Blockchain Progress

2023-11-24 19:25:10 Glass node Analysis Reveals Spot Bitcoin ETF Approval Could Unleash $70B Capital Influx

An influx of demand would confront relatively limited liquid bitcoin (BTC) supply, potentially amplifying volatility, Glassnode researchers detail in a report published on November 20.

The analysts estimate up to $70.5 billion could flow into the market from stock, bond, and gold investors allocating just a fraction of assets. Even more conservative projections see tens of billions entering in the first years.

Unlike existing bitcoin investment vehicles, a spot ETF would provide institutions with direct and regulated bitcoin exposure. This could attract major inflows even if some capital shifts from current proxy funds. Historical data shows new access unleashing asset demand.

Glassnode summarizes that the approval of a spot bitcoin ETF signifies a pivotal moment for institutional involvement. However, the ensuing changes in supply and demand could significantly heighten market volatility. Open / Comment

2023-11-21 18:55:12 Binance Faces $4 Billion Demand From US Justice Department to Settle Criminal Case: Report

The U.S. Department of Justice (DOJ) is reportedly seeking more than $4 billion from Binance Holdings Ltd. as part of a proposed settlement to conclude its multiyear investigation into the crypto exchange and its CEO Changpeng Zhao (CZ), Bloomberg reported Monday, citing people familiar with the matter.

The Justice Department has been investigating Binance on allegations related to money laundering, bank fraud, and sanctions violations, the news outlet conveyed, adding that negotiations between Binance and the DOJ include CZ potentially facing criminal charges in the U.S.

The settlement aims to find a middle ground to allow Binance to continue operations and avoid a potential collapse that could devastate crypto markets and cryptocurrency holders, according to three people familiar with the matter.

If a deferred prosecution agreement is reached between Binance and the DOJ, the Justice Department would initiate a criminal complaint against the cryptocurrency exchange, the publication detailed. Open / Comment

2023-11-18 19:43:01 Openai Shakeup: Sam Altman Out as CEO, Worldcoin’s WLD Plunges

On the day of Friday, November 17, 2023, Openai, known for developing Chatgpt, declared that its CEO, Sam Altman, is exiting the organization. Mira Murati, the CTO, has been named the interim CEO to guide Openai during this transition. The letter articulates Openai’s gratefulness for Altman’s “many contributions” to the inception and expansion of the company. Nonetheless, it also underscores the AI firm’s board’s loss of “confidence” in his ongoing leadership at Openai.

Altman was not only at the helm of Openai but he also played a crucial role in the crypto project Worldcoin, which utilizes the native token WLD. Following the recent announcement, the WLD token has experienced a notable decline of 13.5%, with its 24-hour trading range fluctuating between $1.89 and $2.25. Following the significant slide, WLD rebounded a hair and is now only down 8% against the U.S. dollar.

Presently, it’s trading at $2 per unit. In the vast landscape of over 10,000 cryptocurrencies, its market capitalization stands at $219 million, ranking it at the 171st position in the global crypto economy. Additionally, WLD has seen $144 million in trading volume in the last 24 hours, with the dominant trading pair being tether (USDT). Open / Comment

2023-11-15 19:12:02 Ok x Announces Compliance-Focused Expansion to Brazil

Okx, one of the largest cryptocurrency exchanges in the market, has announced that it will expand to the Brazilian market in the coming months. The exchange chose Brazil as an entry doorstep for Latam due to the size of the local market, and to be well positioned before the new “summer of crypto assets,” Okx Executive President Hong Fang told Valor Economico.

Fang values Latam as a region that appreciates crypto in a different light, given that several countries have a large crypto adoption index that includes using these tools for purposes other than speculation, including inflation hedging and savings.

Fang clarified that Okx wants to adhere to the local cryptocurrency laws immediately after the regulation is complete. However, other aspects are also significant, to satisfy Brazilian customers. She declared:

Compliance and adherence to regulations have been a determining factor in competition, but also the user experience and what the consumer wants in terms of products, services and technology.

Okx’s focus on adherence to laws and regulations is not new. The exchange has been expanding its compliance approach in several countries. In 2023, Okx announced it was opening an office in Australia, applied for regulatory approval in France, and obtained a minimum viable product (MVP) preparatory license from Dubai regulators. Open / Comment

2023-11-12 18:24:01 Near Foundation and Polygon Labs Partner to Build Zero-Knowledge ‘Prover’ for WASM Chains

Near Foundation, the organization supporting the development of the NEAR ecosystem, has partnered with Polygon Labs to “build a zero-knowledge (ZK) prover for Webassembly (WASM) blockchains or zkWASM for short.” According to a joint press release, the two entities’ zkWASM prover, which is set to be launched in 2024, is positioned “to lead the market among other wasm provers.”

For WASM chains using this prover, the settling of transactions will be more efficient and cost-effective with maximum security guarantees.

As explained in the press release, the availability of a zkWASM prover means NEAR validators will significantly simplify validator requirements which in turn leads to “better scalability and increased decentralization for the NEAR Protocol.”

