Ethereum developers announced that The Merge, the migration of Ethereum to the new Proof of Stake network, could occur on September 19. This and more news in this practical summary daily so that you are always informed with events most recent that occur within the crypto world.
Ethereum to PoS migration could happen in September
📍Ethereum developers have proposed a date for The Merge event on the mainnet. The Merge, the merger event that will migrate Ethereum to a new network based on the Proof of Stake (PoS) consensus protocol, could occur next September, according to what was published by the head of the Ethereum 2.0 community , “superphiz.eth”, on his Twitter account.
Although this is only a tentative date, the blockchain consultant indicated that, according to the roadmap, it is possible that the migration of the Ethereum main network will occur on September 19.
Tim Beiko, lead developer of Ethereum 2,0, proposed the estimated date for The Merge during a developer meeting via phone.
At press time, the Ethereum 2.0 staking deposit contract on Beacon Chain exceeds 13,57 million of ethers deposited, while the price of ETH remains above $1.400 per unit, with a weekly growth of 20%.
Cryptocurrencies and Blockchain, keys to the development of the future financial system
📍Bank of Australia governor sees benefits in private cryptocurrencies. Provided proper regulation is put in place, privately issued cryptocurrencies can bring big benefits to the financial system, Bank of Australia Governor Phillip Lowe said during a panel discussion of G20 financial authorities over the weekend.
According to Reuters, Lowe he pointed that private companies have greater innovation potential than central banks.
Thus, although many banks are working on the development of a CBDC (central bank digital currency) to counteract the risks of private digital assets, such as stablecoins, Lowe believes that working on solid regulation for these cryptoassets is much more efficient for help reduce risk in the crypto industry and ensure innovation.
The governor of the Bank of Australia indicated that cryptocurrencies and tokens issued by private companies can reduce risk, for example, when operating in the DeFi ecosystem.
For his part, HKMA CEO Eddie Yue acknowledged that despite the collapse of the Terra blockchain ecosystem, cryptocurrencies will continue to develop and their technology will become a key element for the future financial system.
The merger of companies in the crypto winter
📍Galaxy Digital's Michael Ashe notes that companies are more open to merging in the current state of the crypto market. According to the head of investment banking at Galaxy Digital, the crypto winter is positive in several aspects.
For example, he indicated that the current decline in cryptocurrencies has led many companies to reevaluate their strategic objectives and be more open to mergers and collaborations, which can facilitate the entry of new venture capital companies into the crypto industry.
Itaú will custody cryptocurrencies
📍The Brazilian bank Itaú, with a presence throughout Latin America, will offer custody services for cryptocurrencies. Itaú has created a new digital assets division, called Itaú Digital Assets, from which it will offer its clients new services based on cryptoassets.
The new digital assets unit will allow the Latin American bank's institutional clients to access cryptocurrencies such as Bitcoin and Ethereum.
From this new unit, Itaú will offer crypto custody services, as well as marketing and investment in crypto assets.
Vanessa Fernandes, a senior executive at the bank, said the Itaú Digital Assets unit will be available later this year. Likewise, she indicated that the unit plans to offer access to cryptocurrencies to retail clients and end consumers of the bank in the future.
Itaú tokenized its first real-world asset on the blockchain earlier this month.
Singapore chooses VAKT to digitize bill of lading in oil market
📍An oil bill of lading digitization project has been assigned to the company VAKT in Singapore. The blockchain-based infrastructure and services company, VAKT, help to the Maritime Port Authority of Singapore to digitize the bill of lading, the document by which the merchandise is declared received, using the blockchain, in order to guarantee transparent and efficient management in this process.
VAKT uses the Ethereum blockchain to create new accurate record-keeping systems that allow its clients to keep detailed track of oil trading in the market.
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