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Chainalysis Aims to Sharpen Data Insights With Transpose Acquisition
Chainalysis said integrating the Web3 data company would help it build toward a fully on-chain future.
Blockchain analytics firm Chainalysis has snapped up Web3 data and infrastructure company Transpose.
In a Tuesday announcement, the company said it would work with Transpose, which provides developers with Web3 data, to build “a future when all value is transferred on-chain, and every company is a blockchain company.”
Chainalysis would not disclose the size of the acquisition to Decrypt but said in an email that the two companies shared a “long-term vision” of a “new financial system powered by blockchains.”
“In the future, all businesses and developers will need blockchain data to build in Web3,” a spokesperson said. “Over time, Transpose technology combined with the Chainalysis knowledge graph will provide transparency and efficiency for the future of finance.” Read More
Crypto exchange Bybit exits Canada, citing ‘recent regulatory development’
Headquartered in Dubai, Bybit plans to leave Canada while exploring expansion into new markets like Kazakhstan.
Cryptocurrency exchange Bybit has announced it will be pausing its products and services to residents and nationals of Canada following certain developments in the regulatory space.
In a May 30 blog post, Bybit said it will not accept account opening applications from Canadians starting on May 31. Current users of the crypto exchange will have until July 31 to make deposits and “increase any of their existing positions” before these services are phased out, with other positions liquidated after Sept. 30.
Bybit did not offer any explanation for the market exit other than “recent regulatory development” in Canada. The Ontario Securities Commission issued financial penalties against the exchange in June 2022, and Bybit said it planned to introduce mandatory Know Your Customer requirements for all users starting in May 2023.
“As the adoption of crypto continues to grow, our mission is to provide safer and sustainable trading experience to all crypto enthusiasts while maintaining necessary safeguards.” said Bybit. Read More
What the ‘anti-mining bill’ means for the crypto industry in Texas
The Lone Star State has become one of the hottest points on the U.S. map in terms of crypto regulation.
In late April, over a hundred people gathered near the Texas Capitol building to protest.
Peaceful protests in the United States are not uncommon, but what made this one unique was that its participants were gathered to advocate for the right to own and use cryptocurrencies.
The location is also puzzling, as the Lone Star State has been presenting itself as a potential hub for the crypto industry in the United States, with varying state and federal laws creating an uneven regulatory landscape.
And so, the crypto enthusiasts gathered together in Austin to protest Senate Bill 1751, which will strip cryptocurrency mining operators of some existing tax incentives. The bill has already passed in the State Senate and has proceeded to the Texas House of Representatives.
Texas doesn’t fit the binary narrative of crawling into a “crypto-hostile” mode. While its legislators want to strip crypto miners of tax incentives, they almost simultaneously vote for the right of individuals to possess crypto to be included in the state’s Bill of Rights. Read More
The future of DeFi is ReFi
The key to unlocking this transformation and propelling the industry forward lies in embracing the regenerative economy.
The constantly evolving ecosystem of decentralized finance (DeFi) has emerged as a groundbreaking and experimental alternative to traditional finance (TradFi), demonstrating immense potential while simultaneously facing a myriad of challenges.
Paradoxically, some of the very behaviours that have long characterized TradFi — the prioritization of short-term profits, and extractive practices that benefit a few at the expense of the majority — have seeped into the world of DeFi, hampering the progress of this revolutionary technology towards its initial goals.
The detrimental impacts of TradFi are most evident in their consequences on people, through wealth inequality and on the planet by contributing to climate change. In our industry, we’ve experienced this fallout through catastrophic company failures, malpractice by centralized actors and outright scams.
The crypto space must realign its values and redirect its focus towards democratizing access to financial tools and fostering financial inclusivity, as it was conceived to do.
The key to unlocking this transformation and propelling the industry forward lies in embracing the regenerative economy. Read More
HVC is poised to triumph in the crypto economy.
Markethive is a monolithic blockchain project currently operating as a social network, an entire inbound marketing platform with email, blogging, and digital media capabilities that broadcast to the vast internet. It’s a complete Market Network and the first of its kind.
Markethive is predominantly a free system where users can access a platform that can cost more than $2,500 offered by other marketing platforms. There are, of course, upgrades that open up more tools and monetization opportunities, the first being the Entrepreneur One Loyalty Program, and coming soon is the Premium Upgrade.
The many domains Markethive has and its autonomous cloud systems that ensure its sovereignty and longevity make it untouchable and immune from the tech giants’ rule and biased agenda. But can still remotely infiltrate the social media platforms and reach the multitudes either locked in or looking for an alternative meritocratic medium.
In other words, wherever you go, Markethive is there, anywhere and everywhere, delivering its message via its community of entrepreneurs to a far-reaching audience. This next-generation social market media is poised in the wings, and when the time is right, it will emerge as a shining light to lift people up and bring financial sovereignty and hope in this gloomy and uncertain world.
