Weekly Headlines 2023.5 W3
“The intransigent minority is intransigent because they believe in something.
The wishy-washy majority are wishy-washy because they’re opportunists.
The future belongs to those who have conviction.” – Jimmy Song
Weekly News Report:
News
1. Jack Dorsey’s TBD announces new Web5 toolkit
– TBD, a division of fintech company Block, which is led by CEO Jack Dorsey, announced a novel Web5 decentralized web platform at Bitcoin 2023 in Miami on May 19.
2. EU finance ministers approve MiCA crypto regulation
– The Economic and Financial Affairs Council of the European Union — comprising finance ministers of all member states — has given the green light to the highly-anticipated Markets in Crypto-Assets (MiCA) regulation after a vote on May 16.
3. FTX leadership sues Sam Bankman-Fried over $220M deal made prior to bankruptcy
– When FTX tried to sell the platform after filing for bankruptcy, the top bid was for just $1M, representing a 99.5% decline in value.
4. Australia marks first FX transaction using a CBDC as eAUD pilot continues
– The Australian digital dollar was used in a trade for a United States dollar stablecoin using an Ethereum layer-2 blockchain.
5. OpenAI launches official ChatGPT app for iOS, Android coming ‘soon’
– While it is currently only available in the United States, a full global rollout could see more than a billion users access to the official app on iOS.
6. China state-owned Greenland to apply for Hong Kong virtual asset trading license
– The real estate developer’s fintech unit already has a digital banking license in Singapore; “We are ready to step into Hong Kong,” CEO says.
7. Telegram addresses camera exploit, points to Apple macOS security permissions
– Messaging application Telegram has played down the severity of a discovered exploit that allowed researchers to gain access to camera systems of Apple macOS devices.
8. Governor Ridwan Kamil and Samson Mow Envision the Future of Bitcoin in Indonesia at Bitcoin 2023
– Governor Ridwan Kamil in Indonesia and Samson Mow, the CEO of JAN3 and a prominent global advocate for Bitcoin, revealed that the Indonesian government is actively exploring the potential benefits of Bitcoin adoption for the country and its citizens.
Institution
1. Australian ‘Big 4’ bank begins trial for cryptocurrency payment blocks
– One of Australia’s Big Four banks announced efforts to combat crypto fraud activities aimed at reducing losses from scams.
2. Updated European tax directive requires reporting on all crypto asset transfers
– DAC8 extends tax reporting procedures to crypto transfers in line with the OECD crypto reporting framework and EU AML rules.
Market
1. MicroStrategy Executive Chairman Michael Saylor Says Firm Exploring Use Cases for Bitcoin Ordinals
– MicroStrategy’s Michael Saylor recently suggested that Bitcoin Ordinals could immensely benefit the crypto ecosystem.
2. Tether to buy Bitcoin based on monthly net profits
– Tether said that Bitcoin’s decentralized nature and its long-term store of value made it an obvious choice for the stablecoin issuer.
3. Bitcoin Ordinals’ total mintage fees increase 700% from April: Report
– The total number of Bitcoin Ordinals has surpassed 8 million since its inception in January.
4. Twitter partnership created a ‘symbiosis,’ says eToro US CEO | Bitcoin Miami 2023
– Lule Demmissie, CEO of eToro US, says that the new partnership with Twitter creates a symbiosis between social networks and social trading.
5. 3 reasons why Lido DAO price jumped 40% in a week — Outperforming Bitcoin, Ethereum
– LDO’s price is well-positioned to gain another 50% by June based on a classic bullish reversal setup after Lido DAO rebounds 40%.
6. Tether, KriptonMarket to support USDT transactions at Argentina’s Central Market
– The Central Market supplies over 12 million people per month in Argentina. The move will allow companies to accept and pay bills with USDT.
7. Distributed ledger tech could save TradFi $100B a year — Lobby group
– Around $100 billion a year or more could be saved if distributed ledger technology (DLT) was used in traditional markets, claims a new report from the Global Financial Markets Association (GFMA).
8. ARK Invest Analyst Warns US Will Lose Crypto Dominance To UAE And Other Nations
– ARK Invest’s analyst warned that the regulatory uncertainty in the United States puts innovation at risk.
NFT
1. Web3 Education Leaders Team Up to Roll Out Beginner NFT Platform HeyMint
– The platform will allow artists to mint their creative assets, enforce royalties on-chain and sell their NFTs in a process meant for Web3 beginners.
2. ApeCoin DAO Approves Proposal to Boost Bored Ape NFTs, APE Ecosystem Growth
– Ape Accelerator will incubate and launch new projects that strengthen the Bored Ape Yacht Club and ApeCoin ecosystems.
3. NFTs in the academy: Fighting fake credentials and unfair wages
– Pepperdine University professor Beau Brannan believes that NFTs could allow verification for individual courses and give more insight into college degrees.
DeFi
An expanding BRC-20 exchange fuels DeFi boom on Bitcoin
– The rise of the BRC-20 token market has sparked a flurry of activity. Still, it’s also brought challenges, including fragmented liquidity. One DeFi platform aims to solve these issues, bringing harmony to the BRC-20 ecosystem.
Web3
Why Web3 and the AI-Internet Belong Together
– Seeing crypto and AI as unrelated technologies is a mistake. They are complementary, each improving the other, says CoinDesk’s Chief Content Officer, Michael Casey.
May 19, 2023