Top Blockchain News for Sep 09, 2023
September 09, 2023
Welcome to Morning Blockchain, where we’re here to help you ride the wave of knowledge and insights from the week. Get ready to dive into articles on diverse topics, such as the profitability of Bitcoin mining with renewable energy, the integration of blockchain in the monetization of digital content, the decentralization of blockchain infrastructure services, the importance of secure hardware wallets, the challenges faced by blockchain custodians, and the expansion of Coinbase internationally. Plus, we’ll explore regulatory concerns around stablecoins, recent legal rulings impacting blockchain platforms, NFT marketplace updates, the intersection of NFT brands and gaming, real-world asset lending with blockchain, MakerDAO’s potential investments in tokenized T-Bills, Coinbase Ventures’ support for early-stage projects, the importance of SEC compliance in the crypto industry, and the unique attributes of Bitcoin that make it a trusted global form of money. So, kick back, sip on this can of knowledge, and get ready to do something daring with blockchain and cryptocurrency!
Top Stories
Iris Energy received $2.3 million to curtail bitcoin mining at Texas site in August Bitcoin miner Iris Energy received $2.3 million in power credits, primarily from voluntary curtailment during peak demand, resulting in a profit of $7.1 million and an average profit of $17,300 per bitcoin; the company’s mining operations primarily use renewable energy sources, with only 3% coming from renewable energy credits, and it strategically locates its operations near renewable energy sources to reduce costs. NFT Video Startup Glass Falls to Crypto Bear Market Glass is a platform that allows online content creators to sell their videos directly to fans, with the blockchain providing transparency and permanence to the process. This article is relevant to blockchain and cryptocurrency because it highlights how blockchain technology can enhance the monetization and distribution of digital content. Consensys-owned Infura plans to start decentralizing by end of 2023 Blockchain infrastructure service provider, Infura, plans to release a decentralized version of its service by the end of 2023, aiming to make it resilient to outages and mitigate the risk of a single point of failure, with the implementation going through an initial “federated phase” followed by subsequent phases to develop the architecture. What is a crypto hardware wallet and how to safely use one o hardware wallets, there are several options available on the market, each with its own unique features and specifications. Some popular hardware wallets include Trezor, Ledger, and KeepKey. Trezor is known for its open-source firmware, which allows users to verify the security of the device’s operations. Ledger, on the other hand, offers a wide range of wallet options, including the Ledger Nano S and Ledger Nano X. KeepKey is known for its sleek design and user-friendly interface. These hardware wallets typically support multiple cryptocurrencies, including Bitcoin, Ethereum, and many others, making them versatile storage solutions for various digital assets.
Tips for safely using a hardware wallet While hardware wallets are generally considered a secure storage option, it is important to follow certain best practices to ensure the safety of your cryptocurrencies. Firstly, it is crucial to purchase your hardware wallet from a reputable source to avoid counterfeit or tampered devices. Additionally, it is recommended to set up a strong and unique PIN code for your wallet, Ripple Acquires Crypto-Focused Chartered Trust Company Fortress Trust Scott Purcell, former CEO of crypto custodian Prime Trust, has formed Fortress Trust, a company that offers financial and regulatory support to blockchain firms; this is relevant to blockchain and cryptocurrency as it highlights the challenges faced by custodians in the industry and the need for reliable financial infrastructures. Ripple acquires Fortress Trust, which will use Ripple payments tech for FortressPay Crypto payments firm Ripple has announced its acquisition of blockchain infrastructure firm Fortress Trust, expanding its collection of regulatory licenses and allowing it to offer infrastructure services to enterprise crypto clients; this deal follows a series of recent acquisitions and investments by Ripple, highlighting the company’s continued expansion and interest in the blockchain and cryptocurrency space. First Mover Americas: Bitcoin Shows Signs of Life Coinbase is planning to expand internationally by acquiring licenses in major financial jurisdictions to establish clear rules for the crypto industry, targeting the EU, U.K., Canada, Brazil, Singapore, and Australia as immediate priorities, in response to concerns about regulatory uncertainty in the U.S., with the exchange also aiming to establish its European hub before the European elections in June 2024. Fed official ‘deeply concerned’ about stablecoins without federal oversight Federal Reserve official Michael Barr expressed concerns about the issuance of stablecoins without strong federal oversight, highlighting the potential risks they pose to financial stability, monetary policy, and the US payments system; this article is relevant to blockchain and cryptocurrency as it emphasizes the need for a robust federal framework for stablecoins and the ongoing debate over their regulation. Crypto Firm LBRY to Challenge Ruling It Violated U.S. Securities Law The SEC’s lawsuit against LBRY, a blockchain-based file-sharing network, resulted in a ruling that deemed LBRY credits as securities, leading to the shutdown of the platform. Binance to remove support for Polygon NFTs Binance NFT marketplace is ending support for the Polygon Network, meaning users won’t be able to buy or list Polygon NFTs on the platform anymore, as part of Binance’s effort to streamline its product offerings; the decision is relevant to blockchain and cryptocurrency as it impacts the availability and accessibility of NFTs on Binance’s platform. Deadfellaz’s DFZ Labs taps gaming giant Unity to help with new game DFZ Labs, creator of the Deadfellaz NFT brand, is partnering with Unity’s internal development team to create a digital trading card game, highlighting the trend of NFT brands expanding into gaming as a way to engage with their community and generate new revenue streams, while DFZ Labs also hints at utilizing blockchain technology and creating a web3 title. Helix raises $2 million to connect crypto investors with private credit yields Singapore-based startup Helix has raised $2 million in pre-seed funding for its real-world assets protocol, which aims to enable blockchain-based lending to businesses across Southeast Asia, targeting crypto businesses sitting on stablecoin liquidity, and may also enable institutional liquidity providers to trade tokenized loan assets before maturity; the Helix protocol is set for a planned launch on Ethereum in Q4 2021. MakerDAO contributors propose up to $100M allocation for exploring tokenized T-Bills Steakhouse and Phoenix Labs have proposed that MakerDAO allocate up to $100 million from its reserves to invest in tokenized U.S. Treasury Bill (T-Bill) products, citing benefits such as transparency, simple accounting, and faster redeemability for stablecoins, while cautioning about the potential for higher counterparty risk. This article is relevant to blockchain and cryptocurrency as it explores how MakerDAO, the issuer of the DAI decentralized stablecoin, could potentially strengthen its balance sheet and explore new avenues for growth and efficiency through investments in tokenized T-Bills. Coinbase Ventures’ Base Ecosystem Fund invests in six projects Coinbase Ventures has invested in six projects, including Avantis, BSX, Onboard, OpenCover, Paragraph, and Truflation, through its Base Ecosystem Fund, which supports early-stage projects on the incubated Base network, a Layer 2 scaling solution on Ethereum; this is relevant to blockchain and cryptocurrency as it highlights Coinbase’s support for the development of on-chain projects and the growth of the Ethereum ecosystem. Linus Financial settles SEC charges for failing to register crypto lending product Linus Financial, a crypto services firm, has settled with the U.S. securities regulator for failing to register its retail crypto lending product, highlighting the need for companies to comply with SEC regulations in the blockchain and cryptocurrency industry. Why does Bitcoin have value? Bitcoin’s value is derived from its unique attributes, such as decentralization, scarcity, and borderless transferability, which are facilitated by the underlying blockchain technology, making it a trusted and secure form of global money outside of traditional financial systems.