Another week, another round of Crypto Tidbits. The movement in the value of Bitcoin (BTC) has slowed, with volume and volatility falling across the board, but underlying industry developments have been absolutely monumental.
Bitcoin Satoshi’s Vision (BSV) was delisted on an array of exchange; Binance launched its own blockchain, sparking a BNB price surge; a report revealed that endowments are piling into this industry en-masse; technology giant HTC backed a blockchain fund, and a prominent U.S. presidential candidate called for the correct regulation of digital assets to promote their growth.
Related Reading: Crypto Tidbits: Bitcoin Passes $5,000, SEC Doubles-Down On Crypto, Binance DEX Nears
- Bitcoin SV Delisted On An Array Of Exchanges: Over the past two or three weeks, a whole hubbub has erupted about Craig Wright and his claim that he is Bitcoin creator Satoshi Nakamoto. Wright claims that he is Satoshi, as others have rebuked him. The debate reached a point where Wright, Calvin Ayre, and the rest of their camp, all supporters of Bitcoin Satoshi’s Vision (BSV), sent legal letters to an array of industry leaders: podcaster Peter McCormack, Lightning Network proponent Hodlonaut, and Ethereum’s Vitalik Buterin. And with that, the community fought back, urging exchanges listing BSV to delist the asset. Eventually, Binance agreed, as did ShapeShift, Blockchain.com, and Kraken, leading to a collapse in the price of the cryptocurrency.
- Binance Chain Finally Launches, BNB Surge: After months, potentially even a year of waiting, Binance Chain, the native blockchain of prominent industry upstart Binance, has launched for a public audience. The launch of a decentralized exchange (DEX) based on the platform is expected to soon follow. As a result of this move, which one or two pundits have called one of the biggest crypto-related news items of the year, Ethereum-based projects have begun to prepare to move to this sleeker option, BNB has surged to new all-time highs (even in this bear market), and the broader market has started to tick higher.
- HTC Backs Proof of Capital, New $50 Million Fund Funding Crypto Firms: The Taiwan-headquartered HTC earlier this week was revealed to be participating in a $50 million blockchain-centric fund, Proof of Capital. Not only will Phil Chen, the Decentralized Chief Officer at the firm who heads the Exodus division, be leading the venture capital fund, but HTC is reported to play a key role in the portfolio of Proof of Capital.
- ConsenSys Seeks Funding As “Crypto Winter” Wraps Up: According to a recent report from The Information, New York-headquartered blockchain group, ConsenSys, headed by Ethereum co-founder Joseph Lubin, is currently searching for a large sum of venture capital funding. Citing “several people with knowledge of the plans,” the outlet explains that ConsenSys, which houses MetaMask, Infura, and countless other key pieces of Ethereum infrastructure, is actively seeking $200 million from “outside investors,” after operating off Lubin’s Ether stash for years on end. While this nine-figure sum is ludicrous in and of itself, the $200 million seems even crazier when you factor in the mere $21 million the firm dragged in for fiscal 2018, and that ConsenSys is seeking a valuation of “at least $1 billion.”
- Endowments Are Already Piling Into Crypto & Blockchain: According to a debrief of a crypto-centric survey, conducted by The TRADE Crypto and American crypto firm BitGo, 94% of 150 endowments polled have invested money in crypto-related projects in the past year, even amid the collapse in Bitcoin. The average amount invested was not disclosed, but endowments’ allocations to this asset class and related technologies likely range in the low single-digit millions to low double-digit millions.
- Community Rallies To Donate Cryptocurrency After Notre Dame Accident: In spite of the collapse in the value of Bitcoin over 2018, cryptocurrency investors seem to be rather generous. In a recent series of comments on Twitter, an array of crypto enthusiasts across the map have urged French organizations and potentially even the government itself to accept digital assets for the Notre-Dame Cathedral’s restoration efforts. A government representative, the Minister of Digital Affairs, has actually responded to these urges, telling news outlets that he is looking into the acceptance of cryptocurrencies, as Binance has utilized its charity branch to start raising funds.
- #YangGang: Presidential Candidate Releases Crypto Regulation Policy: Andrew Yang, an entrepreneur and businessman turned U.S. presidential candidate, recently polled to have 3% chances at winning the presidency, released a statement on digital assets last week. Yang claimed that if he took the Oval Office, he would establish regulatory clarity to promote the growth of this sector, as he, on many occasions, have lauded blockchain as the future of many industries.
- Bakkt’s Bitcoin Futures Are Having Trouble With The CFTC: Bloomberg, citing those familiar with Bakkt’s operations, recently remarked that the U.S. Commodity Futures Trading Commission (CFTC) isn’t all too excited with Bakkt’s proposal. The people familiar told the outlet that the CFTC is primarily concerned with how the cryptocurrencies of Bakkt’s clients would be held in the vehicle of the proposed physical futures, as BTC needs to be stored to back the contracts. It was claimed that instead of a green light from the CFTC, Bakkt is looking for a stamp of approval from New York’s regulators, which have historically been stringent but cautiously amicable towards Bitcoin-related ventures.
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