“U.S.-based financial services firm Fidelity Investments will allow investors to put bitcoin (BTC) into their 401(k) retirement savings accounts later this year, the firm said on Tuesday. Investors can use part of their savings to invest in the world’s largest cryptocurrency, if their employers allow.
The move would allow several first-time investors to gain exposure to bitcoin without having to make a separate account on a crypto exchange. Fidelity’s retirement accounts are big business: They held an estimated $2.4 trillion in 401(k) assets in 2020, or more than a third of the market.
Business analytics firm MicroStrategy (MSTR) is said to have already signed on to the plan.”
“Optimism PBC, the company behind the eponymously named Ethereum scaling protocol, today announced that it has created its own DAO—known as the Optimism Collective—and will be airdropping OP tokens to 267,000 Ethereum wallet addresses.
Optimism Collective will be tasked with taking the revenue created from Optimism’s transaction fees and transforming it into grants for “public goods.” In short, it sees public-goods funding as feeding into a flywheel effect for Web3.
The Optimism Collective will dispel the myth that public goods cannot be profitable. The Collective will consistently provide massive retroactive incentives for public goods which benefit Optimism, Ethereum, and the Collective as a whole.
The Collective is split into two “houses.” The “Token House” will govern concerns such as software upgrades, Treasury allocation, and incentive structure. The “Citizens’ House” will determine how public-goods funding is distributed. Both will use quadratic voting, which is designed to reduce the impact of large token holders.
Buterin today tweeted that the Collective is ‘possibly the biggest attempt at non-token-holder-centric DAO governance so far.’“
“The arrival of a native crypto business as a broker registered with the National Futures Association – and the oversight from the Commodity Futures Trading Commission (CFTC) that comes with it – could mark a significant stage in mainstreaming crypto.
FalconX is akin to a financial wholesaler that serves only institutional clients, such as hedge funds and other financial firms that want to give clients access to crypto derivatives. As a swap dealer, FalconX can join the ranks of major Wall Street banks, such as Goldman Sachs (GS) and JPMorgan Chase (JPM), in providing a service for customers who want to acquire or unload derivatives.
Crypto derivatives are much like the traditional financial industry’s futures and options overseen by the CFTC. But Yarlagadda said institutional customers have been waiting for brokers to fill their needs for over-the-counter (OTC) derivatives.
Our priority is to develop standard terms for products that are already traded, such as cash-settled forwards and options referencing bitcoin and ether [ETH]. The demand is huge. I really hope other players also come in, because it’s the right thing for the industry.”
“USDC.Homes, a company that partners with mortgage lenders and brokers to facilitate crypto home loans, has completed its first sale via DeFi lending protocol Teller. The new owner took out a $500,000 USDC stablecoin mortgage on an Austin, Texas, condo valued at $680,000.
Teller is calling it the “first unsecured DeFi mortgage;” the borrower didn’t put up collateral (though he did make a down payment in USDC) but won the loan on the strength of his credit score. Moreover, Teller says that all of the loan transactions took place on-chain via Polygon‘s Ethereum sidechain.
The upside of crypto mortgages is that those who hold a lot of digital assets don’t need to liquidate their holdings to buy a home.”
“The card will allow displaced Ukrainians to send and receive crypto payments and make transactions at retailers located in the European Economic Area.
Apart from access to crypto transactions, recipients of the card who are verified by their local nonprofit organizations will receive financial support from Binance in the form of Binance USD (BUSD). These users will get 75 BUSD per month for three months, the donation amount recommended by the United Nations High Commissioner for Refugees (UNHCR).
Crypto is a tool that has no boundaries, restrictions, does not require documents and other complex and lengthy bureaucratic procedures, and is capable of producing results here and now.”
“Elon is the singular solution I trust.
In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, requires Elon, and Elon alone. Taking it back from Wall Street is the correct first step.”