The convergence of traditional finance and blockchain technology is becoming increasingly apparent, as evidenced by Goldman Sachs and BNY Mellon's collaboration on a tokenized money market fund (MMF). This strategic alliance aims to improve the utility and transferability of MMF shares through tokenization, a significant step towards a more digital, real-time financial system. As traditional finance institutions continue to embrace tokenized assets, the implications for fund structuring and institutional investment are profound.
Simultaneously, a recent survey by Reown and YouGov indicates a shift in crypto use from speculation to utility, with stablecoins and crypto payments emerging as leading use cases. This trend suggests a potential evolution in market behaviour and risk management strategies, as crypto payments become more prevalent and the industry grapples with user experience challenges and network fragmentation.
However, the crypto landscape is not without its risks. The case of the Denver-based pastor and his wife, indicted for a $3.4 million crypto scam, underscores the need for rigorous regulatory oversight and investor protection measures.
In other news, Arthur Hayes' bullish outlook on Ethereum and CryptoPunks NFTs signals potential shifts in institutional investment strategies, while SpaceX's transfer of Bitcoin holdings may reflect changes in custody rather than intent to sell, given Elon Musk's ongoing support for Bitcoin as a hedge against inflation.
Finally, the partnership between Tether and INHOPE to combat online child abuse demonstrates the potential for blockchain technology to contribute to broader societal issues, highlighting the need for robust compliance measures and collaboration with law enforcement agencies.
Overall, these developments underscore the need for legal and financial professionals to stay informed and adaptable in the rapidly evolving Web3 space.
The following article summaries have been sourced from Decrypt, CryptoSlate, NewsBTC, and Crypto Briefing. Each summary includes a direct link to the original source.
BNY Mellon and Goldman Sachs are collaborating on a tokenized money market fund (MMF) product. The goal of this partnership is to enhance the utility and transferability of MMF shares. The product, which will be built using technology developed by Goldman Sachs, will enable fund managers to subscribe to MMF shares via BNY’s Liquidity Direct and digital assets platform. These shares will then be mirrored as tokens on Goldman Sachs's Digital Asset Platform (DAP). Laide Majiyagbe, Global Head of Liquidity, Financing and Collateral at BNY, stated that this mirrored tokenization of MMF shares is the first step in transitioning towards a more digital, real-time financial system.
The initial launch of this product will include participation from BlackRock, BNY Investments Dreyfus, Federated Hermes, Fidelity Investments, and Goldman Sachs Asset Management. BNY Mellon will maintain the official books, records, and settlement. Matthew McDermott, Goldman Sachs Global Head of Digital Assets, expressed enthusiasm about the strategic collaboration with BNY, stating that using tokens to represent the value of MMF shares would unlock their utility as a form of collateral and facilitate more seamless transferability in the future. This initiative is part of a growing trend among financial firms to expand participation in global financial services via tokenized assets.
A recent survey conducted by Reown and YouGov reveals that stablecoin owners now exceed Solana holders, with 38% of users owning stablecoins compared to Solana's 37%. Bitcoin and Ethereum continue to be the most popular cryptocurrencies, each accounting for 48% of users. The survey results indicate a shift in crypto use, from speculation to utility. Stablecoins and crypto payments have emerged as the leading use case in the crypto industry, according to Reown CEO Jess Houlgrave. The survey also found that while crypto trading remains the most popular on-chain activity, crypto payments are now the second most popular, with 14% of users expressing excitement about future crypto payment activities.
However, the survey also highlighted some barriers to crypto adoption. User experience issues, such as the complexity of paying with crypto and managing multiple wallets due to network and chain fragmentation, are some of the challenges users face. To address these issues, Reown is developing tools like the Reown AppKit, which simplifies the process of integrating Web2 businesses into the on-chain economy. The AppKit handles on-ramps, stablecoin transfers, and multi-chain transactions, and includes features like social logins, smart account abstraction, and fiat-to-crypto flows to improve user experience. Houlgrave believes that the industry is at a turning point, with the potential for on-chain user experience to compete with, and sometimes surpass, Web2 norms. She predicts that the next wave of crypto users will be drawn in by intuitive, real-world payment experiences rather than trading.
A Denver-based pastor, Eli Regalado, and his wife Kaitlyn, have been indicted on 40 felony charges for allegedly defrauding Christian investors of $3.4 million through their cryptocurrency, INDXcoin, between January 2022 and July 2023. The couple is accused of misappropriating at least $1.3 million for personal expenses, including luxury vacations, cosmetic dentistry, and home renovations, which they claimed were divinely directed. Despite admitting to the charges in a now-deleted video, Eli Regalado maintained that "God is not done with this project" and urged followers to continue supporting them.
The Regalados solicited nearly $3.4 million from over 300 investors through their online-only Victorious Grace Church. They promised high returns, claiming that God had directed the venture as a "wealth transfer" for his followers. However, INDXcoin maintained zero value throughout its existence, resulting in complete losses for all investors. The couple controlled the only platform where the crypto could be exchanged, Kingdom Wealth Exchange, and allegedly shut it down periodically to prevent investors from withdrawing funds. When investors grew skeptical of INDXcoin's lack of returns, Eli Regalado reportedly told them “the Lord” was directing everyone to hold their positions. The couple allegedly spent the majority of the $1.3 million on personal luxuries, with Eli Regalado admitting the allegations were accurate but insisting that "God is not done with this project".
