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What you need to know today in crypto and beyond July 2, 2021 Sponsored By: Welcome to The Node.
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–Daniel Kuhn
Today's must-reads Top Shelf NO END IN SIGHT: Regulatory scrutiny of crypto exchange platform Binance continues. Financial watchdogs in Thailand and the Cayman Islands say the crypto exchange is not authorized to operate in their jurisdictions. Likewise, Singapore’s financial regulator and central bank said Wednesday they are watching regulatory developments surrounding Binance.
GO DOGE: Trading app Robinhood filed for a public offering that could be worth up to $100 million, filings with the SEC show. The documents show that 17% of the app’s revenue came from cryptocurrency transactions in the first quarter of 2021, up from 4% in the previous quarter. About a third of those transactions were in dogecoin.
EXPANDING ACCESS: Crypto currency exchange Coinbase has started offering institutional customers access to more trading pairs and payments options through fiat currencies, it said Friday. Up until now clients were only able to purchase crypto in their local currency but they can now make deposits and withdrawals in USD, EUR or GBP.
MORE SUSTAINABLE: The Blockchain Mining Council says the industry’s energy mix is looking greener. Based on a survey conducted by the council, renewable energy accounted for 56% of mining during Q2, making it “one of the most sustainable industries globally,” the council said.
PARTNERSHIP: Canadian cryptocurrency mining company Hive Blockchain Technologies purchased $66 million worth of graphics processing units (GPUs) following the GPU price drop amid China’s crypto mining crackdown. Hive said it joined the Nvidia Partner Network Cloud Service Provider program, which will help Hive to transition to a better infrastructure that brings more resources from the cloud.
–Helene Braun
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"China is developing the creepiest surveillance tool."
–U.S. Rep. Warren Davidson (R-Ohio) on China's digital yuan, speaking to CoinDesk's “First Mover.”
A message from CoinDesk EIP 1559: Ethereum's Fee Market Upgrade Explained CoinDesk Research's newest report dives into the economic impacts and investment implications of Ethereum Improvement Proposal (EIP) 1559. At its core, the code change is designed to make transaction fees on Ethereum less volatile and more predictable.
At the same time, EIP 1559 also poses several risks to Ethereum including risks of miner capitulation or revolt, technological risk in the form of unexpected bugs, and risk of user disappointment. In this report, CoinDesk Research gives an overview of how EIP 1559 works and its intended impact for investors, miners and users. Download the full report.
What others are writing... Off-Chain Signals Distrust in fiat has nothing to do with investor motivation to hold crypto, BIS survey shows (Cointelegraph) South Korean crypto exchange Bithumb bans employees from trading on its own platform (Decrypt) Bloomberg discusses how bitcoin’s vision of DeFi is similar and different to what's being built on Ethereum–H.B.
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Putting the news in perspective The Takeaway Robinhood, Charlie Munger and the First Memestock IPO Yo, Dawg, I heard you liked gambling, so we put some gambling in your gambling, so you can gamble while you gamble.
–David Z. Morris
Sponsored Content
Pirate Chain: Don't Settle for Government Surveillance Coins In this world of government surveillance coins, what is the way out? The only possible answer is a new generation of privacy coins. Pirate Chain, for example, is built on the principle of "Privacy by Design." It takes advantage of zk-SNARKS (zero-knowledge succinct non-interactive argument of knowledge) to allow users to prove ownership of their assets without revealing any details about the parties in a transaction or the amounts transacted.
The cryptocurrency movement has never been so sprawling, reaching every corner of the planet.
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