Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crypto Flipsider News – Coinbase BlackRock Deal; Instagram Expands NFT Feature; Circle Investments; Binance-MasterCard Partnership; Lido Treasury Bid

Cryptocurrency Aug 05, 2022 11:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Crypto Flipsider News – Coinbase BlackRock Deal; Instagram Expands NFT Feature; Circle Investments; Binance-MasterCard Partnership; Lido Treasury Bid

Read in the Digest:

  • Coinbase (NASDAQ:COIN) partners with BlackRock (NYSE:BLK) for institutional client crypto services – COIN spikes.
  • Instagram adds Flow NFTs and expands support for 100 countries – FLOW spikes.
  • Circle invests in Nomad and Slope – USDC could play a major role in hard forks: Buterin.
  • Binance and MasterCard partner to launch prepaid card in Argentina.
  • Dragonfly capital wins bid to buy 1% of LDO tokens from Lido treasury.

Coinbase Partners with BlackRock for Institutional Clients’ Crypto Services, COIN Spikes

Coinbase,America’s biggest crypto exchange, is partnering with BlackRock, the world’s largest asset manager. The deal will provide institutional clients of BlackRock’s investment management platform Alladin with access to digital currencies.

The Aladdin investment management platform will be integrated with ‘Coinbase Prime’, enabling institutional clients to access its crypto trading, custody, prime brokerage, and reporting capabilities.

Coinbase announced that bitcoin would be the first digital asset offered to clients on Aladdin–a platform that has over 200 institutional users, including insurers, pensions, corporations, asset managers, banks, and official institutions.

Following the announcement, the share price of the publicly traded Coinbase Global (COIN) jumped more than 31% on Thursday, August 4th, reaching as high as $108.9. However, COIN has since retraced, and now trades at $88.9 per share at the time of writing, but still maintains an increase of +10.01%.

Flipsider:

  • The prolonged downtrend in its shares price downtrend paired with Coinbase’s regulatory woes in 2022 saw its third largest investor, Ark Invest, sell off over 1.41 million COIN shares.

Why You Should Care

Despite the prolonged crypto winter of 2022, the Coinbase-BlackRock partnership demonstrates the increasing willingness of traditional investors to adopt crypto.

Instagram Adds Flow NFTs and Expands Support for 100 Countries – FLOW Spikes

Three months after launching the pilot test for non-fungible tokens (NFTs) on Instagram, its parent company Meta, has announced the program’s international expansion into 100 countries in Africa, Asia-Pacific, the Middle East, and the Americas.

Meta CEO Mark Zuckerberg revealed that a select number of users in these regions would now be able to share their NFTs on Instagram. Meta also announced that Coinbase Wallet and Dapper Wallet would now accepted as compatible third-party wallets.

Having previously supported only Ethereum-based NFTs, Meta has unveiled the integration of NFTs created on the Flow blockchain to Instagram. The FLOW token has been undergoing a pump in light of the news, gaining more than 50% in value since the announcement was made. Flow is trading at $2.80, at the time of writing, after opening Thursday at $1.84.

The 24 hour price chart for Flow (FLOW). Source: CoinMarketCap

Flipsider:

  • Ethereum Co-Founder Vitalik Buterin opines that Meta’s attempt at a Metaverse will “misfire” because “it’s far too early to know what people actually want.”

Why You Should Care

The increasing levels of corporate interest in the metaverse and Web 3.0 is a signal of the wave of change coming to the world’s most powerful social media platforms.

Circle Invests in Nomad and Slope – USDC Could Play a Major Role in Hard Forks: Buterin

Circle Internet Financial, the venture-capital arm of the USDC stablecoin-issuer, was revealed to have invested in Nomad and Slope⁠—both projects to have fallen victim to respective exploits of $190 million and $8 million this week.

Circle has built a reputation for investing in early-stage blockchain projects and companies. Circle backed the $8 million Series A funding of Slope Finance in February, and participated in the $22.4 million seed round for Nomad in April.

Despite its recent struggles, Vitalik Buterin, Ethereum’s Co-Founder, said at the ‘BUIDL Asia’ conference in Seoul that he believes stablecoins like USDC and USDT could become “a significant decider in future contentious hard forks”.

Buterin estimates that, in the future, when these stablecoins hold over $100 billion, blockchain protocols they favor could hold more “respect” in the industry. However, Buterin doesn’t see that happening with Ethereum’s ‘Merge’.

Flipsider:

  • According to a Circle spokesperson, the venture-capital arm’s relationship with Slope and Nomad did not have an adverse effect on the company, which plans to go public later this year.

Why You Should Care

Stablecoins like USDC have remained in the spotlight due to their rapid growth and importance to the broader crypto market.

Binance and Masterard Partner To Launch Prepaid Card in Argentina

The world’s largest crypto exchange, Binance, is teaming up with multinational financial services company Mastercard (NYSE:MA) to launch a prepaid cryptocurrency card in Argentina as a means of increasing the use of crypto in everyday purchases.

In an announcement made on Thursday, August 4th, Binance revealed that customers with valid national IDs would be able to access the new card, which enabled them to make purchases with BTC, BNB, and other cryptos. The service will also allow customers to make ATM withdrawals in fiat at over 90 million Mastercard merchants, both in-store and online.

Using the card, crypto will be converted to fiat currency in real-time at the point of purchase, while also being able to provide up up to 8% in crypto cashback for eligible purchases. No fees will be imposed on cash withdrawals from ATMs.

Binance cardholders can manage their cards through the Binance App and website card dashboard. The app aslo enables users to access other features like transaction history and customer support.

Flipsider:

  • Binance Investigations Officer Tigran Gambaryan alleges that it cost the exchange billions in revenue to meet anti-money-laundering (AML) measures and remove sanctioned accounts.

Why You Should Care

The Binance Card is part of the company’s ongoing efforts to tangibly improve global cryptocurrency adoption.

Dragonfly Capital Wins Bid to Buy 1% of LDO Tokens from Lido Treasury

The Lido decentralized autonomous organization (DAO), the governance body behind Lido Finance, has voted almost unanimously in favor of approving the sale of 10 million LDO tokens, roughly $25 million worth of its treasury tokens, to venture capital firm Dragonfly Capital.

Snapshots from the voting page show that 99.09% of community members staked a collective 60 million LDO to vote in support of the proposal, while just 0.91% of the community used 553,000 LDO to oppose the proposal.

Dragonfly has committed to a 5% premium, plus a purchase price based on a time-weighted average(TWAP). The adjusted proposal also includes a one-year lock-up period before the tokens turn liquid.

Voting took place between July 28th and August 4th. in the next stage of proceedings, there will be an on-chain vote on DAO platform Aragon. Tom Schmidt of Dragonfly confirmed that the deal will continue, stating that the firm is “excited to proceed with the proposal.”

Flipsider:

  • The vote follows in the footsteps of other high-profile decisions, such as Lido’s consideration to grant voting rights to staked ETH (stETH) and LDO holders.

Why You Should Care

Despite the proposal including an option for Dragonfly Capital to exit the deal if the token price exceeds $2.25 at a time when LDO is trading above $2.6, Dragonfly remains committed to the deal.

Continue reading on DailyCoin

Crypto Flipsider News – Coinbase BlackRock Deal; Instagram Expands NFT Feature; Circle Investments; Binance-MasterCard Partnership; Lido Treasury Bid
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email