Coinbase’s Listing will Send Other Crypto Companies’ Valuations “Much Higher,” says Kraken CEO

Coinbase’s Listing will Send Other Crypto Companies’ Valuations “Much Higher,” says Kraken CEO

The US exchange is “gearing up” to go public itself. Jesse Powell, meanwhile, sees per Bitcoin worth a Lambo by the end of the year and one Bugatti probably by next year-end.

While Jesse Powell, CEO, and founder of cryptocurrency exchange Kraken, believes Bitcoin is going to infinity in his recent interview with Bloomberg, he provided more clarity.

According to him, because of all the money printing that’s going on, it’s hard to comprehend in terms of dollars, “it might be easier to understand if we measure it like in terms of Teslas.”

“By the end of the year, I think it’ll be one bitcoin per Lambo, and probably by the end of next year, it’ll be one bitcoin per Bugatti,” Powell said. One Lamborghini costs in the range of $200,000 to $500,000, while a Buggati’s price starts well over a million dollars.

Tesla started accepting Bitcoin as payment this month following a $1.5 billion investment last month. And thanks to Tesla CEO Elon Musk, “everyone who owns a piece of the S&P 500 now owns a piece of Bitcoin,” and in a single stroke distributing bitcoin to more people than anyone else on the planet,” he added.

And for those who are still on the sidelines, Powell said, they owe themselves to “really take a look at the fundamentals and try to understand why that is. And if you’re not understanding that, I think you must not understand how the existing financial system works and how much benefit there is to the world.”

ETH, DOT, & NFTs

As for other assets, Powell spoke about Ethereum’s PoS transition, in the process of which millions of Ether are being locked for an indefinite amount of time which is constraining the supply.

Powell predicted, “north of two thousand dollars a coin for eth by the end of this year.” ETH is currently trading above $1,800 and made ATH at $2,035 last month.

Powell also mentioned Polkadot DOT 8.89% Polkadot / USD DOTUSD $ 37.13
$3.308.89%
Volume 3.53 b Change $3.30 Open $37.13 Circulating 924.82 m Market Cap 34.34 b
5 h Teeka Tiwari Presents Crypto’s Next Trillion Dollar Coin Event Today 6 h Coinbase’s Listing will Send Other Crypto Companies’ Valuations “Much Higher,” says Kraken CEO 1 d Cosmos (ATOM) Enhances Interoperability with Inter-Blockchain Communication (IBC) Protocol Rollout
, “which is sort of the next Ethereum,” and said, “you’ll see a lot of things that were on Ethereum be ported over to Polkadot for lower transaction fees.”

He also touched on NFTs, for which there is already a “huge market” as “collectibles business has been around since the dawn of humanity.” Now, it is just moving into the digital format with “tremendous commercial application.”

So, “NFTs are here to stay. Whatever you think about, you know the collectibles segment,” he added.

Valuations Will Go Higher

Talking about Coinbase’s upcoming trading debut in April, Powell said their direct competitor going public is “very exciting.”

While Coinbase was worth about $100 billion pre-IPO, it would “probably be a pop after that.” And because cryptos “really are the future of finance” and can replace everything that exists in the traditional system, “these valuations are very reasonable right now, and they can go much higher.”

This listing, Powell said, will provide them with an example and how to value Kraken.

“Historically, the crypto space has been all private. So we’ve kind of just got to speculate about how the public markets would value these businesses. And I think it’s going to be an indicator for the entire private market. And I think it’s going to send valuations of other crypto companies much higher.”

Kraken itself is on track to go public next year, in the second half, but Powell cautioned that during this time, “anything could happen in the crypto space,” so there’s no guarantee.

But, Powell assured that the exchange is “gearing up” for that by involving in discussions and “doing more acquisitions,” as their clients are constantly looking for ways to participate in the upside and the performance of the business, something that the SEC doesn’t allow.

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Author: AnTy

A Petition Calls for the Central Bank of France to Buy Bitcoin and Other Crypto Assets

A Petition Calls for the Central Bank of France to Buy Bitcoin and Other Crypto Assets

A lawmaker signed the petition, which says, “France cannot decently remain as an observer of a race which has already started” as “not owning Bitcoin will put it in a financially weak position.”

A petition calls for an amendment to the monetary and financial code to authorize the central bank, Banque de France, to buy bitcoin and other crypto-assets.

A lawmaker in France is already in support as Jean-Michel Mis, a member of the National Assembly since 2017 who serves on the Committee of Legal Affairs, signed the petition. So, far it has received 450 signatures but requires at least 100,000 signatures within 6 months to be forwarded to the Conference of Presidents.

