Crypto News Roundup: Floki, Flare, Crypto.com, Bybit, and CPI Updates

August 16, 2024

Crypto World

Maciej Zerelik

Get the latest news with StealthEX and CryptoDaily! This week, we’re bringing you the top stories in the crypto market. Want to know what’s popular right now? Our digest gives you simple insights, new ideas, and the latest updates in cryptocurrency. Stay informed with our easy-to-read coverage, so you don’t miss out on what’s happening in the crypto sphere.

Floki Becomes Official Partner of Nottingham Forest Football Club

Floki, a rising name in the cryptocurrency world, has joined forces with Nottingham Forest, a club currently competing in the English Premier League (EPL). The partnership, revealed on Thursday, makes Floki the official cryptocurrency partner of the club, granting them extensive marketing rights.

This collaboration will see the Floki brand prominently displayed during Nottingham Forest’s home matches. From the start of the game to the final whistle, the brand’s logo will be visible for three minutes on LED boards facing the cameras. This ensures maximum exposure both in the stadium and for viewers watching on TV.

Floki’s logo will also feature on the official interview backdrops during home games. It will appear in four key spots, making it hard to miss. The brand will be heavily integrated into the club’s social media activities, particularly in posts related to full-time scores and substitutions.

Fans can expect exclusive offerings, including signed merchandise and a unique opportunity to play on the pitch at the end of the season. Nottingham Forest’s COO, Paul Bell, expressed excitement about the partnership, highlighting Floki’s innovation and the collaborative opportunities ahead.

Flare Blockchain Reaches Key Milestones as Ecosystem Grows

Flare (FLR), a blockchain focused on data, has achieved significant milestones, marking a period of rapid growth. The platform now boasts over one million wallets, reflecting the influx of new users exploring the increasing number of Decentralized Applications (dApps) available on Flare. This expansion has brought substantial liquidity to the network, transferred from other blockchain ecosystems.

Flare’s Total Value Locked (TVL) has exceeded $13 million, a figure driven by prominent protocols like Clearpool, Sceptre Liquid, and Enosys. Sceptre Liquid leads as the top liquid staking protocol on Flare, with over $10 million in staked assets. Other notable protocols on the platform include SparkDEX, BlazeSwap, and Kinetic, contributing to Flare’s sustainable growth two years after its mainnet launch.

Flare has distinguished itself in the crowded blockchain space by providing developers with top-tier data from popular Layer 1 and Layer 2 chains. Tools available on Google Cloud Marketplace make blockchain data accessible without the need for self-hosted nodes, enhancing the platform’s utility.

Additionally, Flare’s integration with LayerZero has simplified asset transfers to Flare, enabling users to stake, trade, and participate in yield farming. Flare’s new DeFi emissions program, launched in August, offers competitive yields and aims to increase network liquidity for FLR, ETH, and stablecoins. The program rewards users who provide liquidity to whitelisted protocols, with rewards distributed over 12 months, enhancing stablecoin liquidity crucial for trading bridged assets on the network.

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Crypto.com Secures UEFA Champions League Sponsorship Deal

Crypto.com has officially become the cryptocurrency partner of the UEFA Champions League, securing a three-year agreement to boost its brand visibility and introduce Web3 experiences to football fans. This partnership, spanning from 2024 to 2027, marks a significant achievement for Crypto.com following a failed sponsorship attempt in 2022.

Under this new deal, Crypto.com will enjoy sponsorship rights not only for the UEFA Champions League but also for the UEFA Super Cup, UEFA Youth League, and UEFA Futsal Champions League. The crypto firm kicked off its sponsorship at the Real Madrid vs. Atalanta match on August 14 in Warsaw, Poland.

This sponsorship provides Crypto.com with extensive brand exposure through in-game LED boards, media interview backdrops, and broadcast opportunities. Additionally, the firm will benefit from exclusive on-site activations at all UEFA events.

Steven Kalifowitz, Crypto.com’s Chief Marketing Officer, highlighted the value of connecting with sports fans globally. He emphasized that this partnership aligns with their goal of making cryptocurrency accessible to everyone. With a user base already exceeding 100 million, Crypto.com continues to push boundaries and create unique experiences in the world of sports and crypto.

Bybit Introduces PayPal USD (PYUSD) on Solana Blockchain

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced a new feature that allows all users to deposit and withdraw PayPal USD (PYUSD) on the Solana blockchain. Bybit is the first among the top three exchanges to offer this capability, allowing users to integrate their crypto investments with Solana’s fast and efficient global payments network.

Since its launch, PYUSD has shown impressive performance on the Solana blockchain. The stablecoin has processed over 500,000 transactions, highlighting its growing adoption in the financial sector. PYUSD is now ranked as the sixth-largest stablecoin by market capitalization and has experienced the highest month-on-month growth among the top 10 stablecoins, according to DefiLlama.

Emily Bao, head of Web3 and SBU at Bybit, praised PYUSD’s strong performance on Solana, noting the demand for a regulated and secure stablecoin in the decentralized finance space. Lily Liu, president of the Solana Foundation, emphasized the importance of PYUSD’s integration with Solana, showcasing the blockchain’s ability to support a global payments network and enhance Web3 capabilities.

To celebrate this integration, Bybit has launched three exclusive campaigns. Users can trade top Solana tokens for a chance to share a 200 SOL prize pool, new users trading SOL/USDT pairs will receive extra SOL rewards, and users can earn additional yield through a limited PYUSD fixed savings product.

Lower July CPI Sparks Speculation of Federal Reserve Rate Cut

The Consumer Price Index (CPI) for July came in lower than expected, paving the way for the Federal Reserve to consider cutting interest rates in September. The headline CPI inflation was recorded at 2.9%, slightly below the anticipated 3.0%, while core CPI met expectations at 3.2%.

Analysts see this lower-than-expected CPI as a positive signal for the cryptocurrency market, especially following Tuesday’s bullish Producer Price Index (PPI) report. Even before this data, a rate cut in September seemed likely, driven by a weak July jobs report and rising unemployment, which raised concerns about a potential recession.

Now, with the favorable CPI numbers, the odds of a more significant rate cut have increased. The CME FedWatch tool currently indicates a 40% chance of a 50 basis points rate cut in September, compared to the earlier expectation of a 25 basis points reduction. Additionally, the tool suggests that the Federal Reserve might lower its target rate by 100 basis points by the end of the year.

This shift in market expectations is seen as a bullish development for the crypto market. Bitcoin, in particular, tends to rise with increased global liquidity, which could surge with the anticipated quantitative easing measures later this year.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.