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December 04,2023

Solana And Ethereum Can Coexist With One Another

In a recent statement, Anatoly Yakovenko, the co-founder of Solana (SOL), provided a fresh perspective on the relationship between Solana and Ethereum (ETH). Yakovenko encouraged avoiding discussions that frame platforms as attempting to eliminate Ethereum, as he believes that these are counter-productive.

Solana can succeed regardless

According to Yakovenko, the triumph of Solana is not contingent on Ethereum failing. He envisions a future where both platforms prosper, underscoring the potential for technology to advance and expand. This viewpoint resonated within the crypto community, eliciting reactions on social media. One user noted that the market is already speculating about potential challengers to SOL.

Despite the various similarities and differences between Solana and Ethereum, this observation reflects the overall dynamic nature of the crypto space, where innovation and healthy competition propel progress. Rather than perceiving it as a threat, the stance taken by Yakovenko suggests that this competition is integral to the broader evolution of the blockchain ecosystem, and that more importantly, Solana can indeed coexist with other blockchain platforms.

A need to coexist

Another user on X stressed the inevitability of a future with multiple chains, emphasizing that skilled technologists continuously push the boundaries of what is achievable. The belief in the simultaneous success of various platforms underscores the potential of blockchain technology to accommodate diverse solutions.

The discussions sparked by Yakovenko are also indicative of the notion that the collaborative ethos of the crypto space is not only positive, but highly recommended. Anatoly envisions an industry ready to embrace a future where various blockchain platforms coexist and collectively contribute to the advancement of decentralized technologies as a whole.

December 04,2023

Bitcoin Soars Past $40K As Bull Run Seemingly On The Horizon

Bitcoin is finally on the rise again, thanks to its recent resurgence which persisted throughout the weekend. The flagship crypto surpassed $40,000 in price on Sunday afternoon, as reported by CoinGecko. More importantly, this marks the first instance since April 2022 that Bitcoin has reached such heights, just before the broader cryptocurrency market experienced a significant downturn. As of the time of this writing, BTC is trading at just over $41,400.

Bitcoin is back

The nearly 20-month peak for Bitcoin signifies a 15% ascent in the last 30 days, with the value of the cryptocurrency more than doubling since this same period last year. The escalating value also seems to mirror ongoing optimism and enthusiasm surrounding the anticipated approval of a Bitcoin spot exchange-traded fund (ETF) in the United States.

Numerous companies have submitted applications to operate these ETFs, and the U.S. Securities and Exchange Commission (SEC) has recently engaged in discussions with some of these firms as well. Moreover, Bitcoin is not the sole cryptocurrency displaying an uptrend over the weekend, as Ethereum found itself trading above $2,200 for the first time since May 2022.

Bull run or trap?

Although both BTC and ETH have seen a modest increase within a 24 hour period, their values have been gradually rising of late. Several prominent NFT projects have also observed increases in their price points this weekend, with the most affordable assets listed in popular projects like Pudgy Penguins, DeGods, and Azuki experiencing double-digit percentage gains over the last 24 hours, according to NFT Price Floor.

In any case, investors are constantly pondering the question of whether this is the early sign of a potential bull run or if it is a false narrative which is designed to trap unaware traders. However, with the aforementioned ETF approval seemingly around the corner alongside the looming Bitcoin halving event, which is expected to occur around the middle of 2024, crypto could very well finally escape the long winter which began in 2022.

December 04,2023

Crypto Fundraising November 28 - December 4

On behalf of the hashtagWeb3 community, we would like to extend our warmest congratulations to the companies that announced their success in fundraising between 28th November and 4th December 2023. We are thrilled to see such tremendous support from all involved. Well done! 


GameOn raised $1.7M - GameOn partners with the world's biggest sports, media, and entertainment companies to launch brand-building, money-making web3-based predictive and fantasy games. GameOn turn fans into superfans.