As such, the petition will remain active until Sept. 5, 2021.

Francois Thoorens, the co-founder of the blockchain development platform ARK Ecosystem, was the one who started the petition. It has already been sent to the Senate for validation, and only after that was, it published on its petition site.

The petition calls it “vital” for the country to adopt a strategic law that can anticipate the changes to come in the field of virtual values. It further points to companies like Tesla and MicroStrategy, who have acquired large sums of Bitcoin on the ground of a weak dollar destroying medium-term financing capacities.

Public entities like the mayor of Miami are also positioning themselves as investors of Bitcoin, the petition said, central banks are also buying with the objective to strengthen their independence. It said,

“France cannot decently remain as an observer of a race which has already started. Not owning Bitcoin will put it in a financially weak position within 5-10 years. It is urgent to take up the problem.”

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Author: AnTy

Arthur Hayes & other BitMEX Founders Discussing Surrender with the US Authorities

Arthur Hayes & other BitMEX Founders Discussing Surrender with the US Authorities

Arthur Hayes, the former CEO of crypto exchange BitMEX who is currently in Singapore, is proposed to surrender to the authorities in Hawaii on April 6, according to a court filing.

Arthur Hayes has also discussed appearing remotely in New York court, said Jessica Greenwood, assistant U.S. attorney, according to a transcript of a Feb. 9 hearing. Arrangements to allow Hayes to live abroad and travel to the US for court appearances are under discussion as well. The transcript reads,

“We have discussed with counsel how to arrange for a voluntary surrender, and he has proposed appearing within the United States in Hawaii and having his initial appearance there and then, subsequent to his presentment in Hawaii, to arrange for a virtual appearance before your Honor rather than appearing in the Southern District of New York physically, that he would appear before your Honor remotely, having surrendered within the United States to the marshals.”

Another co-founder Ben Delo is planning to surrender in New York before the end of March, regarding which, the US attorney said, they are “working with the FBI and Border Patrol to obtain immigration authorization” due to complications surrounding the UK travel ban.

Greg Dwyer, who also co-founded the exchange, has declined to surrender as Greenwood said, “we were not able to negotiate a voluntary surrender with him.” As such, the US has launched extradition proceedings for him from Bermuda.

Hayes and other executives were charged with violations of the U.S. Secrecy Act last year.

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Author: AnTy

America’s Oldest Banking Giant to Hold and Transfer Bitcoin & Other Cryptos Including Stablecoins

America’s Oldest Banking Giant, BNY Mellon, to Hold and Transfer Bitcoin & Other Cryptos Including Stablecoins

BNY Mellon plans to bring Bitcoin and cryptocurrencies under the same roof as traditional holdings through its platform that is now in prototype, following “heightened interest” and “new demand.”

Bank of New York Mellon Corp., the oldest bank in the US, which boasts of $2 trillion assets under management (AUM), has finally jumped on the cryptocurrency bandwagon. This move is made following a shift in sentiments and regulatory clarity regarding cryptocurrencies and because “Digital assets are the future.”

“We’re experiencing heightened interest from current clients who are seeking exposure to digital assets,” Mike Demissie, the company executive who heads its digital assets unit, told Forbes.

“We are also seeing new demand from prospective clients, particularly digital native companies in the digital asset space, who are looking for BNY Mellon’s core investment services.”

The custody bank revealed on Thursday that it would hold, transfer, and issue bitcoin and other cryptocurrencies on behalf of its clients, first reported by the WSJ. The bank is already in talks with its clients to have their digital currencies in its custody.

“Digital assets are becoming part of the mainstream,” said Roman Regelman, chief executive of BNY Mellon’s asset-servicing and digital businesses.

The bank eventually plans to treat digital currencies like any other assets through its platform, which is currently a prototype.

BNY Mellon claims it to be the financial infrastructure’s “first multi-asset digital custody and administration platform” for both traditional and digital assets.

Besides Bitcoin and other cryptos, BNY Mellon will also cover stablecoins, tokenized securities, real assets, and eventually even central bank digital currencies (CBDCs) in its digital asset unit. Regelman said,

“Growing client demand for digital assets, maturity of advanced solutions, and improved regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field.”

The offering is pending approvals and is expected to start later this year.

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Author: AnTy

DeFi Outgrowing Ethereum, Time for DeFi Mania to Move On to Other Layer 1 Solutions?

DeFi Outgrowing Ethereum, Time for DeFi Mania to Move On to Other Layer 1 Solutions?

“Ethereum gas fees are breaking the market structure of DeFi,” noted Tushar Jain of MulticoinCap as the second largest network becomes unusable for small users, “suffering from anti-network effects.”