Arthur Hayes, the Chief Investment Officer at Maelstrom and former BitMEX CEO, has expressed a highly optimistic view of Ethereum (ETH), predicting that the digital asset could reach a new all-time high of $10,000 by the end of the year. In a blog post dated July 23, Hayes likened the current sentiment towards ETH to that of Solana following FTX’s collapse in 2022, before its significant rise from $7 to $280. Hayes points to Ethereum's growing use in corporate treasury strategies and support from major Western institutional players, such as Fundstrat’s Tom Lee, as indicators of a potential rally. He also suggested that increasing institutional confidence could lead to a market breakout.
While Hayes is bullish on Ethereum, he also believes that CryptoPunks NFTs could outperform ETH in terms of dollar value. He suggests that Ethereum holders may likely invest their profits into NFTs as status symbols, mirroring wider societal behaviors around wealth and prestige. This view aligns with comments from Yat Siu, chairman of Animoca Brands, who likens NFTs to luxury items like Rolex watches or Birkin bags, purchased primarily for their cultural symbols of identity and belonging rather than their functionality. CryptoPunks, one of the first NFT projects on Ethereum launched in 2017, have gained legendary status in the digital art world. Despite a significant drop in value during the market winter, CryptoPunks' value has recently surged by over 20% to 48 ETH, equivalent to $177,000, amid a resurgence in the NFT space.
The article titled "Ethereum order‑book liquidity has grown 41 % since April" from CryptoSlate does not provide any information related to the title. Instead, it explains the process of obtaining CryptoSlate Alpha membership.
To acquire this membership, a one-time purchase is required using SOL, the native token of Solana. The purchase necessitates the connection of your Solana wallet. The article also includes a disclaimer, stating that by purchasing the CryptoSlate Alpha membership, the buyer agrees to the terms and conditions of their third-party digital wallet provider and the Access Foundation. CryptoSlate absolves itself of any responsibility or liability concerning the provision, access, use, security, integrity, value, or legal status of the buyer's digital wallet.
PUMP, the native token of memecoin launch platform Pump.fun, is experiencing a significant sell-off, with over 31.6% of the 10,145 successful presale participants offloading their tokens on decentralized exchanges. Blockchain analytics firm SpotOnChain also noted that 53% of presale buyers have transferred their tokens to new wallets, including centralized exchanges, indicating potential further sell-offs. Despite this, some traders have managed to secure substantial profits. The top presale buyer, who purchased 25 billion PUMP tokens for $100 million, has deposited 17.1 billion tokens worth $89.5 million into centralized exchanges, retaining an unrealized profit of $19 million.
However, not all PUMP holders are selling. Around 13% of presale buyers are still holding onto their tokens, with only 2.7% increasing their positions. Some investors, including well-known crypto trader Machi Big Brother, are facing significant losses, with Big Brother potentially losing $4.06 million on a 5x leveraged long position. The sell-off has led to a more than 40% drop in PUMP's price in its first trading week. In response, Pump.fun's fee accounts have repurchased 3.34 billion tokens for $19.81 million in an attempt to support prices, but this has yet to halt the slide. Despite the current turbulence, Coinalyze reports that 75% of traders are taking bullish positions, betting on a price rebound.
The article titled "Ethereum At A Make-or-Break Moment: Chart Structure Signals A Mega Move" from NewsBTC appears to be incorrectly titled, as the content does not discuss Ethereum or any related chart structures. Instead, the article is a personal narrative of Godspower Owie, a Nigerian-born individual who has been involved in the cryptocurrency world for the past three years. Owie shares his experiences and aspirations within the crypto landscape, including his employment with Bitcoinnist and NewsBTC news outlets.
Owie's journey into the crypto world began when a friend of his made significant gains from a crypto asset investment. This sparked his interest in the field, leading him to delve deeper despite the inherent risks. He expresses his dedication and passion for growth in the field, aiming for excellence. Owie also speaks highly of his colleagues and superiors, expressing his commitment to contribute to the growth of the companies he works for. He aspires to become a boss someday, leading a team just as he has been led by great people in his career.
Elon Musk's SpaceX has moved its Bitcoin holdings for the first time in three years, causing speculation within the crypto community. The company transferred 1,300 BTC (approximately $153 million) to a new address, according to onchain analytics platform Arkham Intelligence. While some are concerned that this could indicate SpaceX's intention to sell its Bitcoin, the transfer to an unknown wallet suggests it may simply be a change in custody. The last time SpaceX moved Bitcoin was to Coinbase three years ago, a move more indicative of a sale. If the company intended to sell this time, it's likely they would have moved the funds to Coinbase again rather than a new address.
