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  • Writer's pictureAnthony Holman

Collectible Avatars

Reddit offers users a “first look” at its new NFT marketplace on the Polygon

Network.


A July 7th blog article posted on Reddit’s website announced,


“Blockchain-Backed Collectible Avatars Coming to Reddit via New Storefront”


The new limited-edition Collectible Avatars will soon be available for purchase on the Reddit

website.



Collectible Avatars are made by

independent artists, in partnership with Reddit, with sale

proceeds going to the artists who design them.


Reddit writes in the post,





“From the start, our goal has been to empower artists to create and sell their work.”


The Collectible Avatars are being stored on the Polygon blockchain and Redditors can use their “Vault”, a Reddit-native crypto wallet, to store and manage their NFTs.

In the post, Reddit explains,


“We chose Polygon for its low-cost transactions and sustainability commitments.”


Polygon ($MATIC) is currently trading at $0.55.



British Prime Minister Boris Johnson has resigned.


The tenure of Britain’s Prime Minister Boris Johson came to an end on Thursday after a series

of scandals forced him to step down, CNN reports.


It took the resignation of nearly 60 members of Johnson’s government before he finally

accepted his defeat.


In a statement posted on the government's website, Johnson writes,


“It is clear now the will of the parliamentary Conservative Party that there should be a

new leader of that party and therefore, a new prime minister. The process of choosing

that new leader should begin now.”


Former Chancellor of the Exchequer Rishi Sunak was one of the first and most senior officials to resign on Tuesday. Sunak famously said in April that he wants Britain to be a “global hub” for crypto, the Financial Times reports.


On Wednesday, City Minister John Glen, who in April declared the U.K. "open for crypto

business," also quit, Coindesk reports.


The former Prime Minister writes,


“I am immensely proud of the achievements of this government... From getting Brexit

done... Delivering the fastest vaccine rollout in Europe… [And] leading the west in

standing up to Putin’s aggression in Ukraine.”


The resignations will likely lead to delays in the UK's recent crypto legislation.


“Bank of England Deputy Governor Jon Cunliffe said on Wednesday that regulators’ plans for

stablecoin legislation had already been delayed by the government disarray”, Coindesk reports.


Elon Musk's Boring Company will let customers pay for rides with Dogecoin.


The Boring Company has added a new way for its customers to pay for rides on “Loop”, its Las Vegas transit system, using the cryptocurrency Dogecoin, according to a CNN report.


Boring Company founder and Tesla CEO Elon Musk all but confirmed the news to be true. As

the story began circulating on Twitter, and Musk commented on CNN Business’s article with this tweet,


“Supporting Doge wherever possible.”



Musk has a well-documented history of supporting Dogecoin. In May, Musk tweeted,


“Tesla merch can be bought with Doge, soon SpaceX merch too”.





And back in 2019, Musk tweeted, “Dogecoin may be my fav cryptocurrency." - Decrypt reports.


According to the Vegas Loop’s website,


“[The] Vegas Loop is a 29-mile tunnel network connecting 51 stations including… the

Strip, Harry Reid International Airport, Allegiant Stadium, downtown Las Vegas, and

eventually to Los Angeles”.


It’s currently free for riders to use the Loop - but eventually, riders will be able to scan a QR code to purchase tickets using either Dogecoin or a traditional credit card, CNN Business reports.


Single rides will cost $1.50 and day passes can be purchased for $2.50, according to the Vegas

Loop's website.


Dogecoin ($DOGE) is currently trading at $0.07.



The Celsius Network paid off its Maker loan to free up $470 million of collateral.



On-chain data from DeFi Explorer, a blockchain statistics website, shows that a wallet linked to Celsius repaid its remaining $41.2 million loans on Maker.


The transaction triggered the Maker protocol to release 21,962 wrapped bitcoins ($WBTC),

which Celsius had originally posted as collateral for the loan. With current Bitcoin prices around $21,600, that works out to about $470 million.


Alex Tapscott, managing director of investment firm Ninepoint Partners' digital asset division

says in the quote,


"The debt repayment to Maker is a key milestone for Celsius that should give users and

other stakeholders hope that the company can continue to work through its loan

book."


Fundstrat analyst Walter Teng told CoinDesk in an interview,


“By repaying the debt, Celsius is possibly freeing up collateral that then can be sold on

centralized exchanges or via over-the-counter to meet creditor demands and customer

withdrawals,”


Celsius ($CEL) is currently trading at $0.71.


If you own crypto, the US government won’t let you work on writing crypto policy.



On Wednesday, the US Office of Government Ethics posted a legal advisory on its website

addressing the de minimis regulatory exemptions to “cryptocurrencies, stablecoins, and

companies involved in blockchain technology and related services.”


The advisory states,


“An employee who holds any amount of a cryptocurrency or stablecoin may not

participate in a particular matter if the employee knows that particular matter could have

a direct and predictable effect on the value of their cryptocurrency or stablecoins.”


An example is given to provide further clarity whereby even if the employee holds just $100 of a certain stablecoin the employee cannot participate in work concerning regulation “until and

unless” they give up all of their cryptos.


The new ruling will be applied universally to employees in all branches of the federal

government including The White House, The Federal Reserve, and The Department of the

Treasury.

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