Cryptocurrency roundup for May 30: Tabi's $10M funding boost, Fantom's Innovative dApp Gas Monetization Program, SEC Versus Gemini and Genesis and more

Tabi, a platform specializing in Non-Fungible Tokens (NFTs), has successfully raised $10 million from an investment round, with contributions coming from notable web3 venture capital firms and angel investors.

> These include Animoca Brands, Binance Labs, Draper Dragon, Hashkey Capital, Infinity Crypto Ventures, and Youbi Capital.

> Significant individual investors such as Bo Feng of Dragonfly Capital, Riyad AD from Saudi Arabia, and Suji Yan of Mask Network also joined the round.

> Operating on the BNB Chain, Tabi plans to channel these funds toward the creation of a gaming ecosystem on the Layer1 blockchain.

> In addition, a portion of the investment will be dedicated to developing Tabi’s upcoming on-chain identity protocol. More here

In an effort to stimulate activity on its network and encourage developer engagement, the Fantom blockchain recently unveiled its "dApp Gas Monetization Program."

> This initiative rewards applications that are active on its network and generate high gas usage, a strategy aimed at driving greater demand for block space.

> Under this program, qualifying applications stand to earn a 15% share of the gas fees they generate, offering developers an additional source of revenue.

> The approval for this initiative came earlier this year after the Fantom community voted in favor of the proposal.

> The program was designed to lower the burn rate of Fantom tokens (FTM) from 20% to 5%, thus enabling the 15% difference to be redirected toward gas monetization. Continue here.

The BRICS nations, an alliance comprising Brazil, Russia, India, China, and South Africa, are actively seeking to reduce their reliance on the US dollar, indicating a potential decline in its dominance.

> Both Brazil and China had earlier deliberated about conducting trade using their respective national currencies.

> This decision reflects a well-considered approach by Brazil, a key player in the BRICS association, in conjunction with the other member nations to lessen their dependence on the US dollar.

> The Brazilian leader, President Luiz Inácio Lula da Silva, has publicly expressed his thoughts on this topic. Notably, he shared his ambition for a trade currency alternative to the US dollar.

Cryptocurrency platform Gemini and financial service provider Genesis have recently filed applications to dismiss a lawsuit initiated by the Securities and Exchange Commission (SEC) at the beginning of this year.

> In January, the SEC brought a case against these two entities, asserting that their Earn program represented an unregistered distribution and sale of securities as per US regulations.

> Genesis, in its court submission last Friday, refuted this claim, maintaining that the Earn program is centered around the generation of loans and not securities.

> The firm went on to argue that the SEC "has failed to provide convincing evidence that could metamorphose these loans into either investment agreements or securities notes." Continue reading.

Anna Egorova, the partner of cryptocurrency tycoon Michael Egorov, has recently garnered attention with her extravagant purchase of the Avon Court estate in Melbourne for a whopping $41 million.

> This transaction is currently recognized as the most costly real estate deal in Victoria for this year.

> Originating from Russia, the pair has displayed a keen interest in high-end Melbourne real estate, as demonstrated by their previous acquisition of the neighboring Verona mansion for $18.25 million last year.

> Their latest acquisition, the historical Avon Court, constructed in 1890, reportedly increases their total land ownership to an impressive 5663 square meters.

> Their grand purchase mirrors that of fellow cryptocurrency entrepreneur, Ed Craven, who recently parted with $80 million for a vast mansion in Melbourne's exclusive Toorak district. Full report here.

A cyber attacker, who seized control of the restricted cryptocurrency mixer Tornado Cash, has surrendered the authority of the platform, after using the protocol to clean up the digital coins pilfered during the breach.

> During the incursion, the perpetrator made away with 483,000 of Tornado Cash's inherent TORN tokens. A considerable portion of the stolen assets was subsequently exchanged for Ether.

> The malefactor then laundered 472 Ether, valued at approximately $900,000, via Tornado Cash, as per the insights from research company Nansen.

> Tornado Cash has been utilized by lawbreakers and North Korean cyber attackers, resulting in the US imposing sanctions on the service.

> Advocates of cryptocurrency maintain that Tornado Cash provides privacy advantages for lawful users. More here.

Binance's Richard Teng Steps Up: Overseeing All Non-US Markets

Binance has announced Richard Teng as the chief of all its regional markets excluding the US, marking a remarkable rise for the executive who joined the leading cryptocurrency exchange less than two years ago.

> Effective Monday, Teng's upgraded position extends his prior role of overseeing the regions of Asia, Europe, the Middle East, and North Africa, as stated by a representative from the company.

> He initially became a part of the firm in August 2021 as the CEO of its Singapore unit and quickly rose through the ranks during a period of volatility in the digital assets industry.

> This extension of Teng's duties coincides with a period when Binance and its CEO and co-founder, Changpeng Zhao, are facing scrutiny from US regulators regarding compliance matters. Read here.

Huobi HK Sets Stage for Crypto Spot Trading: Application for Virtual Asset License

Huobi HK has announced plans to provide cryptocurrency spot trading services to both retail and institutional customers in Hong Kong, following its recent application for a virtual asset exchange license.

> The exchange conveyed an application notice to the Hong Kong Securities and Futures Commission (SFC) on May 29.

> Before being able to deliver regulated services, cryptocurrency companies must apply for this license.

> To meet the SFC's requirements, Huobi HK will collaborate with auditors and concentrate on adhering to compliance and anti-money laundering rules, as the company noted.

> Hong Kong has recently implemented a licensing system for cryptocurrency exchanges, with the aim of safeguarding retail investors while also promoting innovation. Continue here.

Bitcoin Miners Witness Soaring Transaction Fee Revenue in May

Bitcoin miners saw a substantial increase in transaction fee revenue in May, reaching the highest point in over two years.

> The Block's Data Dashboard indicates that the proportion of mining earnings from transaction fees stood at 14.3% as of May 29.

> This figure represents an increase of more than 11% compared to April, and it's the highest it's been since April 2021, as illustrated in the accompanying chart.

> What's the reason for this sudden surge? The proliferation of Ordinals, a technique for creating on-chain art pieces linked to satoshis, the smallest unit of the Bitcoin network, seems to be a contributing factor. More here.

The world’s largest digital currency Bitcoin traded flat on Monday at $27,00 levels, up by about 0.3%, however up 3% in the last one week.

The second largest cryptocurrency Ether traded up about 2% to trade at $1895 levels, up 4% over the last one week.

Other major cryptocurrencies like Ripple, Cardano and Dogecoin were trading up 3%, 0.5% and 0.6%, respectively.