Wanchain

“reHash” — Your Weekly Summary of Everything Important in the Crypto World — issue no. 12

Published by Liam on

reHash issued for December 4th to December 10th

Welcome to the twelfth edition of reHash; some people’s favorite source of news (maybe?). What’s not to like? reHash provides all the informational nutrients that a healthy cryptocurrency organism needs. It does so in snack-sized bits of information that are easily digestible and will only steal a few minutes of your precious time. And since at crypto we love food-related stuff — Bon Appétit!

NOTE:
reHash is not intended to be original journalism. It is intended to be a brief summary of significant articles and events from the past week with links to the original sources. Sources will always be linked and credited. If you know any good newsletters or Twitter accounts which provide news we have been missing, please mention them in the comments!

ADOPTION

  1. Venezuela and Colombia together make up of 23% of P2P trading on LocalBitcoins; Russia is currently on the top spot; Venezuela has stayed second, while Colombia has jumped up to the third spot; rising inflation and economic crisis are possibly some of the reasons (nearly 20,000% inflation in Venezuela in 2019)
    SOURCE: 1, 2, 3

  2. MicroStrategy has purchased another $50 million in BTC; company currently holds approximately 40,824 BTC worth approximately $744 million; they also have announced recently their plan to raise another $550 million to buy BTC using convertible senior notes to qualified institutions; meanwhile Citi has downgraded MicroStrategy’s stock to “sell” from “neutral”
    SOURCE: 1, 2, 3, 4

  3. Tokenized stock of Tesla, Apple and Google now trading on Bittrex; Bittrex Global has launched tokenized stock trading; 12 different stocks will be tradable; they can be purchased with BTC, USD or USDT; they can be purchased in small fractions (starting at $10); Bittrex plans to add more tokenized stocks in the future
    SOURCE: 1, 2, 3, 4

  4. China is continuing tests of digital yuan; up to 1,000 people in Suzhou will test a new function that will not require internet connection; 100,000 people total in the city will receive 200 yuan ($31) to use in stores; the currency will also be possible to spend on JD.com (the first online platform to accept it)
    SOURCE: 1, 2, 3, 4

  5. 3iQ Ether Funds accepted to list on Toronto Stock Exchange; fund plans to raise between $10.75 million and $107.5 million; 3iQ Corp has received regulatory approval to run IPO on the Toronto Stock Exchange; it will also be listed there afterwards; the fund will officially be listed, as it already has raised $75 million
    SOURCE: 1, 2, 3, 4, 5

  6. Bitwise has released “BITW” — a 10 Crypto Index Fund; it is available to U.S. investors as a public-traded cryptocurrency index fund; fund debuted today with approximately $120 million in assets (75% of which is BTC, 13% ETH, and 12% split between XRP, LTC, LINK, XTZ, BCH, XLM and EOS)
    SOURCE: 1, 2, 3, 4, 5

  7. Massachusetts Mutual Life Insurance Co. has bought $100 million in BTC; they also purchased a $5 million minority equity stake in NYDIG (which has approximately $2.3 billion of cryptocurrency under management); MassMutual has over $235 billion in their general investment account
    SOURCE: 1, 2, 3, 4

REGULATION

  1. BitPay and Paxos have filed to become federally regulated US Banks; both filings happened this week; filings call for a 30-day comment period; the banks would be called BitPay National Trust Bank and Paxos National Trust; as per OCC’s Brian Brooks (who is pro cryptocurrency) the regulators are very focused on not killing the cryptocurrency industry in the USA — he seems to encourage as many companies as possible to officially apply for national charters
    SOURCES: 1, 2, 3, 4, 5

  2. G7 is discussing digital payments again; the regulators show concern over rising cryptocurrency adoption; “There is strong support across the G7 on the need to regulate digital currencies,”; one of the proposed caveats would be to require KYC from users of wallets and exchanges;
    SOURCE: 1, 2, 3, 4, 5, 6

