CRYPTO NEWS AGREGATOR
Fri, Jun 4, 2021 4:38 PM by Valte

Weekly Digest: Barriers On The Road To ETH 2.0 with TheNewsCrypto

TheNewsCrypto Weekly Digest

Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to check out what our friends from the media find interesting in the world of crypto.

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📌 Vitalik Buterin Comments on Barriers on Roadmap to ETH 2.0

Vitalik Buterin, co-founder of Ethereum has told about the obstacles on the way to ETH2, which is going to move on the Proof-of-Stake and will make the network more scalable, more sustainable and more secure. Though, he admitted that the process might take much longer than the team expected – up to six years instead of one as it was planned from the beginning. Buterin also acknowledged that the biggest issue on the way to improvements related to people not to technology. He explained that the current version of Ethereum became the victim of improvements with the high gas fees, making many transactions too expensive for the average users. So the coming update isn’t going to be a completely new one, it’s more of a very much improved version of its first iteration that will consume almost 94% less energy.

📌 Coinbase raised $6M fund supporting Indonesian Crypto Exchange

Pitu, an Indonesia-based crypto exchange created in 2020 got $6 million funds from Coinbase on June 1 in the terms of the “Coinbase ventures” mission that aims to support small crypto exchanges and blockchain startups. It completed a “Series A” funding round supporting the rapidly growing crypto industry in Indonesia and was followed by the major global investors including Pantera Capital and Intudo Ventures. Indonesian public is still very new to the cryptocurrency market and the founder of Pitu, Andrew Adjiputro says that the project is also a chance to attract more people to the digital assets investments.

“Pintu is a bit different from major Indonesian crypto exchanges like Indodax and Tokocrypto as Pintu is focused on the mass market to reach mainly first-time crypto users.” — Andrew Adjiputro, CEO of Pintu

📌 Canadian Securities Commission Takes Action Against Poloniex

Canadian Security Commission has fined cryptocurrency exchange Poloniex for breaking the security laws requiring it to pay 1 million Canadian dollars and to stop any trading procedures completely or temporarily. The Ontario Security Commission has already warned Poloniex before that the actions will follow unless the exchange complies with the local securities before April 19. As Poloniex didn’t take a step towards clarifying its status on the Canadian trading market, the regulation body had no choice but to take action. Additionally to the penalty and restriction on the trading activity, the regulation body insists Poloniex not be registered as investment fund manager and not to be able to acquire any securities.

“Poloniex has never filed a prospectus with the Commission or obtained a prospectus exemption.” — Ontario Securities Commission

📌 Mike Novogratz Opinion on Dogecoin

Michael Novogratz, CEO of Digital Holdings Ltd said he doesn’t see a long future for Dogecoin and that its growth until today was caused by the investors' tribalism. Continuing, he compared it to Gamestop and expressed the concern that it’s just a matter of time when DOGE will also disappear, even though it has a short-term potential, but when it comes to the real utility and credibility, there is no asset more successful than Bitcoin as now lots of companies and individuals recognize it’s potential. According to Michael Sonnenshein, CEO of Grayscale Investments, Doge is just a great example of how easy it became to create a digital asset.

“Furthermore, TheNewsCrypto’s Senior Analyst advises against investing in Dogecoin and instead recommends digital assets such as ADA, TRX, and VET.”

📌 Crypto Firms Struggles To Meet AML Standards in US

After the FCA became an official anti-money-laundering supervisor in the UK in January 2020, only 5 crypto firms managed to meet its standards. The regulation body increased the control on the industry and they’re having plans on making crypto companies submit early financial crime reports. According to John Glen, the member of the UK parliament and Treasury’s economic secretary the main problem is that most of the firms failed to implement appropriately secure control frameworks and to hire proper employees, thus FCA couldn’t process their applications in time. “Temporary Registration Regime” was launched to allow trading for those companies until July 9th, when the decision is to be made on the hanging applications. By the time of publishing, 90% of the firms withdrew their applications after submitting and for the time being there are 167 crypto assets with outstanding applications and 77 applications that are not yet reviewed.

