BlockFi shows top growth among U.S. companies, the U.K. posts over 10% inflation and

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Fed to issue long-awaited guidelines for granting master accounts to crypto banks

Crypto’s continued journey into the mainstream has come with various levels of regulatory action across the globe. This week brought clarity in terms of expectations for crypto-focused banks seeking accounts with the United States Federal Reserve. A framework released by the Federal Reserve Board details expectations for such applicant banks, including the level of due diligence to be provided based on each applicant’s risk level. Giving crypto-focused banks access to the Fed’s so-called “master accounts” has been a slow process, but it suggests that regulators are gradually integrating digital assets into mainstream finance.

BlockFi tops the Inc. 5000 list with almost 250,000% revenue growth in three years

Centralized finance player BlockFi topped Inc. magazine’s 2022 list of U.S. companies showing the highest revenue growth over the past three years. Although the list showcases 5,000 companies posting revenue growth, making it into consideration for the list requires paying a small fee and submitting an application. Be that as it may, BlockFi has tallied a 245,616% increase in revenue — substantially higher than the company holding second place on the list.

Ethereum Foundation clarifies that the upcoming Merge upgrade will not reduce gas fees

Ethereum’s highly anticipated Merge, which involves a shift to proof-of-stake from the current proof-of-work consensus mechanism, should arrive before 2022 is over — possibly in September, according to expectations. The move is a significant piece of the puzzle regarding Ethereum’s forward progression. Although the Merge means lessened energy required for running the Ethereum blockchain, that does not mean the network’s gas fees will fall, according to the Ethereum Foundation.

“Gas fees are a product of network demand relative to the network’s capacity,” the foundation specified this week. “The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput.”

UK hits double-digit inflation for the first time in 40 years

Inflation currently affects billions of people across the globe. The United Kingdom, specifically, has now entered double-digit territory for inflation, according to the latest consumer price index (CPI) reading. July’s CPI came in at 10.1% year-over-year, up from 9.4% in June and the highest since February 1982. A sharp rise in the price of gas, food and other goods contributed to the high inflation print.

BitGo to sue Galaxy Digital for $100M over dropped acquisition

Digital asset custody firm BitGo intends to pursue legal action against crypto firm Galaxy Digital to the tune of more than $100 million. Galaxy canceled its move to acquire BitGo, stating that BitGo missed its deadline to provide certain financial documents. Legal representation for BitGo alleged that Galaxy is obligated to pay $100 million as a termination cost or an equivalent or greater amount in damages, while a Galaxy spokesperson stated the company’s choice to cancel the deal was within its contractual rights based on BitGo’s missed deadline.

FTX US among 5 companies to receive cease and desist letters from FDIC

The U.S. Federal Deposit Insurance Corporation (FDIC) has issued cease and desist letters to five companies, including FTX US, for allegedly making false representations about deposit insurance related to digital assets. The government agency claims FTX US and four other companies involved in crypto-related publications misrepresented the FDIC’s deposit…