SEC Chair Gary Gensler raised concerns regarding the ethical practices of cryptocurrency exchanges and indicated that the introduction of spot Ethereum exchange-traded funds (ETFs) will experience delays.

During an interview with CNBC on June 5, Gensler addressed inquiries from Jim Cramer regarding potential exchange-traded products for cryptocurrencies beyond Bitcoin and Ethereum. He disclosed that while the SEC approved the associated 19-4b filings for spot Ethereum ETFs last month, the launch of these products would “take some time.” Gensler cited ongoing procedural reviews as the reason for the delay but refrained from providing a specific timeline for their release.

However, Gensler shifted his focus to criticize the broader cryptocurrency market, highlighting unethical practices within crypto exchanges. He condemned these practices, comparing them unfavorably to the standards upheld by traditional exchanges like the New York Stock Exchange.

“Crypto exchanges are engaging in practices that would never be allowed on the NYSE. Our laws don’t permit exchanges to trade against their customers, yet this is happening in the crypto space,” Gensler emphasized.

Gensler underscored the prevalence of fraud and manipulation in the crypto market, citing recent high-profile failures like FTX and Celsius Network. He reiterated the SEC’s commitment to maintaining market integrity through ongoing enforcement measures and emphasized the agency’s role as a civil law enforcement entity.

Furthermore, Gensler highlighted regulatory gaps in the cryptocurrency market, expressing concerns about inadequate disclosure and regulation. He noted that many cryptocurrencies fail to meet the essential disclosure standards expected of regulated assets, depriving investors of crucial information needed for informed decision-making.

 

Stock trading platform Robinhood announced a $200 million acquisition of Bitstamp, a global cryptocurrency exchange. This move aims to expand Robinhood’s crypto offerings and cater to institutional investors in the United States. The deal is expected to close in the first half of 2025, pending regulatory approval.

Robinhood’s decision to buy Bitstamp stems from a growing customer demand for more cryptocurrency products. “Everything we’ve been doing” said Johann Kerbrat, Robinhood Crypto’s general manager, “has been because our engagement from customers has been that they want more crypto products.”

Robinhood has been steadily building its crypto presence since introducing Bitcoin trading in 2018. The Bitstamp acquisition grants them access to institutional-grade offerings like lending, staking, and white-label solutions.

Kerbrat sees Bitstamp’s long history and regulatory licenses as a major advantage. “Bitstamp’s highly trusted and long-standing global exchange… has established one of the strongest reputations across retail and institutional crypto investors,” he remarked. Notably, Bitstamp will retain its branding after the acquisition.

This acquisition comes amidst potential legal troubles for Robinhood in the US. The Securities and Exchange Commission (SEC) issued a Wells notice to Robinhood in May, indicating a potential enforcement action regarding its crypto business. Despite Robinhood’s attempts to register with the SEC, the regulatory body expressed concerns about Robinhood’s crypto listings and custodial operations.

While the Wells notice doesn’t guarantee a lawsuit, it casts a shadow on the deal’s future. Robinhood has expressed its intent to cooperate with the SEC to avoid any violations. How this legal battle unfolds will likely impact the timeline and overall success of Robinhood’s crypto ambitions.

The digital asset management company continues to empower investors by providing expert guidance and comprehensive assessments to optimize digital asset portfolios.

The digital asset market continues its rapid growth, with the global market capitalization surpassing $2 trillion as of April 2024. This surge in interest highlights the increasing need for expert guidance in navigating this dynamic and complex investment landscape.

Kenson Investments, a renowned provider of cryptocurrency investment solutions, is committed to empowering investors with comprehensive assessments and guidance on digital assets. This ongoing initiative ensures that clients receive insightful analyses and strategic advice to optimize their investment strategies in the complex digital asset market.

Understanding the importance of specialized knowledge in a rapidly evolving market, Kenson Investments provides these essential services to help investors approach digital assets with confidence and sophistication.

“Our firm is dedicated to enhancing investor understanding and performance through expert assessments and strategic guidance. The firm’s offerings include detailed evaluations of digital asset portfolios, strategic investment advice, and adaptive strategies to respond to market changes.” said a spokesperson for Kenson Investments.

