Bitcoin, Ethereum, Cosmos and More Week 44 2024

Keeping you updated on crypto, web3 and blockchain

November 05, 2024

TL;DR

  • Microsoft Considers Bitcoin Investment

  • Mollah Claims to Be Satoshi Nakamoto

  • UBS Embraces Ethereum with Tokenized Fund Launch

  • Vitalik Leads KOL Mindshare Amidst Ethereum Defense

  • Secret Network Integrates with Colossus Italy

  • Injective Reveals iAgent: AI-Powered SDK

  • Consensys Reduces Workforce by 20% Amid Legal Challenges

  • Coinbase Enhances Trading with Real-Time Funding

and much more!

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Bitcoin Highlights of the Week

Microsoft shareholders are voting on a proposal to invest a portion of the company’s $3 trillion corporate treasury in Bitcoin, driven by inflation concerns regarding the US dollar. BlackRock, holding significant influence as Microsoft’s second-largest shareholder, is promoting this investment alongside its Bitcoin ETF for clients.

This decision could set a precedent for other major tech companies, such as Apple, Amazon, Google, Meta, and Nvidia, which collectively hold $377 billion in cash. Despite this, Microsoft has urged shareholders to vote against the proposal, highlighting a cautious approach toward digital asset investments.

At a recent event in London, British-Asian macroeconomist Stephen Mollah declared himself to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, coinciding with the 16th anniversary of the Bitcoin whitepaper's release. Mollah's claim was accompanied by promises of evidence, which ultimately included unconvincing screenshots after technical difficulties with his laptop.

While an event organizer alleged the presence of "cryptographic" proof, no such evidence was presented. Mollah, who has previously attempted to assert his identity as Bitcoin's creator, announced intentions to move Bitcoin from the Genesis block in the future, asserting he is the sole Satoshi Nakamoto, despite skepticism surrounding his credentials and claims.

BRICS nations, including Brazil, Russia, India, China, South Africa, and new members like Argentina, UAE, and Ethiopia, are considering Bitcoin for international trade to reduce reliance on the U.S. dollar. Matthew Sigel of VanEck highlights that mining Bitcoin is viewed as a strategic move for economic resilience among these countries.

Russia is leading in mining infrastructure, partnering with BitRiver and RDIF to enhance its capabilities. As Western sanctions hinder traditional financial access, Bitcoin may offer an alternative. This shift signifies a broader trend towards financial autonomy, potentially redefining global trade dynamics and the U.S. dollar's role.

Emory University has become the first U.S. university to invest in Bitcoin, committing approximately $15.1 million in shares of the Grayscale Bitcoin Mini Trust. This investment reflects a growing institutional interest in digital assets, signaling a significant shift from traditional investment strategies within academia.

By acquiring nearly 2.7 million shares, Emory joins the ranks of institutions diversifying their endowment portfolios in response to the rising popularity of cryptocurrencies. Additionally, Emory holds $768,269 in shares of Coinbase, demonstrating a commitment to innovation and financial diversification.

Tokyo-based investment firm Metaplanet has emerged as one of Asia's largest corporate holders of Bitcoin, recently surpassing 1,000 BTC after acquiring an additional 156.78 BTC on October 28, 2024. This marks a significant milestone for the firm, whose stock price has soared by over 600% year-to-date, drawing investor interest due to its disciplined and strategic approach to accumulating Bitcoin.

With a total valuation of approximately $69 million in Bitcoin, Metaplanet ranks 19th among global corporate Bitcoin holders. The firm's focus on transparency and innovative measures, such as its partnership with the Bitcoin verification provider Hoseki, further enhances its reputation in the digital asset market.

Ethereum Highlights of the Week

UBS has launched the "UBS USD Money Market Investment Fund Token" (uMINT) on Ethereum, marking a significant step in merging blockchain with traditional finance. As investor interest in tokenized assets grows, UBS APAC co-head Thomas Kaegi highlighted Ethereum's potential to meet this demand.

Crypto analysts believe UBS’s integration of Ethereum is likely to accelerate mainstream adoption. The fund follows UBS’s year-long tokenization pilot, ensuring secure asset management through smart contracts. This initiative aligns with recent tokenization efforts by financial giants like Franklin Templeton and BlackRock.

Vitalik Buterin's "The Splurge" is the latest phase in Ethereum's roadmap, focused on future-proofing against quantum computers and enhancing Ethereum's functionality. While quantum computers capable of breaking encryption remain hypothetical, Buterin emphasizes the need for proactive cryptographic defenses.

Additionally, "The Splurge" addresses Ethereum Virtual Machine (EVM) stability, with improvements such as the EVM Object Format (EOF) set to streamline layer 2 processes. Ethereum’s Pectra update, scheduled for late 2024 or early 2025, will bring critical features like account abstraction, allowing ERC-20 tokens for transaction fees and multidimensional gas, refining resource allocation for better transaction efficiency.

Hong Kong Exchanges and Clearing (HKEX) is set to launch the HKEX Virtual Asset Index Series on November 15, marking a significant step in Asia’s digital asset market. This index will offer a unified reference price for Bitcoin and Ether during Asia-Pacific trading hours, enhancing transparency by using data from multiple top-rated exchanges.

