Blockchain Bylines

Last week in crypto, bitcoin moved significantly, reaching a 2023 all time high and continued to hover around the $35k mark throughout this week.  Vietnam has emerged as a rapidly growing space for crypto, despite the State Bank of Vietnam's strict prohibition on the use of cryptocurrencies as payment, the sector continues to grow, especially in areas like remittances and international transactions. The Vietnamese government is now addressing the regulatory challenges, with the establishment of the Vietnam Blockchain Association and discussions around Decision 1255, aimed at formulating a comprehensive legal framework for virtual assets. Some see the future of crypto regulations in Vietnam as cautiously optimistic, with the government studying the domain and the industry actively preparing for potential changes. Sam Bankman-Fried, founder of FTX, continued his testimony. Over 60 people attended the hearing, showing continued interest, though fewer than the previous days. Bankman-Fried seemed more composed in his responses but maintained a tone reflecting his reluctance to be there. Challenges surfaced when questioned about regaining control of FTX after its bankruptcy filing. His defense attorney, provided a more relaxed atmosphere during cross examination. The trial transitions to closing arguments, with the jury expected to deliberate on wire fraud and other charges, possibly starting this week. This week, according to data from on-chain analysis firm Spotonchain, the FTX wallet has sent over $13M in different altcoins to numerous crypto exchanges as of November 1st 2023. This is part of a court-ordered liquidation process, allowing FTX to sell nearly $3.4B in crypto assets in weekly batches starting from $50M a week.  Binance, is discontinuing selected margin trading pairs on Binance Margin, with removals set for November 9. Major cryptocurrencies like Cardano (ADA), Polygon (MATIC), Avalanche (AVAX), Bitcoin Cash (BCH), Chainlink (LINK), Shiba Inu (SHIB), and Dogecoin (DOGE) are among those affected. The decision is part of Binance's strategy to completely end BUSD stablecoin support by February 2024. Users won't be able to engage in isolated margin borrowing for these cryptocurrencies from November 3, and Binance Margin will close positions, conduct automatic settlements, and cancel pending orders on the specified pairs by November 9.

The demand for “climate risk” insurance is growing at an unprecedented rate, as climate change significantly threatens the stability of our environment and economy. However, in Africa alone, the majority of the 300 million smallholder farmers are not currently financially protected against crippling risks such as floods and drought. Today we’re joined by Roy Confino, Head of Strategy and Operations at Lemonade Foundation,  who turned to the blockchain to tackle this head on in an attempt to close the climate insurance gap.  Sign up for a Wallet ⁠⁠https://bit.ly/3dpcCQw⁠⁠ Sign up to the Exchange ⁠⁠https://bit.ly/3QzCKGP⁠

Last week in crypto, the market was moving. With Bitcoin up 8% in a few days and surpassing the $30k mark. We’ve seen this continue into this week, with 2023 all time highs, and hoovering around the $35k point. Other assets followed, with Ethereum up 7% and Dogecoin up 8%, and Chainlink up a staggering 30%. As bitcoin trends up, it’s dominating the crypto news landscape this week, but there’s still plenty of other things going on. Uniswap Labs, owner of the Uniswap platform has introduced a new fee structure on specific token pairs. This has caused unease within UNI token holders, who govern the protocol and had not voted to implement the fees. Those against the new fees argue that Uniswap Labs are capitalizing on the token’s value, and not sharing the profits with the token holders. But some in the community support the change, arguing that allowing companies like Uniswap Labs to monetise their front-end interfaces can create sustainable business models and promote continued development.  Tether’s newly appointed CEO, Paolo Ardonio, has made a game changing commitment to the Tether ecosystem as he vows to release real-time reports on Tether’s reserves next year.  Tether already provides daily reserves reports on its website, but Ardonio wants to share even more data as he recently shared his goals for increasing tech investments, talking to regulators, and expanding into renewable energy. Tether’s USDT does more in trading volume than any other crypto asset, including Bitcoin, and last week data from Santiment showed high amounts of Tether being sent to crypto exchanges, which some say is a bullish signal.  A report from Le Figaro, France’s biggest newspaper, has highlighted a rise in the number of French stores accepting Bitcoin. In 2021, Bouchon-comptoir Brunet, a Lyon-based bouchon, which is a type of eatery specific to the Lyon area, were the first in the area to accept bitcoin as a form of payment. They have a dedicated Bitcoin page on their website, where they share their reasoning and that they do not convert the bitcoin they receive into euros or fiat currency, but instead hold the cryptocurrency. The eatery also offers some items only available to purchase in Bitcoin, such as a rare bottle of chartreuse herbal liqueur, which is priced at 0.001 Bitcoin.

