Goldman, Microsoft, Cboe team up to launch Blockchain network
Goldman Sachs (NYSE:GS), Microsoft (NASDAQ:MSFT), Deloitte, Cboe Global Markets have joined the Canton Network, a new blockchain network aimed at connecting disparate institutional applications, according to Bloomberg. The network will test features in July and promises to offer greater privacy and controls than currently available. Other participating companies include Digital Asset, BNP Paribas, Moody’s (NYSE:MCO) and SBI Digital Asset Holdings. The Canton Network will allow blockchain systems to work together without requiring the entities running them to give up control, potentially encouraging wider adoption of distributed ledger technology in financial markets.
Mastercard, PayPal, and Robinhood to Ease Crypto Adoption Through On-ramps
Cryptocurrencies are gaining in popularity globally as conventional financial systems are replaced by simpler digital alternatives. At Consensus 2023, financial organizations such as Mastercard (NYSE:MA), PayPal (NASDAQ:PYPL) and Robinhood (NASDAQ:HOOD) are introducing innovative cryptographic products and services. Mastercard Crypto Credential sets standards and infrastructure to verify interactions between customers and businesses using blockchain networks, while projects like Mastercard Music Pass NFT and Immersve offer payment solutions and collaboration platforms. These innovative initiatives, along with the globally recognized reputation of these organizations, are driving the adoption of cryptocurrencies among individuals. PayPal General Manager of Blockchain, Cryptocurrencies and Digital Currencies, Jose Fernadez, stated that despite the current downturn in the crypto market, mainstream crypto adoption is close at hand. Additionally, Mastercard Executive Vice President of Blockchain and Digital Currencies Raj Dhamodharan, stated that the crypto ecosystem is in transition.
Goldman Sachs reports 32% of home offices invest in digital assets
Goldman Sachs’ “Family Office Investment Insides” report shows that 32% of home offices invest in digital assets, including cryptocurrencies, NFTs, DeFi and blockchain funds. Belief in blockchain technology is the main motivation to invest, but interest in crypto investments has dropped to 12% in 2023, down from 45% in 2021. “Opinions on cryptocurrencies seem to have crystallized: a larger share of family offices now invest in cryptocurrencies, but the share that does not invest and has no interest in investing in the future has grown more.”, summarized the report.
PayPal Cryptocurrency Holdings Increased 56% in 1Q23
Claiming a combined total of $943 million in cryptocurrency assets as of March 31, 2023, PayPal’s (NASDAQ:PYPL) quarterly report shows a 56% increase from the company’s previous quarter, when PayPal disclosed $ 604 million. PayPal’s reported total financial liabilities for this quarter were $1.2 billion, with crypto assets accounting for 77.9% — up more than 10% from reported liabilities in Q4 2022. Q1 2023 for PayPal includes $499 million in Bitcoin (COIN:BTCUSD) (up from $291 million in December), $362 million in Ether (COIN:ETHUSD) (up from $250 million) and $82 million made up of Bitcoin Cash (COIN:BCHUSD) and Litecoin (COIN:LTCUSD) (up from $63 million).
Warner Music Singapore has partnered with Affyn
Warner Music Singapore (NASDAQ:WMG) has partnered with Affyn, a blockchain-based gaming company, to explore opportunities in the web3 gaming world. The collaboration aims to create new and immersive experiences for music lovers, leveraging the potential of blockchain technology to offer a more interactive and decentralized entertainment platform. Companies will focus on creating innovative products and services that bridge the gap between games, music and digital content. “This collaboration with Warner Music Singapore represents a new era of digital content consumption, leveraging Web3 technology to support musicians, artists, creators and collaborators in delivering an even more immersive and interactive experience for our audiences. We look forward to the exciting possibilities this partnership will bring to our platform and the wider entertainment industry,” said Lucaz Lee, CEO of Affyn.
Bank of Canada launches public consultations on a digital dollar
The Bank of Canada has launched a public consultation on the digital Canadian dollar, open until June 19. The issuance of the digital dollar depends on a decision by the Parliament and the Government of Canada, however, “As Canada’s central bank, we want to ensure that everyone can always participate in our country’s economy. That means being ready for whatever the future holds,” said Senior Lieutenant Governor Carolyn Rogers.
Xapo Bank will allow Tether deposits and withdrawals
Gibraltar-based Xapo Bank will allow its customers to deposit and withdraw tether (COIN:USDTUSD) until the end of the month with no additional fees. The bank has also offered a similar service for USD Coin (COIN:USDCUSD) since March, which has taken $48 million in deposits and allowed $4.5 million in withdrawals. Xapo Bank offers an annual interest rate of 4.1% on deposits.
