Binance Joins Bitcoin NFT Movement: BRC-20 Tokens Set to Reach $1 Billion Market Milestone

Bitcoin non-fungible tokens (NFTs) are gaining traction in the Web3 space as an increasing number of marketplaces embrace digital assets.
> Cryptocurrency exchange Binance on Tuesday revealed plans to incorporate Bitcoin NFTs into its marketplace by late May.
> This move will extend Binance's multichain NFT ecosystem to encompass the Bitcoin network, building on its existing integrations with decentralized networks like BNB Chain, Ethereum, and Polygon.
> Mayur Kamat, Binance's Head of Product, shared his thoughts on the expanding offerings in the marketplace and the significance of Bitcoin in the crypto world: "Bitcoin is the OG of crypto."
> With this update, Binance users can buy and trade Bitcoin NFTs using their existing accounts. More here.

Crypto Interest Declines Among Wealthy Elite: Goldman Sachs Survey

Goldman Sachs' recent survey of institutional family office investors reveals a significant decline in interest in cryptocurrencies among the wealthy elite, largely due to the extreme market volatility witnessed over the past year.
> According to the survey, the percentage of family offices not invested in crypto and uninterested in future investments has risen to 62 percent, up from 39 percent in 2021.
> Additionally, the portion of those considering future crypto investments has dropped from 45 percent to 12 percent.
> This change in sentiment comes after high-profile crypto collapses involving FTX, BlockFi, and Celsius.
> However, the survey also shows that more family offices are currently invested in cryptocurrencies than in 2021, with 26 percent invested today compared to 16 percent last year. More here.

FTX CEO Challenges Allegations: Bankman-Fried's Pretrial Motions to Dismiss Charges

Late Monday, Sam Bankman-Fried, founder of FTX, filed pretrial motions to dismiss the majority of charges he is facing.
> Set to go on trial this fall, Bankman-Fried faces over a dozen charges, including wire, securities, and commodities fraud allegations, as well as bribery claims.
> These charges are linked to his role as the former CEO of Bahamas-based crypto exchange FTX, which collapsed dramatically last November.
> In the pretrial motions, Bankman-Fried's attorneys sought to dismiss various charges, citing reasons such as prosecutors failing to "state an offense for failure to allege a valid property right" and dismissal on discovery grounds.
> However, they did not attempt to dismiss charges alleging conspiracy to commit securities fraud, securities fraud, and conspiracy to commit money laundering. Details here.

Xapo Bank Becomes First to Integrate Tether (USDT) Payment Rails, Revolutionizing Banking

Xapo Bank, a fully licensed private bank offering both traditional banking and access to Bitcoin and stablecoins, has become the world's first bank to integrate Tether (USDT) payment rails.
> The phased rollout will be available to all members by May 22nd, adding to the existing USDC rails launched in March.
> This development enables members to use the world's most popular stablecoin for payments, offering an alternative to slow and expensive SWIFT transactions.
USDT, with a market cap of $82 billion, is the most widely adopted stablecoin and one of the top traded cryptocurrencies by volume.
> It has been instrumental in facilitating quicker and more efficient transactions for millions of people globally, especially in emerging markets dealing with hyperinflation and economic uncertainty. Continue here.

Digital Asset Introduces Canton Network: Privacy-Enabled Blockchain for Institutional Clients

Digital Asset has announced the launch of the Canton Network, a privacy-enabled interoperable blockchain network aimed at offering decentralized infrastructure for institutional clients.
> The network's participants include major companies like BNP Paribas, Deloitte, Cboe Global Markets, Goldman Sachs, Broadridge, S&P Global, and Microsoft.
> Chris Zuehlke, Partner at DRW and Global Head of Cumberland, stated that the Canton Network answers industry demands for blockchain solutions that maintain essential privacy requirements.
> The network connects applications developed with Digital Asset's smart-contract language, Daml, enabling financial market systems to interoperate and synchronize.
> Jens Hachmeister, Head of Issuer Services and New Digital Markets at Deutsche Börse Group, emphasized the importance of such solutions for future digital and distributed financial market infrastructures. More here.

Blockworks Raises $12 Million to Revolutionize Crypto Information Landscape

Blockworks, a leading cryptocurrency media and information brand, has announced a $12 million investment led by 10T Holdings, with participation from Framework Ventures and Santiago Santos.
> The funds will be used to advance Blockworks' mission of creating a level playing field for information in the crypto industry.
> In the past five years, Blockworks has built a reputation for delivering professional journalism, world-class conferences, podcasts, newsletters, and in-depth research, driving important conversations within the crypto space.
> The company's team consists of journalists, researchers, data analysts, writers, podcast hosts, and operators and claims to provide the most trusted information in the crypto market.
> With this new investment, Blockworks plans to tackle the challenges of fragmentation in crypto research, data, and analytics. Continue here.

Flying Too Close to the Sun: Sam Bankman-Fried and the FTX Exchange Collapse

Sam Bankman-Fried takes center stage as the sole figure (and potential antihero) in a new book exploring the FTX exchange collapse that shook the crypto world last year.
> "The premise of my book is that there's just one character – Sam," says Brady Dale, a crypto journalist at Axios, in an upcoming episode of The Scoop.
> "It's Sam's story, along with the people who were drawn into his vision."
> Launched today, "SBF: How The FTX Bankruptcy Unwound Crypto's Very Bad Good Guy" was written as events unfolded, with Dale not taking a break from his regular work for the project and admitting he sometimes felt "swamped by Sam." Details here.

PayPal and Crypto: Safeguarding a Billion-Dollar Treasure Trove

Digital payments heavyweight PayPal has reported that it is "protecting" nearly $1 billion in crypto assets, despite being relatively new to the digital asset market.
> In a filing with the U.S. Securities and Exchange Commission, PayPal revealed it is safeguarding $943 million in cryptocurrency.
> The majority of the crypto being protected consists of $499 million in bitcoin and $362 million in ether, according to the statement.
> The reported amount, as of March 31, had increased by $339 million compared to the previous period ending in December 2022.
> This increase is likely due in part to the rising prices of bitcoin and ether in recent months. Full report here.

Former Coinbase Product Manager Receives Two-Year Sentence in Crypto Insider Trading Case

Former Coinbase Product Manager Ishan Wahi was sentenced to two years in prison on Tuesday in a landmark cryptocurrency insider trading case, as announced by U.S. prosecutors.
> U.S. District Judge Loretta Preska handed down the sentence in a Manhattan federal court after Wahi pleaded guilty in February to two counts of conspiracy to commit wire fraud.
> This case is one of several high-profile cryptocurrency-related cases pursued by U.S. prosecutors in New York, including one against FTX founder Sam Bankman-Fried, who maintains his innocence.
> According to prosecutors, Wahi shared confidential information with his brother Nikhil and their friend Sameer Ramani regarding which digital assets would be listed on Coinbase, one of the largest cryptocurrency exchanges globally. Continue reading.

Market Makers Jane Street and Jump Trading Scale Back US Crypto Operations Amid Regulatory Pressure

Prominent market makers Jane Street and Jump Trading are reportedly scaling back their involvement in cryptocurrency trading within the U.S. due to increasing regulatory scrutiny.
> While both companies are not entirely abandoning the crypto sector, Jane Street is reevaluating its plans for global expansion in the space.
> Jump Crypto, the digital asset trading arm of Jump Trading, is said to be withdrawing from the U.S. market but remains committed to international growth, as reported by two individuals familiar with the situation.
> The collapse of the centralized exchange FTX has led to heightened regulatory pressure on the crypto industry from U.S. policymakers and regulators, causing concern among industry veterans and investors. Full report here.