📌 Google Cloud Integrates Blockchain Datasets of Polygon

Polygon has integrated blockchain datasets with Google Cloud Platform, so the datasets can be tracked using BigQuery tool, which is available under the public financial sector category, to get a better understanding of the network. BigQuery Is a multi-cloud serverless, highly-scalable data warehouse. By using it, developers can monitor gas fees; smart contracts and multi-chain analysis for SDK that are supposed to accelerate the network's growth. This integration is a part of the bigger initiative of listing cryptocurrency data in Google Big Query via GCP that includes several real time cryptocurrency datasets with the potential to grow services with distributed ledgers.

“According to Polygon, the ability to gain insights from more than 6 million daily transactions on its blockchain, “will go a long way towards growing and building the Polygon and Ethereum ecosystems.”

📌 PayPal Bitcoin Volume Reached Over $300M

Last week Bitcoin volume reached a new-time-high of over $300 million as a payment method on PayPal, exceeding its previous top of January, 2020 by 80 million. It seems like such a result pushed the competitors, Apple Pay in particular, to look for providing similar services. The company is looking for an employee with at least 5+ years of prior experience with alternative payment methods, cryptocurrencies, digital wallets etc., that might indicate the company’s interests to finally enter the crypto market.

“In last week, bitcoin widely reached $30,000, this shows that retail bought the loss in price with bitcoin currently ranging.”

📌 COSIMO X Partners With Privacy Blockchain Dusk Network

Dusk Network, privacy blockchain project has announced partnering with the first ever tokenized fund COSIMO X that invests in emerging, next generation technologies such as Ethereum competitors Caper Labs and cryptocurrency NDAU. This partnership comes along with the trend of blockchain adoption by many traditional institutions. Dusk Network Protocol aims to bring privacy into security tokens making them a great commodity for the DeFi market. Both Dusk Network and COSIMO X are interested in integration of traditional and decentralized finance.

“The team behind Dusk is very impressive. At COSIMO, we certainly share their emphasis on privacy as a force for good and their vision for Dusk as a key bridge as DeFi and traditional fiancé morph together in the coming years from their separate streams today.” — Connor Cantwell, Managing Partner at COSIMO X

📌 Predictions Speculate Shiba Inu (SHIB) To Reach $1

Despite the fact that the SHIB coin had dropped 5% of its worth last week, it still looks attractive for investors and the attention from famous U.K rapper DJ JY only proves it. Launched less than a year ago Shibu Inu seems to be following the path of DOGE and with the famous artist talking about it, the popularity of another meme coin will definitely grow. It had already shown significant growth entering top-20 altcoins within a short period of time and it has a space for going more as Binance recently added it. Though its price isn’t reaching even 1 cent, it gained momentum of more than $3,4 billion, making most analysts predict its price to double up massively in a short term. Latest gossip in the community suppose that Shibu Inu is developing its own decentralized exchange, and if this goes well SHIB might hit the $1 target faster than anyone would expect.

“The attention received upon SHIB from DJ JY will set his 43,000 plus followers on twitter to go and seek themselves regarding SHIB. Being priced not even a penny, investors will be pouring in for sure.”

📌 ROK Capital and Solana Launches Fund for Solana Ecosystem

Korea’s leading blockchain accelerator ROK Capital partners with Solana Foundation to establish a $20 million Solana Eco Fund focused on developing infrastructure DeFi, Deb3 and NFT projects, but also on expanding Solana’s presence on Korean’s market.  The partnership also includes blockchain consulting firm FactBlock and a community-based accelerator DeSpread. Throughout the newly established fund ROK Capital has already invested in Mercurial Finance, Synthetify, Symmetry, and Parrot. The company also bootstrapped Solana-based permissionless decentralized exchange Serum that offers fast speed and low transaction fees.

“ROK Capital has been a valuable partner to ecosystem companies, assisting with project launch and capitalization. We are excited to collaborate with the new fund to help more entrepreneurs and teams build on Solana.” —  Anatoly Yakovenko, The President of Solana Foundation.

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The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.

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