“Elon Musk saying Tesla is suspending purchases using bitcoin doesn’t shake our thesis that the crypto is in early price discovery days on its way to becoming the global digital reserve asset in a world of accelerating digitalization and electrification.
The rule of money flowing to where it’s treated best looks like an enduring tailwind for bitcoin.”
“It was only three months ago (almost to the day) on Feb. 8 that Tesla announced it had invested $1.5 billion in Bitcoin and would accept Bitcoin as a form of payment for its products.
Musk is now concerned about the use of fossil fuels in Bitcoin mining and transactions, yet the nature of Bitcoin mining has not changed in the last three months, which speaks to why backtracking on the crypto transaction three months later is a very surprising and confusing move to both Tesla and crypto investors.
Tesla’s reversal will have a short-term negative impact on Bitcoin and the crypto landscape as the market digests this confusing news from one of its biggest supporters.”
“Not only are these traditional hedge funds setting up dedicated cryptocurrency investment vehicles, plans are afoot to start earning returns using decentralized finance (DeFi) platforms.
DeFi is booming and institutions are edging towards it, trying to figure out how to get a slice of the alpha, or above-market returns, that is commonplace on platforms like Aave, Uniswap and Compound.
These very conservative, traditional hedge funds are not just looking to buy these tokens, but are interested in using these protocols.
Millennium, the largest of the three, co-founded by fund manager and philanthropist Israel Englander, has close to $50 billion in assets under management (AUM).”
“Tether revealed the breakdown of its reserves for the first time, casting another sliver of light on the backing of USDT. Much remains murky, however, in part because the pie charts provided by Tether on Thursday make no mention of any independent review by an accounting firm.
The breakdown states that the bulk of Tether’s reserves are in cash, equivalents or other short-term deposits, with the remainder in secured loans, corporate bonds and other investments. However, the first category is mostly made up of commercial paper, a form of corporate debt that can be easily converted to cash – or not, depending on the issuer and market conditions.
It is unclear what the ratings are on the commercial paper or the corporate bonds, which agencies rated them or which companies issued them. Likewise, Tether declined to identify the borrowers of the loans or the collateral backing them.
That’s a little iffy. All commercial paper is not created equal, because of the credit ratings of various companies. Even some of the multinationals that used to be pristine are not so anymore.”
“Binance Holdings Ltd. is facing a federal investigation by the U.S. Department of Justice and the Internal Revenue Service, Bloomberg reported Thursday. Officials specializing in tax and money-laundering investigations are probing the world’s largest crypto exchange.
We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion.”
“Blockchain domain name provider Unstoppable Domains is integrating with privacy-oriented web browser Brave to provide native browser support for “.crypto” domains. Practically, this means Brave users will be able to navigate to 30,000 decentralized websites and 700,000 blockchain domain names registered with Unstoppable Domains, drastically expanding access to Web 3.0.
Unstoppable Domains builds domain names on blockchains, meaning that each domain name is a non-fungible token (NFT) stored inside the user’s cryptocurrency wallet instead of within a traditional, centralized registrar like GoDaddy. The traditional DNS comes with a long approval system, regulatory bodies and various committees. But on the blockchain, using something like Unstoppable Domains, anybody can launch anything.
When a browser like Brave wants to go and resolve a website, instead of going and pinging the DNS servers, they go and read the blockchain directly.”
“The software giant has been quietly informing customers on the best way to jump ship by Sept. 10. The Quorum Blockchain Service from Brooklyn, N.Y.-based Ethereum-focused blockchain company ConsenSys has been recommended for use instead. No reason has been given for the decision.
Beginning in 2015, Azure Blockchain was once styled as a type of “sandbox” enabling partners to interact with different blockchain technologies and services, from smart contracts to tax reporting.”
“Coinbase, issuing its first quarterly earnings report as a public company, reported Q1 results largely in line with its preliminary announcement made early last month.
The U.S.’ largest cryptocurrency exchange boosted its year forecast range for active users, a key metric. Coinbase said it also expects all of its business metrics in Q2 to meet or exceed results in the first quarter.”
“South Korea’s central bank is seeking the authority to monitor cryptocurrency transactions made through users’ bank accounts. The measure may be brought in as early as September.
We plan to utilize our legal authority over requesting document submittal from financial institutions to monitor the volume of cryptocurrency transactions made through bank accounts.”
“JPMorgan’s vice chair of wholesale payments noted that the new collaboration involves the company’s digital currency-focused division known as Onyx.
JPMorgan Onyx has been setup with the mandate to lead the buildout of next generation clearing and settlement infrastructures and we are delighted to partner with a leading central bank and regulator like the CBB.
In late April, JPMorgan partnered with Singapore’s largest bank, DBS, and state investment company Temasek to launch a new blockchain venture focused on global payments and interbank transactions.”
“The Samsung Blockchain Wallet that comes with Galaxy smartphones will support Ledger Nano hardware storage devices.
Monthly active users of the Galaxy blockchain ecosystem have doubled over the past seven months, Yoon said, and the smartphone wallet is now used to hold hundreds of millions dollars in assets under management.
By providing support for hardware wallets we are providing our customers with not just enhanced convenience, but also an entirely new level of security.
A mobile crypto wallet such as Samsung’s is, by definition, connected to a network and so cannot have the same level of security as a Ledger cold-storage device, which remains remote from the internet. That said, Samsung’s wallet with its clever key store system uses an independent memory enclave on the device meaning ‘some of the logic of cold storage applies.'”