Through the zkWASM prover, the NEAR Protocol is brought closer to Ethereum which in turn makes it possible for WASM networks to access liquidity. Eventually, chains will also have access to shared liquidity in a single ecosystem of Cloud Development Kit (CDK)-deployed chains through “an in-development interoperability layer.” Open / Comment

2023-11-09 20:25:11 Biden Administration Seeks More Tools to Combat Illicit Crypto Use, Says Treasury Official

United States Deputy Secretary of the Treasury Wally Adeyemo said Tuesday at the annual meeting of the Securities Industry and Financial Markets Association that the Biden administration is seeking new tools from Congress to strengthen efforts against the illicit use of cryptocurrencies, the Wall Street Journal reported.

Citing the Oct. 7 attack on Israel, Adeyemo stated that it has brought an “increased focus on the illicit financial use of digital assets.” He stressed:

There are places where we think Congress needs to act … We’re going to work with Congress to get more tools.

The Treasury official also emphasized that the Treasury Department will maintain its ongoing efforts to take action and will collaborate with legislators while encouraging the cryptocurrency industry to pursue responsible innovation.

Several news outlets recently reported that Hamas raised millions of dollars in crypto. However, blockchain data analytics firm Elliptic subsequently clarified that these media reports misrepresented its data, and there is actually no evidence that Hamas has received large volumes of crypto funds. Adeyemo also recently said that “the use of crypto is not the vast majority of the ways that these groups are funded.” Open / Comment

2023-11-08 18:01:04 Not a week goes by without interesting news about the Sundae project.

After a post by one of the founders of the Odyssey project regarding Bitget exchange opening Sundae deposits was published, Elon Musk made a post on his X network:

"Ice cream is one of the great joys of life."

It's hard not to agree with Elon. In just two months, the Sundae token's value has increased from $0.25 to $4, making its many followers 16 times richer.

We'd like to remind you – this is at least the third mention by Musk of some "ice cream." The first mention miraculously coincided with the listing on MEXC.

So, what is Sundae? What's the secret behind the rapid token's value growth during such a depressive period of bear market rally?

The secret of this growth partly lies in rumors that Sundae senators have established an accumulation fund where about 30% of the token's sales profit goes.

The fund plans to invest in various sources of income, such as trust funds, media, online schools, IT companies, digital agencies, and even immortal canvases by world-famous authors.

The project has all chances to become revolutionary, as evidenced by its listing on major exchanges like MEXC and Bitget, the participation of bloggers with a million-strong audience and funds that previously invested in the current market "monsters."

One of the Odyssey co-founders explains: "Sundae means 'ice cream dessert.' Yesterday, the token cost only $0.25, less than ice cream. Today it's already $4, and tomorrow it could be worth thousands. Can you buy your secure future at the price of an ice cream? A foolish question, of course, you can!" Open / Comment

2023-11-06 18:31:01 Latam Insights: USDT Takes Over Brazil, Bukele’s Administration Accused of Embezzlement

The Brazilian Tax Authority (RBF) has acknowledged the growth stablecoins have experienced in the national cryptocurrency market. According to data provided by exchanges, stablecoins like USDT, USDC, and BRZ, a token pegged to the value of the Brazilian peso, are present in the most transactions.

The institution declared that the rise of these stablecoins in the Brazilian market “deserves attention, as it could have significant implications for the tax and regulatory scenario for cryptocurrencies in the country.”

A recently published investigation of the Organized Crime and Corruption Reporting Project (OCCRP) found that the administration of Salvadoran President Nayib Bukele allegedly embezzled funds from Covid-19 relief loans for Bitcoin projects.

The report alleges that $425 million out of a $600 million loan given to the country by the Central American Bank for Economic Integration (CABEI) in 2021 during the Covid-19 pandemic was directed to fulfill state obligations. Furthermore, more than $200 million out of these funds were used to fund the process of making bitcoin legal tender in El Salvador.

A group of Venezuelan cryptocurrency exchanges has launched Acincrip, a new association to organize new policies in the face of a national seven-month crypto industry shutdown applied after the intervention of the national cryptocurrency regulator Sunacrip and the arrest of its former head, Joselit Ramirez. Open / Comment

2023-11-03 19:55:10 Developers on Google Cloud to ‘Verify’ Smart Contracts With Space and Time’s ZK-Proof Protocol

According to James Tromans, Head of Web3 at Google Cloud, developers working with Bigquery, his firm’s data warehouse, can now verify blockchain smart contracts and other business processes using Space and Time’s zero-knowledge (ZK)-proof protocol. This combination enables developers using Bigquery to “cryptographically confirm” if computed results are accurate or if the data has not been tampered with.

In addition, the capabilities of Time and Space’s ZK database will make it possible for developers and enterprises to build Large Language Models (LLMs) which are “trained on a verifiable dataset and data-driven smart contracts.”

For his part, Nate Holiday, the CEO and co-founder of Space and Time, noted that enterprises already “demand verifiability throughout their stacks.” In the CEO’s opinion, such demand will only accelerate hence his company’s collaboration with Google Cloud which lays “the groundwork for the verify-everything future.”

As noted in the statement, Space and Time’s decentralized data warehouse is now available to deploy from the Google Cloud marketplace. The Web3 company’s collaboration with Google Cloud gives the former enhanced partner benefits “including development and go-to-market support.” Open / Comment

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