Each client engagement begins with a thorough analysis of their digital asset holdings, assessing performance metrics, market trends, and potential risks. This rigorous evaluation is supported by Kenson’s team of experts, who apply an analytical approach to pinpoint opportunities for growth and areas needing caution.

Following the assessment, Kenson Investments, recognized for its strategic digital asset consulting, delivers personalized guidance tailored to each investor’s specific objectives. This includes strategic planning sessions that explore various investment scenarios and methods to enhance portfolio performance while managing potential risks.

In addition to providing personalized consultations, Kenson Investments places a strong emphasis on investor education through Kenson Academy. This educational branch supports clients with a wealth of resources, including webinars, workshops, and articles that explore fundamental topics such as blockchain technology, recent developments in cryptocurrency markets, and predictive insights into technological trends.

“With our comprehensive assessments and strategic guidance, we aim to equip our clients with the knowledge and tools necessary for effective digital asset management. We are committed to helping our clients understand their investments and make informed decisions that can improve financial outcomes.” the spokesperson added.

As digital assets continue to play a pivotal role in global finance, Kenson Investments remains at the forefront of investment management, consistently delivering innovative solutions and superior client service.

About Kenson Investments

Kenson Investments is a leading digital asset management company at the forefront of innovation. They specialize in providing cryptocurrency investment solutions and digital asset consulting services, empowering investors to navigate the dynamic digital asset landscape and achieve their financial goals.

Contact Information

Website URL: https://kensoninvestments.com/

Email Address: info@kensoninvestments.com

Phone Number: 1.800.970.2506

Contact Form

Tether, the digital asset firm known for the USDT stablecoin, has unveiled a significant strategic investment and a new stablecoin initiative. The company announced a $18.75 million investment in XREX Group, along with the launch of the XAU1 stablecoin. According to Tether’s press release, this collaboration aims to enhance cross-border business-to-business (B2B) payments and drive innovation in the digital asset industry and regulatory technology. Paolo Ardonio, Tether’s CEO, commented on the strategic move: “Our collaboration with XREX will spearhead several ground-breaking initiatives, including the launch of a unique new unitized stablecoin by the Unitas Foundation and the facilitation of USDT-based cross-border payments, setting a new standard for financial accessibility and efficiency in the region.” The investment in XREX Group will allow the company to enable regulatory-compliant, Tether-based cross-border B2B payments. This development is expected to offer businesses increased efficiency and potentially lower costs for international transactions. Ardonio emphasized the importance of the partnership: Alongside the investment, XREX will introduce XAU1 in partnership with the Unitas Foundation. XAU1 is a unitized stablecoin pegged to the United States dollar and over-reserved with Tether gold (XAUt). The new stablecoin aims to provide a stable alternative and a hedge against inflation. Wayne Huang, CEO of XREX Group, highlighted the significance of this new offering:  

Bitpanda, a leading European digital-asset trading platform, has announced an expansion of its partnership with Deutsche Bank to provide real-time payment solutions for its users in Germany. This collaboration marks a significant step towards enhancing the overall user experience and strengthening Bitpanda’s position as a key player in the digital asset trading landscape.

As part of the expanded partnership, Deutsche Bank will offer real-time payment solutions for both incoming and outgoing transactions for Bitpanda customers in Germany. This API-based account solution will enable Bitpanda to provide local IBANs, ensuring seamless and efficient transactions for its users. This integration is set to instill confidence among users while significantly improving transaction speed and efficiency.

Commenting on the partnership, Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, emphasized the value of bringing together industry leaders to create tangible benefits for users. He expressed gratitude for Deutsche Bank’s commitment to collaborating with innovative players in the financial industry, underscoring the potential for mutual growth and value creation.

Kilian Thalhammer, Global Head of Merchant Solutions at Deutsche Bank, echoed similar sentiments, highlighting the bank’s dedication to user safety and security. Thalhammer emphasized the importance of partnering with regulated fintech providers like Bitpanda to foster a secure and trusted environment for users in the virtual asset investing space.

The partnership with Deutsche Bank represents a significant milestone for Bitpanda as it continues to expand its institutional partnerships and undergoes rapid growth. By integrating with traditional financial services providers, Bitpanda aims to shape the future of the financial services industry and provide tailored solutions for its users.

