Hello readers, I am seeking your participation in a new project we started at Inside.com. We ask our readers to answer a weekly question about the crypto industry, and the best answer will be featured in the upcoming newsletter.  This week's question Is regulation necessary for crypto to reach mass adoption? I look forward to hearing your responses :) | |  Gia | |
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 The Norweigan central bank published its digital currency open source code on GitHub. The bank is using Ethereum to build its CBDC sandbox prototype. More: - The central bank digital currency sandbox offers information about minting, burning, and transferring ERC-20 tokens.
- The code does not support the MetaMask wallet, instead being available privately to people with specific credentials.
- It includes custom frontend and network monitoring tools like BlockScout and Grafana.
- Interoperability remains the primary technical challenge in developing the CDBC.
- The bank will rely on Ethereum's technology for its "core infrastructure" for the "issuance, distribution, and the destruction" of digital central bank money, or DSP.
Coin Telegraph 
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 Fireblocks reached $100M in annual recurring revenue (ARR) despite the bear market conditions. The subscription-based SAAS business has seen an uptick in investor interest in the DeFi and Web3 space. More: - Fireblocks, a SAAS blockchain security provider, reached $100M in ARR.
- ARR, annual recurring revenue, describes revenue based on a subscription model.
- Customers include crypto companies, consumer brands, and gaming companies.
- Investors are showing more interest in use cases behind DeFi, blockchain, and Web3 technologies.
- Some of Fireblocks' partners and collaborators include BNP Paribas, Six Digital Exchange, ANZ Bank, FIS, Checkout.com, MoonPay, Animoca Brands, and Wirex.
calalistech
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 WazirX has resumed operations as Indian authorities have "unfrozen" bank accounts linked to the company. India's Enforcement Directorate (ED) has suspended bank accounts belonging to WazirX to launch a money laundering investigation. More: - The ED froze WazirX's bank accounts after launching an investigation on 16 fintech companies that use WazirX as a platform.
- The ED launched is investigating the company's instant loan app service.
- The agency froze $8.1M in funds on the platform.
- WazirX has cooperated with the authorities providing all documents required to complete the investigation.
- Last month, authorities raided WazirX director Sameer Mhatre for helping 16 fintech companies in money laundering crimes.
Yahoo Finance
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Tether will launch its USDT stablecoin on Near Protocol. Transactions processed on the protocol are much faster and cheaper than other networks. More: - Near Protocol is a layer 1 blockchain network that allows developers to build decentralized applications.
- For example, the most successful layer 1 is Ethereum.
- The benefits of building on the Near Protocol are that it's faster and cheaper than Ethereum.
- The protocol hosts over 700 projects.
- The expectation is that Near will process 100,000 transactions per second.
- Solana, in comparison, averages 3,000 transactions per second.
- Ethereum has double-digit transactions per second.
- Bitcoin does fewer than 10.
- Outside of crypto, Visa processes around 7,000-8,000 transactions per second.
- Tether is launching the stablecoin on Near, which will circulate supply on 12 different blockchains.
- Near is the 13th blockchain to host USDT next to Ethereum, Solana, Avalanche, Algorand, Polygon, Tezos, and more.
- Users can now use their USDT to transfer money in and around the ecosystem and generate yield.
- Near also launched a $100M fund to support Web3 projects.
Zoom out: - Here are some quick facts about Tether, according to Bloomberg:
- Tether trades under ticker USDT.
- It is the third-largest digital token by market value.
- Each token is backed by the dollar and has a stable value of $1.
- However, none of these promises have been fulfilled.
Crypto Potato
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Elon Musk is accused of running a pyramid scheme in support of Dogecoin in the $258B lawsuit. The case has now expanded to include new plaintiffs, investors, and defendants. More: - The lawsuit was first filed by Keith Johnson in June 2022 and has expanded to include seven new plaintiffs and six new defendants, including Boring Company and Dogecoin Foundation.
- The complaint is against SpaceX, Boring, Musk, and his electric car company Tesla for touting and driving up the price of Dogecoin by 36,000% and then letting it crash.
- Other defendants in the case include an online influencer, Billy Markus, and Jackson Palmer, founder of Dogecoin.
- The defendants have been accused of profiting "tens of billions of dollars" at the expense of investors.
- Dogecoin was trading at 74 cents in May 2021 and currently trades around 6 cents.
- Investors claim that there is no intrinsic value behind Dogecoin, and its value was "depended solely on marketing."
- The claim reads: "Musk used his pedestal as the world's richest man to operate and manipulate the Dogecoin pyramid scheme for profit, exposure, and amusement."
- Musk tweeted shortly after that he would "keep supporting Dogecoin."
Reuters
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Ethereum aims to become a "global settlement layer." Analysts are setting the price target to $2,000 as Ethereum merges from proof-of-work to a more energy-efficient proof-of-stake network. More: - Preston Van Loon, an Ethereum protocol developer at Prysmatic Labs, says there the merge may help further the adoption of Ethereum.
- The proof-of-work of Ethereum will merge into proof-of-stake and promote environmental sustainability.
- The benefit of PoS is that it offers something at stake.
- Loon believes that the price of ETH could jump due to the merge.
- Analysts have set a $2,000 target for Ethereum ahead of the merge, a track to recovery.
- On Monday morning, Ether lagged behind Bitcoin, gaining 7% to $1,750. The reason for the underperformance is due to investors pulling money out of ETH and putting it into Bitcoin.
- Meanwhile, others caution against the upcoming merge due to an increased interest in staking Ether (stETH).
- Investors believe that the merge will not live up to its promise.
- "With Bitcoin dominance at 39% and its chart showing a bullish RSI divergence, traders seem to be moving money from BTC to ETH," says Lewis Harland, a researcher at Decentral Park Capital.
NOTE: Inside.com newsletter, event, and website content reflects the opinions of only the authors who are associated persons of Inside.com and do not reflect the views of Inside.com. This content is for informational purposes only, and is not a recommendation of an investment strategy or to buy or sell any security, digital asset (including cryptocurrency) in any account. The content is also not a research report and is not intended to serve as the basis for any investment decision. The content is not legal advice. Any third-party information provided therein does not reflect the views of Inside.com. All investments involve risk including the loss of principal, and past performance does not guarantee future results. Fx Street
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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