Deutsche Dives into Crypto Custody
Macy's Parade Goes Crypto, Ethereum's User Surge, Uranium-Backed Token Debuts
Welcome to the latest edition of the Coinfeeds Daily Digest, where we sift through the noise to bring you the most impactful stories shaping the world of cryptocurrency and blockchain technology.
First up, Ethereum makes headlines as it surpasses Bitcoin in daily active addresses—a huge shift that could have far-reaching implications for the decentralized finance (DeFi) and smart contract sectors. In contrast, Binance.US faces a turbulent period marked by key executive departures amid growing regulatory scrutiny. But that's not all; we also delve into the world of tokenized assets with the launch of Uranium3o8, the first token physically backed by uranium.
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Market Update
News
Deutsche Bank and Swan Bitcoin to Offer Crypto Custody Services
Deutsche Bank, one of the world's largest banks, is planning to offer Bitcoin and cryptocurrency custody services for institutional investors. This move could potentially open up the cryptocurrency market to a wider range of investors and further legitimize the industry. Similarly, Swan, a Bitcoin-only exchange, has announced plans to launch a new custodian service in partnership with BitGo. The custodian service will provide secure storage for Bitcoin assets.
Binance.US Faces Executive Departures Amid Regulatory Scrutiny
Binance.US, the cryptocurrency exchange, is facing more executive departures as its Head of Legal and Chief Risk Officer have announced their departure. This comes after the recent departure of the CEO and the elimination of one-third of the company's workforce. Binance.US is facing regulatory scrutiny and legal challenges, including a lawsuit from the Securities and Exchange Commission for alleged securities law violations. Several other high-level executives have also left the company this year.
Ethereum Surpasses Bitcoin in Daily Active Addresses
Ethereum has surpassed Bitcoin in terms of daily active addresses, with 1.03 million for Ethereum compared to 743,800 for Bitcoin. This surge in activity could lead to increased market volatility and potentially a recovery in the Ether market. Despite recent market instability, Ethereum remains an important player in the decentralized finance ecosystem and the smart contract space.
Crypto and Blockchain Characters to Feature in Macy's Thanksgiving Day Parade
The Macy's Thanksgiving Day Parade will feature characters from the crypto and blockchain space for the first time in its history. Web3 firm Cool Cats Group announced that some of the characters from their NFT collection will appear as balloons in the parade. The characters, a blue cat and a milk carton, will be physically represented for the spectators and millions watching from home. It is unclear if any other crypto and blockchain firms will have characters represented in the parade. The Macy's parade has featured various characters in the past, and in 2021, they launched an NFT series. This year, a Web3 firm being represented in the parade coincides with other events happening in New York, such as the criminal trial of former FTX CEO Sam Bankman.
Launch of Uranium3o8 ($U), the First Token Physically Backed by Uranium
Sanmiguel Capital Investment has partnered with Madison Metals to launch Uranium3o8 ($U), the first token to be physically backed by uranium. The token is intended to simplify access to uranium price movements for individuals and provide utilities with transparent pricing and traceability. With the increasing demand for uranium due to the global shift towards clean energy sources, the token aims to bring greater efficiency to the global uranium market. Token holders will be required to meet regulatory requirements to take physical delivery of the uranium. The token will not be available to investors in the U.S. at launch.
Ethereum's Supply Reduction and Upcoming EIP-4844 Upgrade
A year after implementing the Merge upgrade, Ethereum has seen a net supply reduction of nearly 300,000 ether. The transition to a proof-of-stake consensus mechanism and the burning of transaction fees have contributed to this decrease. However, despite the upgrade making Ethereum more environmentally friendly, the price of ether has remained largely unchanged. The upcoming EIP-4844 upgrade, expected to reduce gas fees and increase transaction throughput, could be a potential catalyst for Ether investors. Monitoring positive news around this upgrade is crucial for Ethereum's future success.
Remitano Exchange Allegedly Hacked for $2.7M
Remitano exchange allegedly experienced a hack, resulting in $2.7 million worth of crypto being withdrawn through suspicious transactions. Tether froze one address used by the attacker, preventing $1.4 million worth of crypto from being moved further. Remitano has not yet issued a statement regarding the incident. This hack adds to the growing number of crypto exchange hacks in 2023, with authorities attributing some of them to the Lazarus Group, a cybercrime organization linked to the North Korean government.
Hong Kong Retains Top Crypto-Ready Position for Two Consecutive Years
Hong Kong has been named the best-prepared jurisdiction for widespread cryptocurrency adoption for the second year in a row. The study considered factors such as the existence and reach of crypto, including ATMs, businesses, accessibility, and legality. Hong Kong scored the highest with a crypto readiness score (CRS) of 8.36. The United States fell to third place, while Switzerland jumped to second place. Factors such as crypto ATM installations, pro-crypto regulations, startup culture, and tax regime contribute to a country's CRS. Other countries in the top 10 include Slovenia, Canada, and Australia. The Dutch showed the most interest in crypto per person. New York became the most crypto-ready state in the US. India leads global crypto adoption and has become the second-largest crypto market by transaction volume.
Sam Bankman-Fried's Reflections and Self-Justifications Under House Arrest
Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, wrote hundreds of pages of reflections and self-justifications while under house arrest. The documents shed light on how he may defend himself at his criminal trial next month. Bankman-Fried is facing charges of fraud over FTX's collapse and is accused of funneling customer funds to a hedge fund he founded. The documents provide insight into his mindset during his eight months of home detention.
Celsius and Core Scientific Resolve Mining Dispute With $45M Deal
Crypto mining providers Celsius and Core Scientific have reached a $45 million deal to resolve their legal dispute. The deal involves Celsius paying $14 million in cash and the remainder in adjusted claims. The settlement must be approved by judges in Texas and New York, where the companies have filed for bankruptcy.
As always, stay tuned for more updates in crypto!