🦎🚀 A New Challenger Has Appeared! 🥊

Thursday, June 1, 2023

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Asia is waking up

Hong Kong-based company First Digital is launching a new stablecoin called FDUSD. The stablecoin will be pegged to the U.S. dollar but will be regulated in Asia.

According to First Digital, each FDUSD coin will be backed by one U.S. dollar or an equivalent asset of fair value, and the reserves will be held in segregated accounts at Asian institutions. FDUSD is programmable and designed to facilitate the execution of financial contracts, escrow services, and insurance without intermediaries.

In today's news, Multichain's debacle continues, debt ceiling bill passed, and Binance cuts headcount!

Read on!

Analyzing Crypto by Types

Did you know that besides cryptocurrencies, there are 11 more types of crypto?

And that's just at the asset/token level – protocols & networks get classified separately under the GCCS!

24h Hot Searches Worldwide

Pepe (-0.4%)
Sui (-1.9%)
Ethereum (-0.7%)
Bitcoin (-1.2%)
Open Campus (-1.5%)
Ovr (-18.5%)
Optimism (-2.6%)

ERC-20, ERC-721…wait, what do they even mean??:thinking_face: Let's find out what ERC tokens are, what they are used for, and why they matter in crypto!

Let's find out here!

Multichain issues prolong

In the past week, the Multichain protocol has faced several issues with their Router 2 and Router 5, which affected their normal cross-chain service of some chains.

Despite the team doing everything they can to keep the protocol running, they are unable to contact their CEO Zhaojun to obtain necessary server access for the maintenance of the routers.

The Block

Binance 'Re-evaluating headcount'

Binance has laid off a portion of its workforce amidst the dragging bear market despite saying two months ago that it had no plans to cut jobs.

According to them, non-performers and non-culturally fit people are being let go to open up spots for more fit talent. As of now, there are still over 300 open positions on their website.

The Block

Debt ceiling bill passed

The debate on the US debt ceiling has passed The US House of Representatives, as they have approved an agreement to raise the borrowing limit, allowing the country to borrow additional funds.

This approval comes just before the US is scheduled to default on its debt. The deal passed with a comfortable majority of 314-117 votes, although some members from both political parties dissented. The Senate must vote on the bill later this week before President Joe Biden can sign it into law.

Cointelegraph

A few words about WhiteBIT

WhiteBIT is one of the largest European centralized crypto exchanges with 350+ trading pairs and 270+ digital assets, including its native token WBT, 10+ national currencies, spot, margin, and futures trading with up to 20x leverage and 24/7 support. The platform is also one of the 3 safest crypto exchanges with the highest AAA rating according to the audits of Hacken.io and the CER.live certification platform.