Exchange tokens and digital assets associated with proof-of-stake blockchain networks have outperformed the broader cryptocurrency market since the end of 2019, while privacy-focused digital tokens have underperformed, Goldman Sachs wrote in a new report. “As the market matures, monitoring crypto’s market segments may help determine which network features investors are rewarding, as well as the prospect for practical applications of the technologies,” Zach Pandl, Goldman’s co-head of foreign-exchange strategy, and analyst Isabella Rosenberg wrote Wednesday in the report.
Leading decentralized exchange, Uniswap, has become the first DeFi protocol to generate more than $1 billion worth of platform fees for liquidity providers. On August 10, Lucas Outumuro, head of research at crypto data aggregator IntoTheBlock, shared a chart to Twitter showing that the combined fee revenues of Uniswap’s v2 and v3 Ethereum mainnet deployments have surpassed $1 billion. Including the fees generated by both Uniswap v1 and its v3 deployment on Optimism, Outumuro notes that roughly $1.02 billion has been distributed to Uniswap liquidity providers since the protocol’s creation in November 2018.
India’s central bank is considering launching a digital currency, according to a top executive, giving a clear indication of its intentions for the first time after previously stating that it was studying the idea. T Rabi Sankar, the deputy governor of Reserve Bank of India, said at a conference today that the central bank is considering introducing the nation’s digital currency in a “phased” manner while legal changes are made to the South Asian nation’s foreign-exchange rules and IT laws. The digital currency, which will be backed by sovereign, will lower the economy’s reliance on cash, enable cheaper and smoother international settlements, and protect people from the volatility of privacy cryptocurrencies.
In an exclusive interview with Cointelegraph at one of Damien Hirst’s sprawling West London studios, the artist talked about the tension between art and money, the fleeting nature of value, and how, more than anything, this new project tests just how much his audience believes in him.
US-based investment banking giant JPMorgan, led by crypto skeptic Jamie Dimon, reportedly allows its financial advisors to help all its wealth management clients invest in crypto funds. The news came via an internal memo that said clients can now trade five different crypto trusts from providers such as Grayscale Investments to Osprey Fund, Business Insider reported (via The Street), citing an undisclosed source. JPMorgan clients can now invest in crypto via these five trusts: Grayscale Bitcoin Trust, Grayscale Bitcoin Cash Trust, Grayscale Ethereum Trust, Grayscale Ethereum Classic Trust, and Osprey Bitcoin Trust.
Bitcoin’s (BTC) price continued its downtrend Wednesday ahead of the testimony from United States Federal Reserve Chairman Jerome Powell. The spot BTC/USD exchange rate fell to its 17-day low of $31,600 following a 3.46% intraday dip. Meanwhile, CME futures tied to the pair plunged 3.41% to $31,515, extending their week-to-date losses to 9.5%.
A non-fungible token (NFT) of Bud Light’s blue knight yelling “Dilly Dilly”? Maybe so. The beer king’s parent company is about to go big on NFTs. Anheuser-Busch InBev is planning a major ramp-up of its NFT crossover content, Richard Oppy, the company’s vice president of global brands, told CoinDesk. He said the Budweiser brand is investing in a new NFT media shop run by internet entrepreneur Gary Vaynerchuk called VaynerNFT. Budweiser will also become its first client, Oppy said. Described as a “long-term business play” by beer company executives, the tie-up puts everything from ticketing to merchandise on the table for NFTs from the multinational suds conglomerate.
Three provinces in China have joined a growing list of jurisdictions in the country that have ordered a halt to crypto mining amid a nationwide crackdown on the industry. Heifi Online, a Chinese state-owned website in Anhui, reported Wednesday that the province will “clean up and shut down” crypto mines to avoid an imminent power shortage. Also on Wednesday, Chinese journalist Colin Wu reported that the provincial departments of China’s State Grid Corp. in Henan and Gansu will shutter local mining industries in those provinces.
The European Central Bank (ECB) has just announced that Eurosystem has formally launched its central bank digital currency (CBDC) project to prepare “for the possible issuance of a digital euro.” Once again, the central bank used another chance to claim that its CBDC is going to be better than decentralized Bitcoin (BTC). The Governing Council of the ECB has decided today to launch the investigation phase of a digital euro project, which is set to last 24 months, said the press release.
Given nonfungible tokens’ (NFT) ability to digitally represent a wide set of assets, the underlying technology has found itself with numerous use cases including property and digital collectibles. One of its newest use cases comes from Israel, where the government has decided to welcome President-elect Isaac Herzog with an NFT oath. The NFT is a digital representation of the oath signed by his father and the country’s sixth president, Chaim Herzog.