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- Jack Dorsey Rolls Out Self-Custody Bitcoin Wallet With Key Recovery Tool
Jack Dorsey Rolls Out Self-Custody Bitcoin Wallet With Key Recovery Tool
PLUS: EXVED Revolutionizes Cross-Border Transactions for Russia with USDT; Entangle posts opportunities after integration with GTA VI
Manan Vora
December 08, 2023
Snapshot Web3
December 8, 2023
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Regulatory and Legal Updates
The Hong Kong Securities and Futures Commission (SFC) has banned two cryptocurrency websites, HongKongDAO and BitCuped, for scamming investors. These sites were misleading users with false claims and unauthorized activities. HongKongDAO falsely promoted a token called "HKD" and claimed to have applied for SFC licenses, while BitCuped falsely listed top officials from the Hong Kong Exchanges and Clearing as its owners. The ban follows the loss of over HKD 1.6 billion ($204 million) by investors in other crypto scams involving JPEX and Hounax. The SFC is intensifying efforts to prevent such scams and protect investors.
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Innovation and Launches
EXVED, a new platform in Russia, is revolutionizing cross-border transactions for Russian businesses. This system facilitates business-to-business (B2B) payments, particularly for importers and exporters. It enables direct payments, avoiding intermediaries, and ensuring transactions at minimal market rates. EXVED uses various currencies for settlements, including non-resident rubles, US dollars, and Tether (USDT), a popular stablecoin. This move enhances efficiency and cost-effectiveness in foreign economic activities for Russian companies.
The city of Lugano in Switzerland has implemented Bitcoin and USDT (Tether) as payment options for various municipal services. Residents can now use these cryptocurrencies to pay for services like parking tickets, construction permits, dog taxes, and accessing public events. This initiative reflects Lugano's progressive approach towards integrating modern financial technologies and simplifies payment processes for its citizens. It also sets a precedent for other municipalities considering the adoption of cryptocurrencies in their financial systems.
Jack Dorsey's company, Block, has globally launched Bitkey, a self-custody Bitcoin wallet. This wallet suite includes a mobile app and a biometrically secured hardware device. It features a unique security model requiring multi-signature authorization for transactions. This includes keys from the hardware device, the user's phone, and Block. Bitkey offers a key recovery tool to aid users who lose their keys. This system aims to make self-custody more secure and user-friendly, encouraging Bitcoin users to move their coins off centralized exchanges.
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NFT and Metaverse
Entangle has proposed a hypothetical integration with GTA VI, suggesting various innovative features. These include tokenizing in-game assets for ownership and trade, integrating personal NFTs like art and music, and incorporating real-world financial data for in-game missions. Additionally, player governance through $GTA tokens and DAO, and linking in-game economy with real-world DeFi applications are part of the plan. However, this integration is not official yet and is a public proposal to GTA VI developers, aiming to garner their interest and community support.
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Interesting Reads
The article discusses a controversy in the Bitcoin community regarding NFT-like "Ordinals inscriptions." These digital items, including a $28,000 pixelated avocado, are being auctioned at Sotheby's, raising debates about their place on the Bitcoin blockchain. Some Bitcoin purists argue these inscriptions deviate from Bitcoin's financial focus, labeling them as spam. Meanwhile, others see them as a legitimate expansion of blockchain use. The article highlights differing views on blockchain utility and the evolving nature of digital art and assets.
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Funding
Babylon Chain has completed an $18 million Series A funding round, led by Polychain Capital and Hack VC. The funding will support the development of their Bitcoin Staking protocol, enabling proof-of-stake networks to stake Bitcoin, thereby enhancing liquidity and security for emerging chains. This initiative is significant as it combines proof-of-stake mechanisms with Bitcoin's proof-of-work system, potentially paving the way for more developers to build solutions on the Bitcoin network.
I'm unable to access the article from CryptoSlate about LayerZero announcing a native token and committing $3 million to a community distribution pool. However, based on the title, it seems LayerZero, a blockchain project, has introduced its own native token and is dedicating a significant amount of funds towards distributing this token within its community. This initiative could be part of their strategy to enhance user engagement and expand their ecosystem.
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Miscellaneous
The Jito project, based on the Solana blockchain, has distributed its governance token JTO through an airdrop to its users. The token launched at $1.20 and rose towards $2 on Solana-based decentralized exchanges. JTO holders can influence Jito's treasury and fee rates. The airdrop amount varied, with a minimum of 4,941 tokens, increasing based on usage of Jito's liquid staking token, jitoSOL. This move is part of a broader trend of token airdrops in the Solana ecosystem, aimed at boosting activity and growth in their respective projects.
Meanwhile Group, backed by OpenAI CEO Sam Altman, has launched a Bitcoin private credit fund aimed at institutional investors. This closed-end fund offers a conservative 5% yield in Bitcoin. Investors contribute U.S. dollars which are converted to Bitcoin, with fees also charged in the cryptocurrency. This move signifies a growing interest in private credit within the cryptocurrency sector, as the company seeks to raise $100 million. Meanwhile Group also operates a Bitcoin-based, AI-aided life insurance business and plans to expand its crypto-denominated financial offerings.
Binance has decided to retract its application for a fund management license in Abu Dhabi as part of a strategic reevaluation of its operations in the Middle East and North Africa (MENA) region. This move is a shift in Binance's expansion strategy in the area, reflecting a reassessment of their business priorities and approach in the region. The decision to withdraw the bid for the Abu Dhabi Global Market license indicates a change in focus for the cryptocurrency exchange giant.
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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
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