The move coincides with the Hong Kong Securities and Futures Commission’s (SFC) expansion of its digital asset exchange licensing framework. By early 2025, the SFC aims to establish a consultative panel with licensed exchanges, further strengthening oversight and compliance in Hong Kong’s digital asset markets.

Franklin Templeton has extended its blockchain-based record-keeping system, Benji, to Coinbase’s Base, an Ethereum layer-2 network. This expansion allows trading of the Franklin OnChain U.S. Government Money Fund (FOBXX), which invests primarily in U.S. government securities, cash, and repurchase agreements, on the Base network.

Benji, used by the fund's transfer agent to record share ownership, enables investors to buy tokenized fund shares through the Benji app, where each share equals one BENJI token. Already available on networks like Avalanche, Stellar, Arbitrum, and Polygon, this move aims to broaden access to blockchain-based investment solutions.

Ethereum co-founder Vitalik Buterin has captured the top "Key Opinion Leader (KOL) mindshare" on social platform X this week. Known for his candid discussions on Ethereum’s development, Buterin’s recent posts defend Ethereum against critics while outlining its ambitious roadmap.

This strong stance, often referred to as "wartime mode," reflects his commitment to addressing community concerns and advancing Ethereum’s growth despite scrutiny. His position as a leading voice on X highlights his influence in the blockchain community and his dedication to Ethereum’s evolution in a rapidly changing crypto landscape.

Cosmos Highlights of the Week

Secret Network has officially integrated with Colossus Italy's Institutional Hub, enhancing custodial services for institutional investors. This integration allows institutions to stake their $SCRT tokens directly from secure custody solutions like Fireblocks, eliminating the need to move assets outside their secure environments.

With this new feature, institutional investors gain an efficient tool for staking, with plans to add support for staking directly from Ledger Business in the near future. This collaboration aims to bolster institutional participation in staking activities while maintaining high-security standards.

Injective has unveiled a preview of iAgent, the first AI agent-based SDK designed to enhance the trading experience on its platform. This innovative tool will enable users to execute on-chain trades and send lightning-fast payments using AI-powered commands integrated with large language models like OpenAI.

Demonstrated by Injective Labs CEO Eric Chen, iAgent promises to revolutionize how users interact with blockchain technology. The official launch is expected this week, making it an exciting development for traders and developers alike.

Akash has been highlighted as a top permissionless compute marketplace in a recent report by Coinbase. The report outlines the Crypto x AI stack, detailing the essential components required for developing truly decentralized AI.

It emphasizes how AI agents can leverage permissionless compute to enhance their capabilities, underscoring the role of platforms like Akash in facilitating access to decentralized computational resources. This recognition showcases Akash's significant contribution to the intersection of cryptocurrency and artificial intelligence.

MANTRA has partnered with Google Cloud, naming Google as a primary validator and infrastructure provider for MANTRA Chain. This collaboration marks a significant milestone in the real-world assets (RWA) ecosystem, exemplifying the trend of blockchain leaders aligning with established tech companies.

A testnet faucet will be introduced in the newly launched Google Cloud Web3 Portal, enabling developers to easily acquire free OM testnet tokens for building within the MANTRA ecosystem. CEO & Co-Founder JP Mullin emphasized that this partnership not only signifies MANTRA's growth but also enhances credibility in the RWA industry.

Persistence One has announced a partnership with Merlin Layer2, a prominent Bitcoin Layer 2 solution that enhances the Bitcoin network's scalability and security through ZK-Rollups, on-chain BTC fraud-proof modules, and decentralized oracles.

This collaboration aims to streamline the process for users to swap assets into M-BTC, thereby simplifying the onboarding experience within the Merlin ecosystem. With exciting activities planned for the week ahead, both teams look forward to advancing their interoperability solutions for Bitcoin.

Other Highlights of the Week

Consensys, the creator of MetaMask, has announced the layoff of 162 employees, accounting for approximately 20% of its workforce. CEO Joe Lubin attributed the decision to financial pressures stemming from ongoing legal disputes with U.S. regulators, particularly the SEC.

The company has faced challenges that have drained resources and staff time, prompting its recent move from Brooklyn to Texas in search of a more favorable regulatory environment. Laid-off employees will receive severance packages, including career support and extended healthcare benefits.

Coinbase has introduced real-time account funding for its users in the U.S. and Europe through Visa Direct, enabling instant deposits for eligible debit card holders. This development comes as Bitcoin approaches its all-time high of nearly $73,700, prompting increased trading activity.

Users can now quickly access their funds for cryptocurrency purchases and withdraw cash without delays. This feature complements Coinbase's existing Visa debit card, which allows users to spend crypto directly.

Tether has reported a remarkable financial performance for the third quarter of 2024, recording a net profit of $7.7 billion for the first nine months. As of September 30, approximately $1.3 billion of this profit originated from U.S. Treasury exposures, with another $1.1 billion from gold holdings.

Tether's U.S. Treasury assets reached $102.5 billion, while its stablecoin, USD₼, circulated at nearly $120 billion. Additionally, Tether maintains a reserve buffer over $6 billion and Bitcoin holdings valued at $4.78 billion, indicating robust financial health with assets surpassing liabilities by more than $6 billion.

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