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Coinbase Acquires Stake in Circle, Dissolving USDC Issuer Centre
Circle will now be the only issuer of the USDC stablecoin.
Centre Consortium, which issues the second-largest stablecoin USDC, has been dissolved as Coinbase acquires a minority share in Circle Internet Financial, according to a blog post from the company.
"Centre will no longer exist as a stand-alone entity and Circle will remain as the issuer of USDC, bringing any Centre governance and operations responsibilities in-house," Circle CEO Jeremy Allaire and Coinbase CEO Brian Armstrong said in a jointly-authored blog post. The announcement added that revenue from interest earned on the dollar reserves backing USDC tokens will continue to be shared between the two firms, but the split will now be equal.
USD Coin (USDC) stablecoin issuer Circle—the largest publicly traded crypto exchange—has always been linked to Coinbase through its consortium, a separate group set up to govern the U.S. dollar-pegged token. The consortium itself was founded by Coinbase and Circle in 2018. At the time, the consortium said that it welcomed "broad industry participation" and that it would introduce more USDC issuers.
Now, Circle will be the only USDC issuer. Read More
Binance Plans to Halt EUR Withdrawals via SEPA Amid Third-Party Payment Challenges
Numerous sources have indicated that Binance, the largest crypto exchange by global trading volume, has temporarily halted EUR withdrawals and deposits through SEPA due to challenges with a third-party payment facilitator. However, a post published by Binance’s customer support team at 12:21 p.m. (ET) on Monday notes the service will officially halt on September 25, 2023.
On August 19, 2023, Binance’s dedicated customer support channel, the X account, stated that SEPA transfers for EUR are currently on hold. “Please be informed that currently, direct bank transfer for EUR currency is in maintenance,” the support channel informed a user. In subsequent messages to select Binance patrons, the exchange articulated their efforts to rectify the situation. Read More
As Ordinal Transaction Dominance Soars, NFT Advocates Question Bitcoin’s Reported Downturn
Metrics reveal a significant day for the Bitcoin blockchain as 411,511 Ordinal inscriptions were minted Sunday, clinching the title of the second most prolific day for inscriptions ever. Additionally, over the past seven days, Ordinal inscriptions represented a hefty 53.9% of all transaction activity on the Bitcoin network.
Ordinals’ Unprecedented Impact: 53% of Bitcoin’s Weekly Transactions Defined by Inscriptions
Fast-forward to 8:15 a.m. Eastern Time on Monday morning August 21, 2023, a significant 25,620,164 Ordinal inscriptions now grace the Bitcoin blockchain. Just a day ago on Sunday, the network witnessed the minting of Ordinals spike to its second-highest volume ever with 411,511 inscriptions. Still topping the chart is July 30, 2023, when a record 422,164 inscriptions were minted in a single day.
A recently published Dappradar report, which suggests a 97% drop in Ordinal inscription sales from their peak, has generated significant buzz and controversy. An X user, Trevor.btc, has questioned its accuracy. He cites data from Dune Analytics and Cryptoslam.io that show a decline of 67% to 68%. Trevor.btc also criticized the report for not including BRC20 activity, an essential aspect of the Ordinals inscription trend. Read More
N3twork Studios commits to elevating entertainment in Web3 gaming
Blockchain gaming studio, N3twork Studios, has outlined its commitment to delivering the next generation of sustainable and player-centric Web3 RPGs.
With the goal of bringing Web3 games to the mass market, the studio is prioritising the player experience. Leveraging the development teams’ history of building deep, social F2P (free-to-play) titles, N3twork Studios is committed to creating games that stand up against leading Web2 counterparts.
In contrast to a number of blockchain-based titles in the market, N3twork Studios is building titles where Web3 features are supplementary to the core gameplay experience, but not necessarily central to their appeal. Through reducing friction in the user onboarding process, N3twork Studios’ titles are designed to introduce the uninitiated to Web3 gradually, seamlessly, and only if they choose to engage with it.
Their ambition is to educate users on the benefits of the blockchain and demonstrate the mutually beneficial role it can play in the user / developer relationship, if executed correctly. Read More
Staying ahead of the curve is crucial in the dynamic and ever-changing business world. In the modern business landscape, innovation and technology act as guiding forces, shaping how companies engage with their audiences and forge connections. In this era of constant evolution, a powerful synergy has emerged between two groundbreaking concepts: inbound marketing and blockchain technology. This convergence is rewriting the rules of engagement and presenting companies with unprecedented opportunities to carve out a competitive edge.