For the last two days, the average fees in USD on the Ethereum network have been at a new all-time high of about $23.8. Today, it has fallen to $21.7.

This resulted in a whopping $60 million paid in ETH tx during the past 48 hours. On Friday, Ethereum miners earned $3.5M in a single hour, the highest hourly revenue to date, as per Glassnode.

As we reported before, while the fees have been yet again hitting a new high in USD terms, the same is not the case in terms of ETH. At the current rate of 0.015 ETH, the average gas fee is nowhere closer to the Sep. high of nearly 0.032, as per Blockchair.

The same is the case for average gas prices, which went over 250 Gwei but is still far off from DeFi peak high of about 550 Gwie, more than 700 Gwei in June 2020, and over 800 gwei in Dec. 2016.

As the price of Ether and DeFi tokens take a drop, the average gas price has also come down to 195 Gwei.

Breaking DeFi’s Market Structure

Gas prices on the Ethereum network are not the only headache for decentralized finance (DeFi) users as DeFi projects charge more fees on top of the Ether network fees.

Tushar Jain, the managing partner at MulticoinCap, noted how sending some ETH can cost a small player about $10. While trading on popular decentralized exchange (DEX) Uniswap is costing about $100 in gas, another DEX Balancer can cost $150 in gas fees with an additional fee of the DEX itself.

And if one doesn’t choose to go with high gas fees, they can get front run by other traders. “DeFi has outgrown Ethereum,” he said.

Even the billionaire owner of Dallas Maverick, Mark Cuban, who is also invested in AAVE and SUSHI, complained about the high fees on DeFi. Jain said,

“Arb bots can’t even keep the prices in line between Uniswap, Sushiswap & Balancer right now! There are hundreds of bps of arbs right now. All because the gas fees are too high for these arbitrages to be profitable. Ethereum gas fees are breaking the market structure of DeFi.”

The Big Adoption Moment is Now!

Crazy high fees are the result of high activity and clear sign sustained activity in spite of high gas, all of which shows great demand for Ethereum; it is also becoming unusable for many users, especially the smaller ones.

“Ethereum is suffering from anti-network effects,” which means new users are reducing the utility of a platform for existing users, said Jain.

This, according to him, can have bad implications for the Ethereum network. Jain expects more than 50% of DeFi activity to be off of Ethereum by the end of this year. From here, it could move to Layer 2 solutions, which are “just a gateway drug to move to another layer 1,” he said.

While Ethereum has launched the first phase of ETH 2.0 that allows people to deposit their ETH in contract, 2.9 million Ether are already locked in for staking; the full-on transition can take years.

“ETH 2.0 will take too long to ship. DeFi is having its big adoption moment now, and the best solution is the one which works today,” Jain added: “Do you think new users will wait years for ETH 2.0 or just go to another platform?”

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Author: AnTy

The Graph Now Exploring Support for Bitcoin, Polkadot, Solana, BSC & Other Layer 1 Blockchains

The Graph Now Exploring Support for Bitcoin, Polkadot, Solana, BSC & Other Layer 1 Blockchains

After successfully launching its mainnet on Ethereum blockchain, The Graph protocol for indexing and querying data is now exploring providing support for additional Layer 1 blockchains.

Blockchain interoperability is a pain point for developers. Amidst the growing DeFi and NFT spaces, applications need to interact with many protocols and chains, reads the official announcement while noting over 7,000 subgraphs are deployed to date. The team said,

“Additional Layer 1 integrations will dramatically increase the number of subgraphs and the ability for dApps to work in a multi-blockchain environment to give users optionality and the best Web3 experience.”

The blockchains under consideration include Bitcoin, Polkadot, NEAR, Cosmos, Solana, Avalanche, Binance Smart Chain, and Celo to support Web3 development and make it easy for developers to access on-chain data and build decentralized applications.

Already many Ethereum projects have built subgraphs to retrieve data, including Uniswap, Aave, Synthetix, ENS, and DAostack. Eva Beylin, Director at The Graph Foundation, said,

“After launching mainnet, we are looking to accelerate the upward trajectory of the Web3 ecosystem. That means ensuring that no matter which Layer 1 blockchain you are building on, you can build a subgraph and easily access data from across chains. We think this is a key part of unlocking that next wave of innovation on the decentralized internet.”

The community is currently conducting due diligence on Layer 1’s infrastructure, and they are expected to be onboarded in the coming months.

However, Ethereum will remain the standard, and GRT an ERC20 token, said the team.

