Ryan Kang (@thefounder) • Hey
Interested in crypto, NFTs, and stocks.
Publications
- Dream audaciously, work relentlessly, and embrace failure; for innovation and progress are born from the relentless pursuit of the impossible.
- Amazon is reportedly finalizing its in-house NFT marketplace, with digital collectibles from top creators.
The marketplace is expected to have numerous partnerships at launch, including Beeple, Pudgy Penguins, Artifact Labs, and Proof Collective.
👉Amazon's NFT marketplace aims to provide Web3 adoption for its 300 million active customers, offering NFTs tied to various experiences such as exclusive music, ebooks, and movies or TV shows.
[Amazon NFT Marketplace Could Feature Beeple, Pudgy Penguins](https://blockworks.co/news/amazon-nft-crypto-beeple-pudgy-penguins)
Amazon NFT marketplace could feature names familiar to crypto natives, including Beeple and Pudgy Penguins, according to a private deck.
- Ben McMillan, founder and chief investment officer of IDX Digital Assets, stated that a favorable outcome for Ripple could result in XRP gains of over 100%. Conversely, an unfavorable ruling could see XRP retest the $0.30 range or lower.
The decision may also impact the broader altcoin market, with a general risk-on rally expected across the entire crypto ecosystem if Ripple prevails.
A clear ruling could provide much-needed clarity in the ongoing debate surrounding the classification of cryptocurrencies as securities or commodities.
[Ripple Decision Could Have Big Implications for XRP Price, Other Cryptos](https://blockworks.co/news/ripple-sec-court-decision-xrp-price)
What will happen to the XRP price after a ruling in the SEC case against Ripple? Analysts speculate on renewed trader interest.
- Tokenized real estate is offering a solution to the affordability crisis in the housing market by enabling fractional ownership of digital assets. This concept allows buyers to invest as little as a dollar in a share of a property and sell it as the value changes. Tokenization is predicted to become a null.4 trillion industry in the next five years, and several companies are already using blockchain-powered models for fractional property investment.
Tokenized real estate investments can take various forms, such as tokenized Real Estate Investment Trusts (REITs), tokenized rental properties, and tokenized mortgage-backed securities. These investments provide more liquidity and accessibility, previously limited to high-net-worth individuals. Additionally, smart contracts reduce paperwork and costs associated with traditional property transactions.
[Tokenized Real Estate: Crypto Hungry for Real-world Assets](https://blockworks.co/news/tokenized-real-estate-crypto)
Tokenized real estate is a novel solution to this problem, opening the doors to fractionalized digital assets.
- The White House's Council of Economic Advisors recently published its annual report, with a whole chapter dedicated to digital assets.
The report argues that the crypto industry seeks to exist outside government bounds and is thus set up for failure.
Many industry members find the report troubling, as it comes during a time of extreme regulatory uncertainty.
Critics argue that the report's attitude toward crypto will push companies offshore, taking innovation away from the US and potentially exposing investors to risky business practices.
Despite this, some US regulators are still pushing for the crypto industry to move away from the country, as they don't see any potential benefits from it.
[White House 'Allergic to Promise' Says Crypto Industry](https://blockworks.co/news/bidens-view-on-crypto)
The report’s attitude toward crypto is only going to push companies offshore, taking innovation away from the US and potentially opening up investors to exposure to risky business practices, advocates say.
- The US Securities and Exchange Commission (SEC) issued a warning to investors about the "significant" risk of loss in cryptocurrency investments, following a Wells Notice announcement that it might sue Coinbase for selling unregistered securities.
The SEC's investor alert emphasizes the volatile and speculative nature of crypto asset securities and highlights that platforms for buying, selling, borrowing, or lending these securities may lack essential investor protections.
As Coinbase plans to fight any such lawsuit, a court precedent regarding whether cryptocurrencies are securities is expected to emerge.
['Significant' Risk of Loss if You Invest in Crypto, SEC Warns Public](https://finance.yahoo.com/news/significant-risk-loss-invest-crypto-144612818.html)
The Securities and Exchange Commission issued a strong warning to investors, citing cryptocurrencies' volatility, failure to register as securities, and frequent frauds.
- Paris Blockchain Week took place from March 21st to 23rd, attracting over 10,000 participants and highlighting four key NFT trends to watch in 2023:
France is emerging as a major NFT hub, with companies like Ledger, SandBox, and Sorare showcasing their latest initiatives. Ternoa, a French start-up, announced the release of the Time Guardian app, which allows users to create "Time Capsules" as NFTs for secure data storage.
Luxury brands are embracing blockchain technology, with LVMH launching the Aura blockchain consortium to promote sustainable trends and improve traceability. Other luxury brands like Group Kering and Givenchy also showed interest in Web3 applications.
