Bitcoin rising monday morning on ETF approval hopes
Bitcoin (COIN:BTCUSD) experienced an increase on Monday as hopes
grow that a Bitcoin exchange-traded fund (ETF) may be approved
soon. The price of Bitcoin rose above $28,000, reversing the losses
from the previous week. The SEC’s decision not to appeal the
Grayscale’s legal reversal to turn their fund into a more
investor-friendly ETF also boosted optimism. This could make the
Grayscale Bitcoin Trust (USOTC:GBTC) more attractive as a potential
Bitcoin ETF. The news resulted in $75 million in liquidations in
the cryptocurrency market.
Solana teams up with DMCC to strengthen crypto ecosystem in Dubai
Solana Foundation, responsible for the Solana blockchain, has
entered into a partnership with the Dubai Multi Commodities Center
(DMCC), the largest free trade zone in the United Arab
Emirates. The collaboration aims to support DMCC’s crypto
community, which is home to more than 550 crypto
companies. Solana will offer technical and business support,
while DMCC will provide free installation and licensing for Solana
projects. Additionally, Solana will host webinars and
educational training on Web3 topics. Other DMCC Crypto Center
partners are also involved in promoting blockchain and Web3
technology.
Social finance protocols Tomo and New Bitcoin City reach $1 million
TVL mark
Social finance protocols Tomo and New Bitcoin City now have more
than $1 million locked in their smart contracts, according to
DefiLlama. Both projects are similar to FriendTech,
introducing paid communities where users purchase keys to access
group chats. Tomo allows users to bet on the value of people’s
keys, while New Bitcoin City acts as a social layer for other
protocols, with customization options such as fees and number of
keys needed to access group chats. FriendTech leads with $43.7
million in TVL as StarsArena recovers from hack.
Controversy in crypto community over new KYC hook on Uniswap v4
An open-source Uniswap v4 directory is sparking controversy with
the introduction of a new hook that makes it possible to KYC check
users before trading in token pools. The concern is that this
could lead to DeFi protocols being added to regulatory whitelists,
limiting decentralization. The KYC hook, an optional feature,
was developed by a community member for liquidity providers and may
be useful for projects that need to comply with local
regulations. Global governments are stepping up regulation of
DeFi, and Uniswap v4, with customizable hooks, is expected in 2024,
with access limited to governance-approved entities.
Apple’s App Store briefly removes MetaMask app
Last Saturday, the popular Ethereum wallet, MetaMask, was
temporarily removed from Apple’s App Store but later
restored. The team explained that the issue was not related to
security threats or functionality issues and assured that users
were not required to take any action. This isn’t the first
time MetaMask has faced challenges on platforms controlled by large
technology companies, such as Google (NASDAQ:GOOGL) which removed
it from the Play Store in 2019. Apple (NASDAQ:AAPL) also imposes a
30% on transaction revenues, which poses a challenge for crypto
applications and NFTs.
Trezor launches new hardware and limited edition wallets for its
10th anniversary
Trezor, a prominent cryptocurrency hardware wallet company, has
launched two new products along with a limited edition Bitcoin
wallet to celebrate its tenth anniversary. Trezor Safe 3 is an
affordable and secure hardware wallet that supports multiple
currencies. The Trezor Keep Metal protects the recovery phrase
from damage and is made from durable stainless steel. The
limited edition Trezor Safe 3 for Bitcoin sold out
quickly. The company will donate a portion of sales to support
Trezor Academy, reflecting the global increase in cryptocurrency
ownership.
Binance burns over $450 million in BNB tokens as part of supply
reduction process
Binance announced that it has burned more than $450 million
worth of BNB (COIN:BNBUSD) tokens as part of its supply reduction
plan. Just over 2.1 million BNB tokens were burned, making
them permanently unavailable. This is part of BNB’s automatic
burn system, which aims to reduce its total supply to 100 million
BNB. BNB is Binance’s native currency and its burn is based on
the price and activity of the Binance Smart Chain. BNB was
trading at $248.26 at the time of writing.
UPbit Singapore receives in-principle approval for payment
institution license
UPbit Singapore, a subsidiary of South Korean exchange UPbit,
has obtained in-principle approval from the Monetary Authority of
Singapore (MAS) for a Principal Payment Institution (MPI) license,
allowing it to offer regulated digital payment token
services. The approval reinforces UPbit’s presence in
Singapore, making it a strong competitor alongside platforms such
as Coinbase (NASDAQ:COIN) and Blockchain.com with similar
licenses. The city-state of Singapore continues to attract
crypto companies due to its favorable regulatory environment and
incentives for innovation and technology.
Kraken and Williams Racing enter into innovative partnership in the
world of cryptocurrencies and motorsport
Cryptocurrency exchange Kraken has announced an exciting
collaboration with renowned Formula 1 team Williams
Racing. Both organizations, known for their pioneering
technology, are joining forces to shape the future of finance and
community engagement. The Kraken logo will be prominently
displayed on the Williams Racing race car during the 2023 Rolex
Formula 1 Australian Grand Prix, and the partnership plans to
create unique collectible digital experiences for the crypto and
motorsport communities.
