiamiCoin is the first ever CityCoin. CityCoin will provide municipalities with additional fundraising opportunities. Investors will be allowed to stack MiamiCoins and earn rewards through Stacks protocol. 

Crypto-friendly Miami wants to become the “Bitcoin capital of the world.”

Flipsider:

  • This is not the first time Miami has jumped into crypto. Miami’s mayor Francis Suarez had planned to add bitcoin to the city’s balance sheets this year, But since State and Federal law forbids Miami from accepting other currencies than US dollars, BTC might not be an option any more. ?

Digital Asset Investment Products See Outflows for the 4th Week in a Row

Digital asset investment products have witnessed net outflows for the 4th week in a row, CoinShares reports.

The total outflow amount is up to $19.5 million this week. The total outflow since mid-May has now reached $295 million, which amounts to 1% of the assets under management (AUM).

The outflow of Bitcoin-focused investment products reached $20 million last week, and $24 million the week before. Ethereum has also witnessed lower outflows, at only $9.5 million in the past two weeks.

In the meantime, multi-asset investment products have displayed a different trend, having only recorded inflows this year and attracting $7.3 million over the past week.

Flipsider:

  • Despite the millions withdrawn, inflows in Bitcoin investment products have amounted to about $4.1 billion this year. Could it be that the recent crypto market recovery simply inspired investors to take the profits while they can?

Binance: Suspending ETH and ERC-20 Tokens Deposits, Banned by HSBC

  • Due to the upcoming Ethereum London Hard Fork, the exchange has decided to put ETH and ERC-20 tokens deposits and withdrawals on hiatus. The suspension is set to last from today until the end of August 5th (UTC).  
  • After being issued with a warning by the FCA, the sixth-largest bank of the world, London-based HSBC, has stopped allowing payments from their cards to Binance. No official announcement was made, but users received this message informing them.   

Flipsider:

  • Binance appears in the news so often lately that it’s hard to tell whether the company loses or benefits from the situation.

Australian Exchanges: CoinJar and Independent Reserve 

  • CoinJar has launched the first crypto card backed by Mastercard in Australia. The card allows the transaction of digital assets directly through the platform using local Australian dollars. Moreover, they have integration with Google and Apple Pay, which allows the cards to be used digitally as well.  
  • Another big Australian exchange is moving up in the cryptoverse. Independent Reserve has received approval from MAS, the Monetary Authority of Singapore. Following this, they are now able to provide digital payment token services to users in the area. 

Flipsider:

  • It’s good that we are getting news from somewhere other than the U.S or China. These countries may be the biggest influencers, but no man is an island. On the other hand, Australia is an island. 😉 

The NFT Booms Continues: $300 Million in Weekly Trades and CryptoPunks Rent

  • Weekly NFT trade volumes reached a new record of over $300 million. NFTs  have become the first branch of crypto to live its own life. This can be partially observed by comparing the market sentiments of both. For instance, often, when crypto is doing so-so, NFTs continue to boom. They are, of course, still influenced by Bitcoin’s price, but the impact is becoming less and less.   
  • NFT rent is becoming a new thing. CryptoPunks are the first digital objects people want to own for at least some time. Thus, some inventive people have created a website allowing people to share them. After receiving tenant rights, they can put a picture on their avatar, or use it in some other way.  

Flipsider:

  • It’s interesting how the biggest NFT deals all happened over one period: Stoner Cats, the most expensive CryptoPunks auctioned, and so on. Now, let’s wait for the same number of NFT rent companies as we have carsharing.

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