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Tether restructures to expand presence in the digital assets market

Tether (COIN:USDTUSD), the developer of the world’s largest stablecoin by market value, is expanding into broader areas of digital assets. The company has created four new divisions to diversify its operations: “Tether Finance” to manage the USDT stablecoin, “Tether Power” focused on bitcoin mining investments, “Tether Data” to handle technology investments, including artificial intelligence, and “Tether Edu”, dedicated to educational initiatives. The strategy indicates a significant shift in the company’s approach, aiming for sustainable solutions and the promotion of a financial and technological ecosystem for the future.

Aptos Labs partners with Microsoft and others to boost institutional DeFi

Aptos Labs (COIN:APTUSD), the developer of the Aptos blockchain, is collaborating with Microsoft (NASDAQ:MSFT), Brevan Howard, and SK Telecom (KOSPI:017670) to promote institutional access to decentralized finance. The partnership will introduce Aptos Ascend, a comprehensive package of institutional solutions, including regulatory support, transaction privacy, and KYC checks, aiming for a secure and scalable gateway to DeFi.

Outlook and challenges for Bitcoin approaching the next halving

As Bitcoin (COIN:BTCUSD) approaches the fourth halving, there is increasing stability and confidence in the market, anticipating a new era of sustainable growth. Public interest is intensifying, demonstrated by the increase in transaction volume and price appreciation, currently quoted at $63,632 at the time of writing. Analyst Fernando Pereira from Bitget highlights the importance of observing the 20-week moving average: “a very important average to observe in the market at this moment is the 20-week period, which is currently at $53k. As the weeks go by, this average will rise, and when it and the price intersect, it will be higher than that. It is possible that they will meet near $56k, but we will observe week after week. There is a good long-term buying point.“

Despite this stability, rumors of price increases from China were not enough to boost Bitcoin recently. Analysts from Goldman Sachs (NYSE:GS) and JPMorgan (NYSE:JPM) warn of the possibility of price declines post-halving, suggesting that the increase may already be priced in. Additionally, tighter monetary policies and lack of venture capital investment in the crypto sector, along with the launch of Bitcoin ETFs, could affect future demand and prices following the halving.

Bitcoin ETF outflows on April 17th

On April 17th, Bitcoin ETFs recorded significant financial movements. According to Farside data, there was a withdrawal of $165 million, the highest since the beginning of the month. Notable withdrawals include Grayscale’s ETF (AMEX:GBTC) with $133.1 million and Ark’s (AMEX:ARKB) with $42.7 million withdrawn. Bitwise (AMEX:BITB) also saw its first withdrawal of $7.3 million. In contrast, BlackRock (NASDAQ:IBIT) continued to receive investments, albeit at a reduced pace.

Nym Technologies enhances Bitcoin privacy with Liquid Network partnership

Nym Technologies, focused on privacy for Web3 infrastructure, has joined the Liquid Federation, improving support for Bitcoin’s layer 2 ecosystem (COIN:BTCUSD). This group, which includes exchanges and developers, operates Bitcoin’s main sidechain, the Liquid Network. Nym now plays a central role, managing transactions and essential infrastructure, and works to integrate its privacy solutions into Liquid, enhancing the confidentiality of Bitcoin transactions.

Blockchain secondary markets may expand reach of tokenized assets, says Moody’s

A report from Moody’s Investors Service (NYSE:MCO) highlights that blockchain-based secondary markets could enhance the reach of tokenized assets, such as real estate and private equity, divided into multiple tokens. This innovation could increase liquidity and accessibility, facilitating instant transactions and reducing operational costs. However, the report also warns of technological and regulatory challenges, including risks associated with smart contracts and other security issues.

Ondo Finance expands tokenized bond offerings to the Cosmos ecosystem

Ondo Finance announced its partnership with the Noble chain to introduce its tokenized US Treasury bond offerings to the Cosmos ecosystem (COIN:ATOMUSD). The first asset to be issued, USDY, is a tokenized note with an annual yield of 5.2%. This expansion will allow the integration of Ondo’s offerings into more than 90 blockchains in Cosmos, increasing the adoption of its secure and profitable financial products.

