16 February

Germany’s largest bank says it plans to create a trading and token issuance platform, bridging digital assets with traditional banking services, and managing the array of digital assets and fiat holdings in one easy-to-use platform.

The Deutsche Bank Digital Asset Custody prototype aims to develop ‘a fully integrated custody platform for institutional clients and their digital assets providing seamless connectivity to the broader cryptocurrency ecosystem.’ The bank says it would also provide ‘value-added services such as taxation, valuation services and fund administration, lending, staking and voting, and provide an open-banking platform to allow onboarding of third-party providers.’

Deutsche said it has completed a proof of concept and is aiming for a minimum viable product in 2021.”

See Also: Morgan Stanley Unit Considers Bitcoin Investment: Bloomberg
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The Asian session drop was likely a ‘funding reset’ needed for a sustained move above $50,000.

Indeed, the cost of holding long positions in bitcoin (BTC, -1.59%)‘s perpetual futures market, also known as the funding rate, rose to a 12-month high of 0.109% on Sunday, indicating excess bullish leverage, or overheating, in the market.

Bitcoin’s latest price slide is typical of pullbacks observed during the previous bull markets, and the path of least resistance remains to the higher side. At press time, the perpetual funding rate has normalized to 0.05% and the Coinbase premium has recovered to $50.”

See Also: Crypto Market Cap Breaks $1.5T as Buyers Show Up for the Dip

“Ethereum co-founder Vitalik Buterin published a plan on Monday for the first hard fork of the new Ethereum 2.0 Beacon Chain, tentatively named HF1. The hard fork would allow the developers to introduce several key upgrades to the recently launched Beacon Chain, which would also serve as a useful test for deeper changes in the future.

The biggest practical change is the support for light clients — nodes that would have minimal resource requirements and could run on mobile devices. This would allow for “trust-minimized wallets” that are able to verify the blockchain on their own instead of relying on external service providers.”

“When the world’s largest custodian announces that it will provide custody services for digital assets, that feels like a tipping point in the market.

Once their crypto offering is available later this year…it could soon prove [to be an] inflection point as it will fundamentally change how asset managers view Bitcoin and other digital assets.

Even only one half of one percent of the $41 trillion BNY Mellon oversees is committed to crypto, we may see prices approach the targets that have been mentioned by JP Morgan, Guggenheim and others.”

See Also: Mark Cuban on blockchain: ‘It’s like the early days of the internet’ when ‘a lot of people thought we were crazy’

A new report on the exploding market for non-fungible tokens (NFTs) reveals that transactions tripled in 2020. Virtual worlds are the most popular segment with 25% of the market, but art is quickly catching up and sales grew by 2,800% in 2020.

2020 has been a historic year for NFTs, and we’ve seen healthy growth across many metrics.

Traditional brands like Nike, Louis Vuitton, and Formula 1 are already spearheading the first generation of commercial uses for NFTs. We expect to see more brands entering and investing more resources in this space as they find new ways to engage virtually, and profitably, with their customers via NFTs.”

See Also: NBA Top Shot, CryptoKitties Firm Dapper Labs Raising $250M+ at $2B Valuation: Report
See Also: ConsenSys Grants Help Iranian Women Learn Solidity

Connext is a crosschain routing network that enables seamless communication between the Ethereum mainnet, L2 systems, and shards. Today, we’re excited to announce that the first user of Vector, Decentral Games, is live with instant transfers of $DAI and $MANA from Ethereum to Matic and back!

Before integrating Connext, our players had to wait 5–7 minutes for deposits and up to 2 hours for withdrawals, which was awful for user experience. Connext changes the game with their instant, trustless deposits to and withdrawals from Matic. Connext is a no-brainer for any dapp building on L2.

In the two months(!) that it’s been live, DG has grown to an astounding $9.45m in monthly betting volume and $1m in DAO treasury value!”

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“Alpha Finance announced its Alpha Homora V2 product was the root cause. The company confirmed that it is working with DeFi guru Andre Cronje and Cream Finance to investigate the incident, and that the loophole had been fixed. It also said that they “have a prime suspect” in mind.