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Crypto Flipsider News – July 23rd – BlockFi, Circle K, ThorChain, IBM Health Passport, Steve Jobs, NFT, ADAHA

  • BlockFi is under U.S. regulatory scrutiny, plans IPO
  • Circle K convenience stores will host thousands of crypto ATMs
  • ThorChain attacked a second time in a week
  • Blockchain-based IBM Health Passport integrated with Amadeus reservation system
  • NFT news: Steve Job’s Job Application, Binance NFT Drop and The ADAHA Collection

BlockFi is Under U.S. Regulatory Scrutiny, Plans IPO

The United States regulators come stricter on crypto lending startup BlockFi due to its Interest Accounts (BIA) offering. Within the past few days, regulators from Texas, New Jersey and Alabama alleged that BlockFi’s Interest Accounts are unregistered with states’ securities regulators.

BlockFi has several weeks to respond and continue the BIA operations. The startup says its Interest Accounts product is lawful and appropriate for crypto market participants. Currently, with a BlockFi Interest Account (BIA), cryptos can earn up to 7.5% APY.

Flipsider:

  • BlockFi does not comment, but CoinDesk reported that the “documents circulated to investors” reveal it might be working on plans to go public within the 12 to 18 months.

Circle K Convenience Stores Will Host Thousands of Crypto ATMs

The largest Bitcoin ATM operator will be expanding into Circle K locations in the United States and Canada.

Bitcoin Depot has about 700 of its Bitcoin ATMs installed at partners Circle K convenience stores across various U.S. states. The company also has about 3,500 crypto ATMs in operation across the U.S. and Canada, with the possibility to purchase more than 30 different types of cryptocurrencies.

Thus, Bitcoin Depot aims to provide underserved communities with financial access services, which ultimately will attract more people to the crypto space.

The number of crypto ATMs across the globe has grown significantly. So perhaps Bitcoin Depot is doing a great job bringing accessibility to more people?

Flipsider:

  • Even though Bitcoin Depot mission to expand cash-to-crypto services sounds great, let’s not forget about high fees. One of the most common complaints about Bitcoin ATMs is their fees varying up to 5.1% per transaction and some Bitcoin ATMs have fees that are much higher reaching 15%.

ThorChain and White Hats

Cross-chain DEX ThorChain suffered another attack on Thursday, which came just days after the previous one, that caused nearly $5 million losses.

According to ThorChain’s tweet, the current attack was carried by the white-hacker who asked for his 10% bounty. The current attack cost nearly $8 million. The sophisticated attack was implemented via the ETH router.

ThornChain said the ETH will be halted until it can be reviewed with audit partners, as a priority.
It also named the “complexity of the state machine” as the current Achilles heel.

Flipsider:

  • Everybody in crypto is in the race at some point, as space is evolving at the speed of light. But maybe it’s time to slow down with the tempo? And thoroughly audit, audit (and once again audit) such complex systems before they go live?

Blockchain-Based IBM Health Passport Integrated With Amadeus Reservation System

Spanish flights reservation system Amadeus partnered with IBM to offer a simplified flight onboarding process in times of global pandemic. Amadeus will integrate IBM’s digital health passport solution into its platform.

Blockchain-based IBM’s Digital Health Passport allows the validation of user’s vaccination data in a secure decentralized way. It also authenticates credentials against pandemic requirements of each country.

Travelers will only have to scan their QR codes instead of presenting paper certifications at the gates. The reservation system is used by 474 airlines.

Flipsider:

  • Hopefully, this will help to reduce queues when onboarding the flights. At least, while they are still allowed.

NFT News: Steve Job’s Job Application, Binance NFT Drop and the ADAHA Collection

  • A 1973 handwritten job application from Steve Jobs when he was 18 is going for auction both as a physical collectible and an NFT. The application is one page long and was written right before Steve and Steve Wozniak, set up the Apple company. The aim of this auction is to not only sell the collectible but also to determine which version of the document would sell for more. As many other auctions, Olly Joshi’s event will donate a portion of its proceeds from the sale to cancer research and children’s charities.
  • The ADAHA Collection with its innovative artwork is stepping a foot into the Binance NFT marketplace. It will showcase thought-provoking artwork from eight contemporary artists. The collection will be available via an online auction which will start on July 27, giving a great opportunity for NFT collectors to purchase rare artwork from renowned artists.

Flipsider:

  • This unusual auction format will demonstrate where the real value lies -in physically accessible collectible or in innovative NFT?
  • As more NFT’s are coming to the daylight, digital art is booming. Not only is everyone releasing their NFT’s but also, some are selling them for millions. The question stands: are those participating understand the actual value of digital art, or they only are chasing after what’s popular?

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