The Graph Network’s native $889 million market cap GRT token is currently trading at $0.713 and enjoying an uptrend. It is also up over 101% YTD.

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Author: AnTy

Uniswap Generating More Network Fees than Bitcoin; Total Fees on ETH Reaches BTC All Time High

Bitcoin has been the leader in generating more fees than any other network. But that has only been up until June 2020, when decentralized finance (DeFi) mania started kicking in.

Today, this DeFi craze even saw popular DEX Uniswap beating Bitcoin in daily fees of $2.3 million, as per Cryptofees.Info. While BTC only had $1.8 million, Ethereum is unreachable by collecting $8.8 million in fees.

Uniswap, which accounts for 48.5% of DEX volume market share, even without the liquidity incentives, saw $12.7b in traded volume, $36.543 million in fees, and liquidity increased to $3.6 billion over the past 15 days, as per IntoTheBlock.

Another DEX SushiSwap had just under $1 million in daily fees, followed by Synthetix and Balancer, but they only had about $100k to $200k.

In the past week, Ethereum did more than 3x of Bitcoin’s 7-day average fees of just over $3 million, while Uniswap recorded $2.4 million.

“It’s the first DeFi protocol, but not the last. The key feature here is that fees in DeFi benefit not only miners but also LPs and token holders,” noted Santiago R Santos, a partner at ParaFi capital.

image1

Ethereum entered the space in 2015, and its daily total fees in USD surpassed Bitcoin’s several times since then. But it wasn’t until DeFi exploded that ETH was able to beat the world’s largest network by a wild margin.

During the peak of the 2017 bill market, Bitcoin did nearly $21.4 million in total fees, while at its peak, Ethereum did only $4.55 million.

But earlier in June 2020, compared to Bitcoin’s $383k in total fees, Ethereum recorded a whopping $3.55 million. From here, as DeFi gained more traction, so did Ethereum fees, and this gap between BTC and ETH fees continued to grow.

At the peak of DeFi mania in Sept. 2020, the Ethereum network was used so much that it became unusable as the average fees and gas prices continued to hit new highs. On Sept. 1st, the Ethereum network received more than $17 million in total fees compared to $1.48 million on Bitcoin.

Bitcoin overtook Ethereum for a brief period, a fortnight and a small margin, from late October to early November.

Since then, Ethereum continues to generate millions of dollars in fees every day, setting yet another new record at $21.38 million on Jan. 11, the day the crypto market saw a sell-off.

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Author: AnTy

Synthetix (SNX) Releases Aggressive Roadmap to ‘Take on CeFi’ in 2021

This week, while other cryptocurrencies are still struggling to reverse their correction, DeFi tokens swiftly made a recovery, with SNX token hitting a new ATH above $16.50. For now, the 23rd largest cryptocurrency is trading around $14.80 SNX 2.17% Synthetix / USD SNXUSD $ 14.84
$0.322.17%
Volume 409.21 m Change $0.32 Open $14.84 Circulating 110.52 m Market Cap 1.64 b
4 h Synthetix (SNX) Releases Aggressive Roadmap to ‘Take on CeFi’ in 2021 1 d A ‘Massive Transfer of Wealth Among Traders’ Sees DeFi Tokens Winning the Round 1 w Three Arrows Capital Holds 36,969 Bitcoin ($1.24B) via An Over 6% Stake in GBTC
.

Derivatives liquidity protocol, Synthetix is the blue-chip DeFi project with a market cap of $1.68 billion. Amidst this uptrend, Synthetix released its roadmap for 2021, painting a picture of a

“future where everyone in the world is connected to one another by handheld devices that allow them to hold, trade, and transfer every imaginable asset.”

The roadmap mentions Optimistic Ethereum, Synthetix V3, Synthetic Futures, Asset expansion, dApp Upgrades, and optionsDAO as its high-level priorities.

A complete re-architecture of the Synthetix contracts will be done for the first time since last 2018. Synthetix V3 will involve a new SNX staking mechanism so that SNX is always freely transferable, introducing eSNX, tokenized debt, continuous staking rewards, continuous vesting, and Keep3r implementation, among other features.

The transition to layer two scaling solution Optimistic Ethereum which will lower the gas costs and provide higher throughput, is one of the most exciting things to come. The combination of this with Synthetic Futures will allow projects to compete with centralized futures markets and provide a minimum of 10x leverage. Also, Synthtix will expand into equities.

In the options, sDAO will provide upfront funding based on certain conditions, and oDAO will enable several improvements over the existing binary options implementation.

⁩”As an investor in SNX, it’s great to see the aggressive roadmap here,” said one of the partners of crypto fund The Spartan Group. “This is how $SNX is getting to $10B.”

