Leading cryptocurrency exchange Binance has announced that it’s shutting down Binance Connect, a service previously known as Bitfinity, which allowed merchants to accept cryptocurrency payments. The service originally launched in March 2022.

A recent financial disclosure has revealed that an Ethereum wallet tied to former United States President Donald Trump has over $2.8 million in assets on it, a figure notably higher than the amount reported months ago.

The Stellar Development Foundation (SDF), which spearheads the expansion of the Stellar network, announced a strategic investment in the renowned money transfer firm MoneyGram.

Top stories in the Crypto Roundup today:

• Binance Shuts Down Crypto Payment Service Binance Connect
• Donald Trump Earned $4.8 Million from NFT Licensing Fees so Far
• Stellar Development Foundation Invests in MoneyGram, Joins Board of Directors
• Chart of the Week: Month-to-Date Returns for Major Assets

Binance Shuts Down Crypto Payment Service Binance Connect

Leading cryptocurrency exchange Binance has announced that it’s shutting down Binance Connect, a service previously known as Bitfinity, which allowed merchants to accept cryptocurrency payments. The service originally launched in March 2022.

The service is set to shut down on August 16, and was first launched to help companies become “crypto-ready.” In a statement, Binance noted it periodically reviews its offerings to ensure its resources “continue to be focused on core efforts that align with our long-term strategy.”

The firm noted it perpetually adapts and modifies its business approach in response to fluctuating market demands and user preferences.

Binance Connect supported transactions in 50 different digital assets and major payment methods, including Visa and Mastercard.

Donald Trump Earned $4.8 Million from NFT Licensing Fees so Far

A recent financial disclosure has revealed that an Ethereum wallet tied to former United States President Donald Trump has over $2.8 million in assets on it, a figure notably higher than the amount reported months ago.

According to information released by the nonprofit watchdog Citizens for Responsibility and Ethics in Washington, Donald Trump made over $4.8 million from licensing fees tied to non-fungible token (NFT) collections using his image.

Overall, his earnings from cryptocurrency endeavors tally around $7.6 million. In an earlier filing dated April 14, Donald Trump’s reported Ethereum assets ranged between $250,000 and $500,000.

The latest financial report is overshadowed by recent reports of Trump's indictment in Georgia, alleging a conspiracy involving him and his supporters to influence the 2020 presidential election outcome, at a time in which he is bidding to return to the White House in the upcoming 2024 election.

Stellar Development Foundation Invests in MoneyGram, Joins Board of Directors

The Stellar Development Foundation (SDF), which spearheads the expansion of the Stellar network, announced a strategic investment in the renowned money transfer firm MoneyGram.

The move deepens the ties between both organizations following a business alliance formed two years ago to facilitate cryptocurrency payments and launch a cash-to-crypto service.

The SDF, according to a statement from its CEO and Executive Director Denelle Dixon, acquired a minority stake in MoneyGram using funds from its own cash treasury rather than its Enterprise Fund, which is used to invest in early-stage companies.

The investment gave SDF a seat on MoneyGram’s Board of Directors and is set to help bolster MoneyGram’s digital expansion through the exploration of blockchain technology.

Chart of the Week: Month-to-Date Returns for Major Assets

Both the Dollar Index (DXY) and Bitcoin (BTC) stand out in month-to-date performance as the only assets with positive returns, while most other assets have lost value. This price action is unusual, as BTC usually moves in the opposite direction of the DXY.

When the dollar strengthens, investors often sell off risk assets and look to hold USD, which is now seeing an increase in purchasing power. BTC has been maintaining its ground in a clear trend of decorrelation.

Coupling this decorrelation with BTC’s all-time low in volatility suggests a big price movement is coming, but whether it’s to the upside or the downside remains to be seen.

State of the Crypto by Top Tier Exchange Volume

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