🏦 Will the Fed hold Bitcoin?
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Senator Cynthia Lummis is reportedly working on a bill instructing the U.S. Federal Reserve to add Bitcoin to its reserve assets holdings. The news comes as crypto is emerging as a significant political issue, with some commentators suggesting Kamala Harris’s campaign may look to embrace web3.
Crypto markets tumbled in response to Mt. Gox, the bankrupt pioneering exchange, distributing more than $2 billion to creditors. The move was also spurred by the U.S. stock market suffering its heaviest sell-off since 2022.
Plus, Solana’s Solend protocol rebranded to Save, Clearpool launches its credit marketplace on Arbitrum, Colombia’s top bank taps Chainlink for its stablecoin, Proton Wallet launches in early access, and Yona Network integrates Neon EVM.
✍️ In today’s newsletter:
- Crypto markets crash alongside stocks
- Republican Senator wants BTC in U.S. reserves
- What is Kamala Harris’ stance on crypto?
- Clearpool’s credit marketplace arrives on Arbitrum
- Solend rallies on Save overhaul
- Bancolombia taps Chainlink to prove stablecoin reserves
- Proton unveils non-custodial wallet
- Yona Network brings EVM and SVM to Bitcoin
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📈 Markets in the last 24 hrs:
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📉Bitcoin and Ether Plunge Amid Mt. Gox Distributions
Crypto markets suffered brutal drawdowns alongside a tumbling U.S. stock market — which posted its worst day since 2022. The move also followed Mt. Gox distributing more than $2 billion worth of Bitcoin to creditors.
️🇺🇸 Senator Lummis Reportedly Wants U.S. Federal Reserve To Hold Bitcoin
Republican Senator Cynthia Lummis is reportedly drafting a bill requiring that the U.S. central bank to add Bitcoin to its strategic reserve asset holdings alongside gold and foreign currencies. Lummis may announce the bill at this week’s Bitcoin2024 conference in Nashville, Tennessee.
🤔Kamala Harris’ Stance On Cryptocurrency: What We Know
The web3 community is scrutinizing Kamala Harris’ stance on crypto, despite the Democratic Party’s presidential nominee offering few public statements on the topic of web3. However, both tech investor Mark Cuban and VC founder Anthony Scaramucci have told media that a Harris administration may be more open-minded to the sector than the outgoing Biden camp.
💵Clearpool Launches Institutional Credit Marketplace on Arbitrum
Clearpool has launched its institutional credit marketplace on the booming Ethereum Layer 2, Arbitrum, with support in the form of an ARB grant. The crypto trading firms Flow Traders and Bastion Trading have already originated $18 million in loans using Clearpool Prime.
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The state bloat problem is blockchain’s biggest elephant in the room. Every day, millions of new entries are created on public blockchains like Stellar and Solana, and each validator needs to store all this state indefinitely. Every meme NFT, hello world test contract, and spam token needs to be kept around forever no matter how often the information is actually used, or even if it gets used at all. As more users and use cases come to blockchain, the issue will only grow, causing networks to become slower and more expensive as they try to keep up with all this bloat.
READ MORE: Scalability with State Archival on Stellar vs. Solana’s Avocado
🪙Solana’s Solend Rebrands to Save and Announces Plans to Launch Stablecoin
The Solana-based lending protocol, Solend, has rebranded to Save. The move coincides with the project plans to launch a native stablecoin, SOL liquid staking token, and platform for shorting memecoins with leverage. The SLND token jumped 35% in response to the news.
🇨🇴 Colombia’s Largest Bank Taps Chainlink Proof of Reserves For COPW Stablecoin
Wenia, the digital asset subsidiary of Bancolombia, Colombia’s largest bank, has integrated Chainlink’s Proof of Reserves to bolster the transparency of its COPW stablecoin. Wenia also plans to integrate Chainlink’s Price Feed and Cross-Chain Interoperability Protocol soon.
🆕Proton Announces its Self-Custodial Bitcoin Wallet
Proton, the company behind the popular privacy-focused email client, launched its non-custodial wallet in early access. Proton Wallet will initially exclusively support Bitcoin, and may expand to support other digital assets in the future.
🤝Yona Network Integrates Neon For EVM and SVM Compatibility On Bitcoin
Yona Network, a Bitcoin Layer 2, partnered up with Neon EVM to integrate support for Ethereum smart contracts. Yona already supports the Solana Virtual Machine transactions. The move comes as Bitcoin’s L2 ecosystem is quickly expanding.
🌍 ELSEWHERE
- Coinbase Sells User Bitcoin Holdings Due To Inactivity But There’s A Catch (CoinGape)
- Mt. Gox creditors to start receiving bitcoin and bitcoin cash from Bitstamp on Thursday (The Block)
- Indian City of Raipur Puts Real Estate Records on Blockchain With AirChains (CoinDesk)
- Kraken Distributes Bitcoin From Mt. Gox to Creditors (Unchained)
🔥TRENDING
- Owlto Finance, the Premier Blockchain Interoperability Protocol, Raises Funds at $150M Valuation
- Arca Taps Securitize To List Tokenized U.S. Treasury Fund
- Hermetica Launches Bitcoin-backed Synthetic Dollar
- Trump to Launch Fourth NFT Collection Because ‘The People Want Him To’
- Real World Asset Sector Outperforms on Growing TradFi Tokenization Effort
- Crypto Markets Surge After BlackRock CEO Larry Fink Calls Bitcoin ‘Digital Gold’
- Starknet Integrates Pyth Network as Oracle Provider
- DeXe Partners with HOT to Empower Telegram with DAO Creation
- Pixelverse to Launch PIXFI Token on TON Network
- ‘Mempool Sniping’ Plagues Bitcoin Ordinals
- Pendle Launches New Pools On Arbitrum Network
- Scroll TVL Soars Past $1 Billion
- Bloomberg Analyst Says Ethereum Spot ETF to Launch July 23
- Trump-related Tokens Soar After Ex President Survived Shooting at Rally
- Matcha Unveils New Price Engine For Whales Trading on DEXs
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