Last week in crypto, Sam Bankman-Fried’s trial entered it’s second week. The prosecution narrowed it’s focus on FTX's compliance measures, delving into complex issues such as anti-money laundering (AML) policies and regulatory frameworks. SBF’s defense team have grappled with court rulings that have limited their ability to cross-examine key witnesses, such as former FTX CTO Gary Wang and Caroline Ellison. An article from Blockworks has announced that despite ongoing VC challenges in crypto, over a billion dollars was raised by firms in Q3. Blockworks testaments this to a growing interest from institutional investors, increased participation in decentralized finance (DeFi) projects, and the expansion of the broader crypto ecosystem. There’s a diverse range of projects attracting funding, spanning areas like blockchain infrastructure, NFTs, and decentralized applications.  Tether, one of the largest stablecoins, has had a change in CEO. Former CEO, Jean-Louis van der Velde has stepped down and appointed Tether CTO, Paolo Ardonio, as his successor. This leadership transition comes amidst increased regulatory scrutiny on stablecoins. Ardonio will lead the company through the current regulatory scope of stablecoins, and van der Velde will remain active as an advisor.  The TON Foundation, has announced a collaboration with Elliptic, a blockchain analytics firm, in efforts to enhance compliance and prevent illicit activities within the TON Crystal blockchain network. The TON Foundation, associate with the Telegram Open Network, aims to leverage Elliptic’s expertise in blockchain monitoring to address regulatory challenges and ensure a secure and compliant ecosystem. Elliptic will provide solutions for transaction monitoring. This partnership signifies a proactive approach to regulatory compliance in the cryptocurrency space.  Follow us to get involved in the crypto community, or head to blockchain.com to buy, trade, and store crypto on a platform trusted by millions.

Today we’re joined by Simge Sandal co-founder of Gainforest, a decentralised fund, using artificial intelligence to measure and reward sustainable nature stewardship and Angelo Paolo Kalaw Lead for Social Impact from the Celo Foundation to talk about their partnership. ABOUT GAINFOREST  OVERVIEW  Founder David Dao first came up with the idea of GainForest during the UN Climate Summit COP23 when he won #Hack4Climate, a hackathon designed to accelerate innovative climate solutions. Gainforest is a decentralised fund using artificial intelligence to measure and reward sustainable nature stewardship through “NFTrees” in order to stop deforestation.  ABOUT THE CELO FOUNDATION The Celo Foundation was founded in 2017 to support the growth and development of the decentralized, open source, mobile-first Celo platform to help build a carbon-negative financial system that creates the conditions of prosperity for all. Sign up for a Wallet ⁠⁠https://bit.ly/3dpcCQw⁠⁠ Sign up to the Exchange ⁠⁠https://bit.ly/3QzCKGP⁠

This week in crypto, Former FTX CEO Sam Bankman-Fried’s trial began, and we’ll be keeping a close eye on developments over the coming days. Elsewhere in crypto, Hong Kong launched their crime squad, Ripple have launched a new update, and Bitcoin futures trading emerges in Canada. Hong Kong has intensified its efforts to combat crypto-related crime, with a recent crackdown yielding significant results. The city's authorities are targeting illegal activities such as money laundering, fraud, and unlicensed crypto exchanges, aiming to strengthen regulatory measures within the burgeoning cryptocurrency space. Law enforcement agencies have made several arrests and seized substantial assets linked to illicit crypto operations. These actions underscore Hong Kong's commitment to maintaining financial integrity and consumer protection in the rapidly evolving digital currency landscape.  Ripple has undergone a crucial update with far-reaching implications. The upgrade focuses on enhancing the efficiency and sustainability of the XRP Ledger, Ripple's decentralized and open-source blockchain. Key features include amendments to the consensus algorithm, aimed at making the network more secure and robust. Additionally, the update introduces a novel feature called "Deletable Accounts," allowing users to recover account reserves when deleting their accounts. This initiative not only improves user experience but also aligns with Ripple's commitment to sustainability by reducing blockchain clutter. Furthermore, the update addresses potential denial-of-service scenarios, bolstering the network's resilience against certain types of attacks.  TMX Group, a major Canadian financial services company, is set to launch Bitcoin futures trading on its subsidiary, Montreal Exchange (MX). This move signifies a significant step in expanding cryptocurrency investment opportunities within the Canadian financial market. The Bitcoin futures contracts will be cash-settled, providing investors with a regulated and secure avenue to speculate on Bitcoin price movements without direct ownership of the cryptocurrency. TMX's foray into Bitcoin futures aligns with the growing institutional interest in digital assets and their recognition as legitimate investment vehicles. The move is expected to offer investors more diverse options, contributing to the maturation of the cryptocurrency market in Canada. As regulatory environments evolve, initiatives like these demonstrate the increasing integration of cryptocurrencies into traditional financial systems. Follow us to get involved in the crypto community, or head to blockchain.com to buy, trade, and store crypto on a platform trusted by millions.

