Month: August 2023

KPMG touts ESG benefits from Bitcoin, counters misperceptions in new report

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KPMG has released a report on Bitcoin and ESG (environment, social and governance) issues. The professional services firm, one of the world’s Big Four, found that Bitcoin “appears to provide a number of benefits across an ESG framework.” Looking at each component of ESG separately, the report noted that emissions is a more significant indicator of environmental damage than energy usage. It contextualized Bitcoin (BTC) emissions in relation to those of other sources that ranged from tobacco to tourism and found it was the second smallest contributor behind “Video (US).”…

Robinhood turns profitable in Q2, but crypto revenue declines

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Robinhood released its second-quarter results, achieving profitability for the first time since becoming a public company, despite a drop in revenue in the second quarter of 2023.  According to its quarterly report released on Aug. 2, Robinhood’s revenue from cryptocurrency transactions shrank by 18% to $31 million. Other transaction-based revenues dropped as well, including options, which decreased 5% to $127 million, and equities, which declined 7% to $25 million. Over the past year, its revenue has decreased by 4% from $202 million in June last year to $193 million. In…

Curve emergency DAO terminates rewards for hack-related pools

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The Curve Finance lending protocol has terminated governance token rewards for select liquidity pools affected by the July 30 Curve exploit and July 6 Multichain exploit, according to an Aug. 2 social media post from a member of the protocol’s governing body.  The ending of rewards was carried out by the Curve emergency decentralized autonomous organization (Curve E-DAO), a committee made up of select members of the Curve DAO governing body. It affected pools for alETH+ETH, msETH-ETH, pETH-ETH, crvCRVETH, Arbitrum Tricrypto and multibtc3CRV, according to the announcement. The decision can…

Towards a Web3 Without Wallets

In these early days of Web3, getting started with decentralized apps (dApps) typically requires having a wallet, which can be either self-custodial or hosted by a third-party custodian. While some hybrid options have been developed, users have generally faced a choice of two subpar wallet options with meaningful tradeoffs for convenience, security, access, and control. Source WalletsWeb3 CryptoX Portal

BNB Nears $250 Level as Market Slumps Heavily

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Binance’s utility coin BNB has posted significant gains, surprising investors as the broader crypto market slumps. Bitcoin and Ethereum, including most altcoins, have gone on recess while BNB surges amid rapid expansion plans on the Binance ecosystem. BNB’s spike on Tuesday, August 1, hinged on Binance’s announcement about the asset’s debut in the Japanese market through its newly launched subsidiary, Binance Japan. BNB jumped dramatically from $236.8555 to $246.0655, a nearly 4% increase, immediately after the news circulated the market.  BNB Price Bullish Amid Japanese Debut It is noteworthy that…

Protocol to identify ‘systemically important’ blockchain banks could help prevent a market crash: Study

Kanis Saengchote, a researcher at Chulalongkorn University in Thailand, recently developed a framework for identifying and measuring systemic risk in decentralized finance (DeFi) institutions.  The new protocol is called the Global Systematically Important Protocol (G-SIP), and it’s based on a similar endeavor instituted in the traditional banking industry. After the global banking crisis of 2008, the traditional finance sector collaborated to come up with a protocol for identifying critical banking structures in order to implement strategies for the prevention of future collapses. Related: UBS Group agrees to $3.25B ‘emergency rescue’…

AAVE price takes double-digit hit, but strong fundamentals point to eventual recovery

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AAVE, the governance token of the decentralized finance (DeFi) protocol Aave, experienced a 17% decline between July 30 and August 1, reaching the $62 level.  While the $62 support has demonstrated its resilience, the current price of $64.40 is still 12% below the daily close on July 30. Investors are now questioning whether this movement signifies a more cautious approach to the sector or if other factors are exerting pressure on the AAVE token price. AAVE price index, 12-hour chart. Source: TradingView Part of the recent movement in the AAVE…

Robinhood Crypto Trading Revenue Fell 18% Sequentially to $31M in Q2

In June, Robinhood ended support for all tokens named as securities in the SEC lawsuits against crypto exchanges Binance and Coinbase. Those tokens were Cardano (ADA), Polygon (MATIC) and Solana (SOL). The trading platform currently offers trading for 15 different crypto currencies, including bitcoin (BTC), ether (ETH), dogecoin (DOGE) and avalanche (AVAX). Source