Web3 entertainment is on the rise, with companies like Chiliz and Groupe Partouche investing in sports and leisure NFTs to enhance fan experiences and offer exclusive services.
Gaming and the metaverse continue to gain traction, with major NFT industry players like Yuga Labs and Animoca Brands participating in the event, discussing projects like Otherside and the importance of creator royalties in the NFT space.
[Paris Blockchain Week: 4 NFT Trends to watch in 2023](https://nftevening.com/paris-blockchain-week-4-nft-trends-to-watch-2023/)
Paris Blockchain Week gathered the Web3 industry in the french capital. This is the five things that we learned at the event.
- Stablecoin issuer Tether is reportedly expecting to book a $700 million profit in Q1 2023, according to Bloomberg.
This comes after the company added $700 million to its Tether reserves through net profits during Q4 2022.
The profits are attributed to market conditions that favor stablecoin issuers holding short-dated, yield-bearing securities in a high-interest-rate environment.
Tether's CTO, Paolo Ardoino, estimates these gains, which are largely due to the company's allocation to short-dated Treasury securities, protecting it from decreased liquidity in the Treasury bond market.
[Stablecoin Issuers Like Tether May Book Big Profits Soon](https://blockworks.co/news/stablecoin-issuers-book-big-profits)
Stablecoin issuer Tether is reportedly expecting another $700 million in Q1 profits, which would double down on its Q4 gains.
- In a Blockworks article, Connor Sephton criticizes crypto billionaires like Sam Bankman-Fried for bragging about their philanthropic intentions without following through on their promises.
The author highlights that Bankman-Fried had given away just 0.1% of his fortune ($25 million) at the time of Forbes' 2021 list of the 400 richest people in America.
The piece argues that crypto entrepreneurs should focus on actually making a difference, like the anonymous creator of the Pineapple Fund, who donated over 5,100 BTC to more than 60 charities, rather than seeking publicity for their altruistic plans.
[Dear Crypto Billionaires: Don't Brag About Giving Away Your Fortunes, Just Do It](https://blockworks.co/news/dont-brag-about-giving-away-your-fortunes)
The next time you want to send a tweet about your charitable donations, how about just actually donating instead.
- US regulators have caused Coinbase's stock to tumble up to 20% this week, marking the third time since September 2021 that the crypto exchange's shares have fallen due to regulatory actions.
The SEC is currently posturing to sue Coinbase, and the stock is down 12.3% since the disclosure.
Additionally, Coinbase saw up to $11.3 billion wiped from its market capitalization following the 2021 Wells notice.
[US Agencies Keep ‘Protecting Investors’ — And Tanking Coinbase Stock](https://blockworks.co/news/regulators-tanking-coinbase-stock)
Coinbase stock has been incredibly sensitive to regulatory threats, with this week’s Wells notice no different.
- Roofstock, a fintech and single-family-focused sales company, has sold a Georgia home to RealT via a tokenized Ethereum-based NFT. The sale marks the first collaboration between the two companies.
The transaction was facilitated by OpenSea, with RealT imposing heavy restrictions around the initial fractionalization offering. The process aims to use tokenized equities originated in the US to provide blockchain-based exposure to investors in other countries.
The partnership seeks to tokenize more properties in the future, with both companies working to ensure compliance with relevant US authorities as the outlook for digital asset oversight remains mixed.
[Atlanta Home Tokenized on Ethereum, Nets $214,882 in Under 3 Minutes](https://blockworks.co/news/tokenized-home-nets-thousands)
Blockworks exclusive: The sales marks the first step in a new partnership between RealT and Roofstock.
- The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Tron Founder Justin Sun, actress Lindsay Lohan, and other celebrities for promoting cryptocurrencies.
The SEC accused Sun of manipulating the secondary market through wash trading, creating a misleading appearance of active trading in Tronix (TRX) and BitTorrent (BTT) coins.
Eight celebrities, including Lohan, were charged with illegally promoting TRX and BTT without disclosing they were paid for doing so.
The lawsuit reignites the debate over whether cryptocurrencies should be considered securities and fall under the SEC's jurisdiction.
[SEC Sues Tron Founder, Lindsay Lohan and Other Celebrities Over Crypto Promotion](https://www.investopedia.com/sec-sues-tron-founder-lindsay-lohan-and-others-over-crypto-promotion-7370249)
The Securities and Exchange Commission has launched another set of charges against crypto promoters. This time the list includes Tron Founder Justin Sun, actress Lindsay Lohan, rapper Lil Yachty and Youtuber Jake Paul.
