Weekly Update: June 2nd- June 9th 2023
Well, what a whirlwind week it has been for our industry. Everyone’s favorite SEC Chair and Simpsons villain Gary Gensler has been on a roll this week. When he was not busy suing Binance this week, he also took the time to state that the crypto space is full of “hucksters and scam artists.” Honestly, fair play to that statement. However, why not be sensible in the approach to regulation and allow the US to be a powerhouse in the industry then? One (everyone) could draw the conclusion that it is all about full control of digital assets. Gensler also has a clear conflict of interest here with Binance.
In a real “show us on the chart where CZ hurt you moment”, reports from Watcher Guru state he applied to be an advisor for the company in 2019. Regardless of anyone’s feelings for either Binance or the ongoing battle with Coinbase as well, this will determine the future of crypto in America. Perhaps Gary Gensler will be saying GG to Congress soon.
In other news, Crypto (dot) Com announced today they are ending institutional support in America. It should be noted that this does not extend to regular users of the exchange as many headlines and reactions might suggest.
Robinhood also announced that they are delisting ADA, MATIC, and SOL. No real reason has been given and users have until June 27th to sell or move it out of their Robinhood accounts “Any ADA, MATIC, and SOL still in your Robinhood Crypto account will be sold for market value, and the proceeds will be credited to your Robinhood buying power.”
Current live standings at the time of writing this are as follows:
BTC: $26,474.42
ETH: $1,837.07
BNB: $261.90
On the Sphynx Labs homefront, some bullish development news came down from Sphynx’s very own Lonzo. The Sphynx Labs DeFi update is now live on Android. This most recent update includes in app support for the Hyper Pools and bridges needed for it. In addition Wallet Connect is now implemented into the app as well. This means that any dApp that supports Wallet Connect is now accessible in your phone's normal web browser. After connecting to an outside dApp, you will be able to confirm interactions to contracts in your wallet.
We are also happy to share that we have reached a resolution with our Sphynx Pay Visa Card with a few changes as follows:
New Virtual Visa program will be structured in the following way:
- No KYC
- Issue as many cards as you wish
- $10,000 limit (USA)
- $1,000 limit (Everywhere else)
- Apple Pay available for all issuing countries
- Google Pay available for all issuing countries
- More countries than before, full list coming soon
As Lonzo stated there were some changes that had to be made. Namely the load limit, creating the card in the app and then activating through a portal in your email, and not being refillable. Maintaining the philosophy of DeFi is very important to us and the process is only extended by a few minutes with the portal activation. No KYC remains in effect still, and by not being reloadable you maintain control of even your fiat at all times. Even if the issuer was to get shut down for some reason, the money on your card(s) remains in your control and safe. All things considered it is an amazing start that will only get better.
As always, 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
