Visa Completes Pilot Test of CBDC in Hong Kong
Visa, in collaboration with HSBC and Hang Seng banks, has successfully completed a pilot test in Hong Kong to study tokenized deposits using central bank digital currencies (CBDCs).
The results of the pilot test demonstrated that tokenized deposits can provide additional payment options for large or time-sensitive transactions, such as real estate payments. This technology ensures secure transactions and can even reduce settlement risks.
The pilot test was carried out under the Hong Kong Monetary Authority's (HKMA) e-HKD Pilot Program. The program aims to explore the potential of a CBDC in Hong Kong.
Visa said that the pilot test was a success and that the company is committed to working with the HKMA and other partners to develop a CBDC that is secure, efficient and accessible to all Hong Kong citizens.
Coinbase posts earnings beat with $674M in Q3 revenue
Coinbase, the world's largest cryptocurrency exchange, released its financial results for the third quarter of 2023 on Tuesday (November 2). The company reported profits of $181 million, beating analysts' expectations, which predicted profits of $163 million.
Coinbase's earnings per share were $0.01, beating expectations of $0.02. The company's revenue was US$ 674 million, down 12% on the second quarter.
Coinbase attributed the drop in revenue to lower volatility in the cryptocurrency markets and the challenging macroeconomic scenario. However, the company pointed out that its revenue from subscriptions and services continued to grow, accounting for 45% of total revenue in the third quarter.
Coinbase also announced that it is "on track to deliver significant adjusted EBITDA in 2023". Adjusted EBITDA is an indicator of profitability that excludes expenses such as interest, taxes, depreciation and amortization.
FTX Seeks Bankruptcy Court Approval to Sell $744 Million Worth of Trust Assets, Including Grayscale and Bitwise Funds
FTX, the cryptocurrency exchange that filed for bankruptcy in July, has asked the US bankruptcy court in Delaware for approval to sell trust assets worth $744 million.
The assets in question include stakes in five Grayscale funds and one Bitwise fund. FTX claims that the sale of these assets is necessary to protect the interests of its creditors and ensure an equitable distribution of funds.
FTX intends to sell the assets to one or more buyers in one or more sales. The sale process will be supervised by an independent investment advisor.
FTX expects the sale of the assets to be completed in early 2024.
Valkyrie CIO anticipates spot Bitcoin ETF approval as early as the end of November
McClurg based his prediction on a number of factors, including the growing acceptance of cryptocurrencies by institutional investors and increased regulation of the sector.
"We believe the SEC is more willing to approve a Bitcoin spot ETF now than ever before," McClurg said in a statement. "The cryptocurrency market has become more mature and the SEC is more familiar with the sector."
If McClurg's prediction comes true, it would be a major victory for the cryptocurrency sector. A Bitcoin spot ETF would allow institutional investors to invest in Bitcoin without having to buy and store the physical tokens.
The SEC has rejected several applications for Bitcoin spot ETFs in the past. The agency raised concerns about market manipulation and a lack of transparency.
However, the SEC has also signaled that it is more open to considering applications for Bitcoin spot ETFs. At a Senate hearing in June, SEC Chairman Gary Gensler said the agency is "working diligently" to develop guidelines for Bitcoin spot ETFs.
Swiss bank launches bitcoin and ether custody and trading services, in partnership with SEBA
The partnership marks SGKB's first step into the digital asset space. Switzerland's fifth largest cantonal bank said the partnership with SEBA Bank will help its clients integrate cryptocurrencies into their existing investment portfolios.
SGKB will offer custody services for Bitcoin and Ether, as well as trading services for these assets. Custody will be provided by SEBA Bank, which is a regulated Swiss financial institution that focuses on digital assets.
Trading will be provided by SGKB, which will use its existing trading platform to trade cryptocurrencies.
SGKB is offering the custody and trading services initially to a selected group of clients. The financial institution plans to expand access to these services in the future.
SGKB's launch is a sign of the growing acceptance of cryptocurrencies by traditional banks. Other traditional banks, such as Credit Suisse and UBS, are also exploring offering cryptocurrency services.
The acceptance of cryptocurrencies by traditional banks could help increase the adoption of cryptocurrencies by institutional and individual investors.
Sam Bankman-Fried Guilty on All 7 Counts in FTX Fraud Trial
The charges against Bankman-Fried included wire fraud, securities fraud and money laundering. Prosecutors alleged that Bankman-Fried used FTX funds to finance his own companies and personal projects, and that he also made false statements about FTX's liquidity and stability.
Bankman-Fried denied all the accusations and said he had committed no crime. He said that FTX had always been a transparent company and that he had always acted in the best interests of his clients.
