Daniele Sestagalli, a top application developer on layer-one blockchain Avalanche, has proposed taking over SushiSwap in a post on the project’s governance forum. The post highlights how SushiSwap has been expanding over time and suggested Sestagalli’s addition to the project could help end its ongoing woes.

The UK’s Advertising Standards Authority (ASA) has banned seven cryptocurrency ads for Papa John’s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp, and Exmo. The watchdog labeled these ads as “misleading” and “irresponsibly taking advantage of consumers’ inexperience.”

Federally-chartered cryptocurrency bank Anchorage Digital has raised $350 million in a Series D funding round. Private equity giant KKR led the round through its Next Generation Technology Growth Fund II, making it KKR’s first direct equity investment in a crypto firm.

Gold has historically always held value. The precious metal isn’t just used as a component of decorative jewelry: it has often been used as a currency and as an investment. Gold-backed cryptocurrencies essentially bring gold to the blockchain. In our latest guide, we explore why investors with exposure to cryptocurrencies would want a gold-backed cryptocurrency, the pros, cons and more.

Sponsored: izumi Finance (IZI) just went live on the Bybit Launchpad. Backed by IOSG Ventures, Everest Ventures Group, and more, it’s the very first multi-chain farming protocol that allows for programmable liquidity mining on Uniswap V3. izumi Finance aims to reduce the time and costs involved in transferring tokens from one chain to another.

Top stories in the Crypto Roundup today:

• Top Avalanche Developer Proposes SushiSwap Takeover
• UK Watchdog Bans Crypto Ads by Coinbase, Kraken, and Others
• Crypto Bank Anchorage Raises $350 Million in Series D Funding
• What is a Gold-Backed Cryptocurrency?
• Sponsored: LIVE: izumi Finance (IZI) on Bybit Launchpad

Top Avalanche Developer Proposes SushiSwap Takeover

Daniele Sestagalli, a top application developer on layer-one blockchain Avalanche, has proposed taking over SushiSwap in a post on the project’s governance forum. The post pointed out SushiSwap has been expanding over time and suggested Sestagalli’s addition to the project could help end its ongoing woes.

It reads:

“Sushi’s expansion and growth have been nonstop – it’s time to give Sushi additional resources and autonomy to continue and better define its mandate and governance during a time when it needs it the most.”

Sestagalli is behind top projects on the Avalanche network like Wonderland, a treasury-backed currency protocol, and Abracadabra, a platform that provides collateral based on yield-bearing assets users deposit.

The developer has proposed making Sushi a part of the multi-billion Abracadabra and Wonderland ecosystem and ending the issuance of “xSushi,” a token rewarded to Sushi stakers, deprecating the legal entity that controls development on Sushi, and adding Sestagalli and others to its core development team.

UK Watchdog Bans Crypto Ads by Coinbase, Kraken, and Others

The UK’s Advertising Standards Authority (ASA) has banned seven cryptocurrency ads for Papa John’s Pizza, Coinbase, Kraken, Etoro, Luno, Coinburp, and Exmo. The watchdog labeled these ads as “misleading” and “irresponsibly taking advantage of consumers’ inexperience.”

According to the ASA, the ads failed to “illustrate the risk of the investment.” The watchdog gave companies specific instructions on what they need to do in the future to comply with its advertising standards.

The banned ads all included text prompting people to invest in cryptocurrencies. Cryptocurrency ads have been making headlines over the last few weeks after meme-inspired cryptocurrency Floki Inu (FLOKI) launched a campaign that went viral with the slogan “Missed Doge? Get Floki.”

Crypto Bank Anchorage Raises $350 Million in Series D Funding

Federally-chartered cryptocurrency bank Anchorage Digital has raised $350 million in a Series D funding round. Private equity giant KKR led the round through its Next Generation Technology Growth Fund II, making it KKR’s first direct equity investment in a crypto firm.

Other investors backing Anchorage included Goldman Sachs, BlackRock, PayPal Ventures, Andreessen Horowitz, Alameda Research, and Singaporean sovereign wealth fund GIC, and GoldenTree Asset Management.

The round brought Anchorage’s total funding to date to $485 million and its valuation to over $3 billion. The firm started out as a crypto custodian serving institutions in 2017, but over time turned into a fully fledged crypto bank offering lending, borrowing, trading, and staking services.

With the raised funds, Anchorage plans to scale its team further and expand internationally by setting up regulated entities worldwide.

What Is a Gold-Backed Cryptocurrency?

Gold has historically always held value. The precious metal isn’t just used as a component of decorative jewelry: it has often been used as a currency and as an investment. Gold-backed cryptocurrencies essentially bring gold to the blockchain.

Bringing gold onto the blockchain makes it easier to transact with gold and could even allow it to become an efficient medium of exchange. Nevertheless, gold-backed cryptocurrencies have historically struggled to gain widespread adoption.

In this guide, we explore why investors with exposure to cryptocurrencies would want a gold-backed cryptocurrency and the pros and cons of such a digital asset. We will also mention some of the top gold-backed cryptocurrencies in circulation.

LIVE: izumi Finance (IZI) on Bybit Launchpad

izumi Finance (IZI) just went live on the Bybit Launchpad. Backed by IOSG Ventures, Everest Ventures Group, and more, it’s the very first multi-chain farming protocol that allows for programmable liquidity mining on Uniswap V3. izumi Finance aims to reduce the time and costs involved in transferring tokens from one chain to another.

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Terms and conditions apply. Check out Bybit Launchpad to find out more.

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