My Neighbor Alice, a massively multiplayer game, is now one month into its Beta season and so far many of its players have been raving about its fun factor. Touted as a decentralised blockchain game by its makers, MNA aims to be the game that propels blockchain gaming among the masses, especially those who are not in the crypto-sphere.

Its recent landscaping competition has demonstrated the strong UGC (user-generated content) element of MNA. A game with a strong UGC feature will be much more addictive owing to the collective power of all creative minds of its users. Looking at the recent contest held by the MNA team, it can be seen clearly that the level of interactivity and customisations offered to players is substantial.

Very importantly, many more women are playing this game as well. This gives the game a very balanced demographics of players.

Being a collaborative, engaging and offering a highly-immersive world, it is no wonder that the price of ALICE token has been on a tear. The price of ALICE token has doubled in the last few days. The price action seems healthy and traders are piling in on the exceptional dynamics of MNA’s game design.

It seems the whales have cleared many of the initial resistance levels to bring the price of ALICE to an all-time high of 2.699 USDT on Binance. Resistance in the order books seems frail for now.

How far can ALICE token price go? I guess we will know soon enough once its roadmap continues to progress towards its goal of true decentralization.

Disclaimer

Any information provided in this article is not intended to be a substitute for professional advice from a financial advisor, accountant, or attorney. You should always seek the advice of a professional before making any financial decisions. You should evaluate your investment objectives, risk tolerance, and financial situation before making any investment decisions. Please be aware that investing involves risk, and you should always do your own research before making any investment decisions.

Stablecoins, cryptocurrencies pegged to real-world assets like the US dollar, are experiencing a resurgence. Their market capitalization has reached $161 billion, the highest level since April 2022, according to CCData’s May report. This eight-month growth spurt comes after the major blow dealt by the TerraUSD collapse in 2023.

Circle’s USDC is a major driver of this growth, with its market cap skyrocketing to $32.6 billion fueled by a surge in demand. In March, USDC pairs saw record monthly trading volume, pushing its market share by volume to a dominant 8.27% for two consecutive months.

Meanwhile, Tether (USDT) is also enjoying success. Tether Holdings reported a record $4.52 billion profit in Q1 2024, coinciding with USDT’s impressive run. USDT’s market cap has seen nine consecutive months of growth, currently sitting at a substantial $111 billion.

However, the stablecoin boom is happening alongside a slow rollout of Central Bank Digital Currencies (CBDCs). The International Monetary Fund (IMF) reports disappointing adoption for Nigeria’s e-Naira, launched in October 2021. Despite initial excitement, e-Naira has only processed a modest $7.3 billion in transactions since March 2023.

This slow adoption raises questions about the future of CBDCs. Can they compete with established stablecoins, or will they struggle to gain widespread acceptance?

The current market trend suggests stablecoins, particularly USDC and USDT, are solidifying their position as facilitators of crypto transactions. Their stability and growing adoption indicate a potential long-term role within the crypto ecosystem.

Conversely, the slow uptake of e-Naira casts doubt on CBDCs’ ability to rival private stablecoins. Only time will tell if CBDCs can adapt and overcome these initial hurdles.

Vitalik Buterin, co-founder of Ethereum, has donated $113,000 worth of cryptocurrency to a legal defense fund supporting the developers of Tornado Cash. Tornado Cash is a privacy tool that allows users to send cryptocurrency anonymously.

Buterin’s donation is part of a larger effort to raise funds for Alexey Pertsev and Roman Storm, who were arrested by Dutch authorities last year and charged with violating Anti-Money Laundering rules. A Dutch court recently sentenced Pertsev to five years in prison.

Law enforcement agencies around the world have been cracking down on cryptocurrency privacy tools, arguing that they are used by criminals to launder money. However, the crypto community believes that developers of these tools should not be held responsible for how they are used.

Buterin is a long-time advocate for cryptocurrency privacy and has written extensively on the subject. The crypto community is also actively campaigning for the release of Ross Ulbricht, the creator of the Silk Road marketplace, who is currently serving a life sentence for non-violent crimes.

Polygon Labs has announced an organizational change, doubling down on their commitment to zero-knowledge (ZK) solutions. In a statement on May 28, Polygon Labs revealed the expanded role of its co-founder and executive chairman, Sandeep Nailwal, who will now serve as the Chief Business Officer (CBO).

