Top Blockchain News for Aug 31, 2023

August 31, 2023

Welcome to Morning Blockchain, where we're serving up a brain-boosting blend of blockchain and cryptocurrency knowledge to kickstart your day. Get ready to dive into topics like Robinhood's crypto holdings, Grayscale's potential victory over the SEC, the importance of indexes in the crypto industry, DeForm's blockchain-based marketing tools, Ethereum's gas fee reduction, the expansion of Robinhood's crypto wallet, the availability of EOS for trading against the Japanese yen, and the rise of ETFs in the crypto market. So grab your energy drink and let's stimulate those neurons!

Top Stories

Arkham says Robinhood wallet is 5th largest ETH holder

The crypto data tracking platform Arkham Intelligence has identified Robinhood as a major holder of Ethereum, with the 5th largest ETH wallet holding $2.54 billion, and also holding significant amounts of Bitcoin, Shiba Inu, Chainlink, and Avalanche; this is relevant to blockchain and cryptocurrency as it highlights Robinhood's involvement in the crypto space and its growing presence as a custodian of digital assets.

Grayscale’s SEC Victory May Render Alameda’s Redemptions Lawsuit Unnecessary, Bloomberg Analysts Say

Grayscale's potential victory over the SEC in converting into the first U.S. spot bitcoin ETF could allow for redemptions of fund shares, which would help the fund stay closely tied to the value of its bitcoin holdings – a development that is relevant to blockchain and cryptocurrency as it could provide more accessibility and liquidity for investors in the crypto space.

Why Good Indexes Are Vital to Crypto’s Future

This article highlights the importance of indexes in asset markets and explains how their absence in the crypto industry hinders its growth and adoption by institutional investors, as the current advice is limited to buying bitcoin or ether in a centralized account, without offering efficient asset allocation or risk management tools. Without indexes, crypto cannot become a mature institutional financial market.

Web3 marketing firm DeForm raises $4.6 million in seed funding

Summary: DeForm, a web3 marketing firm, has raised $4.6 million in seed funding to provide blockchain-based tools for marketers to tailor marketing initiatives based on users' wallet transaction history and token ownership; the platform is built on top of the Layer 1 Alchemy and aims to tackle the challenges of verifying consumer transaction history across different blockchains.

Ethereum Handled Frenzy Without 'Gas Fee' Spike. Why That’s a Big Deal

Ethereum's gas fees have decreased thanks to the project's use of the Base sub-network, resulting in daily fees that are 26% lower than before, according to FalconX Research; this is relevant to blockchain and cryptocurrency as it highlights how layer 2 solutions like Base can help alleviate congestion and reduce transaction costs on the Ethereum network.

Robinhood’s Crypto Wallet Adds Bitcoin and Dogecoin

Robinhood, the popular trading app, is introducing swap features for select users to trade ether for over 200 different assets, making it easier for people to diversify their cryptocurrency holdings and potentially enabling greater usage of the Ethereum network.

EOS Network's Token Receives Trading Approval in Japan, EOS Surges Nearly 10%

EOS, a popular cryptocurrency, will soon be available for trading against the Japanese yen on regulated exchanges in Japan, making it one of the select few tokens listed alongside bitcoin, ether, and monacoin; this is exciting news for the blockchain and cryptocurrency community as it highlights the growing acceptance and integration of digital assets into established financial markets.

Robinhood Wallet adds support for Bitcoin, Dogecoin and Ethereum swaps

Robinhood is expanding its crypto wallet to include custody, send, and receive support for Bitcoin and Dogecoin, as well as enabling Ethereum swaps, in response to user demand, following the release of its earnings report which showed a decrease in revenue from crypto; this development is relevant to blockchain and cryptocurrency as it demonstrates Robinhood's ongoing efforts to enhance its crypto services and meet the needs of its users.

Grayscale Victory Against SEC Clears Path for Spot Bitcoin ETFs: Bernstein

ETFs, or exchange-traded funds, are gaining popularity as they allow people to invest in cryptocurrencies without actually owning them, making them relevant to blockchain and cryptocurrency by providing an alternative investment option for those interested in the crypto market.