Sphynx Labs
3 min readAug 5, 2023

Weekly Update: July 29th- August 4th 2023

The news on crypto this week could be best described in your favorite British stereotype "bit odd innit." FTX plans to relaunch their exchange. Meanwhile their former CEO SBF stated that being in jail "violates his free speech." He is of course in jail for violating many FTX users' rights to not be robbed blind, a detail he must have forgotten.

We also found out this week the SEC asked Coinbase to halt all trading aside from Bitcoin prior to them being sued. Coinbase released a statement that they fully expect to win their case against the SEC.

The US Government is now considering a fraud case against Binance US as well. Other avenues such as possible fines are also being considered to lessen the impact on users of the platform, and avoid a potential run.

The US continues to go hard against crypto in general it seems. Sensible regulation would be a welcome sight so America can be a world leader in the sector. J.P. Morgan says they no longer expect a recession in the US though, so hey, America has that going for them at least.

The market overall is not much different from last week.

Current live standings at the time of writing this are as follows:

BTC: $29,040.25
ETH: $1,825.59
BNB: $241.28

In the world of Sphynx Labs this week, we saw the release of the Bitrock full integration. Bitrock is a promising new chain, and the bridge has been working without a hitch. Sphynx also fully supports trading, charting, launching, and staking pools for projects on the chain. Base Chain also went live this week for swapping and charts.

As we prepare for the imminent release of the Sphynx Pay Physical Debit Card, Lonzo gave everyone a run down of what to expect for the KYC process, shipping times, and how users will be able to apply for a card. The full message from Lonzo can be found pinned in the Sphynx Telegram.

Preparations for the Sphynx ETH pair are also being made right now. We want to take the time to get things correct so the launch will go off without a hitch. During this time, the burn will also begin, as well as CEX listings.

As a reminder, the cross-chain token bridge is now live for everyone to use. This bridge allows users to trade any one token for any other token on a different blockchain. Essentially, it is a regular swap you are used to, just with cross-chain functionality.

Eg. If you wish to swap BNB to ETH or BNB to CRO directly, you can.

Current Supported Chains:

What else is coming? Lots of things!
⁃ More Sphynx Merch
⁃ Sphynx API (Phase 1, P2P payment)
⁃ Sphynx Physical Crypto Card
⁃ Sphynx API (Phase 2, Multi Asset P2P payment)
⁃ Any Token Bridge (Launch with 6 chains)
⁃ Bitcoin Light Network Integration
⁃ Sphynx API (Phase 3, Multi Chain P2P payment)
⁃ CEX Listing(s)
⁃ Wallet Extension Release
⁃ Any Token Bridge (2 more chains integrated)
⁃ ETH/ARB Hyper Pool
⁃ In Store Sphynx Pay release

As we always say, good things take time. We are working to make sure everything we do is made well and released at the right time. We are very excited to get to everything on our list, and we are sure you guys are excited to see it.

Thank you to everyone that believes in Sphynx Labs and the team. We are rolling forward full steam with things no one else is even trying. Once the world knows of us, there is no stopping the train.

Stay tuned for Sphynx’s Weekly Updates posted every Friday, or be informed on the Sphynx Telegram, Twitter, and Instagram pages.
Thank you for reading, and have a great week!
Sphynx Labs Links
Aegis Sphynx Mint: https://thesphynx.co/council/56
Website: https://sphynxlabs.co
Telegram: https://t.me/sphynxlabs
Twitter: https://twitter.com/SphynxLabs
Sphynx Mobile App on Apple App Store: https://apps.apple.com/app/sphynx-defi-app/id1626361848
Sphynx Mobile App on Google Play Store: https://play.google.com/store/apps/details?id=com.sphynx

Sphynx Labs

All-In-One Platform, Supporting 22+ Blockchains. Aggregator, Realtime Charts, Bridges, Mobile Wallet, HyperPools and much more