Toncoin raised $10M - Ton is the next generation network aiming to unite all blockchains and the existing Internet. TON blockchain was launched by the founders of Telegram &mdash Doctor Nikolay Durov and Pavel Durov.

MYX Finance raised $5M - With the round closed, MYX looks to accelerate its technological innovation and market expansion, facilitating the rapid launch and scalable development of its mainnet products.

Wind raised $3.8M - Wind Platform is infrastructure, allowing partners to on/off ramp from stablecoins or other currencies into local fiat and into a wide range of bank accounts and e-wallets - globally

Setter raised $5M - Setter's initial focus is on developing partnerships with streetwear and sneaker brands with the aim of expanding across fashion, luxury items and consumer collectibles.

OCEAN raised $6.2M - The seed funding will support the launch of OCEAN , the first of many mining decentralization projects for Bitcoin.

Inspect raised $1.47M - Inspect revolutionizes user engagement in the expanding crypto market with advanced Chrome extension and web app. Detecting NFT profile pictures (PFPs) and providing comprehensive insights on associated NFTs, social sentiment, and community metrics.

Rad raised an undisclosed amount - Currently, the platform offers subscription options and on-demand purchases, with fans fully owning entitlements through blockchain technology and NFTs.

Coinchange raised $10M - The firm will use the funding to grow its operations and services along with onboarding new clientele.

Wormhole raised $225M - In addition to the $225 million raise, the team behind Wormhole announced the formation of the new company Wormhole Labs, which will help develop the protocol.

Acctual raised $3.85M - The capital will be used to help the company find product-market fit and scale its business and team.

Bioniq raised an undisclosed amount - Bioniq said it is leveraging the Internet Computer blockchain's integration with Bitcoin in order to reduce costs and transaction times.

Term Structure raised $4.25M - Term Structure prioritizes security with zkTrue-up, a customized ZK Rollup. It achieves data availability and enables users to place orders without gas fees.

To stay updated with news about future Web3 Funding Rounds, Follow CryptoWeekly

December 03,2023

Cosmos Mainnet Is The New Location For USDC Minting

Noble has implemented CCTP, the cross-chain transfer protocol for Circle, on its mainnet. This will reportedly enable the native minting of USDC within the inter-blockchain communication protocol (IBC) of Cosmos.

CCTP employs a burn-and-mint mechanism, where USDC is taken out of circulation (burned) on the source chain and then recreated (minted) on the destination chain after being verified.

 

Accessibility is key

With the integration of CCTP, Circle aims to enhance the usability of USDC by facilitating seamless cross-chain transactions on Noble. This move is anticipated to positively impact the market capitalization of USDC, which has experienced a prolonged decline.

Noble, along with platforms like Arbitrum, Avalanche, Base, Ethereum, and Optimism, now supports the direct minting of USDC through CCTP, while the protocol is currently in the testing phase on Solana.

Users can therefore leverage CCTP to generate Noble USDC, which can be subsequently transferred to other Cosmos applications such as Osmosis or dYdX. The total supply of Noble USDC has also already surpassed $20 million, as reported by MintScan.

 

A wise approach

It is worth noting that this approach, emphasizing direct asset transfers, is different compared to token bridging, a method where assets are locked on one chain in exchange for equivalent wrapped tokens on another. The burn-and-mint method has gained preference over time, especially in light of security concerns associated with token bridging.

For users looking to withdraw USDC through Cosmos using CCTP, the process must go through Noble. Circle warns that attempting to transfer funds to a Circle account via any other IBC app may result in a loss of funds.

Lastly, as a centralized entity, Circle choosing to invest in a permissionless cross-chain protocol aligns with the broader trend of centralized crypto projects enhancing their decentralized finance (DeFi) offerings. Recent reports also suggest that Circle is contemplating an initial public offering in early 2024.

