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African Infrastructure Firm Raises $150M to Launch Crypto Water Token

A new cryptocurrency-powered water supply infrastructure system has received a massive investment from global investment firm GEM Digital.

South Africa-based H20 Securities has raised $150 million from investment firm GEM Digital through the sale of the H20N token.

By investing such a large amount, GEM Digital will have H20N tokens, which will be used to target funding for water distribution infrastructure in areas that do not have sufficient access to fresh water.

GEM Digital is a $3.4 billion investment firm based in the Bahamas that specializes in alternative investments such as digital assets and resource mining devices. H20 Securities aims to bring about more significant development in water infrastructure around the world and hopes that its solution will increase the availability of water for the world’s population.

In a joint announcement on July 4, H20 Securities CEO Julius Steyn said: “The focus with the H2ON token is primarily to finance water projects internationally and not so much the technical engineering and construction of such projects.” .

GEM Digital is used to investing in technologies designed to improve the environmental effects and living conditions of humanity. His portfolio includes investments in Changing World Technologies, a food waste processing company, and Neos Ocular, a company that produces lasers to improve vision.

GEM previously invested in digital asset management service QBNK Holding AB.

The H20N will be used to settle accounts between H20N network participants, including water plant operators and their customers. By raising funds to finance water projects, it aims to reduce the time it takes for water providers to deliver to new customers compared to traditional means.

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Sudbury woman saved from Potential cryptocurrency scam

One woman was in the right place at the right time, which kept her from becoming the latest victim of a cryptocurrency scam.

How a woman was stopped from being the last victim

The elderly woman is believed to have withdrawn approximately $30,000 from her bank account. He then headed to a bitcoin ATM in the city of Sudbury. There, she was directed, over the phone, by someone claiming to be on the Microsoft support team. They were giving you instructions on how to transfer the money through the machine and send it to a specific address.

Area police say what most merchants probably already know… that the caller was not from Microsoft. They were actually a scammer looking to get some cryptocurrencies they didn’t earn. Sudbury Police Spokesperson Lieutenant John Perodeau explained in an interview:

She was hacked. Fortunately, we were able to intervene and she was able to deposit the money into her account.

Crypto scams have increased in volume in recent years as the prices of many assets, despite recent declines, have risen sharply from two years ago. Perodeau says the woman fell victim to ransomware that ended up causing all files on her computer to be encrypted and locked. They gave him a phone number that he thought was Microsoft support. He called the department for help without realizing that this was all part of the scam.

He was instructed over the phone to buy bitcoins through the machine and send the funds to “Microsoft”. Perodeau explained:

As soon as you provide the code, the money will disappear.

Bitcoin ATMs are becoming much more common. On the one hand this is not a bad thing as it contributes to the growing legitimacy and popular appeal of digital currencies, but it has also led to the resurgence of crypto crime as with so many ATMs it is much easier to scam people and steal your digital funds.

Seniors are often targets of these types of scams because they don’t realize the breadth of today’s new technology. They also tend to have limited knowledge of cryptocurrencies and digital finance.

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El Salvador buys The Dip, has 2,381 Bitcoins in the Treasury

El Salvador’s President Nayib Bukele announced that the country has purchased an additional 80 BTC, resulting in a total treasury of 2,381 BTC valued at around $46.1 million.

El Salvador bought the dip and acquired 80 BTC at an average price of $19,000.

Two days ago, MicroStrategy also bought the drop worth 480 BTC.

Nation-states and institutions remain dollar-averaged while a contagion effect upsets a rocky bear market.

President Nayib Bukele of El Salvador announced last night that the country bought the dip with another 80 BTC added to the national treasury for an average cost of $19,000.

In total, El Salvador has a total bitcoin hoard of 2,381 BTC, currently valued at around $46.1 million. The nation-state has been slowly accumulating bitcoin since its first bitcoin purchase on September 6, 2021, when it purchased 200 BTC and became the first country in the world to hold bitcoin on its balance sheet three months after declaring bitcoin currency.