- Here are 7 airdrops that you can keep an eye on: 👇
[EvanLuthra.eth on Twitter](https://twitter.com/EvanLuthra/status/1638208252667125763)
“Airdrops can easily make you $100,000 🚀
If you have missed:
• Arbitrum ($ARB)
• Blur ($BLUR)
• Aptos ($APT)
Here are 7 airdrops that you can keep an eye on: 👇”
- The price of XRP has risen by 21% in a day to 45 cents and 19% over the past week as investors grow increasingly confident that Ripple will win its legal battle with the Securities and Exchange Commission (SEC).
The two-year-long court case revolves around whether XRP is a security and if two Ripple executives violated the registration provisions of the Securities Act of 1933.
Ripple has argued that XRP doesn't satisfy the Howey Test for securities and shouldn't be considered an investment contract.
Ripple CEO Brad Garlinghouse has expressed hope for a resolution in the first half of this year. The case's outcome could have significant implications for the crypto industry.
[XRP jumps 20% with crypto world hopeful Ripple will beat SEC in landmark court case](https://finance.yahoo.com/news/ripple-xrp-jumps-20-crypto-184912885.html)
Ripple has been in a court battle with the SEC for more than two years.
- Bitcoin has experienced a resurgence amid the banking crisis, proving critics wrong after the collapse of crypto exchange FTX.
The largest cryptocurrency has risen 21% this month and nearly 70% this year.
For the first time since June, Bitcoin traded above $28,000 on Sunday.
[Bitcoin Booms in Wake of Bank Crisis](https://www.wsj.com/articles/bitcoin-booms-on-back-of-bank-crisis-6c388bd9?siteid=yhoof2)
Bitcoin was all but left for dead after the implosion of crypto exchange FTX, but its recent rally is proving naysayers wrong. The world’s largest cryptocurrency has risen 21% so far this month on the back of the banking crisis, bringing bitcoin’s rally to almost 70% so far this year. Bitcoin traded above $28,000 on Sunday for the first time since June.
- Ordinals infrastructure is expanding, with several marketplaces now catering to the emerging Bitcoin digital collectible community. Gamma.io is the most recent, having built its presence by supporting the creation and auctions of NFTs issued on Stacks, the smart contract layer for Bitcoin.
The platform now supports Ordinals auctions, similar to Ethereum NFT marketplace OpenSea, enabling users to trade inscribed satoshis peer-to-peer.
Gamma currently supports Stacks NFTs and Ordinals but not Ethereum NFTs. Stacks NFTs can be purchased with the network's native token, STX, while Ordinals can be bought with bitcoin (BTC).
[NFT Marketplaces Battle for Bitcoin Ordinals Mindshare](https://blockworks.co/news/new-bitcoin-ordinals-marketplace)
Ordinals infrastructure is taking shape, with multiple marketplaces now servicing the budding Bitcoin digital collectible community.
- Singapore-based fintech startup Trovio is ending support for its gold-backed crypto, the Perth Mint Gold Token (PMGT), due to alleged legal breaches by its partner, the Perth Mint.
Trovio launched PMGT in 2019 on the Ethereum network as an ERC-20 token, with each token backed by the mint's GoldPass certificates, which are in turn backed by physical gold stored at the Perth Mint.
A series of controversies involving the Perth Mint has led Trovio to back away from PMGT, casting doubt on the future of the token and GoldPass.
[Australia's Gold-Backed Crypto Under Threat As Issuer Backs Away](https://blockworks.co/news/gold-backed-crypto-perth-mint-australia)
A string of controversies has hit the Perth Mint, leading its crypto partner Trovio to cease support for gold-backed token PMGT.
- Blockchain data provider DeFi Llama has resolved its internal conflict and scrapped plans for a token launch.
A member of the project, 0xngmi, initially claimed that the team was undergoing a hostile takeover due to disagreements about the token launch, but later announced that the argument had been resolved and the website fork had been canceled.
DeFi Llama confirmed the update on Twitter, apologizing for poor communication and misunderstanding within the team.
[DeFi Llama Quells Internal Squabbles, Scraps Token Launch Plans](https://blockworks.co/news/defi-llama-quells-internal-squabbles-scraps-token-launch-plans)
Pseudonymous member 0xngmi said the argument about the token launch has been resolved and the fork is cancelled
- Immutable and Polygon have partnered to create Immutable zkEVM, a gaming blockchain that aims to accelerate the adoption of Web3 gaming.
The new network, built on Polygon's zero-knowledge technology, will make developing Web3-enabled games faster and easier, allowing both large game studios and independent developers to create high-quality games with true asset ownership.
The mainnet is scheduled to go live on March 27, and some of the biggest DeFi platforms, including Aave and Uniswap, will be among the first to deploy on the zkEVM.
