Tokenized Gold Assets: The Billion-Dollar Market Shaping the Future of Gold Investments

The market capitalization of tokenized gold assets has crossed the $1 billion milestone, as reported by crypto price tracker CoinGecko, coinciding with the near-record high price of gold. Tokenized gold, a form of stablecoin, mirrors the price of gold and allows investors to own physical gold through blockchain tokens without the expenses of an exchange-traded fund (ETF) or the challenges of storing gold bars. Two dominant gold stablecoins in the market are Pax Gold (PAXG), issued by New York-based fintech firm Paxos Trust Company, and Tether Gold (XAUT), created by Tether, the company behind the $80 billion stablecoin USDT. According to CoinGecko data, PAXG and XAUT have market caps of $518 million and $499 million, respectively. More here.

Swiss Banking Giant PostFinance Embraces Crypto through Sygnum Bank Partnership

Switzerland's fifth-largest financial institution, PostFinance, has announced plans to offer its users access to cryptocurrencies through a collaboration with Sygnum Bank, a regulated digital asset services provider. As a fully-owned entity of the Swiss government, PostFinance will initially grant its 2.5 million customers the ability to purchase, store, and sell leading cryptocurrencies like bitcoin (BTC) and ether (ETH), with plans to expand the selection of crypto-tokens in the future. Switzerland's approach to cryptocurrency stands in contrast to that of countries like the U.S., where there appears to be a concerted effort to curtail the growth of digital assets. Sygnum, which received a banking license from Swiss regulators about four years ago, serves a diverse clientele, including Cantonal banks and private banks, all with a focus on the crypto industry. Details here.

Texas Senate Committee Advances Anti-Bitcoin Mining Bill

Texas Senate committee has advanced a bill that could potentially make the state less appealing for Bitcoin miners. Sponsored by Republican state senators Lois Kolkhorst, Donna Campbell, and Robert Nichols, the bill proposes eliminating tax breaks and requiring miners using over 10 megawatts (MWs) to register as flexible load operators with the state grid operator ERCOT. On April 4, lawmakers unanimously approved Senate Bill 1751 with a 10-0 vote. Texas is known as a major global hub for Bitcoin mining due to its deregulated grid, affordable electricity, and renewable energy options. In 2021, legislators promoted the state as a welcoming alternative for mining operations displaced by China's ban. According to Texas Blockchain Council President Lee Bratcher, bitcoin miners in Texas are consuming 75% more power than last year, totaling around 2,100 MW. Read More.

Dubai Tightens Crypto Licensing Rules: Binance Faces Increased Scrutiny

Dubai is intensifying its examination of crypto license applicants, such as Binance, in light of last year's FTX bankruptcy, demanding more details from companies seeking permits, according to anonymous sources familiar with the matter. Dubai's Virtual Assets Regulatory Authority (VARA) has recently requested information from Binance on its ownership structure, governance, and auditing procedures, the sources said. Similar details are being sought from all international firms applying for permits. The increased scrutiny by Dubai could pose challenges for Binance CEO Changpeng "CZ" Zhao, who is based in Dubai and has plans to expand in the Middle East, as he faces mounting pressure from US regulators. Full report here. 

MicroStrategy Boosts Bitcoin Portfolio with Additional $23.9 Million Investment

MicroStrategy, led by Michael Saylor, has acquired an additional 1,045 bitcoins (BTC) for a sum of $23.9 million, with an average cost of $28,016 per bitcoin, as reported in a Securities and Exchange Commission filing between March 23 and April 4. This new acquisition increases the firm's bitcoin holdings to roughly 140,000, currently valued at around $4 billion with bitcoin trading at $28,500. The overall average purchase price for these holdings is $29,803. On March 27, MicroStrategy announced the acquisition of 6,455 bitcoins, amounting to $161 million, over the previous five weeks. The company also revealed that it had paid off the remaining balance of its $205 million loan from the now-defunct Silvergate Bank. More here.

Decentraland's Virtual Fashion Week Sees Dramatic Decline in Attendance: A Closer Look

Decentraland's recent four-day virtual fashion week concluded with mixed results. Despite its previous success, the metaverse platform experienced a significant drop in attendance this year, with only 26,000 people attending compared to last year's 108,000 unique attendees – a staggering 76% decline. Top brands such as Dolce & Gabbana, Tommy Hilfiger, and Adidas sponsored shows, yet the highest number of simultaneous users barely exceeded 1,000. With a valuation of $1 billion and its native token, mana, once boasting a market capitalization of over $6 billion, Decentraland faced a challenging event. Nonetheless, event organizers remained optimistic. Dr. Giovana Graziosi Casimiro, Head of Metaverse Fashion Week, said, "Although attendee numbers were down, we had tens of thousands of new visitors to the metaverse. More here.

Legal Faraday Box: How Sam Bankman-Fried's Electronic Life Is About to Change

Sam Bankman-Fried is set to face stringent restrictions on his electronic and internet use in the coming days, akin to being confined in a legal "Faraday box." A judge has granted Bankman-Fried's request to postpone the enforcement of these new bail terms until next week. Once they take effect, he will have to surrender his smartphone and laptop to his lawyers and receive replacements with restricted capabilities. Bankman-Fried's new phone will be unable to access the internet, while his laptop will be heavily monitored and limited to specific websites, such as his lawyers' website, Uber Eats, and Spotify. Additionally, the passionate gamer will be prohibited from playing video games that allow chat or voice communication. Read More

DEXs Thrive Amid Regulatory Pressure on Centralized Exchanges: March Trading Volume Soars

Decentralized exchanges (DEXs) experienced a significant surge in cryptocurrency trading volume in March, coinciding with increased regulatory pressure on centralized counterparts like Kraken, Coinbase, and Binance. According to DefiLlama data, DEXs recorded a trading volume of $133.1 billion, marking the third consecutive month of growth and the highest monthly total since May. As the crypto sector grapples with intensified regulatory scrutiny, centralized exchanges are bearing the brunt. The US Securities and Exchange Commission targeted Kraken over its staking service and issued a Wells Notice to Coinbase, while the Commodity Futures Trading Commission accused Binance of circumventing US law. Read More

Ether Nears $2,000 Pre-Shanghai Hard Fork While Bitcoin Remains Range-Bound

Ether (ETH), Ethereum blockchain's native currency, hovered above $1,900 for a significant part of Wednesday, just a week ahead of the Shanghai hard fork. The second-largest cryptocurrency by market capitalization traded at $1,913 recently, marking an increase of around 2.2%. Earlier in the day, ETH hit $1,941, its highest point since August of last year. Bitcoin (BTC), the leading cryptocurrency in terms of market value, remained relatively unchanged from Tuesday, trading at approximately $28,280. BTC has been confined to a range between $27,000 and $28,500 for much of the past three weeks. In addition, Lido DAO's LDO and Rocket Pool's RPL, governance tokens for the liquid staking protocols, both experienced over a 2% increase, as per CoinGecko's data. Among other altcoins, Stargate Finance's native STG token, a cross-chain bridge protocol, saw a growth of more than 14% on Wednesday, while Mask Network's MASK token, an encrypted messaging protocol, declined by 4%.