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Crypto This Wednesday: Ripple Obtains License in Singapore, El Salvador Begins Local BTC Mining, and More

Fernanda T
Latest News
October 04 2023 10:07AM

Jury selected for Sam Bankman-Fried criminal case

Twelve jurors have been selected for Sam Bankman-Fried’s criminal case, including a medical assistant, a librarian and a nurse. Data analysts at Nansen revealed details about the close relationship between FTX and Alameda Research, both founded by Bankman-Fried, with suspicious transfers of FTT tokens (COIN:FTTUSD) and the companies’ great control over the supply of these tokens. Additionally, Michael Lewis’ book “Going Infinite” revealed that Binance CEO CZ Zhao turned down a $40 million offer from Bankman-Fried to create a cryptocurrency futures exchange in 2019. In other recent news, the FTX 2.0 Coalition is optimistic about a possible $2 billion investment from Google (NASDAQ:GOOGL) at artificial intelligence company Anthropic, which could benefit FTX’s creditors.

Bitcoin maintains stability amid US bond yield volatility

The price of Bitcoin (COIN:BTCUSD) has remained stable around $27,500 since the Wall Street open on Oct. 4 as attention focused on rising U.S. bond yields. Market watchers have highlighted the importance of key price levels such as $27,600 and $27,000 as they await market direction. US dollar volatility and concerns about the stability of traditional markets have also affected Bitcoin price action.

Ripple gets Singapore license, legal victory over SEC boosts XRP

Payments company Ripple (COIN:XRPUSD) obtained a license to offer essential services in Singapore, while XRP experienced a 5.3% price increase, driven by the decision of District Judge Analisa Torres, who denied the attempt Securities and Exchange Commission (SEC) appeal in the Ripple case. Although the broader cryptocurrency markets posted losses, XRP continued to attract strong interest, with significant volumes on the UpBit and Binance exchanges. The license in Singapore allows Ripple to continue offering digital payment services in the fast-growing region.

Vitalik Buterin explores the debate over resource commitment in the Ethereum protocol

Vitalik Buterin, founder of Ethereum (COIN:ETHUSD), addressed the question of which features should be built directly into the Ethereum protocol rather than being built as smart contracts. He highlighted the pros and cons of this approach and examined cases such as enshrining account abstraction and other features like ZK-EVMs, bidder-builder separation, private mempools, liquid staking, and more pre-builds. The debate in the Ethereum community revolves around prioritizing time-honored features versus keeping the base layer simple to preserve decentralization.

Shiba Inu community scam alert: Telegram admin account compromised

The Shiba Inu cryptocurrency community is on alert after the Telegram account of a prominent administrator, Ragnar Shib, was compromised. According to Bitcoinist, the compromised account was used to promote a fake airdrop of the BONE (COIN:BONEUSD) token, aiming to create urgency among SHIB enthusiasts. Several key community figures warned about the scam and emphasized the importance of online safety. The community is now calling for additional security measures and encouraging caution among SHIB investors as the cryptocurrency remains at a critical price level.

MEXC Ventures invests in decentralized blockchain platform Open Network

Ton Network (COIN:TONUSD), a decentralized blockchain platform originally created by Telegram, has received an eight-figure investment from MEXC Ventures, a subsidiary of global cryptocurrency exchange MEXC. As part of the strategic partnership, MEXC will promote Web3 Accessibility, provide marketing services for TON-based projects, and launch a TON collateral loan service. TON Foundation aims to increase adoption of the Web3 ecosystem in the Telegram app with support from MEXC Ventures.

Jito Labs client usage increases on Solana network

The Solana Foundation revealed that more than 31% of the total stake in the Solana network is now running through the Jito Labs client, indicating growing client adoption. The network has maintained 100% uptime since February, in contrast to periods of downtime last year. The number of validators using Jito Labs has almost doubled since the last report in March. There are four different validator client implementations for the Solana network in active development, built on three independent codebases. Last year, Jito Labs managed to raise Series A funding worth US$10 million. This company is focused on building infrastructure related to Solana MEV (Mechanism Extracted Value).

Block reveals images of its first Bitcoin hardware wallet

Financial services company Block (NYSE:SQ), co-founded by Twitter CEO Jack Dorsey, has revealed images of its first Bitcoin hardware wallet. The hexagon-shaped device has a fingerprint sensor for additional biometric security. Block’s entry into the hardware wallet market highlights the importance of security and self-custody in the world of cryptocurrencies. The wallet is expected to be accessible, allowing more people to participate in the crypto ecosystem. The community awaits more details on the release date, pricing and additional features.

Yield Protocol will cease operations by the end of 2023

Yield Protocol, a decentralized finance (DeFi) lending protocol, announced that it will cease operations by the end of 2023 due to a lack of commercial demand and global regulatory pressures. The protocol will cease to exist after the December 2023 series, citing a lack of sustainable demand for fixed-rate loans as the reason. Additionally, unfavorable regulations in the US, Europe and the UK contributed to this decision. The protocol stated that all loans will be closed by December 31, 2023.

