Today in Crypto: Bitget Launches Crypto Loans Product, Ethereum Community Proposes New Standard to Strengthen DeFi Protocols’ Security, China Tightens Exports of Two Key Materials Used in Computer Chips

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
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Exchange news

• Bitget announced the launch of its native Crypto Loans product, based on a dual-coin approach, allowing users to stake one coin from their holdings as collateral in exchange for the ability to borrow a corresponding amount in another coin, said the press release. Each loan is issued at a specific interest rate to pay, with the borrowed amount determined by the market value of the staked collateral. The loans are issued within a predetermined period, and users can choose to repay before or at the predetermined deadline, it said. 

DeFi news

• A group of Ethereum community members proposed a new standard to improve the security of decentralized finance (DeFi) protocols. Per the proposal, “this standard outlines a smart contract interface for a Circuit Breaker that triggers a temporary halt on protocol-wide token outflows when a threshold is exceeded for a predefined metric. This circuit breaker does not assume the structure of the underlying protocol, and mainly serves as a pass-through vehicle for token outflows.”

Regulation news

• The Chinese government is tightening controls over exports of two key materials used to make computer chips. From next month, special licenses will be needed to export gallium and germanium from China, the world’s biggest producer of the metals, the BBC News reported. The Ministry of Commerce said that the restrictions were needed to “safeguard national security and interests.” 

Legal news

• US-based law firm McDermott Will & Emery filed for compensation of $5.1 million from the creditors of bankrupt crypto brokerage firm Voyager Digital for legal services offered between March 1 and May 13, 2023. The firm billed the legal fees to the “Official Committee of Unsecured Creditors,” stating that it charged an hourly rate of $1,026.76 for its services during the period.

NFT news

• Swiss investment bank Credit Suisse is teaming up with the Swiss Football Association (SFA) to release a non-fungible token (NFT) collection. The 756 NFTs, minted on Ethereum and featuring portraits of the members of the Swiss Women’s National Team, will be available for purchase from July 11 on CSX, the bank’s digital banking application. The proceeds will be donated to the team and to other organizations dedicated to supporting female football players.

Stablecoin news

• The value of payment transactions powered by stablecoins will exceed $187 billion globally by 2028, up from $53 billion in 2023, found Juniper Research, a research and analytical services provider. “By 2028, the value of cross-border stablecoin payments will represent almost 73% of total stablecoin payments transaction values globally; showing the dominance of cross-border use cases,” it stated. 

Mining news

• CleanSpark released its unaudited bitcoin (BTC) mining and operations update for the month ending June 30, reporting: 491 BTC mined in June; total BTC holdings of 529; CY2023 bitcoin mined of 3,495; and a deployed fleet of about 68,678 bitcoin miners with a hashrate of 6.7 EH/s. Per the press release, the company funded growth and operations through the sale of 413 bitcoins in June at an average of approximately $27,200 per BTC. These sales equated to proceeds of ca. $11.2 million. June daily BTC mined averaged 16.4 and reached a high of 17.4, it said.