Autor Cointelegraph By Sam Bourgi

Crypto Biz: The real reason crypto hodlers should care about the Federal Reserve, April 28–May 4, 2022

Crypto Biz: The real reason crypto hodlers should care about the Federal Reserve, April 28–May 4, 2022

Uverejnil používateľ | máj 6, 2022 |

Wall Street’s slow embrace of crypto means we all have to start watching the Federal Reserve again. Cointelegraph parsed through the latest Federal Open Market Committee (FOMC) policy statement on Wednesday to try and uncover some nuggets of useful information. You can think of it as an exercise in financial esoterics to uncover the hidden meaning behind the Fed’s decision-making. As it turns out, the decision to raise interest rates by 50 basis points was already expected, so the actual FOMC document provided very little new information. But, Fed Chair Jerome Powell sparked a late rally in crypto and stocks on Wednesday when he said 75 basis-point increases aren’t on the table.You wanted the institutions to adopt crypto, didn’t you? Now, the asset class is trading almost in lockstep with other risk assets such as stocks, which means the Fed’s actions, words, intentions and expectations matter — at least for the foreseeable future. Fed hikes interest rates by 50 basis points in effort to combat inflationAt the conclusion of their two-day policy meeting on Wednesday, FOMC members voted to raise the target for the federal funds rate to between 0.75% and 1%. That equates to a 50 basis-point increase for those keeping track. The last time the Fed hiked rates that much was over 20 years ago. Clearly, central bankers were wrong about inflation, or else they wouldn’t need to hike rates so aggressively. FYI: Central bankers are wrong about a lot of things. Yet, we have no choice but to wait in anticipation for their edicts. Whether the Fed will continue to hike aggressively into 2023 is a subject of fierce debate. My expectation is that they will be forced to stop once something breaks. *FED RAISES RATES 50 BPS, TO START RUNOFF JUNE 1 AT $47.5B/MTH*FED EXPECTS `ONGOING’ INCREASES IN RATES WILL BE APPROPRIATE*FED: RUNOFF PACE TO RISE TO MAXIMUM $95B/MTH AFTER THREE MONTHS— Christophe Barraud (@C_Barraud) May 4, 2022Coinbase’s plans to purchase firm behind Mercado Bitcoin fall through ReportEverything was looking so positive for Coinbase in its planned acquisition of 2TM, the multi-billion dollar company behind Brazilian crypto exchange Mercado Bitcoin. But the acquisition plans fell through this week and nobody provided an explanation as to why. A Coinbase spokesperson gave a generic comment about the exchange being “committed to the Brazilian market” without elaborating further. But there could be something more behind this story. We tried to dissect it for you as carefully as possible. Coinbase took out the first Bitcoin-backed loan from Goldman SachsSpeaking of Coinbase, the United States exchange also made positive headlines this week after it was revealed to be the mystery company that took out Wall Street’s first Bitcoin-(BTC)-backed loan from Goldman Sachs. This is actually a huge development if you think about it. Not only does it signal Goldman’s utter capitulation on the topic of Bitcoin after trashing it for years, but it also cements legacy finance’s embrace of digital assets. Collateralized loans provide the issuer with certain guarantees in case a borrower defaults. Well, Bitcoin is good enough as collateral for Goldman Sachs. MicroStrategy may explore ‘future yield generation opportunities’ on 95,643 BTC holdingsIf you held 129,218 BTC, wouldn’t you try to make money off some of it? That’s what business intelligence firm MicroStrategy is aiming to do with a portion of its “unencumbered” Bitcoin. That’s just a fancy way of saying Bitcoin that isn’t pledged as collateral. MicroStrategy has 96,643 BTC on its books. CEO Michael Saylor has made it abundantly clear that he will continue to stack BTC regardless of its price. As of March 31, his company’s BTC holdings had a cumulative impermanent loss of more than $1 billion. Today, @MicroStrategy is the world’s largest publicly traded corporate owner of #bitcoin with over 129,200 bitcoins.Please join the management team at 5pm EDT as we discuss $MSTR Q1 2022 financial results and answer questions about our business & outlook.https://t.co/UOSdCKQOSx— Michael Saylor⚡️ (@saylor) May 3, 2022