Blockchain financial market expected to reach US$79.3 billion by 2032

A report from Allied Market Research predicts that the global blockchain finance market, encompassing public and private blockchains, trading, payments, settlements and asset management, will grow to US$79.3 billion by 2032. The Covid-19 pandemic and the Interest in reducing operating costs drives this growth. The public blockchain subsegment, used by ecosystems such as Bitcoin (COIN:BTCUSD) and Ethereum (COIN:ETHUSD), leads the market due to its computational power. Cross-border payments and commerce are key application areas, with North America leading adoption. Research also suggests that blockchain technology could save $10 billion in cross-border payments by 2030.

OpenSea launches OpenSea Studio to facilitate the creation and management of NFTs

Leading NFT marketplace OpenSea has introduced OpenSea Studio, a platform that aims to simplify the process of creating and managing NFT projects. Studio allows creators to set up whitelists, create project pages, and even mint NFTs directly in their wallets. The platform is compatible with multiple blockchains, including Ethereum, Polygon, Solana and others. OpenSea plans to add additional functionality such as collection pages and enhanced features in the coming months.

BIS conducts successful test to track transactions in cryptocurrencies and blockchains

Bank for International Settlements (BIS) has collaborated with European central banks on a project called Atlas to track transactions in cryptocurrencies and public blockchains such as Bitcoin (COIN:BTCUSD). They used data from exchanges and blockchains to analyze cross-border cryptocurrency flows, with results indicating a significant economic impact. The project aims to help central banks assess the relevance of cryptocurrencies in different jurisdictions and will continue to expand its data scope.

Argentine presidential candidate proposes digital currency to combat inflation

Sergio Massa, Argentine presidential candidate and current Minister of Economy, has proposed the creation of a central bank digital currency (CBDC) to address the country’s hyperinflation crisis. He highlighted the importance of aligning Argentina with global trends and allowing citizens to repatriate money from abroad without additional taxes. Massa opposed the dollarization proposed by his pro-Bitcoin opponent, Javier Milei, and urged Argentines to defend their national currency. However, the crypto community has expressed concerns about CBDC, arguing that it could harm the country’s informal economy.

South Korea starts CBDC pilot project

The Bank of Korea (BOK) is launching a pilot project to explore the technical infrastructure of a CBDC. The project, announced in conjunction with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), will assess the viability of a monetary system based on wholesale CBDCs. Private banks and public institutions will participate, with technical support from the Bank for International Settlements (BIS). Retail CBDC live trials are expected to begin in 2024, representing a significant step towards the future monetary system, as highlighted by FSS First Vice Governor Lee Myung-soon.

Banque de France considers CBDC as basis for new global monetary system

Denis Beau, first deputy governor of the Banque de France, defended the global perspective of central bank digital currencies, seeing them as a catalyst for improving cross-border payments and building a new international monetary system. He emphasized the importance of addressing interoperability between wholesale CBDCs and legacy systems early on. Beau also mentioned financial tokenization and the need for public to private sector support to unlock the potential of blockchain, highlighting that tokenized assets and CBDC are allies, not competitors.

UK plans to launch second Sandbox for digital titles by 2024

The UK Treasury is scheduling the launch of a second sandbox focused on digital securities by the first quarter of 2024. Helen Boyd, head of capital markets at the Financial Conduct Authority (FCA), announced the initiative during the CCData Digital Asset Summit. This new sandbox, different from the Digital Sandbox already in operation by the FCA, will allow firms to develop financial market infrastructures with digital asset technology under a temporarily modified legislative framework. The FCA awaits a decision from the Treasury on the scope of its regulatory powers in crypto in the future.

CMCC Global raises US$100 million to invest in Web3 companies in Hong Kong

Blockchain-focused venture capital firm CMCC Global has raised $100 million for its new fund, the Titan Fund. This fund will invest in Hong Kong-based Web3 companies, focusing on sectors such as gaming, metaverse and NFTs. Lead investor Block.one has committed $50 million, and other major entities such as Pacific Century Group and Winklevoss Capital have also contributed. Hong Kong, with its new regulatory regime, has become an attractive destination for investments in the blockchain industry.

El Salvador starts Bitcoin mining in US$1 billion renewable energy project

El Salvador has reached a milestone with the launch of its first local Bitcoin mining pool. The Volcano Energy project, financed in part by Tether, begins mining blocks through Lava Pool in partnership with Luxor Technology. The aim of the project is to use renewable energy sources in El Salvador to power Bitcoin mining operations in the country. Volcano Energy seeks to create a vertically integrated energy and Bitcoin mining company, benefiting investors and Salvadoran citizens. Luxor’s chief operating officer believes this will contribute to Bitcoin’s geographic decentralization and the potential for renewable energy countries to use Bitcoin mining to boost their economies.

Uzbekistan sets strict rules for cryptocurrency mining

Uzbekistan’s crypto market supervisor, the National Agency for Perspective Projects (NAPP), has issued a decree establishing new rules for cryptocurrency mining in the country. The changes limit cryptocurrency mining to companies, prohibit individual miners, and require the use of solar energy for mining. Companies must meet specific requirements, including creating a dedicated mining room and using the registered address. Additionally, NAPP banned anonymous cryptocurrency mining.