Ferrari to expand cryptocurrency payments in the US and Europe
Italian luxury sports car maker Ferrari (NYSE:RACE) plans
to accept cryptocurrencies in the US, with expansion into Europe
due to demand from wealthy customers. The company will use
BitPay to process transactions with Bitcoin (COIN:BTCUSD), Ether
(COIN:ETHUSD) and USD Coin (COIN:USDCUSD). This measure aims
to serve both young crypto and traditional investors looking to
diversify their portfolios. While accepting cryptocurrencies
as a form of payment is still rare at large companies, Ferrari is
following in the footsteps of Tesla (NASDAQ:TSLA), which began
accepting Bitcoin in 2021 but suspended the service due to
environmental concerns.
Honda does not accept cryptocurrencies directly, but third-party
platforms allow purchases
Honda (NYSE:HMC), a major car manufacturer, does not directly
accept cryptocurrency payments, despite incorrect reports. The
company clarified that it does not accept cryptocurrencies as a
form of payment. However, third-party platforms like FCF Pay allow
the purchase of Honda cars with cryptocurrencies. FCF Pay,
operating in the United States, also plans to expand its services
to other countries. The system enables payments in Bitcoin
(COIN:BTCUSD), Ether (COIN:ETHUSD), XRP (COIN:XRPUSD), Tether
(COIN:USDTUSD), USD Coin (COIN:USDCUSD), and other
cryptocurrencies, with a fee of $3 plus 2%. The company does not
have direct partnerships with automakers but offers a
cryptocurrency payment option.
FTX co-counder Sam Bankman-Fried requests permission to use
Adderall during trial
Sam Bankman-Fried, co-founder of FTX, asked the US judge for
permission to take Adderall before his trial, citing difficulty
concentrating. His lawyers explained that the lack of
medication affected his ability to concentrate during the
trial. They requested that the court suspend the trial for a
day if the medication was not effective or could not be
taken. Alternatively, they asked for permission to provide the
medication in court. Bankman-Fried is facing criminal charges
and has asserted his innocence during the ongoing trial.
FTX liquidators stake millions on Ethereum and Solana
Recent on-chain data revealed that FTX liquidators placed a
large stake on Ethereum (COIN:ETHUSD) and Solana (COIN:SOLUSD) over
the weekend. Around $30 million worth of ETH and over $120
million worth of SOL have been allocated for staking. This
move seeks to earn rewards of nearly 7% and comes as FTX faces
legal challenges, including the trial of founder Sam
Bankman-Fried.
California approves cryptocurrency regulation law for 2025
California Governor Gavin Newsom signed a cryptocurrency
regulation bill that will take effect in July 2025. The new law,
modeled after New York’s “BitLicense,” was approved in September
2022 by the US state Assembly. It requires the California
Department of Financial Protection and Innovation to establish a
regulatory framework for the cryptocurrency sector, including a
licensing regime. DFPI will have 18 months to adapt regulation
to industry trends and protect consumers while balancing
responsible innovation.
Moscow Stock Exchange plans to introduce digital financial assets
for real estate investment in 2024
Moscow Stock Exchange is preparing to launch real estate-related
digital financial assets (DFAs) in 2024, making real estate
investing more accessible. The National Settlement Depository
(NSD) will oversee the issuance of these DFAs, allowing a wider
variety of investors to participate. These blockchain-based
DFAs represent tokenized versions of properties, offering benefits
such as divisibility and programmable transactions. The
initiative benefits builders, who can raise funds directly, and
investors, who have access to the real estate market with a lower
entry limit. The measure should attract both qualified and
non-qualified investors.
Governor of the Saudi Central Bank warns of dangers of
cryptocurrencies and calls for regulation
The governor of the Saudi Central Bank (SAMA), Ayman Alsayari,
warned about the risks associated with cryptocurrencies and their
brokers at a G20 meeting in Morocco. He called for strict
supervision and coordinated regulation, supporting the roadmap
established by the IMF and the Financial Stability Board (FSB) to
combat these risks. Alsayari also mentioned the decline in the
global economy due to high inflation and the adoption of
restrictive monetary policies to combat it. The G20 meeting
also revealed a roadmap for regulating crypto assets and reforming
multilateral development banks (MDBs).
Australian Central Bank considers digital currency as the future of
money
The Reserve Bank of Australia (RBA) is exploring the possibility
of adopting a central bank digital currency (CBDC) as the future of
currency. RBA Assistant Governor Brad Jones discussed the
opportunities and challenges of tokenizing assets and money in the
digital era, highlighting the potential of CBDCs as a form of
tokenized money. Jones also emphasized the importance of
regulation, noting that CBDCs could be a secure alternative for
settling transactions, especially compared to stablecoins issued by
private entities.
Dfinity Foundation and Roland Berger develop global blockchain
recycling credit standard
Dfinity Foundation, collaborating with consultancy Roland
Berger, is creating technology for a global Voluntary Recycling
Credits (VRC) standard on the Internet Computer
blockchain. This initiative seeks to combat climate issues
related to inadequate waste management, with a global recycling
rate of less than 10% for plastics. Blockchain technology is
seen as fundamental to ensuring a transparent and secure record of
recycling credit transactions.
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