Last week in crypto, the markets were mostly stable with a 3% drop in BTC over the weekend. MicroStrategy, a prominent business intelligence company led by Bitcoin advocate Michael Saylor, has further bolstered its cryptocurrency holdings. The company recently purchased an additional 5,050 Bitcoins for approximately $147 million, adding to its already substantial Bitcoin stash. This strategic move continues MicroStrategy's commitment to diversifying its treasury assets into the world's leading cryptocurrency. This acquisition underscores the growing trend of institutional interest in Bitcoin as a hedge against inflation and a store of value. MicroStrategy's decision to allocate a significant portion of its capital to Bitcoin has set a precedent for other corporations to consider cryptocurrency as part of their treasury management strategy. In a recent chat with the designer of Dogecoin's Shiba Inu dog logo, Elon Musk, the CEO of Tesla and SpaceX, teased an upcoming "next big" update for Dogecoin . Musk has been a vocal proponent of Dogecoin on social media, and this interaction fueled speculation about potential developments for the cryptocurrency.While details about the update remain scarce, Musk's interest in enhancing Dogecoin's utility and features has been evident. He previously hinted at the need for improved transaction efficiency and lower fees, addressing some of the concerns surrounding the coin's practicality. Musk's involvement and influence on cryptocurrency markets have been both a source of excitement and volatility. His tweets and public statements can significantly impact the price and popularity of cryptocurrencies like Dogecoin. As a result, the crypto community is closely monitoring any potential developments, as they could have significant implications for the future of Dogecoin and its adoption as a digital currency. Cardano (ADA), a prominent blockchain platform known for its focus on sustainability and smart contract functionality, is experiencing a surge in crypto development activity. Data reveals a substantial increase in the number of developers contributing to the Cardano ecosystem, reflecting growing interest and investment in the platform. Cardano's commitment to sustainability, scalability, and interoperability has also drawn attention. Its proof-of-stake (PoS) consensus mechanism, energy efficiency, and partnerships with governments and enterprises contribute to its appeal. Overall, the surge in development activity is a promising sign for Cardano's growth and adoption, potentially positioning it as a significant player in the blockchain and cryptocurrency space. Follow us to get involved in the crypto community, or head to blockchain.com to buy, trade, and store crypto on a platform trusted by millions.

Last week in crypto, 7 day prices were up across the market, with a 6% growth in Bitcoin, and 4% in Ethereum. The Canadian Supreme Court has given its approval for the merger of Hut 8 Mining Corp. and US Bitcoin mining company, Bitfury. This decision signifies a significant development in the cryptocurrency industry, as it allows Hut 8 to acquire Bitfury and expand its Bitcoin mining operations. The merger is expected to bolster Hut 8's position as a prominent player in the Bitcoin mining sector and enhance its mining capabilities. This news reflects the growing importance of the cryptocurrency market in Canada and the broader global crypto landscape, showcasing the increasing legitimacy and acceptance of digital currencies in the financial world. Stacks token price surged over 12% in the last 7 days, in response to Bitcoin's rise above $27,000. Stacks, an Ethereum-compatible blockchain, saw a notable increase in value, leading investors to consider it a potential buy. This price surge could be attributed to the growing interest in blockchain projects aiming to enable smart contracts on Bitcoin. Stacks offers this functionality and has gained attention as a viable solution.  New York regulators have introduced new transparency regulations for cryptocurrency firms regarding coin listings and delistings, exchanges operating in the city will be required to provide clear information about the criteria used for listing and delisting digital assets, as well as any changes to those criteria. New York regulators claim these rules aim to enhance consumer protection and market integrity by working to prevent market manipulation and fraudulent activities while promoting transparency and accountability within the crypto industry.  Kazakhstan has established a Central Bank Digital Currency (CBDC) development agency, marking a significant move into the world of digital currencies. This agency will oversee the creation and implementation of a national CBDC. Kazakhstan aims to harness the benefits of CBDCs, including improved payment efficiency, financial inclusion, and reduced transaction costs. The move is part of the country's broader efforts to modernize its financial infrastructure and promote digital innovation in the financial sector. This is a fast follow to Hong Kong and Israel, who a couple of weeks ago announced their planned collaboration and knowledge sharing initiatives around building their own CBDCs. Follow us to get involved in the crypto community, or head to blockchain.com to buy, trade, and store crypto on a platform trusted by millions.