Lately, Bitcoin and the cryptocurrency ecosystem in general have witnessed what is known as “contagion” in which cascading failures of one institution mixed with another amid market corrections. Due to this effect, institutional and state holders in the bitcoin ecosystem have come under scrutiny for continuing to hold bitcoin under the circumstances, with El Salvador being one of the criticized holders.

Likewise, Michael Saylor was interviewed to discuss whether or not he regretted the bitcoin strategy his software analytics company, MicroStrategy, chose to adopt. In light of Bukele, however, Saylor continues to buy on the downside and remains steadfast in the spirit of dollar cost averaging: the continuous accumulation of an asset over time, regardless of price.

As prominent figures like Bukele and Saylor continue to accumulate large amounts of bitcoin over time, they will continue to be criticized when the price fails to rise. However, the important thing to note is that they are not trading bitcoins. If the goal was to buy and sell bitcoins in a short period of time, criticize the bad timing. But as things stand, El Salvador and MicroStrategy clearly continue to look at a longer time horizon than is generally believed.

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TikTok Star Khaby Lame to be Binance Spokesperson

Binance has partnered with popular TikTok content creator Khaby Lame to spread awareness about cryptocurrencies.

From TikTok to Web3

The Italian-Senegalese viral content creator will be Binance’s new global brand ambassador to increase awareness and adoption of Web3. Khaby Lame is known for his hilarious, silent videos in which he debunks popular misconceptions and calls out cryptic modern tricks. Khaby became the most followed content creator on TikTok (145 million followers) because of his “nonsense” attitude and straightforward sense of humor. Speaking about partnering with Khaby, Vice President of Global Marketing at Binance, James Rothwell commented:

“With so much nuance around Web3 and misinformation in the world, it was a perfect match to have Lame on board to help debunk some of the myths surrounding that space.”

Debunking Web3 Misconceptions

Khaby’s videos are characterized by him navigating overly complicated “life hack” scenarios without saying a word while doing the famous “Khaby move”. Partnering with Binance will see him address misinformation and misconceptions about Web3 and cryptocurrencies in his signature style, while trying to simplify complex topics in the marketplace. Khaby released a statement about the partnership, saying:

“I consider my followers as my family and I’m always looking for new challenges and interesting content to share with them. I’ve been curious about Web3 for some time now and jumped at the chance to partner with a leader like Binance because it aligns perfectly with what I usually do: making complex things easy and fun for everyone.”

Khaby publishes first video sponsored by Binance

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Coinbase reveals European expansion plan: Seek licenses in Spain, Italy, France and the Netherlands

Cryptocurrency exchange Coinbase has revealed its expansion plan to several European markets. The company is in the process of registering a cryptocurrency exchange in Spain, France, Italy and the Netherlands.

Coinbase expands in Europe

Coinbase Global Inc. (Nasdaq: COIN) is planning to expand its operations in Europe, Bloomberg reported on Wednesday, citing an interview with Nana Murugesan, vice president of International and Commercial Development at Coinbase.

Noting that Coinbase is focused on increasing its presence in Europe, the executive revealed that the exchange is in the process of applying for a license in several European markets, including Italy, Spain, France, and the Netherlands.

The Nasdaq-listed company is currently registered in the UK, Ireland and Germany, Murugesan confirmed, noting that Coinbase also recently hired its first employee in Switzerland.

“In all these markets, our intention is to have retail and institutional products”, emphasized the executive, specifying:

It's almost like an existential priority for us to make sure we can fulfill our mission by accelerating our expansion efforts.

Coinbase is also open to acquisitions that will accelerate its expansion abroad, Murugesan noted.

However, the crypto exchange is shrinking. Earlier this month, CEO Brian Armstrong announced his company’s plan to lay off 1,100 employees, or 18% of its workforce.

Murugesan said Coinbase’s goal is for the international segment to become a “significant” part of its business. He opined:

That's our goal, but just when we get there, all of that, it's a lot of dependencies.

On Monday, global investment bank Goldman Sachs downgraded Coinbase to a “sell” rating. COIN is down more than 85% since it started trading on Nasdaq. At the time of writing, Coinbase Global is trading at $49.75, down over 36% over the past month.