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- World Bank Issues Digital Bond Worth 100M Euros 💶🏰🏦
World Bank Issues Digital Bond Worth 100M Euros 💶🏰🏦
PLUS: Vodafone, Sumitomo team up with Chainlink to explore trade documents network. Privacy firm Nym launches $300M fund.
Manan Vora
October 25, 2023
Snapshot Web3
October 25, 2023
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Regulatory and Legal News
Tom Emmer, a pro-crypto lawmaker and current majority whip, has been nominated by Republican members of the U.S. House of Representatives as their candidate for the next speaker. This comes after Representative Jim Jordan and Representative Steve Scalise failed to secure sufficient votes for the speakership. The House has been without a speaker since October 3, leading to a halt in legislation. Emmer, known for his tech-savvy approach and non-partisan stance on crypto, is seen as a positive choice by industry experts. However, it remains uncertain if he will secure enough support to win the speakership. The vote is expected in the next day or two. Without a clear leader, progress on important crypto bills has been stalled.
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Innovation and Launches
Vodafone Digital Asset Broker (DAB) has joined Chainlink's network to enhance the exchange of trade documents. The collaboration with Sumitomo aims to streamline document transfer and financial transaction processing within the global trade ecosystem. Using Chainlink's Cross-Chain Interoperability Protocol (CCIP), the proof-of-concept demonstrated the potential of Vodafone's IoT devices and blockchains in providing data for contracts and AI applications. This development could lead to a unified interface for data and token transfers, addressing the challenges posed by trade documents transitioning between paper and digital formats.
Euroclear, a European clearinghouse, has launched a tokenized securities issuance service, demonstrated with the World Bank's €100 million digital bond. Euroclear's D-SI business streamlines the issuance, distribution, and settlement of fully digital financial assets on distributed ledgers. This move highlights the increasing integration of traditional finance and digital assets, aiming to enhance efficiency and transparency. The market for tokenized assets is projected to reach $3.5 trillion to $10 trillion by the end of the decade. World Bank's Anshula Kant emphasized the ongoing shift towards digitization in capital markets.
Crypto exchange dYdX has released the open-source code for its new Cosmos-based network, laying the groundwork for a phased mainnet launch. The code encompasses the protocol, order book, front-end, and more. This move is part of dYdX's endeavor to decentralize its order book and transition from its current reliance on a centralized order book. The dYdX team aims to relinquish control of the protocol, making it genuinely decentralized. Once the mainnet launch is finalized, the development team will no longer oversee any part of the new dYdX Chain's infrastructure. The launch dates for the phases have not been specified.
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NFT, Gaming and Metaverse
Meta AI has unveiled Habitat 3, a new simulator that advances research into AI agents that can collaborate and assist humans in virtual 3D environments. The platform allows high-fidelity simulation of human avatars and enables real-time interaction between humans and AI through a virtual interface. Habitat 3 stands out for its ability to generate diverse and realistic virtual humans that can navigate indoors and manipulate objects nearly as fast as non-human agents. This simulator promises to unlock new research into assistive AI agents that can cooperate with people in virtual worlds, aligned with Meta's vision for collaborative AI in augmented and virtual reality.
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Scams and Hacks
The Synthetify decentralized autonomous organization (DAO) on Solana suffered an attack resulting in the loss of around $230,000 in crypto. The attacker exploited the DAO's inactivity by creating ten identical-looking proposals, with the tenth containing code that sent the funds to the attacker's address. The incident underscores the importance of robust governance and notification systems for DAOs to prevent such attacks. Solana's co-founder Anatoly Yakovenko suggested implementing a veto council to enhance security against token-based attacks on DAOs.
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Funding
Nym Technologies, a blockchain privacy firm, has initiated a $300 million funding program called the Nym Innovation Fund. This fund aims to provide capital to projects focused on building security-driven infrastructure for the Web3 ecosystem. The funding will be sourced from venture capital investors like Polychain, KR1, Huobi Incubator, and Eden Block. The program, set to commence in November 2023, will initially focus on Web3 wallets and applications that manage access to decentralized applications. It will also support remote procedure call protocols and public good services in the open-source domain. This initiative is complemented by the Nym Grants program, which offers further funding, developer assistance, mentorship, and operational guidance.
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Resource of the Day
A Bitcoin ETF, or exchange-traded fund, is an investment vehicle that allows individuals to invest in Bitcoin without needing to directly handle the cryptocurrency. It works like a stock, tracking the price of Bitcoin, and can be bought and sold through regular brokerage accounts. This appeals to investors who find the process of owning and securing Bitcoin too complex or risky. The potential approval of a Bitcoin ETF by regulatory authorities is anticipated to bring more mainstream credibility to Bitcoin investing, potentially leading to increased adoption and a positive impact on its price.
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Miscellaneous
Galaxy Digital predicts that if spot Bitcoin exchange-traded funds (ETFs) are launched in the U.S., Bitcoin's price could increase by 74.1% in the first year. This estimation is based on the potential impact of fund inflows, using gold ETFs as a reference point. According to their research, Bitcoin's price could reach around $59,200. Galaxy Digital also anticipates the addressable market size for U.S. Bitcoin ETFs to grow to $26.5 trillion in the second year and $39.6 trillion after the third year. However, they note that a delay or denial of spot Bitcoin ETFs could impact these predictions.
BlockFi, the crypto lending platform, has emerged from bankruptcy and is now allowing both U.S. and international users to submit withdrawal requests. According to a recent blog post, withdrawals are available to nearly all Wallet customers, while BlockFi Interest Account (BIA) and Loan customers will be able to withdraw some assets in early 2024. BlockFi will also work on recovering assets from other firms it believes owe it money and continue processing claims from creditors. This development follows BlockFi's liquidity troubles in mid-2022, which were exacerbated by the collapse of the Terra stablecoin and the subsequent bankruptcy of FTX, which had extended a credit line to BlockFi.
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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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