The B World – Tesla CEO Elon Musk and Twitter CEO Jack Dorsey have agreed to have “the talk” at the bitcoin event called “The B Word,” which aims to show institutional investors how they can embrace bitcoin.
Wood and Dorsey have taken the view that bitcoin mining can help the environment while Musk thinks that the activity harms the environment. Wood’s investment company, Ark Invest, and Square have jointly published a report arguing that bitcoin mining is net positive for the environment.
During the conversation at the B world Elon Musk said soon will start to accept BTC as payment. And Elon Must mentioned Space X invested significant amount in BTC and he personally owns BTC, ETH and Doge. Tesla invested $1.5 billion in bitcoin in the first quarter and began accepting the cryptocurrency for payments in March. However, Musk said in May that the electric car company had halted accepting BTC citing environmental concerns. He then said that Tesla will begin accepting bitcoin again “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.” However, his requirement may be complicated to verify.
Eth 2.0 and Reddit is launching Eth token for its subreddits – both are expected to finish by end of this year
These tokens will be stored in the Reddit Vault, a wallet component that’s baked in to Reddit’s Android and iOS apps. Like other Ethereum-native tokens, users will be able to transfer these tokens off their Vault to any other ERC-20 compatible wallet. But it’s unclear whether or not exchanges will support markets for these coins.
From launch, their utility will revolve around subreddit-specific digital swag and rewards, including “Special Membership” and even voting privileges.
“[BRICKS] can be traded freely and used for any number of purposes within the community,” the Fortnite subreddit announcement reads. “At this time, they can be used to display reputation within the subreddit, unlock exclusive features like badges and GIFs in comments with a Special Membership, and add weight to votes in polls.” The post in r/Cryptocurrency promises the same perks for MOON.
Regulatory tensions on DeFi – Uniswap delists multiple tokens from its exchange – Anticipating regulatory crackdown
In the blog post, Uniswap Labs hinted that increased regulatory pressure may have influenced its decision, stating, “We monitor the evolving regulatory landscape.” The company also described the move as “consistent with actions taken by other DeFi interfaces.”
The tokens that have been delisted from the platform’s interface include instruments that may be at risk of being classified as securities by a regulator, including tokenized stocks, options tokens, insurance-based tokens and synthetic assets from crypto derivatives platforms like Synthetix.
Gold-backed token Tether Gold (XAUT) is among the assets targeted, however, Uniswap founder Hayden Adams attributed XAUT’s removal to buggy code. Meme-themed tokens including Grumpy Cat (GRUMPY) had also found their way onto Uniswap’s blacklist.
The reaction from the crypto community saw Uniswap’s purported decentralization called into question. Industry observers such as ChainLinkGod asked why Uniswap’s UNI holders did not get to vote on the delistings. Uniswap is currently the leading decentralized exchange by trade volume, with the protocol’s v2 and v3 versions facilitating a combined $1.45 billion worth of trade in the past 24 hours.
Top investment firm JP Morgan started investments on crypto and soon other institutions will follow
With this crypto move, JPMorgan joins a growing number of investment banks that have offered or are planning to offer some kind of crypto investments or services to clients, including Morgan Stanley, Goldman Sachs, and Citigroup. However, JPMorgan is the first to give retail wealth clients direct access to crypto products.
JPMorgan has come a long way with regard to cryptocurrency. In 2017, CEO Jamie Dimon threatened to fire employees who traded bitcoin. He said in May this year that his personal advice to people is to “stay away” from cryptocurrencies, including bitcoin. However, he acknowledged that his clients want to invest in this asset category.
Recently, Mary Callahan Erdoes, J.P. Morgan Asset & Wealth Management’s CEO, said that many of the bank’s clients view crypto as an asset class and want to invest in it.
FTX bought out its shares from Binance, ending their investment relationship
Binance, the world’s largest crypto exchange by volume, was an early investor in crypto exchange FTX, which 29-year-old Sam Bankman-Fried founded in 2019. This week, the investment relationship suddenly ended. In an extensive interview with Decrypt, Bankman-Fried discussed why.
“We recently repurchased shares from Binance to buy them out of our cap table,” Bankman-Fried said. “I think it just makes sense given the role that our businesses are playing in the space. It can also give us more flexibility going forward.”
On Tuesday, FTX announced a $900 million raise from 60 high-profile investors including Sequoia, Paradigm, Softbank, Paul Tudor Jones, and NFL quarterback Tom Brady and supermodel Gisele Bündchen. It was the largest ever funding round for a crypto exchange, valuing FTX at a cool $18 billion.
Binance, meanwhile, has faced “quite the barrage,” in Bankman-Fried’s words, of warnings from regulators around the world, who have either banned or curtailed its activity.
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