Bankman-Fried's sentence has not yet been announced, but he could face a prison term of up to 115 years.
The jury's verdict is a significant blow to the cryptocurrency industry. Bankman-Fried was one of the leading names in the sector and his conviction could generate distrust among investors and regulators.
The verdict could also have implications for other cryptocurrency companies. Regulators may be more likely to investigate cryptocurrency companies with similar business practices to FTX.
Bankman-Fried's future is also uncertain. He could be sentenced to prison and may have to resign from his position at FTX.
Steve Aoki Dropping Digital Sneakers in Move-to-Earn Game 'Stepn'
The Steve Aoki x Stepn collection includes 300 NFT sneakers available in four designs: Walker, Jogger, Runner and Trainer. Each design is available in 60 editions, which were launched on the MOOAR market from October 31 to November 4. The sneakers cost 3,500 GMT each, which is equivalent to around US$695 at the time of writing.
Stepn is a move-to-win game developed by Find Satoshi Lab. Players buy NFT sneakers, connect them to their phone and earn rewards for walking, jogging or running. The company claims to have more than 2 million monthly active users.
The collaboration with Aoki is Stepn's attempt to attract new users and raise awareness of the game. Aoki is a popular artist with a large following on social media.
The Steve Aoki x Stepn collection was well received by fans of both the DJ and the game. The sneakers sold out quickly and are being sold for higher prices on the secondary market.
ProShares launches first short ether futures ETF for bearish traders
ProShares, an asset management company, has launched SETH, the first ether futures ETF with short leverage.
SETH is an exchange-traded fund (ETF) that allows investors to profit if the price of ether falls. The ETF tracks the performance of a short-leveraged ether futures index, which is an index of ether futures contracts that are sold with leverage.
SETH has a 2x leverage, which means that for every $1 invested in the ETF, the investor can get a $2 exposure to the ether futures market.
The launch of SETH is a sign that the cryptocurrency market is becoming more sophisticated. The ETF offers investors a new way to profit from the price movement of ether, even if the price is falling.
SETH can be a useful instrument for bearish traders who believe that the price of ether will fall. The ETF can be used to increase profits if the price of ether falls, or to reduce losses if the price of ether rises.
However, it is important to note that SETH is a high-risk instrument. Leverage can increase profits, but it can also increase losses. Investors should understand the risks involved before investing in SETH.
OKX Latest Proof of Reserves Shows Exchange Over-collateralized
OKX, one of the world's largest cryptocurrency exchanges, has published its latest reserves report, showing that the exchange is overcollateralized.
The report, which was published on October 30, 2023, shows that OKX has $12.5 billion in assets, including cryptocurrencies, fiat and other digital assets. The exchange also has $13.3 billion in reserves, which means that OKX's reserve is over 100%.
OKX is one of the few cryptocurrency exchanges that publishes regular reserve reports. Disclosing information about reserves is important to increase transparency and trust in the cryptocurrency sector.
OKX's overcollateralization is a positive sign for the exchange and the cryptocurrency industry as a whole. It shows that OKX has enough assets to cover its liabilities, which reduces the exchange's risk of bankruptcy.
Here are some additional details about OKX's reserves report:
- OKX holds $9.1 billion in cryptocurrencies, including Bitcoin, Ethereum and Tether.
- OKX holds $4.4 billion in fiat, including US dollars, euros and Chinese yuan.
- OKX has $900 million in other digital assets, including NFTs and non-fungible tokens.
OKX's reserves report is a positive step for the cryptocurrency sector. Disclosing information about reserves is important to increase transparency and trust in the sector.
DeFi Market Recovers From 30-Month Low as Volume Hits Highest Point Since March
The DeFi market has recovered from a 30-month low, with volume reaching its highest point since March.
According to data from DefiLlama, the total value locked (TVL) in DeFi protocols rose to $42 billion on October 30, 2023, an increase of 22% in one week. The TVL is a measure of the total value of assets locked in DeFi protocols.
The volume of transactions in DeFi protocols also rose, reaching $4.4 billion on October 24, 2023, the highest point since March.
The recovery of the DeFi market is attributed to a number of factors, including rising cryptocurrency prices, increased interest from institutional investors and the launch of new DeFi protocols.
Coinbase opens up crypto futures trading to US investors
Coinbase opens cryptocurrency futures trading to US investors
Coinbase, one of the world's largest cryptocurrency exchanges, announced today that it has started offering cryptocurrency futures trading to US investors.
Cryptocurrency futures trading allows investors to bet on the future price of an asset, such as Bitcoin or Ethereum. Investors can profit if the price of the asset rises or lose if the price of the asset falls.
