Jack Dorsey, CEO of Square, revealed that the firm is building a decentralized exchange for Bitcoin, while AnChain.AI is giving surveillance tools to the SEC to oversee DeFi transactions. This and more news in this handy daily summary so you are always informed with most recent events that happen within the crypto world.
Bitcoin and Blockchain Adoption
📍Jack Dorsey confirms that his company Square's TBD unit is developing a decentralized exchange platform for Bitcoin. Through his official account on Twitter, a social network of which he is also CEO, Dorsey explained that Square's TBD unit announced in July last year is working on the development of an open platform to create a decentralized exchange for the world's leading cryptocurrency. market, Bitcoin (BTC).
Dorsey confirmed the post by TBD leader Mike Brock, who described the need to completely decentralize Bitcoin access mechanisms. Brock stated that many people who are interested in Bitcoin, as the native currency of the Internet, must go through a centralized platform and use fiat money to acquire the cryptocurrency. Therefore, TBD will work on a completely decentralized entry and exit ramp to the world of Bitcoin.
📍American investor Bill Miller acquires 1,5 million shares in Grayscale's GBTC. In a presentation to the SEC, Bill Miller disclosed an advantageous position in Grayscale Investments' Bitcoin crypto investment fund. According to the filing, the American investor and fund manager owns a total of 1,5 million shares in the Grayscale Bitcoin Trust (GBTC).
At the time of the report to the regulator, the value of these shares was close to $44,7 million. However, with a current value of $39,95 per share, Miller's investment in GBTC exceeds $59,9 million.
📍Cuba and Honduras advance in the adoption of cryptocurrencies. The Central Bank of Cuba published a Official bulletin which establishes new regulations to regularize the use of cryptocurrencies and digital assets in the country, as an alternative to overcome the economic crisis and the sanctions imposed by the United States for years. The Caribbean nation is officially recognizing the use of crypto assets for payments and remittances among its residents, who have long been using this new form of money unofficially. In addition to this, the country is analyzing the authorization and delivery of licenses for cryptocurrency companies and service providers operating in the nation.
On the other hand, in Honduras, the nation is celebrating the installation of its first ATM for cryptocurrencies, which will allow a portion of the citizens of Tegucigalpa, the country's capital, to access cryptos such as bitcoin and ethereum quickly and reliably with local currency.
NFT and DeFi Markets
📍The television network FOX Corporation invests in Eluvio to strengthen its entry into the world of NFTs. FOX Corporation, together with Bento Box, entered the NFT space to create a division and business network focused on non-fungible tokens called Blockchain Creative Labs. The television network recently reported on a strategic investment with Eluvio to advance these plans. FOX Corporation's investment marks the completion of Eluvio's Series A investment round, valued at $100 million. reported.
Blockchain Creative Labs will allow FOX and Bento Box to enter the world of blockchain and NFTs and offer a non-fungible token minting and tokenization platform to content creators, artists and fans.
Miners and Energy Consumption
📍Lyn Alden, founder of Lyn Alden Investment Strategy, publishes study on Bitcoin's energy consumption. On his blog, Alden noted that grid energy consumption is not a problem as many would have you believe. Alden, an analyst, financial strategist and electrical engineer, is based on data from the University of Cambridge and other sources that demonstrate that the blockchain network is consuming less than 0,1% of global energy, at its estimated maximum consumption level.
For years, the energy consumption of this network has been in the spotlight of the media and governments, which have exaggerated its consumption and distorted the information and data available in this regard. Lyden cites that in 2017, the weekly edition Newsweek published an article titled “Bitcoin mining on track to consume all the world’s energy by 2020”, something that clearly to date (August 2021) has not happened nor is it close to happening. As Lyden points out, Bitcoin uses only 140 TWh of the more than 170.000 TWh of energy consumed around the world each year, according to Our World in Data.
Rules and Regulations
📍The United States Securities and Exchange Commission hires the services of AnChain.AI to monitor DeFi. AnChain.AI CEO Victor Fang reported which is working with the financial regulator to provide crypto surveillance tools that track transactions made through smart contracts. Fang noted that he has been working with the SEC since May to help monitor and regulate the decentralized finance industry. In addition to this, Fang confirmed that the financial regulator has been “very interested” in understanding what is happening within the world of smart contract-based digital assets, which is why the company is providing the technology and tools to analyze and track smart contracts.
📍The People's Bank of China ratifies its strict position on cryptocurrencies. According to Finance People, Deputy Director of the Financial Consumer Rights Protection Office of the People's Bank of China (PBoC), Yin Youping, ratified that cryptocurrencies and digital assets are not legally authorized in the country, so the entity will maintain “high pressure” on the industry. In addition to this, Youping stated that the central bank's position regarding cryptocurrencies is that these digital assets “have no real value.”
How has informed Bit2Me News, in recent months China has been tightening regulation of the cryptocurrency industry, banning trading and services with crypto assets nationwide and restricting cryptocurrency mining in several provinces in the country.
Continue reading: Aave leads DeFi on Ethereum with over $15.000 billion in liquidity