Don’t miss out on the most bullish cryptocurrencies!Although crypto markets haven’t given us a lot to be excited about, there are always diamonds in the rough that will outperform. On The Market Report this week, I engaged in a friendly debate with colleagues Jordan Finneseth and Benton Yuan about which crypto is the most bullish in 2022. You may be surprised to hear that I selected Dogecoin (DOGE), whereas Benton picked Ripple (XRP) and Jordan went with the lesser-known Kava (KAVA). Watch the replay below and let us know your pick for the most bullish crypto of 2022![embedded content]Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

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Grayscale’s GBTC and ETHE products now available on Robinhood

Grayscale’s GBTC and ETHE products now available on Robinhood

Uverejnil používateľ | máj 6, 2022 |

Digital asset manager Grayscale has made its flagship Bitcoin (BTC) and Ether (ETH) products available on Robinhood, the popular trading app open to millions of retail users. Beginning on Friday, Robinhood users will be able to trade Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) directly through the app. Shares of GBTC provide investors with direct exposure to Bitcoin in the form of a security without having to buy or store the digital asset directly. ETHE, meanwhile, operates as an open-end investment company whose shares reflect the value of Ether held by the trust. Finally! You can now trade Grayscale Bitcoin Trust and Grayscale Ethereum Trust on Robinhood$GBTC $ETHE https://t.co/MzOJxvI7GG— Barry Silbert (@BarrySilbert) May 6, 2022Grayscale’s Bitcoin Trust is the largest investment vehicle dedicated to the leading crypto asset. As of May 2, the trust had $24.6 billion in assets under management. Grayscale’s Ethereum Trust, meanwhile, had over $329 million in assets. Here’s a look at our 14 single asset crypto investment funds as of 5/2/2022.AUM and other stats on all Grayscale products are updated daily on our website: https://t.co/smju2moRYQ$BAT $BCH $BTC $ETC $ETH $FIL $LINK $LPT $LTC $MANA $SOL $XLM $ZEC $ZEN pic.twitter.com/sv5FLsd0uW— Grayscale (@Grayscale) May 2, 2022

Robinhood operates a discount brokerage that provides retail investors with low-barrier entry to financial markets, including crypto. In the first quarter, the firm’s revenue declined by 43% year-over-year as sales from cryptocurrency trading dropped by 39%. Despite the decline, Robinhood’s net cumulative funded accounts increased 27% year-over-year. Currently, Robinhood lists over 20 cryptocurrencies for trading on its platform. Related: Robinhood axes almost 1 in 10 staff members as stock hits all-time lowRetail traders’ embrace of crypto peaked in the first half of 2021, a period that coincided with multiple record highs for Bitcoin and the broader market. However, retail interest has declined significantly since then, as evidenced by Google search trends and a lack of new capital entering the market.

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Luna Foundation Guard purchases additional 37,863 BTC as part of reserve strategy

Luna Foundation Guard purchases additional 37,863 BTC as part of reserve strategy

Uverejnil používateľ | máj 5, 2022 |

Luna Foundation Guard (LFG), a Singapore-based nonprofit tied to the Terra Luna ecosystem, has raised another $1.5 billion to further expand its already hefty Bitcoin (BTC) reserves.The raise allowed LFG to acquire 37,863 BTC via over-the-counter swaps with broker Genesis Trading and additional purchases from Three Arrows Capital, a leading crypto venture capital firm. The specific breakdown of the deal included a $1 billion over-the-counter swap with Genesis and a $500 million purchase from Three Arrows Capital, the company disclosed Thursday. LFG now holds roughly $3.5 billion worth of BTC, which puts it among the top-ten holders in the world, according to CNBC. 1/ The LFG has acquired an additional 37,863 Bitcoins totaling ~$1.5 billion in OTC swaps with @GenesisTrading and 3AC. https://t.co/Ezzfwl7VFn— LFG | Luna Foundation Guard (@LFG_org) May 5, 2022With the latest purchase, Luna Foundation Guard is inching closer to its goal of accumulating up to $10 billion in Bitcoin to back algorithmic stablecoin U.S. Terra, which is also known as UST. As Cointelegraph reported, LFG purchased $139 million worth of BTC in late March, roughly two months after the company began to amass serious quantities of the digital asset. Do Kwon, the CEO of Terraform Labs, has stated that his goal is to build up a Bitcoin stash that rivals that of Satoshi Nakamoto, the digital asset’s pseudonymous creator. Just getting started pic.twitter.com/dJrkf6YfrR— TerraLunaaaa (@TerraLunaaaa) March 30, 2022

This story is still in development. 