December 02,2023

Popular Swiss Bank Changes Its Name And Shifts Focus To Crypto

With a keen focus on crypto, a reputable Swiss bank known as Seba has recently undergone a substantial transformation and rebranded itself as Amina Bank AG. This change is driven by ambitious plans to expand upon pre-existing global trading services and is motivated by the bank needing to have a separate identity to the similarly named SEB Bank in Sweden.

Amina CEO Franz Bergmueller explained that both banks mutually agreed to change their names in 2023, leading to the establishment of Amina. The name Amina is derived via transamination, a term associated with the transfer of compounds between elements.

Going global

The aforementioned decision signifies the overall mission statement of the bank to unify various aspects of traditional, digital, and cryptocurrency banking. In contrast, the previous name was a reference to its founder, Sebastien Merillat, who expressed a passion for technology.

The bank also recently obtained a license by the Hong Kong Securities and Futures Commission, enabling it to provide cryptocurrency trading services in the region. In 2022, it acquired financial services permission by the Abu Dhabi Global Market and established an office in Abu Dhabi.

Amina CEO Franz Bergmueller outlined their vision for 2024, emphasizing accelerated growth in key strategic locations such as Switzerland, Hong Kong, and Abu Dhabi, with a continued focus on Switzerland, Abu Dhabi, and the Asia-Pacific region, including Hong Kong and Singapore.

Services will not be interrupted

Despite the name change, existing clients of Amina Bank, formerly Seba Bank, can anticipate uninterrupted service, as the transition will not impact ongoing operations. Amina operates globally, offering clients both traditional and cryptocurrency banking services.

Launched in 2018, Amina plays a significant role in the cryptocurrency ecosystem, facilitating different kinds of provisions pertaining to crypto-related services. In November 2023, St.Galler Kantonalbank, one of the largest banks in Switzerland, collaborated with the institution, then operating under the Seba brand, to provide digital asset custody and brokerage services to its clients.

December 01,2023

Bitcoin Rockets Past $38K As Other Markets Steadily Improve

According to CoinGecko, Bitcoin (BTC) managed to break through the $38,000 mark, but it is difficult to say how long it will stay there. Altcoins, too, experienced a price increase as Ethereum (ETH) soared past $2,100 and SOL went above $60. IOTA has emerged as the top performer among the top 100 digital assets, soaring by over 30% in a day. The total crypto market cap has slightly decreased to $1.420 trillion.

Crypto gains momentum but falls short

Last Friday, Bitcoin witnessed a surge, propelling it to an 18-month peak of $38,500. However, the momentum could not be sustained, leading to a drop below $38,000 almost immediately. Over the weekend, BTC traded in a range between $37,000 and $37,500. As of this writing, it was trading at $38,300.

Monday and Tuesday brought more challenges as Bitcoin fell to a multi-day low of $36,700. Bulls managed to regain control, pushing BTC to $38,400 on Wednesday. However, the cryptocurrency could not sustain this upward trend and is now trading below $38,000. Its market capitalization is below $740 billion, with dominance over altcoins at 52%.

While some larger-cap altcoins showed significant gains recently, the current landscape has shifted. Ethereum went down by 2%, and various other altcoins like Binance Coin, Ripple, Tron, Toncoin, Avalanche, and MATIC also declined by similar percentages.

Solana, Cardano, and Polkadot have experienced more than a 3% decline. Interestingly enough, Dogecoin (DOGE) is the only top 10 alt in the green, while mid-cap alts like LEO, RUNE, UNJ, and MNT show gains.

Other markets

In the European equity futures market, there were gains despite a slip in Asian stocks following the  third-largest monthly gain of the MSCI All Country World Index within the past decade. European contracts rose ahead of eurozone manufacturing data and comments by Federal Reserve Chair Jerome Powell, while US futures were slightly lower.

Elsewhere, the MSCI Asia-Pacific stock index fell, but Chinese shares recovered after reports of an unidentified state institution buying exchange-traded funds to bolster markets. The United States Dollar weakened against major peers as US inflation eased, supporting expectations of the continued pause by the Fed in the tightening cycle. The Bloomberg Dollar Spot Index also fell in November by the most in a year.