SpaceX first disclosed its Bitcoin holdings in 2021, around the same time as Elon Musk's Tesla announced its Bitcoin purchase and potential acceptance of BTC as a payment option. Despite the recent transfer, SpaceX still holds 6,977 BTC (approximately $827.41 million) in its recognized wallets. Meanwhile, Tesla, which holds 11,509 BTC (worth around $1.37 billion), has not moved any of its coins in the last nine months and ranks as the 10th largest public Bitcoin treasury.
Musk's growing belief in Bitcoin's potential as a hedge against inflation makes it unlikely that SpaceX intends to sell its coins. Earlier this month, Musk confirmed his support for Bitcoin, stating that his America Party will embrace it as "fiat is hopeless." This statement came in the wake of the Big Beautiful Bill, which increases government spending and is seen as bullish for Bitcoin due to its limited supply compared to the dollar. Musk's recent actions and statements suggest he may be planning to invest heavily in Bitcoin.
Online slot machines have been gaining significant attention due to their fun and engaging nature. They offer a free-to-play model, making them accessible to anyone, and are legal in over thirty countries worldwide. However, it's crucial to verify the legality of online slots on a case-by-case basis as it may not be permitted everywhere. Despite the absence of monetary investment, playing online slots should be seen as a form of entertainment rather than a means to make money. The thrill of the game often encourages players to return and play again.
There are several ways to win in online slots, including hitting a jackpot on a single spin or winning cash by playing multiple times. Online casinos do not require a traditional bankroll, making them accessible to all users. Additionally, they offer the convenience of playing from home, which can be an attractive alternative to taking a short-term loan. Some online casinos offer no deposit bonuses, allowing players to take advantage of multiple jackpots without any initial financial commitment. While online slot machines can be costly, they are as legitimate as those found in physical casinos, with real money jackpots and identical software operating the machines.
For those interested in trying out online slot machines without any upfront financial commitment, there are sites offering free slots. These require only registration and personal information to provide a virtual server. However, players should be aware that they will be charged based on the amount of their bet once they start playing these virtual games. Learning to play online slot machines for free and without any financial commitment can be a quick and straightforward process.
Agtech firm Nature's Miracle has announced the establishment of a $20 million Corporate XRP Treasury program, following approval from the Securities and Exchange Commission (SEC). The company, which provides products and solutions for the controlled environment agriculture (CEA) industry in the US and Canada, will use XRP for long-term reserves, staking, and participation in the Ripple ecosystem. The funds for this program, made available through an equity financing agreement with GHS Investments, will also support general working capital needs.
CEO of Nature’s Miracle, James Li, stated that the decision to focus on XRP was influenced by the GENIUS Act signed by President Trump, which has led to increased institutional adoption of crypto in corporate treasury portfolios. Li highlighted the potential of XRP in improving the speed and reducing the cost of cross-border payments, and noted that many established financial institutions, such as Banco Santander and American Express, are already involved with XRP. The company may further increase its XRP adoption through additional equity issuances, strategic placements, and structured financing instruments. At the time of reporting, XRP was trading at around $3.3, experiencing a 40% growth over the last two weeks, and reaching a new all-time high of $3.6.
Tether, the issuer of the world's most widely used stablecoin, USDT, is expanding its partnership with INHOPE, a global network of hotlines aimed at combating Child Sexual Abuse Material (CSAM) on the internet. The collaboration, which has been in place since 2023, is aimed at strengthening efforts to combat online child exploitation using blockchain technology. INHOPE operates 57 hotlines across 52 countries, including the EU, Russia, South Africa, the Americas, Asia, Australia, and New Zealand, allowing for anonymous reporting of illegal online content, particularly CSAM.
The partnership between Tether and INHOPE aims to increase transparency in financial transactions and disrupt illicit activities related to CSAM. Tether has implemented advanced monitoring tools and safety protocols to detect and disrupt illegal transactions linked to this abuse. Tether CEO Paolo Ardoino believes that blockchain can be a powerful tool in preventing illegal activities such as money laundering, fraud, and terrorism financing. The collaboration also facilitates coordination between exchanges, hotlines, and law enforcement agencies worldwide to combat the exploitation of financial platforms. Samantha Woolfe, Head of Global Partnerships and Network Expansion at INHOPE, expressed gratitude to Tether for deepening the partnership and recognizing the crucial role the cryptocurrency industry plays in the fight against CSAM.
MARA Holdings has announced plans to raise $850 million through a private sale of zero-coupon convertible senior notes. The proceeds from this sale will be utilized for various strategic purposes, including the repurchase of debt, capped call transactions, and the acquisition of more Bitcoin. The company has earmarked $50 million of the total proceeds to buy back a portion of its 1.00% convertible notes due in 2026. The remaining funds will be applied to previously disclosed uses.
The notes sold will be convertible into cash, MARA common stock, or a combination of both, at the company's discretion. However, conversions will only be allowed during specific periods and under certain conditions before May 1, 2032. To limit the dilution of MARA's common stock if the notes are converted into shares, the company plans to enter into private capped call agreements with the initial buyers or their affiliates. In other news, MARA reported mining 2,358 BTC in Q2, making it the second-largest corporate holder of Bitcoin, trailing only Strategy, which owns Bitcoin worth over $72 billion.
