Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to find out what companies’ representatives and media think about all things crypto.
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Projects And Updates
The world’s leading DEX Uniswap got closer to launching its V3 iteration by deploying V3 Smart Contracts on all 4 major Ethereum test networks, as per the announcement from April, 21. The testnet addresses were posted on Github, but as the team says, they will change with the final updates coming for the periphery repository. Before that in March, 23 the big bounty took place offering $500,000 for the discovery of the high severity bugs in the system. And Uniswap v3 is planned to be launched on May, 5. The path of Capital efficiency can complicate the passive income for many casual DeFi investors. Some new iteration upgrades will include multiple fee tiers that will allow liquidity providers to be compensated for taking some of the risks. The upgrade will also affect automated market bonding curves that collect several individual positions in the separate pool to create a combined curve for the users to trade against.
Preparing for the August launch of Alfonso upgrade on Cardano, which will finally add smart contracts to the network, the ruling company Input Output Hong Kong (IOHK) started to look for new employees. Specifically they’re interested in hiring Haskell consultants for the professional services team to design and implement smart contracts for the enterprise clients. The requirements for this position include the understanding of the Cardano platform at the level that allows to build and troubleshoot applications and to give advice; creativity, the skills of complex problem-solving and also the experience of implementing blockchain solutions and smart contracts. IOHK is also looking for a strategy consultant for analyzing the market and designing the frameworks, solution architect for the assessment of the new technologies, data engineer, quantitative analyst, technical consultant, and data strategist.
“Exciting times. So we’re building a new dedicated team to help properly serve this fast-growing community & help bring them on board.” — Tim Harrison, IOHK marketing and communications director
IOTA moves on the entirely new and more mature network with the Chrysalis upgrade and it’s the largest development upgrade in IOTA’s history as well as complete move away from the current protocol. The migration started on April, 21 and will be officially complete on April, 28. Chrysalis is supposed to cause better performance; more stability and security as well as it will provide new tools for the developers, businesses and exchanges. New protocol has a lighter weight and it’s also easier to use, it touches on protocols, libraries, wallets and software implementations. Chrysalis will also become a base for the further realizations of smart contracts and tokenization. The move to a new protocol will allow removing the middle man in IOTA operating system, so the developers, exchanges and custodians can create their own solutions.
“As the lead up to the Chrysalis upgrade comes with the prospect of greater network productivity, only time will show if IOTA’s rebirth will deliver on its aspirations and become a more sustainable and secure ecosystem for users and investors” — Beincrypto.
Polkacover – the platform connecting traditional insurance companies and crypto-insurance launched its Demo decentralized Application that allows the customers to connect with the insurance providers for crypto-related protection, health, life, etc. PolkaCover is the first decentralized insurance marketplace for DeFi and with the rapid growth of the global crypto market the need for crypto insurance is also increasing. Polkacover’s team is collaborating with the two multi-national insurance partners in creating the world's top crypto-friendly insurance purchase and policy issuance marketplace. The native cryptocurrency of the system CVR can be used for payments, receiving and redeeming loyalty rewards and discounts. Moreover, Polkadot plans to provide insurance services for those who have been excluded from the traditional insurance solutions due to high cost, poor access to the institutes and mistrust.
“Clearly, with its unique insurance products, a clear and realistic roadmap, and a seasoned team, Polkacover is set to become the leading insurance solutions provider in the crypto ecosystem.” — Newsbtc
One of the biggest US banks and former Bitcoin critique, Goldman Sachs has added Bitcoin to its year-to-date asset returns and risk-adjusted returns reports, and in both of them, BTC takes the first spot. Total BTC yearly returns are over 100% and the raw profit is 2,5 leaving behind Russell 1000 Value with 1.8. That can be considered as a big event as Goldman Sachs has been asserting that the digital assets aren’t the asset class, often criticizing the crypto’s violability and questioning its merits. But the situation started to change a few months back when Goldman led Coinbase’s direct listing, enabled some clients to be exposed to Bitcoin and also revealed the plans to launch BTC ETF.
“The addition of bitcoin in its YTD asset returns report seems like the latest pro-cryptocurrency endeavor initiated by the bank, signifying its change of heart moment.” — Cryptopotato
On Tuesday, April, 20 the House of Representatives passed a bill ‘Eliminate Barriers to Innovation Act of 2021’’ that if passed by the Senate will cause the creation of a group between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) that will work on defining the nature of the digital assets as so far each agency views these markets differently (either as securities or commodities) and not really regulating those assets properly. If created, the group will contain officials from both SEC and CFTC as well as representatives from 7 sectors related to the crypto. After a year of work, the group will have to provide a report on the legal and regulatory frameworks related to digital assets as well as the recommendations for market improvement and fraud reduction.