[Immutable and Polygon Join Forces To Attract Web3 Game Developers](https://blockworks.co/news/immutable-and-polygon-join-forces-to-attract-web3-game-developers)
The Polygon zkEVM, and open-source Ethereum scaling solution, will be used by Immutable to create a gaming-centric layer-3 network
- In an op-ed by Yves La Rose on Blockworks, the recent collapse of Silicon Valley Bank, Signature Bank, and Silvergate Bank highlights the importance of the "be your own bank" mantra in the cryptocurrency world. These events have underscored the counterparty risk inherent in centralized financial systems and emphasized the problems at the intersection of traditional finance and digital assets.
The author points out that the collapse of these banks, especially the impact on USD Coin (USDC), is a warning for crypto investors. Despite the US government's assurance to depositors, the crisis had significant consequences for USDC, which temporarily lost its peg to the US dollar.
The op-ed stresses that the crypto industry must recognize its dependence on traditional finance and its rails. It also encourages the industry not to abandon traditional banking but rather to acknowledge this dependence and work towards reducing friction between the two systems.
[‘Be Your Own Bank’ Mantra More Relevant Than Ever](https://blockworks.co/news/be-your-own-bank)
Bitcoin came about right after the 2008 financial crash, and fifteen years later, we’re witnessing anew the failure of reserve banking and a debt-based system.
- In a recent Fox Business article, Bitcoin is highlighted as an unlikely benefactor in the wake of the banking crisis, following the collapse of Silicon Valley Bank.
The upward trend could be linked to a sudden shift in the Federal Reserve's strategy to combat inflation.
Ark Invest founder, CEO, and CIO Cathie Wood noted that Bitcoin is benefiting from the fallout in the banking sector and the recent shift for the Fed to pause its rate hike strategy and reverse course. Wood also mentioned that Coinbase is attempting to be as regulatory compliant as possible while educating regulators on this new asset class.
[How Bitcoin is benefiting from the banking crisis](https://finance.yahoo.com/news/bitcoin-benefiting-banking-crisis-160035163.html)
The crypto winter that battered Bitcoin prices appears to be thawing as the U.S. banking crisis roils investors and calls into question the Federal Reserve's rate hike strategy.
- In a recent Yahoo Finance article, Coinbase's former CTO, Balaji Srinivasan, wagered that the price of Bitcoin would benefit from a rapid devaluing of the U.S. dollar in the next three months, skyrocketing to null million by June 17. Srinivasan entered a bet with two individuals, putting up null million with the pseudonymous Twitter pundit James Medlock and another unnamed person. If Bitcoin fails to achieve the historic gains, the two will receive null million in Circle's USDC stablecoin each.
Srinivasan's view is that the global economy is on the edge of rapid change, which he calls "hyperbitcoinization." He predicts that the U.S. dollar will enter a point of rapid hyperinflation, with the global economy then "redenominating on Bitcoin as digital gold." In this scenario, Bitcoin's market capitalization would increase to around $19.3 trillion from about $549 billion today.
[How Realistic Is Former Coinbase CTO’s $2 Million Bitcoin Wager on US Hyperinflation?](https://finance.yahoo.com/news/realistic-former-coinbase-cto-2-215339315.html)
Balaji Srinivasan predicted that Bitcoin would reach null million in around 90 days.
- Blur NFT marketplace has come under scrutiny for possible market manipulation, as CryptoSlam alleges suspicious activity in its trading volume.
Recently, Blur surpassed OpenSea in trading volume with null.88 billion in the last 30 days, compared to OpenSea's $474.58 million.
CryptoSlam claims that only 1% of high-value traders are responsible for most of Blur's trading activity, with over $577 million in wash-traded NFTs identified between February 14th and February 25th.
Critics argue that a small percentage of wallets on Blur are responsible for the majority of transactions, casting doubt on the marketplace's overall success.
[Blur NFT Marketplace Under Scrutiny For Possible Market Manipulation](https://nftevening.com/blur-nft-marketplace-under-scrutiny-for-possible-market-manipulation/)
CryptoSlam has raised questions as to weather the Blur NFT marketplace trading volume is legitimate or not.
- Mark Cuban, billionaire investor and owner of the Dallas Mavericks, recently expressed his preference for Bitcoin over gold during an episode of Bill Maher's Club Random podcast.
Despite Bitcoin's price still being down more than 60% from its peak in November 2021, Cuban said he wants Bitcoin's price to drop further so he can buy more.
He argued that gold is not a hedge against anything and that Bitcoin is a better store of value.
[Mark Cuban told Bill Maher that buying gold is ‘dumb’ — and he wants bitcoin to plunge so he can buy even more. These are 3 simple ways to gain crypto exposure](https://finance.yahoo.com/news/mark-cuban-just-told-bill-170000142.html)
Is crypto really the new gold?
- Following the closures of Silvergate, Silicon Valley Bank, and Signature Bank, some crypto companies are reportedly turning to large banks like JPMorgan, HSBC, and Deutsche Bank for their banking needs.
