Top stories in the Crypto Roundup:

• Binance announces plans to launch ‘Venus’, a region-specific version of Facebook’s Libra stablecoin.
• First-of-its-king initial public offering (IPO) filed by cryptocurrency exchange operator INX Limited.
• Supreme Court judge denies Bitfinex parent’s motion to dismiss the New York attorney general’s investigation.

For the first time in seven days, the BTC/USD pair—on the four-hour timeframe—rose above the 100 EMA. At the time of writing, Bitcoin (BTC) is trading hands at $10,764.2 (+2.7%) with a daily trusted volume of $1.68 bn. As for ether (ETH), it is currently tracking at $200.41 (+1.1%) with a trusted volume totaling $262.03 m. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,477.9 (–0.1%).

Binance Planning Venus Stablecoin Initiative

Leading cryptocurrency exchange Binance announced its plans to launch an open blockchain project called Venus, an initiative to develop region-specific stablecoins and digital assets pegged to various fiat currencies.

In its English version of the announcement, Binance stated it is "looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies."

Regarding the extent to which Venus may affect Facebook’s not-yet-launched Libra stablecoin project, Binance co-founder and chief executive Changpeng Zhao briefly tweeted it “should help Libra, if you think about it.”

First-of-its-Kind IPO Filed by Cryptocurrency Exchange Operator

Gibraltar-domiciled cryptocurrency and security token trading platform operator INX Limited filed a preliminary prospectus with the U.S. Securities and Exchange Commission (SEC) on Monday. In an industry first, it plans to raise as much as $129.5 million in net proceeds from the issuance and sale of 130 million INX Tokens (INX), assuming an initial public offering (IPO) price of $1.00 per INX.

“Each INX Token will entitle its holder to an annual pro rata distribution of 40% of the Company’s net cash flow from operating activities,” INX Limited stated in its draft Form F-1—also known as a Registration Statement.

Among INX’s advisory board are a number of notable individuals from the cryptocurrency ecosystem such as Casa chief technology officer Jameson Lopp, Blockstream chief strategy officer Samson Mow, and Morgan Creek Digital chief executive Mark Yusko. Each board member holds options to purchase a given amount of INX tokens at a price of $0.01 per token.

New York Court Denies Bitfinex’s Motion to Dismiss Investigation

The New York Supreme Court ruled Monday that it has jurisdiction over Bitfinex and Tether parent company iFinex’s case brought forward by the Office of the New York Attorney General (OAG). This now allows the OAG to continue its investigation the cryptocurrency exchange operator and stablecoin issuer.

On July 30, the law firms representing iFinex filed a letter with the court that urged the presiding judge to dismiss the case. A major part of iFinex’s argument was that the OAG does not have jurisdiction in the case because of the parent company’s terms of service rules prohibiting New York-based entities from accessing its services.

NEXO Token Holders Receive US$2,409,574.87 in Dividends

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Since its launch, Nexo has seen exorbitant growth of the registered user base to 250,000+ and has gained significant market share, making Nexo the market leader in Crypto FinTech.

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Thank everyone for their ongoing trust and support!

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