This strategic move signals a heightened emphasis on advancing Polygon’s tools related to ZK-proofs—a cryptographic method enabling parties to validate information without disclosing sensitive data. Nailwal’s primary focus will be on nurturing the growth of Polygon CDK, a ZK-based software toolkit facilitating the creation of new layer-2 (L2) chains on Ethereum and enabling seamless chain transitions.

Additionally, Nailwal will spearhead the integration efforts for AggLayer, a two-component decentralized protocol launched in February 2024, fostering collaborations with developers and technology stakeholders.

Nailwal’s transition to CBO comes after months of steering Polygon’s strategy and execution as executive chairman over the past two years. Polygon Labs acknowledges that this transition, now nearing completion, will be effectively operationalized under the leadership of CEO Marc Boiron.

Boiron emphasized Nailwal’s invaluable contributions to critical projects, noting his active engagement with developers and enterprises since Polygon’s inception.

In response, Nailwal expressed confidence in Polygon Labs’ mission to develop transformative technology, providing developers and enterprises with robust opportunities for rapid and secure scalability, coupled with liquidity access.

Bitcoin (BTC) is currently trading in a narrow range between $68,000 and $69,000 after experiencing significant volatility last week. This follows a surge fueled by positive rumors about the US Securities and Exchange Commission (SEC) approving spot Ethereum ETFs. Bitcoin reached a high of nearly $72,000 but has since retraced and settled around its current price point.

Ethereum (ETH), on the other hand, has resumed its upward trend after the official approval of spot ETH ETFs. The price has surpassed the $3,900 mark, driven by this positive development.

While Bitcoin consolidates, meme coins are having a moment. PEPE continues its impressive run, setting a new all-time high of over $0.000017, with a 13% increase in the last 24 hours. FLOKI and BONK have also seen significant gains of around 13% each.

The majority of larger-cap altcoins are experiencing sluggish movement. However, Ethereum stands out with a 3.5% surge, reclaiming the $3,900 level. Conversely, some altcoins like DOGE, XRP, TRX, AVAX, NEAR, and BCH are facing slight price dips.

The total cryptocurrency market capitalization remains relatively stable at around $2.7 trillion.

 

 

Chainlink (LINK) has been on a tear lately, defying the recent slump in the cryptocurrency market. The token surged 7% on May 24, capping off a 30% price increase so far in May. This impressive rally has investors wondering if LINK can reach $20 and beyond.

Several factors are fueling Chainlink’s bullish momentum. Market intelligence firm Santiment highlights positive on-chain metrics for LINK. The token has been outperforming the broader market, reaching a six-week high of $17.50. Additionally, Santiment points to a favorable ratio of profitable LINK transactions to losing ones, suggesting strong investor confidence.

Network activity on Chainlink is also on the rise. The number of daily active addresses interacting with the blockchain has jumped significantly in recent weeks. Development activity has seen a similar uptick, with more developers contributing to the Chainlink network. This increased activity indicates growing interest and adoption of Chainlink’s technology.

From a technical standpoint, LINK’s price bounced off a key support level in mid-May and has been on a steady climb ever since. The token successfully broke out of a bearish triangle pattern, and technical indicators like the RSI are signaling a strong uptrend.

Traders are expressing optimism about LINK’s future. The token appears poised for a retest of the $17.50 resistance level, which could become a support level if broken. Some analysts are even predicting a surge to $50 or even a 100x increase, citing LINK’s strong fundamentals and growing adoption.

The overall sentiment surrounding Chainlink is undeniably bullish. With a robust technical setup, increasing network activity, and growing recognition of its value proposition, LINK’s recent price rally might just be the beginning of a much larger trend.

 

Good news for Ethereum investors! The US Securities and Exchange Commission (SEC) approved a key hurdle for spot ether ETFs, bringing these investment vehicles a step closer to reality. However, investors will need to wait a bit longer before they can start buying them.

The SEC greenlit what are called “19b-4 forms” for several ether ETF proposals. This is a significant step, but it’s not the final one. The ETFs still need to pass another SEC review process through “S-1 filings” before they can officially launch for trading. Experts predict a waiting period of weeks or even months.

