Hashkey Group Targets Billion-Dollar Valuation: The New Crypto Unicorn in Hong Kong's Digital Asset Landscape

Crypto-focused Hashkey Group is allegedly in the preliminary stage of discussions to gather a funding round that could elevate its valuation above $1 billion.

Bridging the Gap between Traditional Finance and Blockchain

Duncan Trenholme, co-head of digital assets at TP ICAP, the largest interdealer broker worldwide, has voiced his perspective that the crypto industry can garner insights from traditional finance to enhance conflict-of-interest mitigation and the protection of customer funds.

Marathon Digital CEO Warns Against Proposed Bitcoin Mining Tax

In response to a recent proposal by President Joe Biden's administration to tax bitcoin mining in the United States, Marathon Digital's CEO warns of potential adverse effects.

> Fred Thiel, the CEO, expressed his concern during an interview at the Bitcoin 2023 conference in Miami. He claimed that the proposed taxation would inadvertently push mining companies out of the country, thereby not achieving the projected revenue goals.

> "Bitcoin miners are likely to simply relocate out of the U.S.," Thiel commented, suggesting this is the real consequence of the government's plan.

> Furthermore, Thiel contested the idea that taxing bitcoin miners could lead to an increase in available renewable energy. More here.

Revolutionizing Cross-Border Payments: NY Fed and Singapore's CBDC Systems

A novel study by the New York Federal Reserve and Monetary Authority of Singapore (MAS) suggests that cross-border and cross-currency payments can effectively utilize Central Bank Digital Currency (CBDC) systems operating on diverse networks.

> The research, originating from the collaborative Project Cedar/Project Ubin of the New York Innovation Center and MAS, demonstrates successful cross-border transactions through different Distributed Ledger Technology (DLT) and Hashed Timelock Contract (HTLC) tech systems, with nearly instant settlement finality.

> The report's note underscored that the investigation was technical in nature and did not hint at any specific implementation of CBDCs or their underlying tech stacks.

> Researchers primarily scrutinized interoperability and atomic settlement – the possibility of almost real-time settlement. Full report here.

VanEck CEO Doubts Bitcoin-spot ETF Approval in the US: Implications for Crypto Investors

Coinbase, a prominent cryptocurrency exchange, has decided to broaden the reach of its subscription-based product, Coinbase One, to encompass the United Kingdom, Germany, and Ireland.

> The product, priced at a monthly fee of $29.99, offers its subscribers the benefit of trading with no fees, elevated staking rewards, access to crypto data services, and 24/7 customer support.

> The decision to extend the product’s availability stems from the exchange's strategy to secure a steady stream of income in contrast to the inconsistent revenue associated with unpredictable cryptocurrency markets. Remarkably, Coinbase’s subscription and services revenue saw an impressive increase, doubling to $362 million in the first quarter of 2023 compared to the same timeframe in the previous year. More here.

Block's subsidiary, TBD, has rolled out a new open-source toolset for its Web5 initiative, aiming to streamline the process for developers to craft decentralized web applications.

> The suite includes technologies like decentralized identifiers (DIDs) akin to email IDs or usernames, secure digital certificates known as verified credentials (VCs) that authenticate items like names, ages, and asset ownership, along with decentralized web nodes (DWNs) which decentralize data storage.

> The entire Web5 platform is slated to be launched later this year.

> However, developers can already begin to create decentralized apps on TBD’s platform with this initial release. Mike Brock, TBD's general manager at Block, spoke about the project at the Bitcoin Miami event.Details here.

Robert F. Kennedy Jr.: Championing Bitcoin in the Race for Presidency

Robert F. Kennedy Jr., a U.S. presidential candidate and environmental lawyer known for his advocacy for digital assets, recently shared his progressive views on Bitcoin.

> Kennedy Jr. considers Bitcoin much more than just a form of currency; he sees it as a democratic movement.

> He shared this sentiment at a recent conference, emphasizing the broad appeal of the cryptocurrency.

> Setting his sights on fostering Bitcoin growth in the U.S., Kennedy Jr. has laid out his plans for if he were to win the presidency.

>He said, "As President, I would ensure that every citizen has their own wallet and their own password, free from government interference." Continue here.

Crypto Market Shows Green: Bitcoin, Ether, and INJ Make Gains Amidst Potential Federal Reserve Policy Shift

The largest digital currency by market value, Bitcoin (BTC), has been maintaining its standing below the $27,000 mark, following comments from the chair of the U.S. Federal Reserve, Jerome Powell.

> He indicated potential instability in the banking sector, suggesting a possibility for the central bank to reduce its tightening of interest rates to mitigate escalating inflation.

> The recent trading data from CoinDesk showed Bitcoin at an estimated $26,800, marking an increment of approximately 0.3% over the past day.

> Throughout the weekend, the majority of leading digital assets in the cryptocurrency sphere demonstrated a positive trend. Ether (ETH), standing as the second biggest cryptocurrency by market value, was floating around $1,809 over the weekend, marking a rise of about 0.8%.

> In other market developments, Injective Protocol's INJ, a decentralized smart contracts platform, saw a significant increase of 10% over the day, trading at $7.07.

> However, not all digital assets were on the rise. The Layer 2 blockchain Optimism's OP saw a slight decline on Friday, dipping by 3% to $1.66.