WEMIX Foundation launches omnichain wallet

TRYB Emerges as Turkish Alternative to Dollar-Pegged StablecoinsIn a market typically dominated by dollar-backed stablecoins like Tether (USDT) and USD Coin (USDC), a new player has emerged in Turkey to operate alongside those dominant stablecoins.According to a report by CoinDesk on Friday, BiLira’s TRYB stablecoin, pegged to the Turkish lira (TRY), has rapidly climbed the ranks to become the world’s second-largest non-US dollar-pegged stablecoin. It currently trails Tether’s euro-pegged EURt, which according to Coingecko data, currently holds a market cap of $221 million. In just three weeks, TRYB has skyrocketed, quadrupling its market cap to $136.10 million.Photo by Oleksandr P on PexelsMarket cap volatilityHowever, TRYB's market cap had fallen off a cliff on Friday, dropping from $135 million earlier in the day to $40 million. TRYB, an Ethereum-based stablecoin, offers a unique proposition in that it is pegged to the Turkish lira, allowing users to exchange 1 TRYB for 1 TRY. The stablecoin offering, which is administered by Istanbul-based BiLira, is underpinned by 100% fiat reserves held in Turkish banks.The Turkish lira has earned its reputation as one of the most volatile fiat currencies globally, often experiencing fluctuations against the US dollar. Over the course of the last five years, the currency has lost 94% of its value when benchmarked against the performance of the US dollar.In response to this volatility, TRYB has found its purpose as a medium of exchange. It can act as a gateway to transition user’s Turkish lira into cryptocurrencies and vice versa. This trend aligns with the global use of stablecoins as the foundation of crypto trading pairs, providing traders with a stable asset while sidestepping fiat currency’s unpredictability.Exiting the liraThe US Federal Reserve acknowledged the significance of stablecoins in December 2022, highlighting their role in facilitating crypto trades, serving as collateral for crypto loans, and minimizing inefficiencies tied to fiat-to-crypto conversions. In fact, stablecoins account for over 80% of the trading volume on centralized exchanges, attesting to their pivotal role in the crypto ecosystem.It’s likely that the Lira-pegged stablecoin will act as a means to access other cryptocurrencies and US dollar-pegged stablecoins like USDT and USDC, rather than be considered as a rival or replacement. That’s by virtue of the ongoing difficulties of the Turkish sovereign currency which it tracks. So long as the lira continues to erode in terms of buying power, it’s likely that citizens will be looking for avenues to escape from that erosion of value.Increased interest in cryptoGiven this monetary backdrop in Turkey, it shouldn’t surprise anyone to learn that interest in crypto is on the rise. In a recent report published by Seychelles-based cryptocurrency exchange KuCoin earlier this week, a significant increase in the number of crypto investors in Turkey over the course of the past eighteen months has been identified.The report found that 52% of the adult Turkish population have participated in crypto-related investments. Over the past 18 months, the number of Turkish adults embracing crypto has risen to that 52% level from 40%.