This approval comes as a surprise to many. The SEC had been quiet on the issue of ether ETFs after approving similar products for Bitcoin earlier this year. However, there was a recent shift, with the SEC requesting updates from issuers on their proposals.

Several major investment firms are behind the proposed ether ETFs, including BlackRock, Fidelity, and Grayscale.

While the initial approval is positive, it doesn’t guarantee all the proposed ETFs will be approved for trading. Each issuer’s S-1 filing will need individual SEC approval.

Industry experts are optimistic but cautious about the timeline. While some hope for a launch within weeks, past experiences suggest it could take months.

Stock exchanges are also eager to list these ETFs. Cboe Global Markets, for example, plans to list several different ether ETF products. They believe these ETFs will provide a safe and convenient way for investors to gain exposure to Ethereum.

VanEck, one of the issuers, is aiming to be the first to launch its ether ETF.

Tigran Gambaryan, a high-ranking Binance executive and a former US agent, fainted during his money laundering trial on Thursday in Abuja, Nigeria. This dramatic event on the second day of the trial raises concerns about his health after eight weeks in prison, media reports said.

Gambaryan, who heads Binance’s financial crime compliance, appeared frail and stressed throughout the proceedings. His lawyer, Mark Mordi, attributed the fainting to deteriorating health and presented a doctor’s note, though details of the condition were withheld.

The judge, Emeka Nwite, granted an adjournment until June 20th and 21st to allow Gambaryan to receive medical attention.

This incident marks a significant development in the ongoing legal battle between Binance and Nigerian authorities. The world’s largest cryptocurrency exchange faces money laundering charges linked to $35 million in transactions, alongside separate tax evasion accusations.

Both Binance and Gambaryan have denied the money laundering charges. Gambaryan himself pleaded not guilty, but his request for bail was denied due to flight risk concerns.

Further complicating the situation, Binance CEO Richard Teng recently accused Nigerian officials of demanding a $150 million bribe. This claim has drawn fresh criticism towards the company.

The legal proceedings have faced numerous setbacks. The tax evasion trial was stalled when Gambaryan failed to appear due to reasons not disclosed by prison authorities. Additionally, Gambaryan’s colleague, Nadeem Anjarwalla, escaped custody using a Kenyan passport and is currently an Interpol fugitive.

The initial regulatory dispute between Binance and Nigeria has escalated into a full-blown criminal case. Nigerian authorities accuse Binance of facilitating foreign exchange racketeering through its platform, impacting the country’s currency.

The U.S. House of Representatives took a major step towards regulating the cryptocurrency industry with the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) on May 22.

The bill, championed by Republicans, aims to establish a regulatory framework for digital assets, addressing key areas like consumer protection, regulatory oversight, and asset classification.

Key Provisions of FIT21

Consumer Protection: The bill mandates transparency and accountability from digital asset developers and institutions like exchanges and brokers. This includes requiring accurate disclosures about projects and operations.

Regulatory Oversight: The act proposes the Commodity Futures Trading Commission (CFTC) as the primary regulator for non-security crypto spot markets. It also clarifies how different digital assets are classified as securities or commodities, potentially shifting oversight away from the Securities and Exchange Commission (SEC) for certain assets.

Mixed Reactions

While the crypto industry celebrated the bipartisan support for the bill, with 71 Democrats joining Republicans in its favor, regulators and some lawmakers voiced concerns. The White House and SEC Chair Gary Gensler expressed fear of regulatory gaps and potential erosion of investor protections.

Future Outlook

FIT21 now faces an uphill battle in the Senate. Despite broad support in the House, the bill needs to navigate potential opposition and revisions before becoming law. This move by the House signifies a growing push for crypto regulation in the U.S., but the final framework remains to be determined.

Bitcoin (BTC) staged a dramatic comeback after a quiet weekend, rocketing past $72,000. This surge follows a period of consolidation around $67,000, which finally gave way yesterday evening.

Source: CoinMarketCap

The rally extended to other major cryptocurrencies, with Ethereum (ETH) leading the charge. Fueled by renewed optimism surrounding a potential US approval of Ethereum ETFs this week, ETH surged over 20% to reach a multi-month high above $3,700.

This rapid price movement triggered over $260 million in short liquidations across major exchanges, marking the highest level since February. Notably, over $115 million in Ether shorts were liquidated, highlighting the vulnerability of bearish bets in this climate.