The Central bank of Turkey banned the possibility to pay in crypto directly or indirectly for its citizens, explaining it with the great risk that this way of transactions can carry because they are unregulated and volatile. The official announcement also says that digital currencies disrupt the traditional payment methods, including the national currency. Turkish companies are not allowed to provide the services for the digital currency payments. This new turn goes against the latest trend by the Turkish government as before it intended to regulate the industry, though they’ve expressed their concerns on the price manipulations by personalities like Elon Musk. The ban starts from April 30. It was highly criticized by the digital industry and the opposition.
VeChain has experienced significant growths in 2021 thanks to its real-world use cases in the Healthcare industry and this lead to including the company in the ‘Forbes Blockchain 50 List’ which consists of prominent international companies leading in the ledger technology distribution and have at least $1 billion revenue. VeChain has a large scale project running on its blockchain and also distinguished itself by rolling out the E-HCert App for storing medical data of the Mediterranean hospitals patients and helping people to receive their PCR test results. Currently, VeChain is experiencing an astounding record trend, with its price reaching beyond $0.2 resistance level in 2 days. Taking into consideration the ranking of VET and the ongoing steak VeChain has all the chances to appear among the largest cryptocurrency companies.
Coworking space company WeWork announced the plans of holding crypto-s on its balance sheet. The crypto on the balance sheet will appear from the customers who are now allowed to pay in crypto. The announcement published on Tuesday, April 20 also informs that WeWork has partnered with crypto payment service platform BitPay to accept the payments in Bitcoin (BTC), Ether (ETH) and stablecoins USD Coin (USDC) and Paxos (PAX). The company also plans on paying the landlords and other partners with crypto through the other partner – Coinbase that will be the first tenant to pay in crypto. As WeWork CEO Sandeep Mathrani explains, the decision to adopt crypto tes in the increased patronage from the fintech companies.
“It only makes sense for us to expand on the optionality we provide by adding cryptocurrency as an accepted form of payment for our members,” — Sandeep Mathrani, CEO of WeWork
From April 20 Venmo users can buy bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and bitcoin cash (BCH) within the app. It’s also available for them to store and sell the assets and also to learn more about the crypto sphere using in-app test and video guides, they can also share their thoughts and experiences with others as Venmo provides social media features as well. The adoption of crypto is initiated by PayPal with the goal to educate the customers about the potential of digital assets.
“Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.” — Darrell Esch, SVP and GM of Venmo
Customers Thodex, a Turkish-based crypto-exchange filed a complaint against the company, claiming the fraud. Earlier the cryptocurrency exchange informed the clients that it can’t continue the operations due to a lack of financial strengths. The losses can be estimated at up to $2 billion and almost 400 000 users were affected. 27-year old founder Faruk Fatih Ozer fled the country and his whereabouts are not known, in the post from the unknown place he promised to pay back all the investors and come back to the country to face justice after he did. The customers suspect that their money has been stolen.
Chris Larsen the co-founder, former CEO, and current chairman of Ripple thinks that Proof-of-Work concept spoils all the good that Bitcoin brings to the world financial system as this leads to high level energy consumption from fossil fuels and “green sources” as well as causes CO2 emissions harmful for the environment. About 43% of existing cryptocurrencies employ PoS and Larsen calls for Bitcoin and other PoW cryptos to more energy-efficient mechanisms. He mentioned XRP as an example of using Federated Consensus, using extremely less energy and being carbon-neutral. Larsen also disagreed that the PoW will push the renewable energy industry as lots of investments have been done there already, plus PoW will take the energy necessary for other industries. If the approach will not change, in the next couple of years Bitcoin risks losing many institutional investors.
“We should see PoW for what it is — a brilliantly designed technology that is becoming outdated in today’s world.” — Chris Larsen, co-founder of Ripple
The former head of The Office of Comptroller of Currency under the Trump administration appointed as the CEO of Binance US, replacing Catherine Coley leading American’s largest crypto exchange since its launch. This along with the onboarding of two former top FATF regulators is a part of the exchange’s go for expansion in the US, which so far was complicated by quite complex and blurry crypto regulations. The success of Coinbase and its recent public listing on Nasdaq is also one of the main keys forcing Binance to expand in the US and to try to dominate the US market as well as Asia.
In the wake of going controversy about Bitcoin’s network, energy consumption Jack Dorsey led Square Inc with the support of Ark Investment realized the White paper on Bitcoin’s increasing influence on the development of renewable energy sources. Jack Dorsey pointed out that Bitcoin uses mainly clean energy from renewable sources and incentivizes investors to do the same and thus promoting the usage of renewable sources. Elon Musk agreed with it on his Twitter. Those claims were cut down a few years back by the environmentalist with the experience of modeling electricity systems and assets, while most of the claims come from a blogger without any knowledge in the electricity industry.
“While most of the naysayers who point toward the high energy consumption of the Bitcoin network don’t understand how mining works, they also fail to point that gold and banking systems consume many times the energy of the BTC network.” — Coingape
The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.