Gone are the days when traditional marketing methodologies ruled the roost. The one-size-fits-all approach of old-school marketing campaigns is gradually being replaced by a more interactive, personalized, and customer-centric approach. Inbound marketing is not just a strategy; it's a philosophy that revolves around attracting, engaging, and delighting customers by delivering valuable and relevant content. It's about creating a genuine connection with your audience, addressing their pain points, and offering solutions that resonate personally.
Amidst this transformative landscape, a standout player emerges: Markethive. This innovative ecosystem stands at the crossroads of the inbound marketing revolution and the blockchain evolution. Markethive's unique proposition lies in its ability to seamlessly fuse the principles of inbound marketing with the cutting-edge potential of blockchain. By doing so, it offers a comprehensive system that empowers businesses to connect with their target audience and build lasting relationships based on trust and transparency. Read More
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El Salvador Stronger After IMF Warning Not To Adopt Bitcoin
When El Salvador adopted Bitcoin as legal tender two years ago, the IMF was scathing of the move, and warned of dire consequences. Two years later and El Salvador is flourishing.
IMF Against Decentralisation:
Max Keiser, pro Bitcoin entrepreneur, now living in El Salvador, was interviewed on the Swan Bitcoin YouTube channel, where he gave his thoughts on the IMF and how El Salvador is on a much better path.
Keiser started by saying that in his view the IMF was akin to a central bank, and that central banks do not like decentralised money, and that the IMF does not like the idea that El Salvador can adopt Bitcoin and decentralise itself away from the fiat monetary system. Read More
Crypto P2P scams in India show digital asset education is needed
Scammers have made it impossible for Indian crypto traders to conduct P2P trades owing to several police complaints and bank account freezes that follow.
Peer-to-peer (P2P) cryptocurrency trading has been a staple of the cryptocurrency community since the industry’s early days.
P2P trading refers to the direct exchange of cryptocurrencies between two users without the involvement of intermediaries. P2P exchanges link buyers and sellers while also adding an extra degree of security through an escrow service. Some of the key advantages of P2P over centralized exchanges include global accessibility, a variety of payment alternatives and no transaction fees.
Furthermore, P2P marketplaces have become crucial for crypto traders and enthusiasts in jurisdictions where governments are hostile to formal cryptocurrency exchanges and service providers.
In India, they became a lifeline for many crypto traders when the country’s central bank issued a banking ban on cryptocurrency businesses in April 2018. Read More
Bitcoin Mining Startup Raises $13 Million to Turn Trash Into BTC
Bitcoin mining helps make use of stranded energy when it can't easily be sold back to the grid, according to Nodal co-founder Matthew Jones.
Nodal Power has secured a substantial $13 million funding round to continue converting methane gas produced by landfills into electricity, which is then dispatched to local electricity grids as renewable power.
Not all of that energy will be sold, however. Some of it will be used directly by the firm to secure the blockchain through clean Bitcoin mining.
“Bitcoin mining is a secondary tool we use when grid economics aren't as favorable,” said Matthew Jones, Nodal Power’s co-founder and chief operating officer, told Decrypt. “We currently only do Bitcoin mining in our data centers.” Read More
What are the 3 assets most correlated with Bitcoin?
Bitcoin price is closely linked to several financial assets, but there are different reasons for its correlation with certain precious metals and stocks.
The financial media often points out Bitcoin’s correlation to Big Tech. “Bitcoin is trading like a tech stock” is a common narrative alongside BTC’s often acute inverse relationship with the United States dollar.
But are these correlations set in stone, and can they help predict future price moves? Let’s look closely at several reports analyzing the relationship between Bitcoin and various asset types.
Bitcoin’s historic correlations vary across timeframes
A report published in October 2022 by the Multidisciplinary Digital Publishing Institute arrived at several key conclusions regarding Bitcoin’s correlations with traditional financial assets, including:
The extreme volatility of the Bitcoin market means that long-term correlations are stronger than short-term correlations.
The “positive linkage between Bitcoin and risk assets increases during extreme shocks,” such as during COVID-19.
Bitcoin can be positively correlated with risk assets and negatively correlated with the U.S. dollar.
Bitcoin can serve as a hedge against the U.S. dollar. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
