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UK financial regulator announces launch of permanent Digital Sandbox in August

According to the FCA, the sandbox will be open to companies, startups and data providers, including those involved in banking, investing, lending and payments.

The UK Financial Conduct Authority (FCA) has announced the launch of its Digital Sandbox, which aims to support technology companies in the early stages of product development.

In a July 20 announcement, the FCA said the Digital Sandbox will be permanently available starting August 1. The financial watchdog has run two pilot programs of the initiative, which will be open to companies, startups and data providers, including those involved in banking, investing, lending and payments.

A sandbox allows projects to operate in a test environment to test their products and services largely without unwanted side effects that affect the real world. According to the FCA, the Digital Sandbox aims to help innovative companies in their efforts to launch new products and services, in addition to supporting economic growth and international competitiveness.

The UK Department of Treasury and Finance proposed a “financial market infrastructure sandbox” in April 2022 alongside its plans for a regulatory framework for payment stablecoins. HM Treasury also opened an investigation into a digital securities sandbox that could include crypto products in July.

On July 3, the European Commission announced that 20 projects had been selected for an EU regulatory sandbox. Those who qualified for the initiative included companies in financial and capital markets, telecommunications and information technology, and global trade.

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Aave Launches New GHO Algorithmic Stablecoin on the Ethereum (ETH) Mainnet

Lending and lending platform Aave (AAVE) has launched a new decentralized stablecoin on the Ethereum (ETH) mainnet.

The dollar-pegged stablecoin called GHO (GHO) is governed by the decentralized autonomous organization (DAO) Aave.

Nader Dabit, director of developer relations at Aave, says that the GHO is an “overcollateralized” stablecoin.

“Anyone can mint GHO using the assets they provide on the Aave Protocol V3 Ethereum marketplace as collateral, ensuring that the GHO is supercollateralized by a multitude of assets.

With GHO, the underlying mechanics and policies are fixed and cannot be arbitrarily changed by a centralized entity or individual. All transactions are done via self-executing smart contracts, and all information related to GHO transactions is published and auditable directly from the blockchain or many user interfaces.”

Aave says in the GHO launch announcement that the stablecoin is transparent and committed to the protocol community.

“Interest repaid in the GHO is redirected to the Aave DAO treasury. This supports the sustainability of the protocol and the continued development of new features.”

More than 2.7 million GHO tokens have been minted on Ethereum since the stablecoin’s official launch on Saturday, according to the project’s website.

The GHO fell from its peg to the dollar to a low of around $0.978 at one point on Sunday. It is trading at $0.982 at the time of this writing.

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Ark Invest sells over $50 million worth of Coinbase stock amid stock market rally

Cathie Wood’s investment firm, Ark Invest, has made significant moves in its Coinbase stock, selling over $50 million worth of shares as shares of the cryptocurrency exchange continue to rise.

This was the second time in a week that Ark Invest has reduced its stake in Coinbase, reflecting its hands-on management approach amid a backdrop of regulatory development and industry optimism.

At the same time, Ark Invest has been actively investing in other prominent companies including Meta Platforms and Robinhood.

Ark Invest profits from Coinbase Rally

Ark Invest, led by Cathie Wood, sold a total of 478,356 shares of Coinbase on Friday, worth more than $50 million. The sales were distributed across Ark’s flagship fund, the Ark Innovation ETF, which sold 263,247 shares, the Ark Next Generation Internet ETF, which sold 93,227 shares, and the Ark Fintech Innovation ETF, which sold 121,882 shares.

This decision comes on the heels of Coinbase’s role as a vigilant exchange partner for several Bitcoin ETF candidates, including industry giants BlackRock and Fidelity. Furthermore, recent legal rulings surrounding the status of the XRP cryptocurrency have added to the overall optimism of the industry.

While reducing its holdings in Coinbase, Ark Invest has also been actively investing in other adjacent crypto companies. The company started buying shares in Meta Platforms (formerly Facebook) and Robinhood. In June, the Ark Innovation ETF bought 69,793 shares of Meta, while the Ark Fintech Innovation ETF bought 111,843 shares of Robinhood.

Additionally, the Ark Next Generation Internet ETF increased its holdings with 12,559 Meta shares and 169,116 Robinhood shares. These strategic investments reflect Ark Invest’s ongoing strategy to navigate the evolving digital asset market.

Ark Invest’s decision to cut its holdings in Coinbase following significant acquisitions during market volatility and regulatory challenges demonstrates a calculated approach to securing profits amid the stock’s impressive recovery this year and indicates a calculated effort to secure gains during the recovery. of the actions.

Additionally, it demonstrates the company’s commitment to diversifying its portfolio to achieve long-term growth potential, as evidenced by its investments in Meta Platforms and Robinhood.

As the cryptocurrency market continues to evolve, Ark Invest shares will be closely watched by market participants, seeking information and guidance to navigate this dynamic landscape.

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Bitrue Crypto Exchange Launches Shiba Inu Staking Pool with 10% APY

Bitrue, the Singapore-based cryptocurrency exchange, has recently made significant strides in the Shiba Inu ecosystem, introducing the long-awaited Shibarium betting pool and listing LEASH, one of the prominent tokens in the ecosystem. These developments provide users with the opportunity to earn SHIBs, enjoy attractive returns and access enhanced trading options.

Shibarium Stake Pool launches and offers profitable returns

Bitrue started the Shibarium betting pool, announcing that it is allowing users to stake their LEASH and BONE tokens and win SHIB, the second largest dog-themed token.

With an impressive 10% Annual Percentage Yield (APY), the betting pool offers users a lucrative opportunity to earn passive income.

The participation period will last for 30 days, allowing users to participate for one month. Bitrue urges users to take advantage of the early stage as these investment opportunities are expected to run out quickly.

Bitrue includes LEASH and expands trading options for the Shiba Inu ecosystem token

Bitrue has expanded its support for the Shiba Inu ecosystem to include LEASH, offering users better trading opportunities. The listing allows users to access deposit functions on Bitrue’s trading platform, paving the way for greater liquidity and market share.

Investors and enthusiasts are now paying attention to the potential for substantial returns with Shiba Inu ecosystem tokens. Bitrue’s recent announcements have created excitement among SHIB holders as the expansion of the PowerPiggy service offers exclusive benefits to new users.

However, BONE, the governance token of decentralized exchange ShibaSwap, has seen price fluctuations. Currently priced at $1.23, BONE is down 92% from its all-time high (ATH). However, if BONE were to recoup its ATH of $15.50, investors would need an investment of $79,354 now to earn a return of $1 million.

Stylized as the Doge Killer within the Shiba Inu ecosystem, LEASH reached an ATH of $8,983 shortly after launch, but faced the brunt of a bear market, resulting in a current price of $416. of its ATH, the future movement of the LEASH price remains uncertain. If LEASH rises 2059% and recovers its ATH, an initial investment of $46,176 at current prices would yield a return of $1 million.