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Crypto Evening Briefing: Ethereum Gas Fee Jumped Due to Memecoin Frenzy With Mixed Comments on Network Usability

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Ethereum Gas Fee Jumped Due to Memecoin Frenzy With Mixed Comments on Network Usability

Ethereum's gas fees have reached a new multi-month high due to a growing memecoin frenzy, resulting in a surge in daily revenue for the network. However, the high fees have also caused congestion and difficulties processing transactions. Memecoins such as TROLL, APED, and BOBO have become top gas spenders, replacing ETH, WETH, and USDT. 

EU Parliament Approves Crypto Licensing, Funds Transfer Rules

The European Union has voted in favor of a comprehensive crypto law, the Markets in Crypto Assets regulation (MiCA), with 517-38 in favor, making it the first major jurisdiction to introduce such a law. The EU has also voted in favor of the Transfer of Funds regulation, which requires crypto operators to identify their customers to halt money laundering.

Societe Generale Launches Euro-Pegged Stablecoin on Ethereum

Societe Generale-Forge (SG-Forge), the digital asset arm of French banking and financial services firm Societe Generale, has launched a euro-pegged stablecoin called EUR CoinVertible. The stablecoin is only available to institutional qualified investors through eligible market platforms and has been designed to bridge the gap between traditional capital markets and the digital assets ecosystem. 

Tesla Didn’t Sell BTC During Q1 of 2023

Tesla did not buy or sell any Bitcoin during the first quarter of 2023, and continues to hold 11,950 BTC worth approximately $345 million. This marks the third consecutive quarter where the company has not made any transactions with the cryptocurrency. 

Terra Co-founder Do Kwon Reportedly Indicted for Document Forgery

Do Kwon, co-founder of Terraform Labs, has been indicted by prosecutors in Montenegro for forgery of legal documents. The charges came after Kwon was arrested in March while attempting to board a private plane from Podgorica Airport to Dubai using fake documents.

Market Watch 

As of press time, according to Cointime data:

BTC 's live price is $28,801.62 USD, dropped by 1.50% in the last 24 hours;

ETH’s live price is $1,967.46 USD, dropped by 0.70% in the last 24 hours;

BNB’s live price is $326.08 USD, dropped by 0.20% in the last 24 hours;

XRP's live price is $0.4926 USD, dropped by 0.95% in the last 24 hours.

Fundraising News

Staking Provider P2P.org Raises $23M From Big-Name Investors to Drive Institutional Offering

Staking service provider P2P.org has received $23m in funding from crypto heavyweights Jump Crypto, Bybit and Sygnum. 

Berachain Raises $42 Million to Launch Yet Another Layer 1 Blockchain

Bear-themed crypto project Berachain, run by pseudonymous co-founders Homme Bera, Dev Bear, Papa Bear and Smokey the Bera, has raised $42m to launch a new Layer 1 blockchain. Polychain Capital led the funding, with Hack VC, Shima Capital, Robot Ventures, Goldentree Asset Management and others participating.

Web3 Funding Continues To Crater — Drops 82% Year To Year

Funding to VC-backed Web3 startups hit a low in Q1 2023, with venture funding falling 82% YoY from $9.1bn in Q1 2022 to $1.7bn, according to Crunchbase data. The number is also down 30% from the final quarter of last year and the lowest since Q4 2020. 

ApeCoin Community Approves $1M Donation to Ethereum Development

The ApeCoin community has donated $1 million to support the ongoing development of the Ethereum blockchain.

DivInc to Launch Blockchain Accelerator Program

Austin-based startup accelerator DivInc has announced its first accelerator program dedicated to blockchain technology, aimed at supporting underrepresented founders in the space. The DWeb for Social Impact Accelerator will offer programming and resources to help founders understand decentralized tools and technologies, with up to 10 companies accepted for the 12-week program running from September through November. Each company will receive $10,000 in seed funding upon completion.

Singapore-Based Accredify, a Blockchain-Based Platform for Document Verification, Has Raised $7 Million in a Series a Funding Round Co-led by iGlobe Partners and SIG Venture Capital

Singapore-based Accredify, a blockchain-based platform for document verification, has raised $7 million in a series A funding round co-led by iGlobe Partners and SIG Venture Capital, with participation from Pavilion Capital and Qualgro. Accredify creates a wallet, or document store, for clients on the Ethereum network, manages their private and public keys, and draws data through dashboards or API integrations.

Card1Ventures, Led by Gary Cardone, Invests $4 Million into Node40 to Accelerate Expansion and Innovation in Blockchain Infrastructure

Card1Ventures has invested $4m in Node40, a blockchain infrastructure firm, in a bid to help the company expand its product offering and grow its presence in the blockchain industry. Node40 specialises in the deployment and management of blockchain nodes and has been instrumental in the adoption of blockchain technology by businesses worldwide.

Binance Labs Invests in GOMBLE, a South Korean Developer of Blockchain-Based Casual Games

Binance Labs, the venture capital arm and accelerator of Binance, committed an investment in the seed funding round of GOMBLE, a blockchain-based casual game developer. GOMBLE will use the funds to develop and release its first mobile game, RumbyStars, and continue to expand its gaming platform using a game-as-a-service (GaaS) model.

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