Binance’s crypto industry recovery fund has now grown past $2 billion after the leading cryptocurrency exchange by volume allocated another $1 billion to it. The initial allocation comes a day after Binance’s CEO, Changpeng Zhao, said it was eyeing $1 billion for the fund.

UK challenger bank Starling Bank has banned its customers from making transactions related to cryptocurrencies using its cards. The bank cited the “high risk” involved in cryptocurrency activities for the move.

Polkadot has announced a new initiative to help its ecosystem fight scams. The initiative is set to rely on security-minded individuals within its community, incentivizing them with rewards paid in USDC.

Top stories in the Crypto Roundup today:

• Crypto Industry Recovery Fund Grows to $2 Billion
• UK Bank Starling Banks Crypto-Related Transactions
• Polkadot Launches “Anti-Scam Bounty” Initiative
• Crypto Market Movers – TWT, LTC, DOGE

Crypto Industry Recovery Fund Grows to $2 Billion

Binance’s crypto industry recovery fund has now grown past $2 billion after the leading cryptocurrency exchange by volume allocated another $1 billion to it. The initial allocation comes a day after Binance’s CEO, Changpeng Zhao, said it was eyeing $1 billion for the fund.

Jump Crypto, GSR, and Aptos Labs are among the prominent cryptocurrency companies joining Binance’s initiative. These other contributors, which also include Polygon Ventures, Animoca Brands, and Kronos, have committed a total of $50 million to the fund.

The recovery fund is set to be used to buy distressed crypto firms and support the industry. Binance has said it received more than 150 support applications from various companies in need.

The fund’s Ethereum wallet was revealed by Zhao, who pointed out things are being done in a transparent way.

UK Bank Starling Banks Crypto-Related Transactions

UK challenger bank Starling Bank has banned its customers from making transactions related to cryptocurrencies using its cards. The bank cited the “high risk” involved in cryptocurrency activities as the reasoning behind the move.

The bank didn’t publicly announcee the change , instead, it revealed it after one of its customers complained about a failed transaction on social media. In response, Starling Bank wrote:

“We always review our position in relation to financial crime. We consider crypto activity to be high risk. We’ve taken the decision to prevent all card payments to crypto merchants and to implement further restrictions on outgoing and incoming transfers.”

Starling has 2.7 million customers and has cracked down on the cryptocurrency space before. In May 2021, the challenger bank suspended transactions to crypto exchanges citing “high levels of suspected financial crime with payments to some cryptocurrency exchanges.”

Notably other banks in the UK, including Lloyds, NatWest, and Virgin have imposed restrictions on crypto transactions using their cards.

Polkadot Launches “Anti-Scam Bounty” Initiative

Polkadot has announced a new initiative to help its ecosystem fight scams. The initiative is set to rely on security-minded individuals within its community, incentivizing them with rewards paid in USDC.

Polkadot shared that its bounty is currently managed by the general curators, which currently consists of three community members and two people from the W3F Anti-Scam department. In the long-term, Polkadot is looking to have the bounty managed exclusively by the community.

As part of the initiative, community members are tasked with finding and taking down scam websites, fake social media profiles, and phishing schemes. The community will also create educational materials for users and an Anti-Scam Dashboard that will act as a central hub for the program.

Polkadot is a blockchain network often described as a “blockchain of blockchains,” as it allows users to launch and operate their own blockchains on top of the main Polkadot blockchain. This main blockchain, called the relay chain, does not support smart contracts, but other blockchains connected to it can support them.

Crypto Market Movers – TWT, LTC, DOGE

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Trust Wallet Token (TWT) - The Trust Wallet token is a utility token based on the BNB Chain that provides holders with “a range of benefits and incentives” when using the Trust Wallet. The Trust wallet itself is an open-source cryptocurrency wallet that supports various cryptocurrencies and allows holders to custody of their own funds.

Dogecoin (DOGE) – Dogecoin is a meme-inspired cryptocurrency launched in 2013 and supported by various community members, including Tesla and Space X CEO Elon Musk. DOGE surged after Musk completed its Twitter takeover on speculation he will use DOGE in some of its features.

Litecoin (LTC) - Litecoin was created back in 2011 as a fork of Bitcoin, and features near-zero cost peer-to-peer transactions. It differs from the flagship cryptocurrency in a number of ways, however, with reduced transaction confirmation times, lower fees, a larger maximum supply of 84 million LTC, and other different technical aspects.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.