Read in the Digest
- The amount of ETH in deposit contract hits $28 billion.
- Binance launches a $1 Billion fund to boost BSC adoption, Celsius raises $400 million.
- Coinbase (NASDAQ:COIN) announces NFT debut with new NFT marketplace, Cathie Wood sells Coinbase shares.
- Bitcoin ETF futures may be delayed until 2022.
- After 3 years, Stripe reappears in the crypto scene.
The Amount of ETH in Deposit Contract Hits $28 Billion
The Ethereum network has experienced significant growth following the August network upgrade. According to Dune Analytics, the deposit contract of ETH 2.0 now has approximately $28 billion worth of staked ETH.
According to Dune Analytics, 7.94 million ETH tokens have been staked under the deposit contract of ETH 2.0. The crypto industry’s recent resurgence pushed the price of ETH up to $3,664. However, the second-largest crypto is trading at $3,452 as of this writing.
In January, staked ETH hovered around $2 billion, or over 2.2 million ETH, where 1 ETH was valued at $850. In the last 8 weeks since network upgrade, approximately 1.5 million tokens have been stakes in the ETH 2.0. staking contract. This shows just how much the Ethereum Network has grown in 2021.
The 30 day price chart for Ethereum (ETH). Source: Tradingview
Flipsider:
- According to the data analytics firm, the amount of ETH held by miners has reached its highest point, at $1.84 billion (532,750 ETH), since 2016.
Why You Should Care
Since the launch of Ethereum’s network upgrade, the world’s second-largest cryptocurrency has gained massive support from the community and institutional investors alike.
Binance Launches $1 Billion Fund to Boost BSC Adoption, Celsius Raises $400 Million
More than ever, regulatory agencies have been intensifying their jurisdiction over the crypto industry. Regardless, crypto projects have continued to grow, gaining more ground daily. One such example is leading crypto exchange Binance.
On October 12th, Binance announced a $1 billion fund which it calls “the biggest funding program of its kind in the whole cryptocurrency industry.” The crypto accelerator fund will foster the adoption of the Binance Smart Chain and the blockchain industry as a whole.
On the same day, the world’s leading crypto earning and lending platform, the Celsius Network, announced a $400 million round led by growth equity firm WestCap and Caisse de dépôt et placement du Québec (CDPQ). The completion of the funding round now gives Celsius Network a valuation of $3 billion.
The fund will be used by Celsius to expand its offerings and products, allowing them to launch institutional-grade products and offerings. Celsius will also be bolstering their staff numbers (from 486 to 1000) as it aims for global adoption.
Flipsider:
- Following regulatory warnings, crypto exchange Binance has terminated some of its services in South Africa
Why You Should Care
These large-scale funds aim to boost the growth and innovation of blockchain projects to bring crypto to a wider audience.
Coinbase Announces NFT Debut with New NFT Marketplace, Cathie Wood Sells Coinbase Shares
Non-fungible tokens have exploded in 2021. Their wild popularity has led to new trading practices and has attracted the attention of numerous firms across different industries, including Coinbase, the world’s leading crypto exchange.
On Tuesday, October 12th, Coinbase announced ‘Coinbase NFT,’ a marketplace that will “make minting, purchasing, showcasing and discovering NFTs easier than ever.” Coinbase is the latest exchange to get into NFTs, following in the footsteps of FTX and Binance.
Coinbase believes that “creating an NFT should be as simple as tapping a few buttons,” According to Coinbase, the peer-to-peer NFT marketplace will launch before the end of 2021.
While users will have to wait until the end of the year, Coinbase has launched a waiting list.
Flipsider:
- Ark Invest, the flagship fund of Cathie Wood, cashed out on its Coinbase shares after Bitcoin topped $57k.
- On Monday, October 11th, Ark Invest sold 98,000 Coinbase shares, worth over $25 million.
Why You Should Care
With a user base of 68 million, the entry of Coinbase into the NFT industry could increase the adoption of NFTs and provide competition for established marketplaces like OpenSea.
Bitcoin ETF Futures May Be Delayed Until 2022
Crypto enthusiasts and investors looking to capitalize on the growing popularity of exchange-traded funds (ETFs) may have to wait until 2022 to receive first approval. The delay comes as a result of regulatory uncertainties.
Speaking on the show ‘ETF Edge,’ Todd Rosenbluth, senior director of ETF and mutual fund research at research firm CFRA, stated that the crypto community may need to wait a little longer to get the first ETF approval.
Currently, more than a dozen ETFs are in the waiting line, including VanEck, Invesco, Amplify ETFs, and Global X. Rosenbluth opined that until the “regulatory environment is more clear,” there won’t be any ETF approval.
Flipsider:
- The crypto community is one step closer to getting an ETF, with the Volt Equity ETF that tracks Bitcoin holders .
Why You Should Care
The crypto community has long anticipated the approval of a Bitcoin ETF future, and analysts have suggested that the continuous delay may “exacerbate recent Bitcoin volatility.”
After 3 Years Stripe Reappears in the Crypto Scene
More than three years after ending support for Bitcoin, payment processing firm Stripe, is looking to build a new crypto-focused team. The announcement was made by Stripe’s head of crypto engineering, Guillaume Poncin, on Tuesday, October 12th.
The $100 billion payment processing firm is looking to hire four crypto engineers to “lay the foundation to support and inform Stripe’s crypto strategy,” and to “design and build the core components that we need to support crypto use cases.”
Guillaume Poncin announced on Twitter (NYSE:TWTR);
We’re starting a new crypto team at @Stripe. I’m hiring engineers and designers to build the future of Web3 payments: https://t.co/A40QPCw3XG. pic.twitter.com/ygYTrA125T— Guillaume Poncin (@gponcin) October 12, 2021
In January 2018, Stripe dropped Bitcoin from its payment platform because it had become “less useful for payments” as it had “become better-suited to being an asset, than being a means of exchange.”
Flipsider:
- Stripe’s voyage back into the crypto space comes two years after its CEO, Patrick Collison, said he was “very sceptical” of cryptocurrency.
Why You Should Care
As the crypto industry expands, Stripe follows a growing number of traditional finance firms looking to leverage the potential opportunities provided by the crypto market.
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