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CRYPTO HOT NEWS 07/18/2022

Lightspeed Venture Launches a Blockchain-Focused Team

Fintech-focused US VC firm Lightspeed Venture Partners announced the launch of a new blockchain-focused team — Lightspeed Fraction — to invest in early-stage blockchain projects. The news comes along with Lightspeed Venture Partners unveiling three new US funds that have, in total, raised $6.6 billion and a $500 million fund focused on Indian early-stage startups.

Australian central bank governor favors private sector crypto technology

Australian central bank Governor Phillip Lowe believes that there are risks in dealing with cryptocurrency that can be mitigated by strong regulations, but the tech should be made by private companies. In his view, private companies are “better than the central bank at innovating” the best features for cryptocurrency.

Poloniex Stands Firm in the Crypto Winter with New Trading System and Expansion Plan in the Pipeline

Mr. Justin Sun, the founder of TRON, said that Poloniex will continue to thrive with strong capital as well as stable networks. Justin ensured that Poloniex’s operations remain unchanged and it will continue to recruit more talents globally to optimize its product features and services.

Bitfinex donates over $1.3 billion worth of crypto to Salvadorean small businesses

Bitfinex, the crypto exchange owned by the same entity that owns Tether, announced it would allocate 36 BTC and 600,000 USDT (worth over $1.3 billion in total) to support small businesses in El Salvador, the first country in the world to recognize Bitcoin as legal tender. The trading platform linked to Tether is making sizable donations to small businesses in El Salvador as it aims to strengthen its position in the country.

Solana-Based Move-to-Earn App STEPN Generated Over $122M in Profits in Q2

Solana-based move-to-earn application amassed $122.5 million in profits through its platform fees in Q2 2022. STEPN plans to use 5% of the profits generated to commence a Q2 GMT buyback and burn program. Alongside, the platform will also allocate capital reserves to ramp up its existing features and build out the team.

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