Union Labs plans integration with AggLayer to enhance blockchain interoperability

Union Labs, a project dedicated to blockchain interoperability, announced plans to integrate with AggLayer, a decentralized service developed by Polygon Labs (COIN:MATICUSD). This collaboration aims to facilitate liquidity sharing between networks using AggLayer and those operating under the Cosmos Inter-Blockchain Communication (IBC) Protocol (COIN:ATOMUSD). The partnership could strengthen connections between Polygon’s Ethereum network and the vast Cosmos blockchain ecosystem, promoting greater efficiency and low latency in cross-chain transactions.

New Zealand considers future of digital currency

The Reserve Bank of New Zealand has opened a consultation on the implementation of digital currency. Citizens are invited to comment on various aspects, including the design of digital currency, the possibility of interest payments, and retention limits, with the central bank considering a $2,000 limit. The consultation closes on July 26th. The NZD-denominated CBDC would be distributed by the private sector, prioritizing financial inclusion and supporting smart contracts. The development process will extend until 2030.

Trial of cryptocurrency trader for fraud in Mango Markets

Cryptocurrency trader Avi Eisenberg is facing trial in New York for alleged fraud in trades on Mango Markets, resulting in gains of $110 million. While prosecutors accuse Eisenberg of market manipulation, his defense claims a legitimate trading strategy. Expert witnesses have been heard, but the focus remains on the jury’s decision. Eisenberg could face up to 20 years in prison if convicted on the three charges, highlighting the legal complexities in the world of cryptocurrencies.

Binance launches ‘Megadrop’ platform, plans return to Indian market, and receives full license in Dubai

Binance has launched the ‘Megadrop’ today, an innovative platform for token launches that offers clear rewards to participants. Combining elements of Binance Launchpool with Web3, Megadrop allows users to access new tokens before they are listed, promoting an enriching experience and greater engagement with the expanding crypto ecosystem. Additionally, Binance, previously excluded from the Indian market, is planning to re-enter the country by paying a fine of $2 million, according to the Economic Times. Earlier this year, Binance and other exchanges were removed from the Apple Store in India after receiving compliance notices from the country’s Financial Intelligence Unit. Furthermore, Binance has obtained a full license as a virtual asset service provider in Dubai. The grant came with a condition: co-founder and former CEO Changpeng “CZ” Zhao must relinquish voting control in the local unit. CZ, currently in the US awaiting sentencing, negotiated settlements with the Department of Justice in November. His sentencing is scheduled for April 30th.

Gradual recovery of funding in Web3 after stagnation period

After a period of retraction, the Web3 sector, focused on blockchain technologies and cryptocurrencies, recorded a slight increase in funding in the first quarter of 2024, the first rise since late 2021. This sector raised nearly $1.9 billion in 346 transactions, a 58% increase from the previous quarter, although still lower than the same period last year, which had $2.3 billion in 670 transactions. The sector, which faced significant challenges such as fraud and credibility crises, is beginning to show signs of recovery, with the creation of new unicorns and an increase in the price of major cryptocurrencies. Nevertheless, large investment rounds are rare, suggesting a cautious path ahead for the full recovery of investment in Web3.

Thruster Finance raises $7.5 million for expansion on Ethereum Layer 2

Thruster Finance, a decentralized exchange platform on the Ethereum Layer 2 Blast network, raised $7.5 million in seed funding. Led by Pantera Capital, the round also had participation from OKX Ventures and other significant investors in the crypto space. Thruster’s valuation rose to $70 million after the quick close of the round, positioning it as a promising DeFi platform with growing locked value and user base.

Magic Eden challenges Blur’s supremacy in the NFT market

Blur maintained its position as the leading non-fungible token (NFT) marketplace in the first quarter, with $1.5 billion in trading volume. However, Magic Eden emerged in March, surpassing Blur’s total NFT trading volume, driven by reward programs and its Ethereum-based marketplace.

The successful fusion of nostalgia and blockchain by BitBoy One 

BitBoy One, a release from Ordz Games, sold out 1,000 units in just two minutes. Inspired by the 1989 Game Boy, the product combines the nostalgia of classic games with blockchain innovation, allowing Web3 interactions and Bitcoin earnings during gameplay, in addition to including an exclusive NFT. Its versatility as a Bitcoin hardware wallet strengthens its position as a bridge between gaming and digital finance.