These banks recognize the potential for growth and innovation in the crypto industry and are being selective about their partnerships, avoiding businesses that issue their own digital tokens.
Crypto companies require banks for crucial financial transaction infrastructure, such as custody and settlement services, as well as for lending credibility to attract mainstream investors.
[JPMorgan, Citi, HSBC Still Welcome Crypto Clients](https://blockworks.co/news/jpmorgan-still-welcome-crypto)
Some crypto companies are reportedly turning to big banks like JPMorgan, HSBC and Deutsche Bank
- NFT Paris, a crypto conference held at the Grand Palais Éphémère, attracted over 18,000 attendees, including major global brands showcasing their NFT projects.
Brigitte Macron, France's "première dame," made a surprise visit, signaling the French government's positive attitude towards Web3 technology.
Meanwhile, in the United States, regulatory crackdowns, lawsuits, and fines against crypto companies continue, with the SEC's approach to the industry drawing criticism.
[When Brigitte Macron Came to NFT Paris](https://finance.yahoo.com/news/brigitte-macron-came-nft-paris-120102680.html)
France's first lady showed up at an NFT convention and even minted an NFT. Europe is welcoming crypto as the US pushes it out.
- Bitcoin's price has surged by 37% in one week to trade at $27,700, pulling the entire cryptocurrency market upwards.
Ether, the second-largest token by market value, has risen by 28% to null,836.18.
The surge in prices has brought Bitcoin billionaires back into the spotlight, who argue that the current crisis of confidence in the banking system presents an opportunity to promote the merits of digital assets.
They emphasize the decentralized nature of Bitcoin, which means it is not controlled by any authority and allows individuals to keep their own coins in personal wallets.
[Bitcoin Billionaires Are Back](https://www.thestreet.com/investing/cryptocurrency/bitcoin-billionaires-are-back?puc=yahoo&cm_ven=YAHOO)
The most popular cryptocurrency has jumped by 37% in one week, giving voice to its most influential evangelists.
- The decentralized finance (DeFi) sector faced a significant blow as Euler Finance was drained of nearly $200 million through six flash loans and a vulnerability.
The event affected around ten other DeFi protocols due to various integrations established along the way.
Despite Euler having undergone six different audits from leading software auditing firms, the vulnerability remained undetected.
This incident highlights the risks of composability in DeFi and reveals the need for a standard security process in the industry.
[How Damaging Was the Euler Hack to DeFi's 'Money Legos' Promise?](https://finance.yahoo.com/news/damaging-euler-hack-defis-money-164905343.html)
The draining of $200 million from Euler is one of the biggest losses in DeFi for some time. Still, the "money legos" narrative isn't dead.
- Despite bank collapses, plunging bond yields, and ongoing volatility, some investors see signs of resilience in the stock market.
The S&P 500 Index rose 1.4% and the Nasdaq 100 Index surged 5.8% in a week.
Investors are now viewing further rate hikes as a sign of confidence in the economy and financial system, with the Federal Reserve's attitude toward interest rates being a significant factor in calming the turbulence.
[Bullish Sign Is Flashing for Some as Stocks Skirt the Precipice](https://finance.yahoo.com/news/bullish-sign-flashing-stocks-skirt-152704231.html)
(Bloomberg) -- For all the bank collapses, the plunging bond yields, the hammering in oil and mining stocks and day-in, day-out volatility, Adam Sarhan puts this week in the win column.Most Read from BloombergWarren Buffett in Contact With Biden Team on Banking CrisisCredit Suisse Crisis Nears Finale as UBS Discussions Heat UpTrump Calls for Protests Over Expected Arrest on NY ChargesMidsize US Banks Ask FDIC to Insure Deposits for Two YearsCredit Suisse Investment Bank Said a Key Sticking Point
- UBS Group AG is seeking $6 billion in government guarantees for a potential takeover of Credit Suisse Group AG, according to an anonymous source.
The guarantees would cover the costs of winding down parts of Credit Suisse and potential litigation charges.
However, talks to resolve the crisis of confidence in Credit Suisse are facing significant obstacles, and 10,000 jobs may be cut if the two banks combine.
[UBS seeks about $6 billion in government guarantees for Credit Suisse deal](https://finance.yahoo.com/news/exclusive-ubs-seeks-6-bn-204112359.html)
UBS Group AG is seeking government guarantees of about $6 billion for a potential takeover of Credit Suisse Group AG, a person with knowledge of the discussions told Reuters on Saturday. The guarantees would cover the cost of winding down parts of Credit Suisse and potential litigation charges, the source said. Talks to resolve the crisis of confidence in Credit Suisse are encountering significant obstacles, and 10,000 jobs may have to be cut if the two banks combine, the first source said.