The video platform, conference rooms, the unique four specific news feeds currently in development, and many other projects and incentives add to the credibility and need for an ecosystem in the social media and digital marketing space. Read More
Controversial Stablecoin Issuer Tether Plans to Start Mining Bitcoin
Stablecoin issuers have accrued huge amounts of Bitcoin in the past—but it hasn't always gone to plan.
It's been a year of retreat and punishing losses for Bitcoin miners—but undeterred, Tether is stepping into the breach.
The stablecoin issuer has unveiled plans to invest in "sustainable Bitcoin mining operations" based in Uruguay, and will partner with a licensed company on the ground.
The South American country may seem like an unusual choice at first—not least because its share of network hashrate is negligible when compared with the U.S. and Kazakhstan.
But given how Uruguay generates more than 98% of its electricity from renewable sources—predominantly wind and hydropower—Tether believes there's an opportunity to adopt a much greener approach as BTC becomes increasingly scarce, with another halving event less than 12 months away. Read More
Ordinals Inscriptions on Bitcoin Surpass 10 Million, Fueling NFT and Token Boom
On Monday, May 28, 2023, a pivotal landmark was reached as the aggregate quantity of Ordinal inscriptions minted on the Bitcoin blockchain exceeded 10 million in under half a year. Since Ordinal inscriptions’ inception, bitcoin miners have garnered roughly 1,596 bitcoins, valued at $44.37 million.
10 Million Ordinal Inscriptions and Counting
This week witnessed the total Ordinal inscriptions surpassing the 10 million mark; as of this writing, 10,142,233 inscriptions have been issued. Moreover, the BRC20 token economy consisting of 24,677 registered BRC20 tokens boasts a combined value of $433 million. Bitcoin inscriptions have carved out a niche in the realm of non-fungible token (NFT) markets and currently stand as the second-largest blockchain in terms of NFT sales.
Data from the past 30 days reveals that $190 million worth of Bitcoin-based NFTs have been traded, with the most significant sale being a Space Pepe sold for $4.56 million. Having amassed over 10 million inscriptions, bitcoin miners have obtained supplementary fees equivalent to 1,596 bitcoins or $44.37 million since December 2022. In marketplaces focused on Ordinals, 347,129 transactions have been documented, generating $176.46 million in trade volume. Read More
Worldcoin Emerges as Largest Deployer of Safe Wallets on Polygon Blockchain, Onboards 1.2 Million Self-Custodial Safe Smart Accounts
Worldcoin, the cryptocurrency project led by Tools for Humanity, has achieved significant milestones in its mission to drive adoption and empower users within the blockchain space. As reported on their official Twitter account, World App has emerged as the largest deployer of Safe wallets on the Polygon(Matic) blockchain. This achievement highlights the platform's dedication to facilitating secure and self-custodial transactions.
Additionally, a tweet from Worldcoin states that they have successfully onboarded an impressive 1.2 million self-custodial Safe Smart Accounts, further solidifying their position as a key player in the blockchain industry. By providing users with a safe and reliable platform, Worldcoin aims to enhance accessibility and foster trust in decentralized finance. Read More
Ripple acquires custody infrastructure provider Metaco for $250m
Ripple has announced the acquisition of Metaco, a Switzerland-based provider of digital asset custody and tokenisation technology, for $250 million (£201.1m).
The acquisition is aimed at expanding Ripple’s enterprise offerings, with Metaco promising enterprise-ready packages for financial service providers and corporates across multiple digital asset use cases around custody infrastructure.
The company’s primary product is Harmonize, cited by Ripple as the ‘institutional standard for digital asset custody and tokenisation infrastructure.’ Current customers include Citi, BNP Paribas, and Union Bank.
Metaco was advised on the sale by law firm Kirkland & Ellis.
Monica Long, president at Ripple, said the company was ‘uniquely positioned’ to address the growing institutional crypto custody market. “Custody is a key facet of the infrastructure required for enterprise crypto services,” said Long in a statement. “Adding these capabilities to Ripple’s already growing product solutions means we can continue to support customers as they look to utilise crypto and blockchain for real-world use cases across all phases of adoption.” Read More
PayPal-Backed Crypto Wallet Magic Aims to Be a 'Ubiquitous Solution'
“We’re on the precipice of becoming the ubiquitous solution for mainstream adoption of Web3”, Magic CEO and co-founder Sean Li told Decrypt.
Magic, a Web3 wallet as a service provider, announced today that it raised $52 million in a strategic funding round led by PayPal Ventures.
“We’re on the precipice of becoming the ubiquitous solution for mainstream adoption of Web3”, said Sean Li, Magic’s Chief Executive Officer and co-founder told Decrypt today.
The round had six total investors. Volt Capital, Synchrony Ventures, Northzone, Kx Technology Fund, and Cherubic Ventures participated in the round along with PayPal Ventures.
Li said “with the new funds, [the company] is looking to continue building best-in-class products, expand its enterprise offerings, and unlock more use cases.” The project has a “rapidly growing user base that we need to support”, he added. 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.