The surge in Bitcoin coincides with a six-day streak of inflows into Bitcoin ETFs, reaching nearly $240 million on Monday. Analysts believe the potential approval of an Ethereum ETF could have a similar impact, attracting institutional capital and driving prices even higher. Some analysts, like Singapore-based QCP Capital, predict ETH could reach $4,000 if the ETF is greenlighted.

The potential for ETF approval has some traders anticipating further price increases for ETH. Singapore-based QCP Capital predicts a potential rise towards $4,000 if approved, with a possible dip back to $3,000 if rejected.

In a major sign of mainstream adoption, a record number of traditional finance (TradFi) firms are pouring money into Bitcoin exchange-traded funds (ETFs). According to an analysis of 13F filings with the Securities and Exchange Commission (SEC), a whopping 937 U.S. banks, investment managers, hedge funds, and professional firms held investments in spot Bitcoin ETFs as of March 31, 2024.

This surge in institutional interest marks a significant development for the cryptocurrency market. It signifies growing acceptance and integration of Bitcoin into traditional investment strategies.

Hedge funds are spearheading this trend. Industry giants like Millennium Management and Susquehanna International Group (SIG) are making sizable bets, with investments of $2 billion and $1 billion in Bitcoin ETFs, respectively.

Other prominent players joining the game include Bracebridge Capital ($434 million), Boothbay Fund ($377 million), and alternative asset manager Aristeia Capital ($163.4 million). Even established names like investment bank Morgan Stanley ($269 million) and advisory firm Pine Ridge Advisors ($205.8 million) are wading into the Bitcoin ETF market.

The trend isn’t limited to major institutions. Investment firms like Hightower Advisors ($68 million), Fortress Investment Group ($53.6 million), and Cambridge Investment Research ($40 million) are also making noteworthy investments. Interestingly, major banks like JPMorgan Chase and Wells Fargo are taking a more cautious approach with relatively modest investments of $760,000 and $143,000, respectively.

Investors are diversifying their exposure by allocating their funds across several Bitcoin ETFs. Grayscale’s GBTC, BlackRock’s IBIT, Fidelity’s FBTC, and Ark Invest’s ARKB seem to be the most popular choices.

The trend might extend beyond private institutions. The State of Wisconsin Investment Board has already made a significant investment of $163 million in Bitcoin ETFs, potentially paving the way for other state-owned entities to follow suit.

 

 

Chainlink (LINK), the cryptocurrency powering a key blockchain data network, surged over 18% in the past 24 hours. This jump coincides with the completion of a successful pilot project between Chainlink and the Depository Trust and Clearing Corporation (DTCC), the world’s largest securities settlement system.

The project, dubbed Smart NAV, aimed to streamline the process of delivering net asset value (NAV) data for investment funds onto various blockchains. This data delivery would be facilitated by Chainlink’s interoperability protocol, CCIP. Major US financial institutions like JPMorgan, Franklin Templeton, and BNY Mellon were all involved in the pilot.

According to a DTCC report, the project demonstrated the potential of secure on-chain data delivery and standardized processes for various blockchain applications. This includes tokenized funds and smart contracts managing multiple funds.

News of the successful pilot initially sent the LINK token price up by over 7%, reaching $15 for the first time since early May. This momentum continued, with LINK ultimately exceeding $16.46, an 18.11% increase in a single day. Trading volume also ballooned by a staggering 235%, surpassing 1 billion.

The collaboration between Chainlink and DTCC highlights the growing interest in tokenizing real-world assets (RWAs) within the financial sector. Tokenization offers numerous potential benefits, including faster settlements, improved transparency, and operational efficiencies compared to traditional methods. Leading institutions like BlackRock and Citigroup are actively exploring these benefits.

The success of this pilot project is a significant development for both blockchain technology and the future of asset management. As RWA tokenization gains traction, Chainlink’s role in facilitating secure and reliable data delivery appears increasingly crucial.

 

 

Tether has partnered with mobile payment app Oobit and the TON Foundation to simplify cryptocurrency payments. This collaboration aims to make using crypto for everyday purchases smoother and more accessible.