Last week in crypto, Bitcoin price stayed stable above $26k as US CPI numbers for August were higher than expected. Telegram, a popular messaging platform with 800 million users, has unveiled its cryptocurrency wallet. This move allows users to securely store, send, and receive digital assets within the app. The wallet supports various cryptocurrencies, including Bitcoin and Ethereum, and incorporates a decentralized exchange feature. Telegram aims to simplify the crypto experience for its massive user base, potentially driving further adoption of digital currencies. The Bank of Israel and Hong Kong Monetary Authority (HKMA) have signed a memorandum of understanding (MoU) to explore CBDC collaboration and share knowledge. This partnership aims to foster innovation and enhance financial infrastructure while facilitating cross-border transactions. Both regions acknowledge the growing significance of digital currencies and their potential to revolutionize the financial sector. The collaboration signifies a step towards CBDC implementation, reflecting the global trend among central banks to investigate and develop digital currencies in response to the changing landscape of payments and finance. Despite recent announcements to temporarily withdraw its UK offering, PayPal has expanded its crypto payment options for Web3 merchants in the US. Expanding token acceptance to Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. PayPal has claimed this move is part of its efforts to support the growing Web3 ecosystem and demonstrate a continued commitment to cryptocurrency integration in the financial landscape. The WeMix Korean Golf Tournament has incorporated cryptocurrency into its event by offering crypto prizes. Participants can win Bitcoin and Ethereum as rewards for their performance in the tournament. This innovative approach aims to attract more participants and engage the crypto community in golf. It represents a unique intersection of sports and digital assets, showcasing the increasing acceptance and integration of cryptocurrencies into various sectors beyond traditional finance. Follow us to get involved in the crypto community, or head to blockchain.com to buy, trade, and store crypto on a platform trusted by millions.

Last week in crypto, Bitcoin’s price jumped to nearly $28k on Tuesday, before dropping back to $26k on Thursday. Various theories have emerged, including the SEC’s opt to delay Bitcoin ETF deadlines.  X, formerly Twitter, is obtaining a license to facilitate US crypto payments. Speculation hit the internet over whether X intends to accept crypto payments and a potential ‘X coin’, designed to reward creators. So far, Elon Musk has denied this.  A Brazilian cryptocurrency streamer suffered a $50,000 loss after inadvertently revealing their private key. During a live stream on YouTube on August 29th, Ivan Bianco accidentally exposed his private key to a self-custody crypto wallet. Bianco shares content around blockchain games, and during the livestream opened a text file he was storing his Gala Games password, which also contained the seed phrase for his crypto Wallet. This security breach highlights the importance of safeguarding private keys to prevent unauthorized access and potential theft of digital assets. Fortunately, reports surfaced over the next couple of days that Bianco was able to recover some of his funds. Nonetheless, a painful lesson in private key security.  Oprah Winfrey and Dwayne “The Rock” Johnson have launched the People’s Fund of Maui initiative which puts money directly into the pockets of those who are affected by the recent wildfires. The fund will accept crypto donations, an emerging trend in recent years. The Giving Block, a prominent crypto charity platform, has reported a significant increase in crypto donations. In 2021, crypto donations reached more than $69M, compared to $4.2M in 2020. Interestingly, the average donation size in crypto surpasses traditional donations with an average donation size of over $10,000 compared to $128 for traditional currency donations. Follow us to get involved in the crypto community, or head to blockchain.com to buy, trade, and store crypto on a platform trusted by millions.