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Welcome to Clutch’s weekly pocket news.
Each week, we’ll keep you up to date on C&C (Clutch & Crypto). We will share web3 news stories, Clutch Wallet updates, community news and most importantly, weekly memes.
A non-custodial social wallet offering users an all-encompassing transacting experience underpinned by social, media, education, and seamless web3 integration.
Did you catch Clutch’s Pocket News (Previously Crypto Weekly Wrap) on TikTok last week? We’ll be sharing this update in video format alongside our weekly newsletter from our page, @ClutchWallet, and we’d love to see you there!
The Singapore-based crypto lender that froze withdrawals earlier this month fired 40 staff members. According to a report by The Block, they recently had a $193 million financial shortfall. Hodlnaut announced on Monday they applied for creditor protection in Singapore.
The U.S. House Committee on Energy and Commerce (E&C) announced on Wednesday they sent letters to four crypto mining companies probing their energy consumption. The request follows President Biden signing the Inflation Reduction Act into law, which many think is the biggest legislation to fight climate change. E&C stated that Proof-of-Work based cryptocurrencies “undermine the potential climate benefits of blockchain technology.”
Brian Armstrong, CEO of Coinbase, replied to a tweet on Wednesday asking what Coinbase would do if regulators asked them to censor transactions made to and from sanctioned addresses or shut down the staking and preserve network integrity. The CEO responded he would shut down staking so Coinbase could “focus on the bigger picture” but would attempt to compromise before unstaking. This comes in the wake of Tornado Cash sanctions ordered last week by The U.S. Treasury.
MTV announced Friday they were adding the category Best Metaverse Performance. Nominees for the award include Ariana Grande (Fortnite), Blackpink’s “The Virtual” (PUBG Mobile), and BTS (YouTube). The VMAs are on August 28th.
Bitcoin (BTC) is down 12.36%, while Ethereum (ETH) is also down 17.4% in the last week. Bitcoin hit a low of $20,000, while Ethereum hit a low of $1,535. A factor in dropping Bitcoin prices may be the inflation data released in Germany reporting a 37% increase in producer prices.
Clutch will be opening up a channel through the newly developed Geneva app! This will further support our growing community in a well-designed, web3-focused platform.
Nargiza Schmidt