  3. Oyster Protocol founder Bruno Block has been arrested; he has been charged with operating a multimillion-dollar tax evasion scheme; with reported income of approximately $15,000 he was able to buy over $10 million for the purchase of yachts; he exploited the contract of Oyster Protocol to exit scam and ultimately kill a project that was then worth approximately $15–20 million
    SOURCE: 1, 2, 3

DEVELOPMENT

  1. Currently over 1,300,000 ETH has been staked in the Ethereum 2.0 beacon chain; that is over double of what was needed for it to start; MyEtherWallet also has integrated services from Staked which should make staking ETH in the beacon chain much easier for the general audience
    SOURCE: 1, 2, 3

GENERAL UPDATES

  1. Bloomberg has named CZ as one of The Bloomberg 50 this year; a list of “people in business, entertainment, finance, politics, and science and technology whose accomplishments merit recognition.”; as per CZ he is “humbled and honored to be part of this group of remarkable people who are shaping our world for the better” and that “we will continue to work towards increasing financial inclusion globally with crypto as the fundamental means and putting people and our users first.”
    SOURCE: 1, 2, 3, 4

  2. USDC in circulation has passed $3 billion; the circulating supply has grown by 500% in 2020 alone and it was used in over $230 billion worth of transactions; USDC was recently also used to bypass Maduro-imposed restrictions in Venezuela
    SOURCE: 1, 2, 3

  3. Steve Wozniak has started a new company, a blockchain company; he is not the CEO of the company and he co-founded it with 6 other people, the token is called WOZX; Steve Wozniak is also co-founder of Apple, his new project Efforce allows people to invest in “energy efficiency projects by acquiring tokenized future savings,”; Wozniak himself thinks of the tokens “as shares of stock”
    SOURCE: 1, 2, 3, 4

  4. One artist has already earned over a $1 million by selling NFTs on blockchain; a pseudonynomous artist Pak has earned more than $1 million for a total of 269 Ethereum-based artworks sold accross several platforms; second artist is not far off with over $800,000 earned so far;
    SOURCE: 1

  5. Hackers demand $34.7 (1,804 BTC) million paid in Bitcoin in ransomware attack on Foxconn; Foxconn is a Taiwanese electronics giant; hackers encrypted over 1,200 servers, stole 100GB of data and deleted 30TB of backup files; Foxconn is the parent company of Sharp Corp
    SOURCE: 1, 2, 3, 4

  6. More than 85,000 SQL databases have been attacked in a similar way; hackers demand $550 in BTC to unlock one; victims have 9 days to make the payment
    SOURCE: 1, 2

  7. A report by Wells Fargo (one of the largest banks in the world) marks that “cryptocurrency investing today is a bit like living in the early days of the 1850’s gold rush, which involved more speculating than investing.”; it also says that “cryptocurrencies could become investment-worthy one day, though.”; it will also pay more attention to crypto in 2021
    SOURCE: 1, 2, 3, 4

  8. DeFi has reached a million addresses; a report by Dune Analytics has shown that over 1 million unique Ethereum addresses has participated in the DeFi ecosystem — nearly elevenfold increase in one year (from 91,000 on 6/12/2019)
    SOURCE: 1, 2, 3

  9. Grayscale has bought another 14,591 BTC and 105,000 ETH this week; Grayscale currently manages crypto assets worth over $12 billion most of which is BTC
    SOURCE: 1, 2, 3

  10. Square has announced a $10 million Bitcoin Clean Energy Initiative; one of the biggest critical voices of BTC is its impact on the environment and electricity consumption; Square wants to invest in ‘cleaner energy’ used for Bitcoin mining, company itself plans to go net zero on carbon by 2030
    SOURCE: 1, 2, 3

Thank you, as always, for reading and hope to see you next week! We will have news next week too!

About Wanchain

Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in China, the USA, and other team members around the world in Asia, Africa, and Europe.

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