News Round - Bitcoin Hashrate Records New ATH Surpassing 740 EH/s

Major news stories this week;

1. Bitcoin Hashrate Records New ATH Surpassing 740 EH/s
2. Polygon initiates the migration from MATIC to POL: a new era for the layer-2 Ethereum token
3. CFTC Issues Order Against Ethereum DeFi Exchange Uniswap
4. B2C2 Appoints Cactus Raazi as the new CEO of its US division
5. Japan’s major banks back new stablecoin project for global trade

Story Summaries;

1. The Bitcoin network hash rate reached a new all-time high on September 3rd, surpassing 740 exahashes per second (EH/s). This comes even as Bitcoin prices trade below $60,000. A higher hash rate reflects more computational resources spent processing transactions and mining new Bitcoin. This is despite Bitcoin sliding over 10% this week, which highlights the disconnect between network fundamentals and short-term pricing.
2. Polygon, one of the most prominent layer-2 networks on Ethereum, is currently undergoing one of its most significant transformations. The network has in fact initiated a crucial update that marks the transition from the long-used MATIC token to the new POL token. This step, although widely anticipated, represents a significant turning point, not only for the Polygon network but also for the entire ecosystem of criptovalute. The change from MATIC to POL is not a simple update, but an event that could substantially influence the way the network operates.
3. U.S. regulator the Commodity Futures Trading Commission (CFTC) has hit Uniswap Labs, the company behind Ethereum decentralized exchange Uniswap, with an order for allegedly illegally offering leveraged or margined retail commodity transactions in digital assets. The order, which the regulator said was settled, requires Uniswap Labs pay a $175,000 civil monetary penalty and to cease and desist from violating the Commodity Exchange Act (CEA).
4. Crypto liquidity provider B2C2 has named Cactus Raazi as CEO of the firm’s US business, he will be based in New Jersey, report to group CEO Thomas Restout, and join the firm’s executive committee. Raazi will also be responsible for developing and implementing B2C2’s US business strategy, and building relationships in the US and across the broader Americas region with both clients and wider stakeholders including regulators. The firm says it has a sizeable business in the US market and has seen significant growth in a diversified client base that includes large institutions, asset managers and Tier 1 banks.
5. Datachain, a blockchain startup focused on interoperability, announced the launch of Project Pax, a stablecoin platform to facilitate cross-border business settlements. According to the Sept. 5 official post, Japan’s three largest banks, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank, are backing the initiative. The project is a collaboration between blockchain companies like Datachain, Progmat, and TOKI, with expectations of global participation from financial institutions.

And that’s all for last week’s news! Wishing you a great week ahead!

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