Cryptocurrency exchange Binance has contacted some crypto projects with low-liquidity tokens in an effort to enhance their liquidity protection, while stablecoin issuer Num Finance has rolled out a Colombian peso-pegged token on the Polygon network.
Bitcoin is clinging on to the $26,000 level as investors await the highly anticipated speech from the U.S. Federal Reserve Chair Jerome Powell at Jackson Hole later this morning, said Bank of America in a research note. Other attendees include European Central Bank President Christine Lagarde who will speak later in the day. Investors will watch the speech closely in search of signals about monetary policy outlook.
The new nCOP token from Num Finance is overcollateralized by reserve assets and allows people and businesses to transfer, pay, earn and save money using blockchain rails. Currently, Colombia is one of the main recipients of remittances in Latin America, with nearly USD 10 billion flowing into the country, said Agustín Liserra, CEO of Num Finance. Num Finance aims to provide a new possibility for people to send and receive nCOP as remittances and receive a yield on it.
Binance has asked for details about the projects’ market makers and whether they would consider contributing up to 5% of their circulating tokens to Binance’s saving pools in return for interest.