3AC co-founder Kyle Davies told CoinDesk that the new entity aims to provide support for projects that are building for a decentralized future, but skeptics have recalled the original firm’s tainted past. Source
In this week’s newsletter, read about how a project provided a new way to mint nonfungible tokens (NFTs) on Ethereum. Check out Nike’s new collaboration with the popular online game Fortnite, and how rapper Snoop Dogg plans to use NFTs to bring fans with him on tour. In other news, Dmitri Cherniak’s “The Goose” NFT sold for $6.2 million, and artist Kenny Schachter talks to Cointelegraph about blockchain art. Watch out, Ordinals — 30,000 ‘Ethscriptions’ land on Ethereum Ethscriptions, a project inspired by the Bitcoin Ordinals protocol, is bringing a…
On June 21, self-custody wallet provider BitKeep announced support for BRC-20 tokens issued on the Bitcoin network. With the feature, users can view, rank and transfer BRC-20 tokens and nonfungible tokens (NFTs). Developers also stated BRC-20 in-wallet swaps are coming “in [the] future.” Last month, cryptocurrency exchange OKX also announced support for BRC-20 assets via the OKX Wallet app. Many centralized and decentralized exchanges have also rolled out BRC-20 support. Although bullish on its outlook, Trust Wallet currently does not support BRC-20 tokens. They also cannot currently be stored on…
The United States Federal Reserve Board sees payment stablecoins as a form of money, Chair Jerome Powell said during questioning at the House of Representatives Financial Services Committee’s semi-annual hearing on Fed policy on June 21. Powell’s comments came in response to committee ranking member Maxine Waters, who asked for his reaction to the proposed stablecoin bill, which originated with the Republicans and would be the first crypto legislation in the U.S. if passed. Waters told Powell that the bill would create “58 different licenses with federal regulatory approval over…
As of June 20, Circle added $2.2 billion of T-bills to the fund, while repos constituted some 90% of the fund’s $24.7 billion in assets, according to BlackRock’s website. The company held an additional $3.5 billion in bank deposits, the “vast majority, over 90%” stored at the Bank of New York Mellon, Fox-Geen said. Source
As a result, the SEC’s regulatory scrutiny may be more limited in scope. Original
On June 21, OPNX exchange, a platform for trading claims against bankrupt crypto entities, announced a new ecosystem partner dubbed “3AC Ventures.” According to developers, “the partnership will invest in projects building in the OPNX ecosystem and working towards a decentralized future.” OPNX was founded by Su Zhu and Kyle Davies, who co-founded the now-bankrupt Singaporean hedge fund Three Arrows Capital (3AC). Citing the announcement, Kyle Davies commented, “3AC is dead, long live 3AC Ventures.” On the firm’s landing page, users are greeted with the text “3AC Ventures is focused…
Democrats with the United States House Financial Services Committee have introduced several bills in what they described as the “first wave” of legislation aimed at addressing failures at major banks. In a June 21 announcement, committee ranking member Maxine Waters said House Democrats had backed 11 bills drafted in response to the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank in the United States. Among the proposed legislation — which has not yet gone to the committee’s Republican members for approval — included measures to impose fines…
Ethereum has been the dominant smart contract and decentralized application (Dapp) network since its inception. An analysis based on Ether’s price (ETH), and its market capitalization, shows indisputable evidence that the blockchain has been gaining market share over time. Ether market capitalization dominance (%). Source: TradingView As shown above, Ether’s dominance in market capitalization terms grew over the past couple of years, from an 18% average in July 2021 to the current 20%. Excluding Bitcoin (BTC) from the analysis, Ether’s market share presently stands at 40.6%, while the next competitor,…
“The easiest way to short tether is to do it on-chain – borrow tether, then sell it,” says Austin Campbell, a stablecoin veteran and founder of Zero Knowledge Consulting. “[Borrow it on decentralized lending protocols] Compound, Aave, whatever, then buy another stablecoin if you don’t want price pressure.” Source