2021 will also involve a focus on acquisitions and expansion for Synthetix as the scale of the project grows.

“This year we finally take on CeFi, then we come for TradFi…” concluded Kain Warwick, the founder of Synthetix.

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Author: AnTy

Blockchain.com to Follow Other Exchanges; Freezing XRP Trading on January 14th

Blockchain.com to Follow Other Exchanges; Freezing XRP Trading on January 14th

Blockchain.com is the latest crypto exchange to halt XRP trading according to an announcement by the firm on January 4. This crypto exchange service provider joins a list of other exchanges that have taken a similar stance since the SEC filed a lawsuit against XRP’s parent company, Ripple.

The statement highlights that Blockchain.com will halt XRP trading within its platform from January 14 at 11:59 pm GMT. It goes on to clarify that XRP traders will retain access to their coins, as well as the ability to send them out, but the exchange will no longer facilitate XRP deposits.

Blockchain.com also made it clear that the action against XRP is a result of the ongoing lawsuit against Ripple, where the SEC claims that it raised $1.3 billion through an unregistered ICO. In essence, the regulator views XRP as an unregistered security.

Ripple’s woes have seen the price of XRP plummet despite the ongoing bull run; in fact, it slid down from 3rd position in market cap to stand at 5th as of press time. Popular exchanges that have already taken action to freeze XRP include Bittrex, Binance U.S, eToro, and Coinbase.

Meanwhile, there is another bandwagon of exchanges that are taking a wait-and-see approach. One of them is Uphold which recently issued its statement clarifying that it will continue to list XRP unless a court decision favors the SEC.

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Author: Edwin Munyui

New Mimblewimble Code & Community-wide Testnet Launch Might Come in Q1 2021

Implementation of privacy features on Litecoin while other privacy coins getting delisted have people bullish on LTC.

“The first implementation of non-interactive txs is finally ready for testing!” said David Burkett while sharing the update on implementing Mimblewimble to bring privacy to the network.

In the month of December, the first-ever implementation of one-sided txs on Mimblewimble is completed and ready for testing and review and MWEB components have also been added to the GUI.

Going forward, one more week would take to prep Grin++for the final planned hard fork of Grin. And once the new version is released, Burkett will get the new MWEB code ready and launch the new community-wide testnet. This will allow everyone, regardless of technical abilities, to test out the MWEB and provide feedback.

However, there is still no exact date ready for when the code will be finished, but Burkett did ensure that he is “getting very close” but with a lot of automated tests to backfill still, a few outstanding questions about max weight for the EBs & peg-in/peg-out maturity, and lots of small cleanup tasks remaining. He said,

“I’m still expecting to have the code finished sometime this quarter (Q1 2021) though, so it won’t be long.”

Making it a Reality

As per the original plan, the MWEB was to be completed in a year but the team is already two months behind. Burkett said,

“While we didn’t quite meet our original timeline, it wasn’t for a lack of trying. I’ve put in countless late-night hours working to make MWEB a reality.”

“But there’s simply too much at stake to release anything less than perfection. LTC deserves it, and we’re all doing everything we can to deliver on that.”

The delay has been because of completely rewriting the code from scratch, while initially it was thought that Grin++’s code would be reused but it didn’t mesh well with the LTC codebase.

Additionally, the original plan included only interactive transactions but that meant users had to be online to receive funds, which would’ve been a whole lot worse for usability, noted the developer who further shared that “at the time, non-interactive txs were not even considered possible in MW, but we figured out a way to do it.”

Enjoying the Greens

During the update, Burkett also urged the community to continue with more donations as he said, “despite huge LTC gains, only 0.25 LTC were donated this month.” Every donation would be matched to litoshi-for-litoshi by Bitcoin creator Charlie Lee.

The price of LTC has been enjoying a rally since 4Q20, moving in tandem with Bitcoin. While Bitcoin went crazy with its over 315% gains in 2020, Litecoin surged just over 220%.

The fourth-largest cryptocurrency with a market cap of $10.21 billion is currently trading above $153, up 190% since Oct.

Amidst the ongoing delisting of privacy featured coins, like Zcash (ZEC), Monero (XMR), and DASH from crypto exchanges, some speculate it could make LTC more valuable. Crypto analyst Alex Saunders said,

“More privacy coin delisting news today. My thesis & narrative around Litecoin’s 2nd coming strengthens. With XRP out of the picture & LTC’s regulatory certainty (age, distribution, decentralization, Grayscale Trust) it could regain #3 as it implements privacy features.

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Author: AnTy