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Polkadot launches cross-chain messaging system to solve blockchain’s bridge problem

Polkadot launches cross-chain messaging system to solve blockchain’s bridge problem

Uverejnil používateľ | máj 4, 2022 |

Blockchain platform Polkadot has launched a new cross-chain communications protocol, saying it will do away with cumbersome bridging mechanisms that have cost the crypto industry billions in cyber attacks. The newly launched XCM messaging system is intended to promote Polkadot’s multichain ecosystem, which is being built on the premise of full interoperability. XCM channels are said to be secured at the same level as Polkadot’s central hub, dubbed Relay Chain, and are also available for use by parachains. In other words, XCM will enable communication between parachains themselves as well as smart contracts.Future iterations of XCM will allow messages to be sent between parachains without having to be stored on the Relay Chain, thereby improving scalability and eliminating governance processes for individual chains.Bridge hacks have cost the cryptocurrency industry more than $1 billion over the past year, underscoring major security vulnerabilities of the new technology, according to data compiled by Chainalysis and reported by Bloomberg. Axie Infinity’s Ronin bridge exploit was perhaps the most infamous attack, with the perpetrators draining more than $600 million worth of digital assets in just two transactions. There has been a security breach on the Ronin Network.https://t.co/ktAp9w5qpP— Ronin (@Ronin_Network) March 29, 2022Citing data from Dune Analytics, Bloomberg also reported that more than $21 billion is locked on Ethereum bridges as of March 30.When asked about the biggest security flaws of bridges, Peter Mauric, public affairs head at Polkadot developer Parity Technologies, told Cointelegraph:“Most bridges today rely on a few weak foundations, primarily over-reliance on centralized multisignature schemes, meaning they aren’t trustless or spaghetti smart contract code that opens users up to attack.”He added that “communication between parachains on Polkadot avoid these pitfalls.”Could the right bridge be the key to exponential growth for crypto? The COO of Harmony thinks so. https://t.co/UYi2GaVEnq pic.twitter.com/ASEgiVybnm— Cointelegraph (@Cointelegraph) February 4, 2022

Related: Wormhole hack illustrates danger of DeFi cross-chain bridgesWhen pressed about “interoperability” being a common industry buzzword without much application, Mauric explained that “real interoperability is the ability to trustless my compose applications across several chains, leveraging functions from each.” He further explained that “because of Polkadot’s modular shared security architecture, this is only possible between its parachains, starting today with the launch of XCM.”

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VC Roundup: Gaming, crypto fintech and blockchain infrastructure dominate venture capital rounds

VC Roundup: Gaming, crypto fintech and blockchain infrastructure dominate venture capital rounds

