Shaking up the stablecoin scene
With the initial phases of the meltdown underway, Ethereum ETH/USD has outperformed Bitcoin BTC/USD and the broader markets over the past week.
This includes the S&P 500 and the Nasdaq.
Meanwhile, plans for life after proof-of-stake vary wildly for two of the biggest miners in space.
Hive Blockchain is exploring alternative blockchains to continue mining operations while Hut 8 Mining will likely have to change its name after deciding to move away from mining entirely.
And finally, capsized lender Voyager Digital will auction its remaining assets next week as part of its bankruptcy proceedings.
Maybe they should have accepted that "low" bid from FTX?
That said... let's go!
Stirring the stablecoin scene
Institutional optimism continues
Bernstein's catalysts for cryptography
1. Shake up the stablecoin sceneBinance is the issuer of the third-largest stablecoin, Binance USD BUSB/USD, at $19 billion.
USDC USDC/USD is the second largest stablecoin at $52 billion.
This week, the former announced that it will effectively remove the latter as a tradable asset on its platform and automatically convert clients' USDC holdings into its own BUSD on September 29.
Other stablecoins that Binance will remove include pax dollar (USDP) and trueUSD (TUSD).
The move will converge the company's service offerings around its internal BUSD which the company says will improve liquidity and capital efficiency for its users.
The biggest winner here? Tether - the largest stablecoin at $68 billion - which was not mentioned in Binance's announcement.
2. Institutional optimism continuesA $42.7 billion alternative investment giant has just replaced ING's former head of digital assets to create and lead its new blockchain-focused fund.< /p>
Hervé François joins Investcorp, after serving as Head of Crypto at ING for nearly 8 years, to pursue opportunities across the space including DeFi, NFT, P2E, interoperability, scaling solutions, the metaverse and the transition to web3.
Meanwhile, two former Revolut employees have raised $78 million to tackle renewable energy on the blockchain.
The goal of Tesseract is to tokenize Power Purchase Agreements (PPAs) used to secure fixed-price energy into tradable assets.
The startup has raised $30 million traditionally and the rest through the sale of its native token.
I repeat: build constructors.
3. Bernstein's Catalysts for CryptoWall Street investment firm Bernstein recently listed some potential catalysts for the crypto markets. Let's take a look.
Ethereum Merger: Bernstein Believes Proof-of-Work (PoW) to Proof-of-Stake (PoS) Switch Will Execute Successfully
Demand Driven Rollups: Rollups, which increase transaction speed and reduce transaction costs, now account for 15-25% of all transactions on Ethereum
Turnaround: Bernstein sees "crypto-innovation" (read: Ethereum) as driving the next phase of growth, meaning ETH overtakes BTC
DeFi Summer 2.0: Layer 2 scalability makes DeFi affordable again
NFTs Go P2E: Bernstein Sees a Migration of Talent from Traditional Game Studios to Web3 Game Development
Value accumulation: retail investors' attention will shift from meme coins and newer/faster blockchains to those with sustainable applications
Big Apps Thesis: Blockchain value will accrue at the application layer as costs fall, scalability improves, user growth and improving token value are attracting interest from retailers
With the initial phases of the meltdown underway, Ethereum ETH/USD has outperformed Bitcoin BTC/USD and the broader markets over the past week.
This includes the S&P 500 and the Nasdaq.
Meanwhile, plans for life after proof-of-stake vary wildly for two of the biggest miners in space.
Hive Blockchain is exploring alternative blockchains to continue mining operations while Hut 8 Mining will likely have to change its name after deciding to move away from mining entirely.
And finally, capsized lender Voyager Digital will auction its remaining assets next week as part of its bankruptcy proceedings.
Maybe they should have accepted that "low" bid from FTX?
That said... let's go!
Stirring the stablecoin scene
Institutional optimism continues
Bernstein's catalysts for cryptography
1. Shake up the stablecoin sceneBinance is the issuer of the third-largest stablecoin, Binance USD BUSB/USD, at $19 billion.
USDC USDC/USD is the second largest stablecoin at $52 billion.
This week, the former announced that it will effectively remove the latter as a tradable asset on its platform and automatically convert clients' USDC holdings into its own BUSD on September 29.
Other stablecoins that Binance will remove include pax dollar (USDP) and trueUSD (TUSD).
The move will converge the company's service offerings around its internal BUSD which the company says will improve liquidity and capital efficiency for its users.
The biggest winner here? Tether - the largest stablecoin at $68 billion - which was not mentioned in Binance's announcement.
2. Institutional optimism continuesA $42.7 billion alternative investment giant has just replaced ING's former head of digital assets to create and lead its new blockchain-focused fund.< /p>
Hervé François joins Investcorp, after serving as Head of Crypto at ING for nearly 8 years, to pursue opportunities across the space including DeFi, NFT, P2E, interoperability, scaling solutions, the metaverse and the transition to web3.
Meanwhile, two former Revolut employees have raised $78 million to tackle renewable energy on the blockchain.
The goal of Tesseract is to tokenize Power Purchase Agreements (PPAs) used to secure fixed-price energy into tradable assets.
The startup has raised $30 million traditionally and the rest through the sale of its native token.
I repeat: build constructors.
3. Bernstein's Catalysts for CryptoWall Street investment firm Bernstein recently listed some potential catalysts for the crypto markets. Let's take a look.
Ethereum Merger: Bernstein Believes Proof-of-Work (PoW) to Proof-of-Stake (PoS) Switch Will Execute Successfully
Demand Driven Rollups: Rollups, which increase transaction speed and reduce transaction costs, now account for 15-25% of all transactions on Ethereum
Turnaround: Bernstein sees "crypto-innovation" (read: Ethereum) as driving the next phase of growth, meaning ETH overtakes BTC
DeFi Summer 2.0: Layer 2 scalability makes DeFi affordable again
NFTs Go P2E: Bernstein Sees a Migration of Talent from Traditional Game Studios to Web3 Game Development
Value accumulation: retail investors' attention will shift from meme coins and newer/faster blockchains to those with sustainable applications
Big Apps Thesis: Blockchain value will accrue at the application layer as costs fall, scalability improves, user growth and improving token value are attracting interest from retailers
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