Meanwhile, the US stock market had an exceptional month, with the S&P 500 posting its second-best November since 1980, up 8.9%. Oil steadied after a tumble following the promise of further output cuts, with Brent crude trading near $81 a barrel and West Texas Intermediate around $76. The alliance announced 900,000 barrels a day of fresh output cuts starting next January, but the details remain unclear, and Saudi Arabia will extend its 1 million barrel-a-day reduction through the first quarter.

November 30,2023

Stringent Regulations Lead To SoFi Exiting Crypto Business

SoFi Technologies, a reputable financial technology firm, has declared its intention to exit the cryptocurrency business. This decision arises in the face of heightened regulatory pressures in the United States, signaling a shift in the cryptocurrency industry.

Headquartered in San Francisco, SoFi has played a significant role in the cryptocurrency market, enabling users to trade more than 20 different digital currencies, including Bitcoin, Dogecoin, and Ethereum.

No more crypto for SoFi

Despite its previous involvement, the company has announced the cessation of its cryptocurrency services on December 19th, 2023. After this date, eligible customers can either transfer their accounts to Blockchain.com, a platform based in the UK, or close their accounts altogether. It is worth noting that this decision does not apply to cryptocurrency users in New York, where state regulations impose restrictions on such migrations.

The strategic shift reflects the broader challenges confronting the cryptocurrency industry, which has witnessed the downfall of several key players since the previous year. The notable collapse of FTX, led by Sam Bankman-Fried, stands out among these challenges. Despite a recent upturn in investor sentiment, primarily fueled by the filing of spot Bitcoin ETFs, the industry remains under intense scrutiny.

Regulators still at large

The context of the exit is further complicated by recent developments involving Changpeng Zhao, the former CEO of Binance. Zhao recently pleaded guilty to violating US anti-money laundering laws, resulting in a substantial $4.3 billion settlement. Zhao underscored the security of user funds amid the upheaval, stating that he is proud to point out that in the resolutions with the US agencies, they do not allege that Binance misappropriated any user funds and do not allege that Binance engaged in any market manipulation.

This case underscores the increasing scrutiny of the cryptocurrency market by the US Securities and Exchange Commission (SEC) and other regulators. In any case, the exit of SoFi could be interpreted as a proactive measure to navigate an increasingly intricate and closely scrutinized market. The choice to collaborate with Blockchain.com for the migration of its cryptocurrency services indicates a strategic alignment with a platform that operates under a more established regulatory framework in the UK.

November 30,2023

FTX Gets Permission To Sell Assets To Finally Repay Customers

FTX, the infamous and currently bankrupt crypto exchange, has received approval to sell approximately $873 million worth of trust assets, as disclosed in a filing in a Delaware bankruptcy court on November 29th, 2023.

Time to pay up

The assets, sourced through the stakes FTX placed in various trusts by Grayscale Investments and Bitwise, aim to repay creditors affected by the notorious collapse in 2022. Notably, the $873 million includes $807 million via the Grayscale trusts and $66 million by Bitwise. The court document initially mentions $744 million in assets as of October 25th, 2023, but their value has since increased.

The approval follows a motion filed by FTX debtors on November 3rd to sell six cryptocurrency trusts, including GBTC, ETHE, and Bitwise 10 Crypto Index Fund. FTX owns over 22 million units of GBTC, valued at $691 million, and 6.3 million shares of ETHE, valued at around $106 million. Additionally, FTX can sell the Grayscale Ethereum Classic Trust, Litecoin Trust, and Digital Large Cap Trust to recover funds for affected customers.

Justice prevails

FTX administrators, led by John J. Ray III, have been working on asset recovery since the aforementioned collapse that occurred last November, securing around $7 billion, with nearly half of that amount coming through cryptocurrencies. This past June, debtors estimated $8.7 billion in misappropriated customer assets. Meanwhile, disgraced FTX founder Sam Bankman-Fried was convicted on seven fraud-related charges on November 2nd and is currently awaiting sentencing on March 28th, 2024. He is presently located in the Brooklyn Metropolitan Detention Center.