- Sharon Stone, the Oscar-nominated actress, claimed to have lost half of her fortune due to the recent collapse of Silicon Valley Bank (SVB).
Speaking at a fundraising event in Los Angeles, she did not provide details about how the "banking thing" cost her so much money, but it is believed she was referring to the turmoil surrounding the bank's collapse on March 10.
While all deposits at SVB have been protected following an intervention by US President Joe Biden, anyone with shares in the bank would have suffered a significant loss.
[Sharon Stone: I lost half my fortune in banking crisis](https://finance.yahoo.com/news/sharon-stone-lost-half-fortune-193410466.html)
As one of Hollywood’s most famous femme fatales, Sharon Stone has regularly played the part of the glamorous and seductive woman who lures unsuspecting men to rack and ruin.
- The UK's finance ministry is updating crypto tax rules to reduce confusion for taxpayers and gain more information on crypto holders.
As part of the Spring Budget announcement, the Treasury stated that it would amend the rules surrounding cryptoassets on the Self Assessment (SA) system, requiring any amounts related to crypto to be identified separately.
The British government expects this move to raise an additional £10 million ($12.1 million) a year once the rules have been introduced for the 2024-2025 tax year.
[What the UK's New Crypto Tax Rules Mean for Holders](https://finance.yahoo.com/news/uks-crypto-tax-rules-mean-173234535.html)
New rules requiring crypto to be identified separately on tax returns will provide "greater transparency" on who is declaring gains, experts say.
- Cryptocurrency exchange Bitfinex's derivatives platform now offers perpetual contracts for UK crude oil, palladium, and platinum.
These commodities will be available for 24/7 trading on Bitfinex Derivatives using Tether (USDT).
The platform provides users with up to 100x leverage, settled in USDT tokens, enabling traders to execute much larger trades than their initial margin.
[Bitfinex Offers Crypto Crude Oil Swaps With Up To 100x Tether Leverage](https://blockworks.co/news/bitfinex-offers-crypto-crude-oil-swaps)
Traders can now access crude oil, plus precious metals palladium and platinum perpetual derivatives contracts on Bitfinex.
- Swiss banks are exploring deposit tokens (DTs), an alternative to private stablecoins, to support digital asset transaction settlements and payments execution.
The Swiss Bankers Association (SBA) stated in a white paper that a carefully designed DT could reduce risks, increase efficiency, and open up new business areas.
The SBA proposes a "joint token," which is issued by a special-purpose vehicle jointly owned by participating commercial banks, and backed by secure and highly liquid reserves.
[Swiss Banks Agree With JPMorgan: Deposit Tokens Are a Way Into DeFi](https://blockworks.co/news/deposit-tokens-way-into-defi)
The alternative to private stablecoins — proposed to be built on public blockchain — are more likely to gain broad acceptance, the Swiss Bankers Association argues.
- The number of unconfirmed Bitcoin transactions in the mempool reached its highest level since the Terra crisis last week, signaling renewed interest in the blockchain.
A spike in the mempool can occur when there is an increase in network usage or a sudden drop in mining power.
The recent surge may be related to a jump in trading volumes across spot and perpetual markets for both Bitcoin and Ether as USDC fell below $0.90 on March 11.
[Bitcoin Mempool Surges Point to New Life for World’s First Blockchain](https://blockworks.co/news/bitcoin-mempool-surges-new-life-for-blockchain)
Bitcoin had more unconfirmed transactions in its mempool last week than at any point over the past 10 months.
- Salesforce has partnered with layer 2 blockchain platform Polygon to develop an NFT-based loyalty program, according to Ryan Wyatt, president at Polygon Labs.
Salesforce will assist its clients in onboarding to Polygon with its management platform, enabling them to create token-based loyalty programs.
This announcement follows Salesforce's recent expansion of its client services to include management of NFT loyalty programs.
[Polygon Partners With Salesforce for NFT-Based Loyalty Program](https://finance.yahoo.com/news/polygon-partners-salesforce-nft-based-225839829.html)
Salesforce partnership with the blockchain platform marks another major company’s investment into customer engagement initiatives using Web3 technologies.
- NFT artist Claire Silver announced on Twitter that she would be exhibiting her art at the Louvre Museum in Paris, France, in collaboration with Superchief Gallery NFT.
However, the Louvre later confirmed that Silver's exhibition would not take place at the museum, leading to confusion and disappointment among NFT enthusiasts.
Superchief Gallery claimed that Paris Blockchain Week, a blockchain summit held at the Carrousel du Louvre, had misrepresented the details of the exhibition, while the summit organizers maintained that the event location was clearly stated in their contract.
[The NFT Louvre Exhibit That Wasn't: Untangling the Public Mess of a Non-Event](https://finance.yahoo.com/news/nft-louvre-exhibit-wasnt-untangling-201546785.html)
Last week, AI artist Claire Silver announced her NFTs would be displayed at the Louvre Museum in Paris – which The Louvre denied shortly after. Here's what happened.