Coinbase will offer futures trading in Bitcoin, Ethereum, Litecoin and XRP. Trading will be available to qualified investors, who are investors that meet certain income and net worth criteria.
The launch of cryptocurrency futures trading by Coinbase is a sign that the cryptocurrency sector is becoming more mature. Futures trading is a sophisticated product that can be used by experienced investors to profit from the price movement of cryptocurrencies.
Different types of layer 2s by Vitalik
In the article "Types of Layer 2" published on October 31, 2023, Vitalik Buterin, co-founder of Ethereum, discusses the different types of Layer 2s (L2s) that are being developed to scale the Ethereum network.
Buterin begins the article by defining L2s as "protocol layers that are built on top of an existing layer 1 (L1), but provide features or functionality that are not possible in L1". He then identifies three main types of L2s:
Rollups: L2s that aggregate L1 transactions into a smaller number of L2 transactions.
Sidechains: L2s that are separate blockchains from L1.
Layer 2 validators: L2s that use centralized validators to process transactions.
Buterin discusses the pros and cons of each type of L2. He notes that rollups offer the best scalability, but are also the most complex to implement. Sidechains are easier to implement, but offer less scalability. Layer 2 validators are the easiest to implement, but they are also the most centralized.
Buterin concludes the article by noting that L2s are an essential part of Ethereum's scalability. He believes that a combination of different types of L2s will be needed to meet the needs of the network.
Billionaire Druckenmiller calls Bitcoin a 'brand' he should probably own
Stan Druckenmiller, a billionaire investor and former hedge fund manager, said in an interview last weekend that he believes Bitcoin is a "brand he should probably own".
Druckenmiller, who once called Bitcoin "digital gold", said that he is attracted by Bitcoin's popularity among the younger generation. He also noted that Bitcoin has a 13-year history, which is an indication that it is a long-lasting asset.
Druckenmiller said that he has not yet invested in Bitcoin, but is considering doing so. He noted that he is "learning more about it".
Druckenmiller's statement is a sign that institutional investors are starting to take a greater interest in Bitcoin. This could help increase demand for Bitcoin and boost its price.
However, it's important to note that Druckenmiller is also an experienced investor who knows the risks of investing in cryptocurrencies. He said that Bitcoin is a "risky" investment and that investors should be prepared to lose money.
Starknet to hand out 50 million STRK tokens to early ecosystem contributors
Starknet, a Layer-2 scalability solution for Ethereum, has announced that it will distribute 50 million STRK tokens, not yet released, to those who have played a key role in the development of the network.
The distribution will be made to the following groups:
- Initial community members: individuals who promoted technical discussions, organized events and created content related to Starknet.
- Key contributors: individuals who contributed code, design, research or other resources to the development of Starknet.
- Investors: individuals who have invested in Starknet.
Initial community members will be selected based on their contributions to the development of the Starknet community. Key contributors will be selected based on their contributions to the technical development of Starknet. Investors will be selected based on their investment size.
STRK tokens will be distributed in April 2024. They will be distributed to beneficiaries in tranches over a period of time.
The distribution of STRK tokens is a way for Starknet to recognize and reward the efforts of individuals who have contributed to the development of the network. It is also a way of encouraging individuals to continue contributing to the Starknet ecosystem.
Lido Finance approves proposal to enable decentralized staking module
Lido Finance, an Ethereum liquid staking protocol, has approved a proposal to enable a decentralized Obol staking module. The module, called Simple Distributed Validator Technology (SVT), will allow anyone to become a Lido validator without the need to operate their own hardware.
SVT uses a proof-of-stake (PoS) staking system that is more decentralized than Lido's current staking system. The current system is centralized around a small number of validator operators.
SVT is developed by Obol Labs, a blockchain technology company. Obol Labs believes that SVT can help make staking more accessible and decentralized.
The approval of the proposal to enable SVT is an important step for Lido Finance. The module can help increase Lido's decentralization and attract new participants to Ethereum staking.
Ongoing vote on Arbitrum token staking is leaning toward majority approval from DAO
News summary "Ongoing vote on Arbitrum token staking is leaning towards DAO majority approval"
Arbitrum, a Layer-2 scalability solution for Ethereum, is holding a vote on the implementation of Arbitrum token staking (ARB). The vote is scheduled to conclude on November 6, 2023.
The ARB token staking proposal was submitted by the Arbitrum DAO, the decentralized autonomous organization that governs the Arbitrum network. The proposal envisages ARB holders being able to stake their tokens to earn rewards.
So far, the proposal is receiving strong support from the DAO. According to data from the Arbitrum Tracker, the proposal has more than 80% votes in favor.
If the proposal is approved, ARB token staking will be implemented in two phases. The first phase will be launched in November 2023, and the second phase will be launched in January 2024.