Sam was accused of spending lavishly and engaging in speculative trading with FTX customer funds through Alameda Research, the sister hedge fund of the FTX crypto exchange. Prosecutors used emails, bank statements, and wire transfers to detail how customer funds were allegedly spent.

November 29,2023

Chainlink Staking Mechanism Gets Major Upgrade

Chainlink, a popular decentralized computing protocol, has reportedly enhanced its native staking mechanism by introducing Chainlink Staking v0.2, which features a larger pool capacity of 45 million LINK.

Commencing today, there is a 9 day priority migration phase for existing v0.1 stakers to move their staked LINK and rewards to the updated version. Subsequently, access will broaden for other participants through early access and general access stages starting on December 7th and December 11th, respectively, allowing users to stake a maximum of 15,000 LINK.

The importance of staking

With the expansion of the staking pool to 45 million LINK, equivalent to 8% of the existing circulating supply, Chainlink aims to attract a more diverse range of LINK token holders. This enlargement aligns with the Economics 2.0 strategy, designed to enhance overall network security.

Chainlink staking contributes increased functionality to the token and affords LINK holders the opportunity to support the performance of oracle services, earning rewards for their role in securing the network. Initially, staking was exclusively available for securing the Ethereum ETH/USD price feed, with a capped pool of 25 million LINK tokens.

Security is key

The new version is intended to provide a more flexible mechanism which will allow users to withdraw their staked tokens more efficiently, as well as improved security guarantees. Its modular architecture aims to facilitate greater adaptability, making future upgrades and improvements easier to incorporate.

Lastly, Chainlink Staking v0.2 also includes dynamic rewards mechanisms that can seamlessly support new sources of rewards in the future, according to the team. Observing a consistent rise in the value secured by and transacted over the Chainlink Network, enhancing crypto based security becomes increasingly crucial, noted Chainlink co-founder Sergey Nazarov. Sergey further stated that v0.2 introduces crucial new security features and positions the system for further expansion in the upcoming year.

 

November 29,2023

Cristiano Ronaldo Gets In Trouble For Promoting Binance

Cristiano Ronaldo, one of the most successful and popular footballers of all time, is potentially facing a class action lawsuit regarding his endorsement of Binance, which is currently entangled in legal disputes. A filing in a Florida District Court alleges that Ronaldo engaged in the promotion, assistance, or active participation in the offering and sale of unregistered securities in collaboration with the crypto exchange. The plaintiffs claim that the endorsement of the platform resulted in massive financial losses.

Ronaldo in hot water

In 2022, Ronaldo collaborated with Binance to publicize his collection of non-fungible tokens (NFTs). Those opposing the endorsement argue that they were more inclined to utilize Binance and its services for other cryptocurrency related activities. The users assert that this led to investments in unregistered securities through Binance, including its BNB and cryptocurrency yield programs.

The various promotions that Ronaldo did, as per the complaint, encouraged Binance to solicit investments in unregistered securities by urging his millions of followers to invest in the Binance platform. Given his extensive influence and fanbase, Ronaldo played a significant role in the growing user base of Binance. The lawsuit suggests that although Ronaldo did not directly promote Binance, he should have been aware of the potential consequences of his actions.

The celebrity problem

The United States Securities and Exchange Commission (SEC) has cautioned celebrities to disclose if they receive payment for endorsing cryptocurrencies and related assets. According to the lawsuit, Ronaldo failed to make such disclosures.

Binance is currently facing legal challenges, with its founder Changpeng Zhao and the company under scrutiny by the Department of Justice. Following a $4.3 billion settlement for money laundering charges, Zhao has resigned as CEO and is potentially facing 18 months in prison.