- A pseudonymous software researcher, Albacore, shared screenshots on Twitter revealing code that integrates a non-custodial crypto wallet into Microsoft's default Edge browser.
The wallet's user interface includes a decentralized application explorer, a news feed, and the ability to buy cryptocurrency through Coinbase and MoonPay.
Albacore suggests that Microsoft's move into crypto wallets might be an attempt to compete with Brave Browser, a privacy-focused browser with Web3 functionality.
[Crypto Wallet Prototype Discovered Inside Microsoft Edge Browser](https://finance.yahoo.com/news/crypto-wallet-prototype-discovered-inside-025034823.html)
The unreleased features suggest the tech giant is considering a deeper move into Web3.
- Yat Siu, co-founder of Animoca Brands, has emphasized the importance of royalties in fueling the growth of the non-fungible token (NFT) economy.
Despite the bear market in 2022, the NFT industry recorded over $24 billion in sales, with a significant portion going to creators and owners of the assets.
Animoca Brands has recently invested in Nuqtah, Saudi Arabia's first licensed NFT marketplace, with the aim of building the next OpenSea in the MENA region.
[Animoca Brands Co-Founder: Royalties Make It Possible for NFT Projects to Flourish](https://finance.yahoo.com/news/animoca-brands-co-founder-royalties-193339985.html)
The computer gaming firm supports royalties and by removing them, it would only “send the industry backwards, co-founder Yat Siu, said.
- Switzerland-based 21Shares, a provider of crypto exchange-traded products (ETP), is shuttering six of its products due to low demand, a company spokesperson confirmed to CoinDesk in an email.
The products on the chopping block include the 21Shares Crypto Layer 1 ETP (LAY1), the 21Shares DeFi 10 Infrastructure ETP (DEFII), 21Shares S&P Risk Controlled Bitcoin Index ETP (SPBTC), the 21Shares S&P Risk Controlled Ethereum Index ETP (SPETH) and the 21Shares USD Yield ETP (USDY), which will all close after the April 6 trading day.
“It is a routine/standard practice in the ETP industry,” said the spokesperson. “While these ETPs saw relatively low demand, we're seeing continuous strong demand in our other products. In fact, we closed out our second-strongest January in company history this year.”
[21Shares Closes 6 Crypto Exchange-Traded Products](https://finance.yahoo.com/news/21shares-closes-6-crypto-exchange-194409935.html)
The provider of crypto exchange-traded products (ETPs), however, told CoinDesk it had its second-strongest January on record overall.
- Jordan Castro, one of the founders behind the popular non-fungible token (NFT) project Doodles, has shared that the brand is moving away from being an "NFT project" and focusing on the long-term vision of becoming a top-tier media brand.
"We're trying to go from a startup to a leading media franchise," he wrote. He also pledged to focus energy on Doodles' "most loyal collectors."
Over the past year, Doodles has focused its efforts on expanding its ecosystem, and brought on notable figures to help lead its creative ventures, including former Billboard President Julian Holguin as partner, and CEO and musician and producer Pharrell as the project’s chief brand officer.
[Doodles Is 'No Longer an NFT Project,' Co-Founder Says](https://finance.yahoo.com/news/doodles-no-longer-nft-project-212406281.html)
In a statement posted to Discord, co-founder Jordan Castro, aka Poopie, explained that the brand aims to be a leading media franchise.
- Following a successful Goerli testnet upgrade, Ethereum’s “Shapella” hard fork has now been scheduled to deploy on mainnet on Apr. 12.
The Shapella upgrade is the combination of the execution layer (Shanghai) with the consensus layer (Capella), which will allow validators to withdraw their locked-up ether from the network.
Activating withdrawals will enable two things, Hurwitz said. First, offline validators can reclaim their principal stake, and they can also claim earned fees.
[Ethereum Devs Finally Set Date for ETH Withdrawals](https://blockworks.co/news/ethereum-set-date-for-eth-withdrawals)
Following a successful Goerli testnet upgrade, Ethereum’s “Shapella” hard fork has now been scheduled to deploy on mainnet.
- A total of 12.6% of ARB token supply will be airdropped
[Arbitrum's ARB Token Airdrop: It's Happening](https://blockworks.co/news/arbitrum-arb-token-airdrop)
Arbitrum Foundation, the governing body behind Ethereum layer-2 scaling solution Arbitrum, is making decentralization strides.
- The recent closures of crypto-friendly banks, including Silicon Valley Bank, Signature, and Silvergate, have led to increased scrutiny on the crypto ecosystem and stablecoins.
However, some market observers believe this could lead to long-term benefits for the crypto industry.