PayPal Faces SEC Subpoena Over Its PYUSD Stablecoin
Summary of story "SEC subpoenas PayPal over dollar stablecoin"
The Securities and Exchange Commission (SEC), the US securities regulator, has subpoenaed PayPal to provide information about its dollar-linked stablecoin, PYUSD.
The subpoena was issued on November 1, 2023 and requests information on the design, operation and governance of PYUSD. The SEC also requests information on the risks associated with the PYUSD and the measures PayPal is taking to mitigate those risks.
PYUSD is a stablecoin pegged to the US dollar. It is backed by a reserve of dollars held by PayPal. PYUSD was launched in August 2023 and is the first dollar-linked stablecoin to be launched by a major financial services company.
The SEC's subpoena is a sign that the regulator is starting to pay more attention to stablecoins. Stablecoins are a type of cryptocurrency that is pegged to a stable asset, such as the US dollar or gold. They are often used to facilitate transactions and to store value.
The SEC is concerned about the risks associated with stablecoins, including the risk of financial loss, the risk of price manipulation and the risk of use in illegal activities. The subpoena to PayPal is a way for the SEC to gather information about these risks.
PayPal has not commented on the SEC subpoena.
# Modular network Celestia goes live on mainnet
Celestia, a modular blockchain network that scales securely with the number of users, was officially launched on the mainnet on November 2, 2023.
Celestia uses a proof-of-stake (PoS) based security system that is decentralized and secure. The network is also modular, which means it can be customized to meet the specific needs of different applications.
By launching its mainnet, Celestia is becoming one of the first blockchain networks to offer a modular and secure scalability solution. The network has the potential to be used by a wide range of applications, including DeFi, NFTs and gaming.
# https://solana.com/news/solana-blockchain-node-development-blueprints-available-on-aws
The Solana Foundation, the non-profit organization that supports the development of the Solana blockchain, has announced that Solana node development blueprints are now available on AWS.
The blueprints are a set of instructions that describe how to deploy a Solana node on AWS. They are designed to simplify the process of deploying Solana nodes for developers and companies.
The blueprints are available for free on the AWS Marketplace. They include instructions for deploying consensus nodes, RPC nodes and storage nodes.
The availability of the blueprints on AWS is an important step for Solana. It makes it easier for developers and companies to deploy Solana nodes in the cloud, which can help increase network scalability and availability.
Uniswap’s DAO poised to try its hand at venture capital
The Uniswap DAO, the decentralized governing body of the decentralized exchange Uniswap (DEX), is considering investing a portion of its treasury in venture capital. The proposal, which was put forward by a member of the Uniswap community, would see the DAO allocate $12 million to a little-known protocol in exchange for a 20% stake in the future offering of governance tokens.
The proposal has been met with mixed reactions from the Uniswap community. Some members are in favor of the idea, arguing that it could help the DAO generate additional revenue and support the growth of the Uniswap ecosystem. Others are concerned about the risks involved, arguing that the DAO could lose money if the protocol goes bust.
The Uniswap DAO is currently in the process of voting on the proposal. If the proposal is approved, it will be the first time the DAO has invested in venture capital.
Andreessen Horowitz prepares its next mega-funds
Andreessen Horowitz, one of the world's leading venture capital firms, is preparing its next mega-funds, one for early-stage investments and one for later-stage investments.
The early-stage investment fund, called "A17", is expected to be around $3.4 billion in size. The fund for later-stage investments, called "A18", should have a size of around $6 billion.
Andreessen Horowitz is a leading investor in technology companies, including blockchain and cryptocurrency companies. The firm has invested in companies such as Coinbase, OpenSea, Uniswap and Solana.
The preparation of Andreessen Horowitz's next mega-funds is a sign of the venture capital market's strong interest in technology companies, including blockchain and cryptocurrency companies.
# Animoca Brands Courts $50M Investment From Saudi Arabia's NEOM
Animoca Brands, a venture capital and blockchain gaming investment company, is seeking a $50 million investment from NEOM, a planned city in Saudi Arabia.
The investment would be made by NEOM Investment Fund, NEOM's investment fund. Animoca Brands is a leading investor in blockchain and cryptocurrency companies, with investments in companies such as Axie Infinity, The Sandbox and OpenSea.
NEOM is a planned city in Saudi Arabia that aims to be a global center for innovation and technology. The city is investing heavily in emerging technologies such as blockchain and cryptocurrencies.
NEOM's investment in Animoca Brands would be a sign of Saudi Arabia's interest in the blockchain and cryptocurrency sector. It could also help Animoca Brands expand its operations in Saudi Arabia and the Middle East.