The elephant in the room however is the fact that celebrities such as Ronaldo and various others like Lionel Messi, Logan Paul, Jake Paul, Lindsey Lohan, and KSI, have millions of followers worldwide. All of these celebrities have endorsed crypto in one way or the other in the past, and in doing so have inadvertently caused substantial losses for their supporters.

November 28,2023

Jito Foundation Launches New Governance Token

Jito Foundation, the entity supporting a liquid staking protocol based on Solana (SOL), is introducing a governance token for the management of the Jito Network. A liquid staking token is a token that represents the staked amount of a given cryptocurrency on a Proof-of-Stake (PoS) blockchain. Liquid staking tokens enable people to participate in staking while still being able to buy, sell, or trade the token, providing greater flexibility and liquidity.

Improving community engagement

Jito Labs constructs infrastructure to counteract adverse effects of MEV (Maximum Extractable Value) on Solana. The launch of the token aims to enable community members to directly influence decision making as well as the overall course of the Jito Network itself.

The Solana Foundation revealed that almost a third of the stake is flowing through the Jito Labs client. In the recent announcement, Jito Foundation highlighted that the Jito MEV network of validators is currently utilized by over 40% of the stake weight.

As such, a total of 1 billion JTO tokens have been generated to organize network management, encompassing the establishment of fees for the JitoSOL staking pool and overseeing revenue and the DAO treasury.

So far so good

Initially, 115 million JTO tokens will be in circulation. Community growth is allocated 34% of tokens, with 25% for ecosystem development, 24.5% for core contributors, and 16% for investors. As a recognition of their contribution to bootstrapping the network, 10% of the tokens will be airdropped to Jito community members, allowing them to engage in governance immediately.

Finally, the foundation advises community members to stay vigilant for updates on the airdrop. Noteworthy investors in Jito Labs include Solana Ventures and Solana Labs co-founder Anatoly Yakovenko. In the preceding year, the company also secured $10 million in a Series A funding round.

November 28,2023

IMF Shows True Colors About Crypto As CBDCs Off To A Slow Start

South Koreans will have the opportunity in the coming year to utilize deposit tokens based on a CBDC (Central Bank Digital Currency) through a pilot initiative overseen by the Bank of Korea (BOK). The pilot program will reportedly enable 100,000 individuals to make purchases using deposit tokens issued by commercial banks in the form of CBDCs, functioning akin to a voucher at retail establishments.

The announcement by the BOK occurs shortly after Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), advocated for countries to take a more proactive stance toward CBDCs. 11 countries, including some in the Caribbean and Nigeria, have already launched CBDCs, while over 120 countries are exploring their implementation.

CBDC adoption remains slow

During a speech in Singapore, Georgieva emphasized the need for the public sector to provide guidance to act as a catalyst, ensuring safety, efficiency, and countering fragmentation. Despite her efforts, several countries implementing CBDCs have experienced limited adoption. Georgieva likened the efforts to a nautical journey, urging an increase in speed to keep pace with the rapidly changing world.

The IMF, concerned about the lack of agreement on a common CBDC platform, warns that a vacuum could potentially be filled by cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). The organization has also released a virtual handbook to assist countries in implementing interoperable CBDCs.

An underlying fear

As cryptocurrencies are decentralized and not tied to any government or central authority, they could become a preferred means of international trade, potentially revolutionizing the global financial system. The IMF cautions that this shift could lead to market manipulation and criminal activities, however the cryptocurrency community was quick to answer back by saying these illicit operations have been a recurring issue in several other markets even before crypto existed.

Nevertheless, the IMF, expressing palpable concern, emphasizes the need for strong cryptocurrency regulation. Georgieva suggests that if regulation fails, banning these assets to prevent financial stability risks should be considered. While these varied views on cryptocurrencies may stem via concerns about money laundering, terrorist financing, consumer protection, and market volatility, experts believe that the underlying fear of the IMF may be that crypto can be used to improve financial services and promote financial inclusion in a way that CBDCs and centralized institutions cannot.