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| Here is a quick look at the hits from today's Inside Cryptocurrency newsletter: - Google Cloud's Solana integration into its data analytics service BigQuery,
- Crypto custody firm BitGo's new regulatory license in Germany,
- Circle's decision to shut down individual consumer accounts, and more.
Enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | Coinbase, the largest U.S. crypto exchange, has announced that it has raised $2M from 80,000 people through its nonprofit organization aimed at crypto advocacy, Stand With Crypto, so far. The firm also said the group reached a participation of more than 100,000 people. More: - Coinbase launched Stand With Crypto in August with several other industry members to advance pro-crypto policies.
- Users can easily reach out to policymakers and learn about politician's views toward crypto through the group's website.
- The organization's chief strategist, Nick Carr, stated that half of the raised funding came from Coinbase CEO Brian Armstrong.
- Carr also added that the organization has been used to send over 16,000 calls and emails to U.S. Congress members since its launch.
- The group plans to use donations to grow its site's functions to influence crypto policies.
- Kara Calvert, head of U.S. policy for Coinbase, similarly pointed out that the messages become more powerful when they come from people directly to the lawmakers since they answer to their voters rather than companies like Coinbase.
Zoom Out: - Coinbase also spent $39.9M on lobbying efforts during the 2022 election period to advocate for the industry.
- Besides, CEO Brian Armstrong met House Democrats privately in July to share his views on digital asset legislation and related issues, such as tax, privacy, national security, and climate.
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| 2 | | 
What the numbers say: Some AI-related cryptocurrencies, including Fetch.AI's FET token and Ocean Protocol's OCEAN token, briefly plummeted by nearly 10% yesterday. The two tokens decreased by 9% and 10% on Oct. 31 in price, respectively. FET retreated to as low as $0.3411 from the day's peak of $0.3763 within the day, while OCEAN experienced a similar decline from $0.3918 to $0.3523. Then, both tokens saw a price recovery without lodging in the downward trend for long. SingularityNET's AGIX token and The Graph's GRT token also suddenly went down in value on the same day before seeing a recovery, turning back to their average prices. Relevance: The plummet in the prices of AI-related tokens followed an executive order from the White House. On Oct. 30, U.S. President Joe Biden signed a long-awaited order, titled the Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, to establish new standards for building safety and security in the use of AI. The order mainly aims to make the responsible use of AI obligatory through new standards set with six primary points for governments and industry participants. Brands that should care: The new standards are expected to affect the companies primarily working on AI technologies, like OpenAI and Anthropic. | | | |
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| 3 | | Stablecoin issuer Circle has announced that it would halt its support for individual customer accounts as of Nov. 30, citing its recent strategic review. The company has already informed users of the affected accounts about the decision through an email. More: - After Nov. 30, retail customers will not be able to use wiring and minting functionalities for Circle's stablecoins, USD Coin (USDC) and Euro Coin (EURC).
- Consumer accounts with zero balances will also be closed on the specified deadline.
- Business and institutional Mint accounts will not be affected by the decision.
- Circle Mint accounts allowed retail customers to access instant liquidity for stablecoins issued by the company, minting new coins.
- Circle CEO Jeremy Allaire said the decision does not represent something new since they have not allowed individuals to open accounts for years.
- Allaire pointed out that the only change is that they would no longer be supporting several thousands of existing individual accounts.
Zoom Out: - On the other hand, Circle's rival, Tether, still supports individual consumer accounts with a minimum limit of $100,000.
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| 4 | | Tether, the issuer of the largest stablecoin USDT, has reported a $3.2B excess in its reserves backing its token for Q3. The figure represents a slight decrease from the $3.3B excess reserves in the previous quarter. More: - The company also revealed that almost 86% of its reserves were held in cash and cash equivalents during the last quarter, the highest percentage in its history.
- The firm pointed out that it had $86.4B in total assets in Q3 compared to $83.2B in its liabilities.
- The total amount of Tether's secured loans taken out by showing collateral for borrowing stood at $2B as of the end of Q3, with more than $330M of reduction.
- The stablecoin issuer's Q3 report also disclosed that Tether invested $800M in industry-related research fields since the beginning of 2023, with nearly $670M last quarter.
- The report came nearly ten days after Tether announced it would publish data on the reserves backing its stablecoin in real-time as of 2024.
Zoom Out: - On the other hand, the disclosure of Tether's reserves is quite crucial for the company since the Commodity Futures Trading Commission (CFTC) fined the firm $42.5M in 2021 over a related issue.
- At the time, the agency alleged that USDT was not fully backed for the majority of a 26-month period between 2016 and 2018.
- USDT is currently the largest stablecoin with an around $84B market cap.
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| 5 | | The U.S.-based crypto custody firm BitGo has obtained a new regulatory license in Germany. The approval was granted by the German Federal Financial Supervisory Authority (BaFin), the country's financial market regulator, to the company. More: - The license will allow BitGo to offer its digital asset custody services to German customers in compliance with the local regulations.
- The firm has been storing the crypto assets of its registered customers since 2019.
- The company also has a regulatory license in the U.S. granted by the New York Department of Financial Services (NYDFS).
- The managing director of BitGo Europe, Dejan Maljevic, said they have worked hard to obtain a license from BaFin, adding that they are quite pleased to have reached this milestone.
Zoom Out: - In August, BitGo raised $100M in funding from entirely new investors at a $1.75B valuation.
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| 6 | | Tech giant Google's cloud computing arm, Google Cloud, has integrated the Solana blockchain network into its serverless data warehouse, BigQuery. The move brought the total number of supported networks on the data analytics service to 20. More: - The integration will allow BigQuery users to make complex on-chain queries for Solana, such as comparing network fees between Solana and other blockchains and assessing the number of NFTs minted on the network.
- Users will also be able to access archival data from Solana through Google services.
- The support for Solana was first announced in November 2022 at the Breakpoint event in Lisbon, Portugal.
- Solana Foundation, a nonprofit organization dedicated to the growth of the Solana ecosystem, initially expected the integration to go live in Q1 this year.
- However, the foundation's executive director, Dan Albert, said they needed more time to finalize the dataset and ensure they did the integration right.
- The move came more than a month after Google Cloud added support for 11 new blockchains to BigQuery, including Avalanche, Arbitrum, Cronos, Fantom, Near, Optimism, Polkadot, Polygon, Tron, Polygon's Mumbai testnet, and Ethereum's Goerli testnet.
Zoom Out: - BigQuery, launched in 2010, is a data analytics service where enterprises can store their data and make queries of vast datasets.
- The platform first introduced its blockchain data services in 2018 with the integration of a Bitcoin dataset to offer developers access to on-chain data from the leading network.
- The service also supports some public data sets, including Google Trends, Google Analytics, and the American Community Survey's demographic information.
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- Bankrupt crypto exchange FTX's former CEO, Sam Bankman-Fried (SBF), has stated that spending user deposits for the sister company Alameda Research was part of risk management while testifying in court.
- Investment research firm Bernstein's analysts have forecasted that Bitcoin (BTC), the largest cryptocurrency by market cap, could reach $150,000 in price by 2025.
- Brazil's biggest banks have decided to increase their headcounts to prepare for the rollout of the country's central bank digital currency (CBDC), also known as the Drex.
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INSIDE CRYPTOCURRENCY LEADERBOARD (ALL-TIME) |
 | Staff Writer | | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | This newsletter was edited by Aaron Crutchfield | |
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