Tether recently launched its popular tokens, USDT (Tether dollar) and XAUT (Tether gold), on the TON blockchain. This allows users to send USD₮ directly through Telegram messages and use them for instant crypto payments on Oobit’s Tap & Pay feature. With over $200 million worth of USDT already issued on TON, the technology is gaining traction.

“We’re excited to partner with Oobit and TON to expand Tether’s use and drive crypto payments forward,” said Paolo Ardoino, CEO of Tether. This partnership has the potential to provide people without traditional bank accounts with a way to use cryptocurrencies and participate in the global financial system.

Oobit offers a user-friendly Tap & Pay option for crypto payments. This means businesses can receive regular currency (fiat) even when payments are made in USDT. This integration aims to make crypto a more practical and widely accepted payment method.

The TON blockchain, a decentralized alternative to the internet, plays a key role in this collaboration. With TON’s integration with Telegram, USD₮ and potentially XAUT could provide a simple way for Telegram’s massive user base to make peer-to-peer (P2P) payments.

“This integration makes cryptocurrency accessible and user-friendly,” said Victor Mendes of the TON Foundation. By working together, Tether, Oobit, and TON aim to make crypto a part of everyday life for millions of people worldwide.

El Salvador has ramped up its Bitcoin holdings by mining nearly 474 bitcoins since 2021, leveraging geothermal energy from the Tecapa volcano, Reuters said.

The country allocated 1.5 megawatts from its 102-megawatt geothermal power plant for mining, generating $29 million worth of Bitcoin using 300 processors. This development positions El Salvador as a leader in sustainable cryptocurrency mining.

El Salvador’s embrace of Bitcoin began in 2021 when it became the first nation to adopt it as legal tender. This move, along with subsequent Bitcoin-focused policies like the geothermal mining project, attracted criticism from organizations like the World Bank. The recent bear market further intensified scrutiny towards President Nayib Bukele’s Bitcoin strategy.

Despite the criticism, Bukele remains committed. He secured re-election earlier this year with promises to promote Bitcoin and fight crime. His administration even pledged to buy one Bitcoin daily.

This news comes amidst ongoing debates about Bitcoin mining’s environmental impact. Traditionally, the process relies heavily on fossil fuels, raising concerns. Groups like the Ripple-backed Greenpeace advocate for transitioning to more sustainable methods, while some U.S. states have even banned Bitcoin mining.

A Bitcoin address that lay dormant since the era when Satoshi Nakamoto, the mysterious creator of Bitcoin, has recently shown signs of activity after a hiatus of 10 years. The wallet, which held 687 BTC valued at approximately $43.9 million, initiated a transfer of its assets to two separate wallets on May 6.

The transaction saw 625.43 Bitcoin being sent to an address beginning with bc1qky, while the remaining 61.9 BTC found its way to bc1qdc. The resurgence of activity in wallets dating back to the early days of Bitcoin, particularly those associated with the enigmatic Satoshi era, often piques the interest of the cryptocurrency community.

The term “Satoshi era” denotes the period following the inception of Bitcoin when its pseudonymous creator, Nakamoto, was actively participating in online forums. Speculation frequently arises regarding whether wallets from this era might be linked to Satoshi himself.

In August 2023, a similar event occurred when a dormant wallet, inactive for nearly 14 years, suddenly moved 1,005 BTC mined in 2010. This particular transaction triggered widespread speculation, with many suggesting it could be Satoshi’s own wallet. However, experts are inclined to believe that such movements are more likely the work of early miners or investors seeking to capitalize on their holdings.

There are approximately 1.75 million Bitcoin wallets that have remained inactive for over a decade. Many of these wallets hold substantial amounts of BTC, acquired at a time when the cryptocurrency was trading at significantly lower prices, now valued in the millions.

These dormant wallets collectively hold 1,798,681 Bitcoin, amounting to an estimated $121 billion at current market prices. In recent years, there has been a trend of Satoshi-era wallets being reactivated, often followed by the transfer of their assets to new addresses or exchanges, suggesting a desire to cash out after years of dormancy.

In July 2023, a wallet dormant for 11 years suddenly moved $30 million worth of BTC, while in November 2023, three wallets linked to the Satoshi era transferred a combined $230 million after remaining dormant for six years. Notably, these three wallets concluded their last transactions on November 5, 2017, leading to speculation that they may be connected to a single individual or entity.