Binance integrates Bitcoin Ordinals in its NTF Marketplace
Binance plans to integrate Bitcoin Ordinals non-fungible tokens into its NFT marketplace, allowing users to enroll NFTs in the witness parts of Bitcoin transactions via the Taproot fork. The integration aims to expand the platform’s multi-chain ecosystem, providing a secure and efficient trading experience to users. The addition is expected to be completed in the coming weeks. “We want to bring the widest choice to our users. Bitcoin is the OG of cryptocurrency. We are super excited to bring Bitcoin Ordinals to Binance NFT. We believe things are just getting started here and we can’t wait to see what the future holds in this space,” said Mayur Kamat, Head of Product at Binance.
OKX Sent Over $60 Million in Crypto Assets to Alameda Research
OKX sent over $60 million worth of crypto assets to the bankrupt Alameda Research wallet in the last five hours, according to data from Arkham Intelligence. The exchange made 16 transactions, including 10 deposits of $5 million USDT and 337,859 MASK. OKX said in March it would return $157 million in frozen assets from the bankrupt crypto company, including collaboration with FTX debtors and law enforcement. The Alameda wallet received over 1 million STG tokens and over 5 billion units of the GPEPE meme coin from an unknown wallet during the last seven days. Meanwhile, the Alameda wallet showed that its largest cryptocurrency portfolio was $61.40 million in USDT. Other key holdings of the company include 100 million BitDAO (COIN:BTTTUSD) tokens worth $48.61 million, 19,292 Ethereum (ETH) worth $26.5 million, $12.35 million in USDC, 28, 9 million Stargate tokens (COIN:STGGUSD) worth $18.43 million and 16.39 million Polygon tokens (COIN:MATICUSD) worth $14.63 million.
Former Coinbase Product Manager Sentenced to 2 Years in Prison
A former product manager at Coinbase (NASDAQ:COIN) has been sentenced to two years in prison for insider trading. Ishan Wahi was accused of providing his brother and another man with information about future cryptocurrency listings from June 2021 to April 2022. The men profited over $1 million trading off Wahi’s information. This is the second cryptocurrency-related insider trading case filed by the Department of Justice. The other case, which involved the former head of product at NFT platform OpenSea, was accused of money laundering and electronic fraud.
Paxful resumes operations
Paxful, one of the leading peer-to-peer cryptocurrency exchanges, has announced its resumption of operations after a major update, the first time since April 2023. The platform facilitates the buying and selling of Bitcoin and other cryptocurrencies through several payment methods, without the need for centralized financial intermediaries. The company faced technical problems that affected its systems, but claimed to have resolved all issues and ensured user safety. Controversies between CEO Ray Youssef and co-founder Artur Schaback arose prior to the suspension of operations, including allegations of money laundering and revenue misappropriation. Youssef said the suspension was due to US regulatory issues and the departure of key employees, as well as having worked on creating a new digital asset trading platform, Civilization Kit (Civ Kit).
MakerDAO announces Spark Protocol release date
MakerDAO has announced the official launch date of the Spark Protocol decentralized application, which will serve as the infrastructure for the Spark Lend lending marketplace. The Spark Protocol is part of the Endgame Era, a long-term restructuring improvement proposal for the DAO. Users will be able to use ETH, stETH and sDAI as collateral for DAI lending in Spark Lend, which will provide a liquidity infrastructure for a retail-oriented user experience. Phoenix Labs is one of the contributors to the Spark protocol.
SafePal integrates with Klaytn as it seeks to expand into South Korea
The Klaytn blockchain platform has been integrated with the SafePal non-custodial wallet, allowing users to manage native Klaytn tokens and assets from other networks across more than 100 blockchains. With the expansion into South Korea, SafePal will connect to existing Klaytn DApps such as Klayswap, DeFi Kingdoms, Pala, Kleva Protocol and Swapscanner. The Klaytn Foundation seeks to expand participation in its ecosystem, with verifiability, sustainability and community. The integration will also provide Klaytn users with an enhanced self-custodial wallet solution. “The move comes strategically for the wallet company after growing from 8 million to over 10 million users this year,” the press release said.
Blockworks raises $12M on $135M valuation
Crypto outlet Blockworks raised $12 million in funding led by 10T Holdings, including participation from Framework Ventures and Santiago Santos, valuing the deal at $135 million. Blockworks Research will use the capital to expand its research and data analytics offering. “Financial institutions and investors who are deeply cryptocurrency native trust Blockworks Research to make better decisions. This investment allows us to double down on that effort to bring better information to the industry,” said Blockworks co-founders Jason Yanowitz and Michael Ippolito.
Solana Mobile launches Saga with advanced blockchain features
The Solana Mobile Saga Android phone has been launched in the US, Canada, EU, UK, Switzerland, Australia and New Zealand with the aim of competing with other devices on the market by incorporating blockchain technology in a sleek design. The phone offers a streamlined web3 experience through Seed Vault, a self-custodial solution that protects keys through biometric authentication and encryption. In addition, Saga owners can claim a unique NFT token tied to their device to access exclusive content and offers from Solana Mobile and dApps listed on the Solana dApp Store.