They argue that as exchanges and other players move to more crypto-friendly jurisdictions, it could result in more robust infrastructure and a stronger ecosystem, despite the short-term challenges and regulatory pressures.
[Crypto Observers Believe U.S. Banking Crisis Could Strengthen Crypto Ecosystem in the Long Term](https://finance.yahoo.com/news/crypto-observers-believe-u-banking-113017805.html)
Robust banking solutions for crypto companies and investor interest in the resilience of the ecosystem could serve as key features in the coming months, one developer opined.
- DeGods, a popular NFT collection on Solana, is set to release 535 NFTs on the Bitcoin blockchain in a first-of-its-kind event.
Originally minted on Solana in 2021 and then burned, these NFTs will be brought back to life on the Bitcoin blockchain, with 500 being minted first and 34 others auctioned or raffled using the $DUST token.
To ensure a smooth transition, DeGods collaborated with Bitcoin miner Luxor Technologies and compressed the NFTs to 210x210 pixels, with DMG Blockchain Solutions' carbon-neutral Terra Pool managing the special block.
[535 DeGods are Coming to Bitcoin!](https://nftevening.com/535-degods-are-coming-to-bitcoin/)
The popular Solana NFT Collection DeGods will release 535 NFTs on the Bitcoin blockchain, following the actual trend of Bitcoin Ordinals.
- Check your airdrop eligibility!
[Arbitrum — Check your airdrop eligibility to govern Arbitrum](https://arbitrum.foundation)
Discover if you are eligible to receive the Arbitrum airdrop, claim your tokens, and delegate your voting power
- Senators emphasize the need for timely and bipartisan crypto regulation in response to the collapse of the FTX crypto exchange and other industry-related crises.
Senators Thom Tillis (R-N.C.) and John Hickenlooper (D-Colo.) aim to work with other lawmakers on a thorough, bipartisan approach to create a comprehensive legislative framework for the crypto industry.
The revised version of the Responsible Financial Innovation Act, introduced by Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), is expected to reach the Senate by mid-April.
[Crypto Legislation Won’t Be Sexy, Senators Say — But It’s Needed Soon](https://blockworks.co/news/crypto-legislation-wont-be-sexy)
Lawmakers of both parties say crypto legislation won’t be “sexy,” nor “a crowd-pleaser” — but remains a near-term focus.
- Meta CEO Mark Zuckerberg announced 10,000 more layoffs across recruiting, tech, and business departments, prioritizing AI tech over the Metaverse, and "winding down" NFT features.
These decisions, following 11,000 layoffs in November 2022, are part of the company's "year of efficiency."
The move led to concerns about Meta's fading interest in the Metaverse and criticism over reduced support for NFT creators on platforms like Instagram and Facebook.
[Meta's Layoffs Leave Metaverse Plans in Doubt](https://nftevening.com/metas-layoffs-leave-metaverse-plans-in-doubt/)
Meta's CEO Mark Zuckerberg confirmed another 10K layoffs following the 11,000 laid-off employees from November last year.
- Polygon announced the creation of .polygon domain names to improve user experiences for its 180 million+ customers.
These Web3 domains offer easy-to-remember public addresses and help users forge their digital identities by associating them with their preferred blockchain.
Polygon has partnered with Unstoppable Domains, a recognized Web3 company, to create .polygon digital identities that can access over 750 integrated apps and offer a seamless login process without passwords or complex wallet addresses.
[Take Control of Your Identity with a Polygon Web3 Domain](https://nftevening.com/take-control-of-your-identity-with-a-polygon-web3-domain/)
Polygon announced another exciting partnership this week with their collaboration with Unstoppable Domains to release .polygon domain names.
- Cathie Wood's ARK Investment Management raised over $16 million for cryptocurrency-focused funds, according to SEC filings.
The ARK Crypto Revolutions Cayman Fund LLC attracted around $9 million from one investor, while the ARK Crypto Revolutions US Fund LLC received more than $7 million from nine investors.
ARK has maintained a bullish stance on cryptocurrencies, forecasting that Bitcoin's price could exceed null million in the next decade.
[Cathie Wood’s Ark Raises Combined $16 Million for Crypto Funds](https://finance.yahoo.com/news/cathie-wood-ark-raises-combined-220626666.html)
(Bloomberg) -- Cathie Wood’s ARK Investment Management LLC raised more than $16 million from investors for funds focused on crytpocurrencies, according to filings with the US Securities and Exchange Commission.Most Read from BloombergFirst Republic Bank Is Said to Weigh Options Including a SaleCredit Suisse Reels After Top Shareholder Rules Out Raising StakeRyan Reynolds-Backed Mint Is Bought by T-Mobile for null.35 BillionIn New York City, a $100,000 Salary Feels Like $36,000Traders Dash for Cove