The number of pending transactions on the Ethereum network has jumped 30% after leading decentralized exchange Uniswap launched its UNI governance token.

Popular cryptocurrency trading platform Kraken has announced the State of Wyoming has approved its application to form the world’s first Special Purpose Depository Institution (SPDI), allowing it to form a crypto bank dubbed Kraken Financial.

Leading cryptocurrency exchange Binance has launched its Binance Visa Card, a cryptocurrency debit card that lets users pay with crypto anywhere visa is accepted, to its users in the European Economic Area.

Top stories in the Crypto Roundup today:

• Ethereum’s Pending Transactions Surge After Uniswap Launches Governance token
• Kraken Launches Crypto Bank in Wyoming After Receiving Bank Charter Approval
• Binance’s Crypto Debit Card Launches in Europe
• WNXM, SNX, and ETH Are Moving the Crypto Market

Ethereum’s Pending Transactions Surge After Uniswap Launches Governance token

The number of pending transactions on the Ethereum network has jumped 30% after leading decentralized exchange Uniswap launched its UNI governance token.

According to the decentralized exchange’s announcement, a total of 1 billion UNI tokens will be released over the next four years. Liquidity mining for the governance token is set to start on Friday. In a blog post, the exchange wrote:

"15% of UNI [150,000,000 UNI] can immediately be claimed by historical liquidity providers, users, and SOCKS redeemers/holders based on a snapshot ending Sept. 1, 2020, at 12:00 am UTC."

After the announcement, the number of pending transactions on ETH jumped from around 160,000 to 210,000, with some going to the smart contract address of the UNI governance token. The increasing number of transactions led to an increase in the gas fee on the Ethereum blockchain.

Uniswap’s UNI token smart contract address soon became one of the top addresses by transaction fees. Within hours of the exchange’s announcement, leading centralized exchanges Binance, OKEx, and Uniswap listed the token.

Kraken Launches Crypto Bank in Wyoming After Receiving Bank Charter Approval

Popular cryptocurrency trading platform Kraken has announced the State of Wyoming has approved its application to form the world’s first Special Purpose Depository Institution (SPDI), allowing it to form a crypto bank dubbed Kraken Financial.

According to an announcement, Kraken Financial is headquartered in Wyoming and is the “first digital asset company in U.S. history to receive a bank charter recognized under federal and state law.” It will be the first regulated bank in the country to provide deposit-taking, custody, and fiduciary services for cryptocurrencies.

Kraken’s clients will now be able to pay bills and receive their salaries in cryptocurrency and incorporate cryptos into their investment portfolios. Clients will be able to bank directly with Kraken Financial, as they would with any other bank. Kraken Financial is regulated “large in the same manner” as other banks in the U.S.

It will operate as a fully independent bank and reduce Kraken’s reliance on third-party financial institutions. The move will also help it launch new products such as a crypto debit card, a yield account, account management services, cryptocurrency staking services, and more. The announcement adds:

"Kraken Financial, as a bank, is required by Wyoming law to maintain 100% reserves of its deposits of fiat currency at all times. If every client were to demand withdrawals of their fiat at the same moment."

In its first phase of operation, Kraken Financial will only offer accounts to U.S. residents. SPDI’s, it’s worth noting, are not allowed to lend and the bank has to hold 100% of its fiat assets in reserve.

Binance’s Crypto Debit Card Launches in Europe

Leading cryptocurrency exchange Binance has launched its Binance Visa Card, a cryptocurrency debit card that lets users pay with crypto anywhere visa is accepted, to its users in the European Economic Area.

According to a press release, the Binance visa Card lets users transact at over 60 million locations throughout the world, and can virtually be linked to Google Pay and Samsung Pay. The card reportedly has zero subscription and maintenance fees, and transactions in Euros have no transaction charges, although third-party fees may apply.

The Binance Card is powered by Swipe, a cryptocurrency debit card issuer the exchange acquired earlier this year, and will be linked to a Card Wallet within users’ Binance accounts. The wallet can be replenished with funds from their spot trading accounts.

Binance is rolling out a crypto cashback program with the card, allowing users to get up to 7% cashback on their purchases in BNB. The cashback amount will depend on the average amount of BNB users hold over a 30-day period.

WNXM, SNX, and ETH Are Moving the Crypto Market

There are several tokens leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with rather liquid trading pairs, so we’ll be focusing on these over low-cap cryptos who may have higher percentage changes.

Wrapped Nexus Mutual (WNXM) – Nexus Mutual is a decentralized alternative to insurance, protecting against smart contract failure. NXM paid a claim when DeFi protocol bZx was exploited via a flash loan. In the last 24 hours, WNXM’s price is up 7.86%.

Ethereum (ETH)  - Ethereum is the second-largest cryptocurrency by market cap, and it’s been going up as demand for it keeps on growing along with the decentralized finance space. IT’s up 4.35% in the last 24 hours.

Synthetix (SNX) - Synthetix is a decentralized payment network designed to enable everyday cryptocurrency purchases. It uses a dual token system to reduce volatility. In the last 24 hours it went up over 7%.

State of the Crypto by Top Tier Exchange Volume

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