Bitcoins continue to hold on to the $26,000 mark as all eyes are on Jerome Powell, the US Federal Reserve Chair, eagerly anticipating his speech in Jackson Hole. Notable attendees like Christine Lagarde, President of the European Central Bank, intensify the anticipation around potential implications on monetary policies. A research note by Bank of America however, curbs the excitement with its speculation of unlikely strong policy directives from this meet. The forecast shadows Crypto markets causing Bitcoin and Ether values to slip by 1.5% and 1% respectively over the last day. Most Altcoins found themselves painted red, Lido DAO’s LDO token suffering the biggest blow of a 6% loss.
In other news, Binance, the world’s leading crypto exchange in terms of trading volume, is in conversation with low-liquidity token crypto projects in a bid to boost their liquidity security. As revealed to CoinDesk in an email, the initiative forms a part of their continuous risk management efforts to protect users from potential market manipulation risks. The rising concern draws from the correlation between projects with lower market liquidity trading pairs or smaller market capitalization and their vulnerability to market risks. There is a proposition on the table for these projects to pool up to 5% of their circulating tokens into Binance’s saving pools in return for interest.
Stablecoins issuer Num Finance adds another fascinating chapter in the Blockchain ledger by introducing a Colombian peso-anchored token on the Polygon network named nCOP. The overcollateralized token paves the way for businesses and individuals across Latin America and Turkey to transfer, earn, pay, and save money on blockchain tracks, as per the press release on Thursday. This move comes at a time when the demand for the $124 billion worth digital asset subset, stablecoins, is surging in regions with weaker financial systems.
Crypto research firm, Chainalysis, in a report, showcases people’s growing preference for Cryptocurrencies for remittances and value storage. “Surprisingly, Colombia is among the main Latin American recipients of remittances with nearly USD 10 billion funneled into the country,” shares Num Finance CEO, Agustín Liserra. Through nCOP, Num Finance offers a new channel for remittances enabling recipients to draw a yield on them.
Source: Coindesk