Uverejnil používateľ | apr 30, 2022 |

Cryptocurrency markets remain caught in a macro-based downtrend, with Bitcoin (BTC) and Ether (ETH) showing further signs of weakness at the end of April. But venture capital activity in the crypto and blockchain sectors is the strongest it has ever been, offering further evidence that major investors are looking beyond immediate price action and ignoring divisive bull/bear narratives. The latest edition of VC Roundup highlights the growing excitement surrounding Web3 gaming, decentralized finance and blockchain infrastructure.The first quarter of 2022 was brutal for crypto prices, but venture capital activity was the strongest ever. bloXroute secures $70M from major investorsBlockchain distribution network provider bloXroute has raised $70 million in funding to continue developing scalable infrastructure services for the cryptocurrency and decentralized finance (DeFi) industries. The Series B funding round was led by SoftBank Vision Fund 2, with participation from Dragonfly Capital, Jane Street, ParaFi Capital, Blindspot, GSR and others. The company recently launched its Blockchain Distribution Network, which is said to overcome network congestion to provide users with reliable information about buy and sell orders. HBAR Foundation launches $50M fintech innovation fundHedera ecosystem promoter HBAR Foundation has launched a $50 million fund to incentivize Hedera-focused development work around central bank digital currencies, stablecoins, remittance services, micropayments and asset tokenization. The Fintech and Payments Fund is now seeking proposals for these and other finance-based integrations. At the time of writing, Hedera was the 35th most valuable blockchain network with a total market capitalization of $3.2 billion, according to CoinMarketCap.Related: HBAR Foundation launches a $250M metaverse fund to enhance consumer brand adoptionCrypto industry heavyweights back decentralized venture studioWeb3 venture studio Decent Labs has partnered with BlockTower Capital, Digital Currency Group and others to launch a new incubator ecosystem called Decent DAO. The backers allocated a combined $10 million in on-chain investments to the initiative at a valuation of $56 million. Decent DAO wants to fix a major problem plaguing many decentralized autonomous organizations — namely, a lack of proper governance and leadership — and has developed a system that ensures all project backers are fully invested in the space. Many believe DAOs are what can help achieve a fair decentralized world. And as they develop more, it is clear that we are just scratching the surface of the potential DAOs have. https://t.co/VqnKfoo3SA— Cointelegraph (@Cointelegraph) February 28, 2022a16z leads $34M Spruce raiseAndreessen Horowitz, also known as a16z, led a $34 million funding round for decentralized identity startup Spruce. The Series A funding round also had participation from Ethereal Ventures, Electric Capital and Y Combinator, among others. Spruce is developing a protocol that lets users control their personal data across the Web2 and Web3 economies. Spruce has also partnered with the Ethereum Foundation to develop a new authentication method for Ethereum accounts and ENS profiles. Gaming industry veterans raise capital for Web3 studioGaming industry professionals formerly of EA, Disney and Epic Games have raised $4 million for Playmint, a new venture studio developing Massively Multiplayer On Chain Games, also known as MMOCG. The seed round was led by BITKRAFT Ventures with participation from Ethereal Ventures, Cherry Ventures, Play Ventures and 1kx. Playmint’s first title is called The Crypt, a loot-based dungeon game that’s built on the blockchain.Related: Animoca Brands to bet big on MMORPG blockchain gamesGamerGains closes $5.8M seed round backed by Winklevoss CapitalDeveloper GamerGains Labs has closed a $5.8 million seed round to support the development of a cryptocurrency-based play-and-earn platform. Unlike other crypto-focused developers, GamerGains is building a platform for traditional PC and console gamers, allowing players to earn crypto and token rewards for typical gameplay. The funding round had backing from some of blockchain’s biggest venture studios, including Tiger Global, FTX, Winklevoss Capital, CMS Holdings and BlockFi.While future games may be blockchain-connected, the executives think that they may not fully run on the blockchain. https://t.co/8ppRbVkZcd— Cointelegraph (@Cointelegraph) March 15, 2022

Blockchain developer Venly raises $23M Belgian technology provider Venly is looking to bring more industries to blockchain and has secured $23 million in Series A investments to further this initiative. The funding round was led by Courtside Ventures with participation from Transcend Fund, Coinbase Ventures, Tioga Capital and others. The company, which develops tools and APIs that allow Web2 companies to utilize Web3 technology, is primarily focused on game publishers and e-commerce businesses. Its API platform has been used by the likes of Shopify and The Sandbox, among others.Related: Crypto Biz: If you think crypto is bearish, you’re not paying attention, April 21–27, 2022Oasis.app secures $6M Series A funding roundDecentralized finance platform Oasis.app has raised funds to continue building its consumer-focused DeFi products and tools. The platform allows DeFi users to connect their crypto wallets and earn yields on their Bitcoin, Ether and other holdings. The funding round, which was secured through a combination of crypto and fiat, was led by Libertus Capital, with additional participation from several angel investors from within the crypto industry.

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