Top Blockchain News for Sep 06, 2023

September 06, 2023

Welcome to Morning Blockchain, where we serve up a can of knowledge to fuel your work week! In this edition, we’ll dive into topics like the potential approval of a spot bitcoin ETF, the rise of crypto lending services, the growing interest in blockchain from traditional finance, and the importance of preserving authenticity through blockchain technology. So grab your energy drink, power up, and let’s crush it together!

Top Stories

Grayscale lawyers ask SEC to discuss greenlighting spot bitcoin ETF Grayscale Investments is urging the Securities and Exchange Commission (SEC) to approve the conversion of its Grayscale Bitcoin Trust into a spot bitcoin exchange-traded fund (ETF), following a court ruling that the SEC must re-review Grayscale’s bid for a spot bitcoin ETF; this is relevant to blockchain and cryptocurrency as the approval of a spot bitcoin ETF could open up new investment opportunities and further legitimize the cryptocurrency market. Coinbase creates crypto lending service for institutional clients: CoinDesk Coinbase has raised $57 million for its new crypto lending service, which will allow institutional trading clients to borrow crypto assets from customers under standardized terms, aiming to update the financial system and provide more economic freedom and opportunity through leveraging cryptocurrency. This is relevant to blockchain and cryptocurrency as it demonstrates the growing interest in crypto lending services and the potential for blockchain technology to revolutionize traditional financial systems. Haun Ventures hires private equity veteran Suzanne Kim: WSJ Haun Ventures, a venture capital firm with a focus on crypto, has hired Suzanne Kim as a partner to handle investor relations, with Kim expected to help investors understand the firm’s thinking about regulations, investment opportunities, current portfolio, and crypto technology; the move is relevant to blockchain and cryptocurrency as it shows the increasing interest and legitimacy of crypto as an emerging asset class in traditional finance. Coinbase Creates New Crypto Lending Service Geared Toward Large Investors Coinbase is offering institutional investors the ability to lend their digital assets to the platform, allowing them to update the outdated financial system and promote economic freedom and opportunity through blockchain and cryptocurrency. Preserving trust in photojournalism through authentication technology Reuters and Canon have partnered to demonstrate an end-to-end content authenticity system, highlighting the importance of preserving image authenticity in photojournalism and protecting against misleading visuals, which is relevant to blockchain and cryptocurrency as blockchain technology can be used to verify and track the authenticity of digital assets such as images on the blockchain. Multibillion Dollar Oracle Tool Chronicle to Expand Outside of MakerDAO Ecosystem This article explains how oracles, which are blockchain-based services that fetch data from outside sources, are crucial for providing reliable and authentic information to blockchain-based services and products, making it relevant to blockchain and cryptocurrency by highlighting the importance of trustworthy data in the ecosystem. Ark sees US ‘attempts to wound’ bitcoin hurting long-term interests The article discusses how Brett Winton, the Chief Futurist of Ark Invest, believes that the U.S. should embrace bitcoin instead of trying to control it, as attempts to suppress the digital currency could harm long-term strategic interests; this is relevant to blockchain and cryptocurrency as it highlights the ongoing regulatory uncertainty surrounding bitcoin and the potential impact on the cryptocurrency market. MetaMask adds ‘cash out’ function allowing users to sell crypto for fiat MetaMask, the popular hot wallet, has announced that its clients can now convert cryptocurrency into fiat and have the money sent to their bank account, making it easier for users to access and use their crypto assets in everyday life; this is relevant to blockchain and cryptocurrency as it showcases the growing adoption and integration of cryptocurrencies into traditional financial systems. MemeFi, TwitterFi and TelegramFi to lead next web3 cycle: ex-Binance VC Venture capital firm Old Fashion Research believes that the primary and secondary markets have hit bottom, making it an opportune time to invest in web3 projects such as memecoins, Friend.tech, and Unibots, while also highlighting the lack of need for more infrastructure projects in the crypto space due to existing scalability and decentralization solutions like Solana, Ethereum Layer 2 rollups, and zkEVMs, with the focus now shifting towards the development of “killer apps” for the current cycle. Blockchain Developer Cronos Labs Kicks Off Search for Participants in $100M Accelerator Program Cronos Labs has launched an accelerator program that focuses on teams developing projects at the exciting crossroads of artificial intelligence and cryptocurrency, aiming to support projects that leverage AI to bring faster and more efficient products to the market. Crypto market is undervaluing potential for spot bitcoin ETF: K33 Research The market is undervaluing the potential of US spot bitcoin ETFs, according to K33 Research, with a spot bitcoin ETF approval expected to attract significant inflows and buying pressure on bitcoin, while a rejection would maintain the status quo; therefore, the market seems to be underappreciating this positive news, and given the likelihood of spot ETF approvals, the market’s valuation appears mispriced. Visa expands stablecoin settlement options to Solana Visa has expanded its stablecoin settlement capabilities to include the Solana blockchain, in addition to Ethereum, aiming to speed up cross-border settlements and provide a stablecoin payment option for clients, making it one of the first major payment companies to support Solana. Shima Capital backs domain name startup D3 Global in $5 million round D3 Global, a startup aiming to merge web3 with existing internet infrastructure, has raised $5 million in a seed funding round led by Shima Capital, with plans to offer secure digital identities through new Top Level Domains and create an on-chain marketplace for domains, demonstrating the potential of blockchain technology in revolutionizing the domain name industry and enhancing interoperability and digital ownership in the metaverse. Lido contributor requests $1.5 million funding to grow Solana liquid staking The P2P team managing Lido Finance on Solana has submitted a funding proposal to the Lido DAO, requesting $1.5 million to sustain and grow the project, highlighting the need for financial support to avoid ceasing operations, with the team aiming to capture over 1% of Solana’s staking market share and develop the product further if the funding is provided. ‘Ethereum Supreme Court’ Mooted by Blockchain Executive as Alternative to ‘Code Is Law’ In 2016, the infamous DAO hack prompted Ethereum to undergo a fork where a new version of the chain was created to undo the hack, leading to the birth of ETH Classic; this event is relevant to blockchain and cryptocurrency as it demonstrates the power of consensus in managing security breaches and the resulting impact on the network. Visa Taps Solana and USDC Stablecoin to Boost Cross-Border Payments Traditional financial institutions are increasingly adopting blockchain technology, with the stablecoin market poised to reach $2.8 trillion in the next five years as global platforms use tokens on public blockchains for value exchange, according to research firm Bernstein. This highlights the relevance of blockchain and cryptocurrency in revolutionizing the way financial transactions are conducted. How to avoid compromising your crypto seed phrase Summary: This article discusses the importance of seed phrases in securing cryptocurrency wallets and provides tips on how to protect and safeguard them, highlighting the relevance of blockchain and cryptocurrency in terms of secure storage and access to digital assets. Deribit Sees 17% Growth in Crypto Derivatives Trading Volume in August, Led by Options The article highlights the strong performance of ETH options and the continued strength of BTC, which is being invigorated by the upcoming ETF decision, making it relevant to blockchain and cryptocurrency as it demonstrates the resilience and growing popularity of these assets.