Xsolla and Crypto.com Collaborate on Gaming Industry Payment SolutionXsolla, a well-known American company in video game commerce, has joined forces with Singapore-headquartered crypto platform, Crypto.com, to unveil an innovative partnership.The crux of this collaboration, which was announced via a press release published on Tuesday, lies in the seamless integration of Crypto.com’s cutting-edge checkout solution into Xsolla’s Pay Station platform.Photo by Andrey Metelev on UnsplashSetting the stage for crypto paymentsThe integration marks a significant stride forward for the gaming industry, ushering in new frontiers for both game developers and players. The collaboration sets the stage for the acceptance of cryptocurrency payments and the optimization of transactions within a secure and user-friendly environment, attempting to elevate the overall gaming experience to new heights.In an era dominated by digital payment methods, this development promises players a diversified array of transaction options, harmonizing with the digital and metaverse landscapes. Additionally, this collaboration stands as a milestone for Crypto.com’s endeavor to establish a strong foothold and network within the gaming realm.Eric Anziani, President and COO of Crypto.com, highlighted the immense potential lying at the crossroads of gaming and Web3. “By joining forces with a global gaming titan like Xsolla and harnessing our collective assets and expertise,” Anziani stated, “we are concretizing this potential, empowering developers, publishers, and players to seamlessly participate and create value within the crypto economy.”Xsolla’s Pay Station, renowned for enabling in-game purchases across over 200 regions using an array of compliant payment providers, is poised for an exciting evolution with the impending integration of Crypto.com Pay. This upcoming synergy promises a wider horizon for developers and publishers, enabling them to tap into diverse player demographics and access vibrant markets and novel revenue streams.Integration of Crypto.com PayChris Hewish, CEO of Xsolla, expressed his enthusiasm for the partnership:“Our collaboration with Crypto.com is a remarkable milestone, especially with the substantial integration of Crypto.com Pay into our Pay Station platform. As the gaming landscape evolves rapidly, our adaptability becomes paramount. The integration of cryptocurrencies as a mode of payment offers game developers and players an ingenious payment solution in harmony with the global shift toward digital currencies.”The alliance has the potential to be impactful within the gaming industry, heralding a paradigm shift toward an all-encompassing and secure gaming ecosystem. Patrick Yoon, General Manager of Crypto.com Korea, added to the sentiment, expressing eagerness for the future:“Our journey with Xsolla marks a crucial stride, kickstarting a broader collaborative venture in Korea and on the global stage. We eagerly anticipate our ongoing collaboration with Xsolla in propelling payment ecosystems and digital asset adoption forward.”Blockchain and crypto-based projects have been slowly making greater in-roads into the enormous gaming market. That has manifested itself through the inclusion of blockchain within games themselves and, as in this instance, through the integration of crypto-based payments.As Xsolla and Crypto.com meld their strengths, the gaming industry braces itself for an era of inclusive and secure payment solutions with a promise to redefine the gaming experience.

Cango, Inc., a Shanghai-headquartered Bitcoin mining business which is publicly listed on the New York Stock Exchange (NYSE: CANG), provided a mining operations update on Aug. 5, disclosing a significant increase in its crypto production.Photo by Dmytro Demidko on Unsplash45% increase in outputThe update outlined that in June, the firm mined 450 BTC, while holding 3,879.2 BTC, with a deployed hashrate of 32 EH/s. The figures for July show a considerable uptick, with 650.5 BTC having been mined. That Bitcoin was retained, bringing the firm’s overall Bitcoin treasury holding to 4,529.7 BTC, with a deployed hashrate of 50 EH/s. Cango CEO Paul Yu outlined that the firm had added 18 EH/s in hashpower towards the end of June. This additional capacity accounted for the increased output experienced for the month of July, representing a 45% increase month-on-month. Yu stated: “This strong performance not only demonstrates our commitment to execution but also fuels our ambition to accelerate future production.” The Cango CEO added that a new and experienced management team is now in place, and with that, Cango is focusing on working towards transitioning to “a more diversified and resilient portfolio of mining sites and energy infrastructure." Cango isn’t the only company in the Bitcoin mining sector to up its production. Cipher Mining, an American miner with facilities in Texas, also published an update, indicating that it produced 214 BTC in July with a hashrate of around 20.4 EH/s, up 21.43% month-on-month. Cipher outlined that Black Pearl Phase I, the initial 150 MW tranche of its Black Pearl facility, came on stream last month, accounting for the increased output. Unlike Cango, Cipher sold 52 BTC as part of what it described as “its regular treasury management process.” In this respect, Cango bucked a trend in comparison with its industry peers. CryptoQuant reported that miners became significant sellers of Bitcoin in July, depositing 16,000 BTC to exchanges as of July 18.Ranked by BitcoinTreasuries.net in order of Bitcoin held, Cango now holds 18th place among corporations holding BTC.Originally an automotive transaction service platform operating within the Chinese market, Cango announced a new departure last November, with the signing of agreements to buy $400 million in crypto mining equipment from a number of vendors, including Bitmain. With crypto mining a banned activity in China, the company has deployed its mining operations at various locations across North America, South America, the Middle East and East Africa. By January, the company was being referred to as a “Bitcoin mining powerhouse.” At that time, the company’s Communications Director, Juliet Ye, told CoinDesk that the firm’s entry into the Bitcoin mining sector had surprised people, given that “nobody has ever heard of Cango before.” By April, Cango had sold its legacy auto-financing business for $352 million to a firm linked to Bitmain affiliate, Antalpha, allowing it to focus exclusively on mining. The company’s stock has surged 180% over the course of the last 12 months. Ye said that the Chinese firm’s pivot to Bitcoin mining has created a buzz around the company that had been absent previously.