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May 26, 2023 / 10:30 AM IST

Cryptocurrency roundup May 26: Trends in blockchain, how AI is capturing the crypto user's imagination & more

A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day

By Murtuza Merchant

Big Story
KuCoin Survey Unveils AI Appetite in Crypto Users: The New Blockchain Revolution?

In a study aiming to comprehend the perspectives and aspirations of various generations in relation to the AI integration and efficiency of blockchain, leading global cryptocurrency exchange KuCoin recently unveiled that 59% of cryptocurrency users are actively anticipating advancements in Artificial Intelligence (AI) within the realms of blockchain and crypto trading.  KuCoin's comprehensive survey, which spanned Gen Z, Gen Y, and Gen X, revealed intriguing generational trends and expectations concerning the adoption and potential influence of AI on the crypto ecosystem.  The survey found that more than 90% of respondents have either utilized or expressed interest in the adoption of AI to enhance efficiency in their daily lives. More here.

Crypto Trends
Fahrenheit Takes the Reigns: A Deep Dive into the Celsius Network Acquisition

In a recent turn of events, cryptocurrency consortium Fahrenheit has successfully won the bid to purchase the bankrupt lender, Celsius Network.
Previous evaluations had estimated Celsius Network's assets to be worth around $2 billion. Details of the acquisition were provided in court documents filed early Thursday morning. Fahrenheit's successful bid includes the procurement of Celsius's institutional loan portfolio, staked cryptocurrencies, mining unit, and a selection of alternative investments. The consortium is required to secure the deal with a $10 million deposit within the next three days, as per the court documents. Fahrenheit consists of several buyers, including venture capital firm Arrington Capital and US Bitcoin Corp. This group emerged as the victor following an extensive auction process. Continue here.

Base Mainnet Launch
Coinbase's Backed Network Set to Revolutionize Blockchain

Coinbase-backed blockchain network Base is preparing for an impending mainnet launch, subject to a few key prerequisites being achieved. Base, which is focused on ensuring a secure network, declared that the mainnet launch is contingent on proven testnet stability, a successful upgrade of Bedrock by Optimism, and the conclusion of audits and reviews. "The fulfillment of these launch conditions are pivotal for us as we're devoted to secure network operations," the team at Base stated in a recent blog post.  The much-awaited Bedrock upgrade by Optimism, slated for June, is expected to bolster the security and robustness of the Optimism mainnet bridge. This enhancement is deemed crucial for projects developed on it, including Base. Details here.

Sam Altman's Worldcoin[
The $115 Million Crypto Revolution Led by Blockchain Capital

Sam Altman’s crypto initiative, Worldcoin, has successfully raised $115 million in a Series C funding round, steered by Blockchain Capital, according to a recent announcement by Tools for Humanity (TFH).  TFH, co-founded by Sam Altman, Alex Blania, and Max Novendstern, is the tech firm behind Worldcoin and its associated World App. The freshly acquired funds will bolster TFH's ongoing research and development endeavors, supporting the expansion of the Worldcoin project and the further enhancement of the World App, a wallet tailored for the Worldcoin ecosystem. The round saw participation from a mix of existing and new strategic investors including a16z crypto, Bain Capital Crypto, and Distributed Global. More here.

Binance Halts Deposits
The Multichain Bridge Crisis

Leading cryptocurrency exchange Binance has temporarily halted deposits of 10 specific tokens, a move prompted by ongoing problems with the Multichain bridge initiative. Tokens impacted by this suspension are primarily used on the BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchain platforms. The list includes tokens like AVA-ETH, SPELL-AVAXC and FTM-ETH. Binance stated that deposits of these digital assets on alternative networks are unaffected, and users should consult the exchange's deposit page for more details. Binance made a public statement noting, "We are temporarily suspending deposits for the following bridged tokens-network while we await clarity from the Multichain team." This temporary halt trails a five-day crisis that Multichain users endured, severely affecting transaction processing and resulting in numerous stalled transactions. Details here.

Regulatory Challenges
Digital Currency Group to Discontinue TradeBlock Amid Regulatory Challenges

Digital Currency Group (DCG), the influential digital asset holding company currently negotiating with the debtors of its insolvent lending operation, has announced the termination of its TradeBlock subsidiary. TradeBlock provided a spectrum of services including trade execution, pricing, and prime brokerage services to institutional clients. TradeBlock was acquired in 2020 by CoinDesk Inc., a cryptocurrency news and events organization that, like TradeBlock, operates under the umbrella of the Connecticut-based DCG. The financial specifics of this acquisition remain undisclosed. After integrating the indexing operation with its own, CoinDesk subsequently spun off the remaining features as the TradeBlock trading platform. DCG cited the challenging macroeconomic conditions, including an extended downturn in the crypto market, combined with the complex regulatory landscape for digital assets in the United States, as the primary reasons behind the decision to discontinue the institutional trading platform. This decision will take effect on May 31. More here.