China’s Qinghai province announced a ban on virtual currency mining operations, according to a government document released on Wednesday. The local government cited concerns about both high energy consumption and the State Council’s directive to maintain financial stability as the two primary reasons for the crackdown.

Financial services and digital payments giant Square announced on Wednesday that it would be giving out $5 million in grants from a newly created "Bitcoin Endowment," to promote crypto education and inclusion. Black Bitcoin Billionaire has been selected as the first recipient of the endowment - a group that aims to make crypto more inclusive.

Blockchain development studio, Solana Labs, has raised $314.15 million through a private token sale. The funding will be used to bootstrap existing and future decentralized applications that are being built on Solana.

Sponsored: The Dubplate Trade platform turns original and unique tracks into non-fungible tokens (NFTs) to provide clear ownership to buyers. The platform goal is to give back to artists, compensating them for their issues with piracy, streaming farms, and venue shutdowns.

Top stories in the Crypto Roundup today:

• China’s Qinghai Province Has Ordered All Crypto Miners to Shut Down
• Square Launches $5M “Bitcoin Endowment” to Promote Crypto Inclusion
• Solana Labs Raises $314M via Private Token Sale to Expand Ecosystem
• Sponsored: Dubplate Trade - An NFT Marketplace That Supports Artists

China’s Qinghai Province Has Ordered All Crypto Miners to Shut Down

China’s Qinghai province announced a ban on virtual currency mining operations, according to a government document released on Wednesday. The local government cited concerns about both high energy consumption and the State Council’s directive to maintain financial stability as the two primary reasons for the crackdown.

The Qinghai Industry and Information Technology Department, a part of the provincial government, issued the document that prohibits any local authorities from allowing any new crypto mining projects, as well as instructing the closure of any active operations in the province. 

China’s bitcoin miners use a mix of coal and hydroelectric energy to power their miners, depending on the season. The use of coal, in particular, has drawn attention from the Chinese government, which has been actively trying to reduce its carbon footprint. 

China’s government has been inching towards tightening regulations on cryptocurrency mining for a while, with Inner Mongolia implemented regulations on energy-consuming firms back in April, and Sichuan – another mining hub – indicated it may end a local energy policy which miners have been taking advantage of.

Square Launches $5M “Bitcoin Endowment” to Promote Crypto Inclusion

Financial services and digital payment giant Square announced on Wednesday that it would be giving out $5 million in grants from a newly created "Bitcoin Endowment," to promote crypto education and inclusion. Black Bitcoin Billionaire has been selected as the first recipient of the endowment - a group that aims to make crypto more inclusive.

The new Bitcoin Endowment is part of a larger movement that will see Square invest a total of $100m to promote financial inclusion, as well as improve access to crypto and other new technologies amongst minority communities. 

The initiative also includes a $25 million contribution to the Netflix-led Black Economic Development Fund, and $10 million for the Entrepreneurs of Color Fund.

According to Square, the company will distribute $5 million on a rolling basis, quarterly, for the next few years - a move that reflects Square’s ongoing push into Bitcoin and cryptocurrency. 

"From those with no credit history who cannot open bank accounts, to people living in places with limited access to banks, to populations that have historically been discriminated against, bitcoin can help level the playing field and build a more inclusive future," said the company.

Solana Labs Raises $314M via Private Token Sale to Expand Ecosystem

Blockchain development studio, Solana Labs, has raised $314.15 million through a private token sale. The funding will be used to bootstrap existing and future decentralized applications that are being built on Solana.

The news comes after multiple cryptocurrency venture capital funds poured hundreds of millions of dollars into Solana Labs to support the further development of the ecosystem - Andreessen Horowitz and Polychain Capital led the raise, with additional contributions from Alameda Research, Blockchange Ventures, CMS Holdings, Coinfund, CoinShares, Collab Currency, Memetic Capital and many others.

Solana Labs founder, Anatoly Yakovenko, outlined the network’s ambitious vision - “the next phase is onboarding a billion users. Solana was built from the ground up to accommodate this scale.”

Dozens of decentralized finance projects have launched on Solana since March, and the wider Solana ecosystem has already set up an accelerator program, Solverse, that will provide HR and advisory support for projects building on the platform. Solverse has already recruited 21 subject matter experts to advise the Solana-based startups that are selected.

Dubplate Trade: An NFT Marketplace That Supports Artists

The Dubplate Trade platform turns original and unique tracks into non-fungible tokens (NFTs) to provide clear ownership to buyers. The platform goal is to give back to artists, compensating them for their issues with piracy, streaming farms, and venue shutdowns.

Music fans can also benefit from the platform by purchasing exclusive tracks from their favorite artists that only they can listen to. By empowering fans with these NFT Dubplates, the platform also ensures the financial security of artists.

To do so, a smart contract on the Ethereum blockchain allocates 10% of each NFT transaction to the artist behind it. An exclusive deal with a UK-based music label and ongoing negotiations with other labels and artists will ensure exposure to all artists involved. 

$DUB Token - The Heart of Dubplate

The native`s $DUB token allows trading collectible tracks on top of the Binance Smart Chain. All token holders who decide to stake their holdings will receive a share of the Dubplate Trade platform’s profits. A total of five million DUB tokens were created on the Binance Smart Chain as BEP-20 tokens with:

• 30% being sold to the public
• 30% distributed through liquidity mining initiatives
• 10% used to fund the project
• 20% used to secure partnerships with blockchain-based firms and music industry players
• 10% were sold in a pre-sale

Buying $DUB

BSC supported wallet, such as MetaMask or Trust Wallet, as well as some Binance Coin (BNB) tokens to move funds will be necessary:

• Visit Dubplate.Trade website and click on “Buy $DUB Tokens”
• You will be redirected to V1 of PancakeSwap
• Make sure your wallet is synced 
• Select your preferred amount and complete the purchase

DUB token holders can vote on governance proposals to help the project move forward. In the future, the team plans to list the token on reputable exchanges to improve its liquidity.

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