Ethereum
The biggest crypto news of the past week
1:13 p.m. ▪ 5 min reading ▪ by Luc Jose A.
Amid groundbreaking announcements, technological developments and regulatory turbulence, the crypto ecosystem continues to prove that it is both a territory of limitless innovation and a field of regulatory and economic battles. Here is a summary of the most notable news from the past week regarding Bitcoin, Ethereum, Binance, Solana and Ripple.
Elon Musk says NO to crypto on Twitter!
Elon Musk, well known for his support of Dogecoin, is working on launching a Twitter payment service called “X Payments”. However, this service will not initially include cryptos. Twitter Payments LLC has obtained its first money transfer license in New Hampshire, signaling progress in integrating a fiat currency payment system. The decision to exclude cryptocurrencies could be linked to the volatility and regulatory risks associated with cryptocurrencies. This cautious strategy has sparked mixed reactions within the crypto community, with some seeing it as a step backwards while others see it as a strategic move that could evolve over time.
Tether launches Alloy: a stablecoin backed by gold!
Tether, famous for its stablecoin USDT, has launched a new stablecoin called “Alloy”. This stablecoin is backed by physical gold via Tether Gold (XAUt) and is designed to provide the stability of gold while enabling digital transactions. Alloy by Tether is a platform that enables the creation of collateralized synthetic digital assets. Users can create USDT by depositing XAUt through smart contracts and price oracles, providing a new form of stability and flexibility in crypto transactions. This initiative is part of the trend towards tokenization of real assets, offering an innovative combination of traditional security and blockchain technology.
BNB Chain cuts fees by 90% with Haber
The BNB Chain network recently activated the Haber hard fork, resulting in an impressive 90% reduction in transaction fees. This update includes Proposal BEP-336, inspired by Ethereum’s EIP-4844, introducing blob transactions to optimize data storage and processing. By grouping transactions into attached blobs, verification becomes more efficient, reducing network costs to approximately $0.0001. This improvement particularly benefits the Layer 2 solution, opBNB, and the BNB Greenfield decentralized storage solution. Despite a period of volatility for the BNB crypto, the technological innovations of the Haber hard fork could stabilize and strengthen its position in the market.
Standard Chartered launches into cryptocurrency trading
Standard Chartered, one of the largest banks in the worldannounced the opening of a spot trading desk for Bitcoin and Ether, marking an important step in the integration of cryptos into the traditional banking sector. Based in London, this office will enable institutional clients to directly trade cryptocurrencies, thereby enriching their investment portfolios. The bank worked closely with regulators to ensure the compliance and security of this new service. This strategic initiative aligns with the growing trend of financial institutions adopting cryptos, with Standard Chartered aiming to position itself as a leader.
Ripple partners with ten governments to develop CBDCs
Ripple recently announced partnerships with ten governments for the development of central bank digital currencies (CBDCs). This strategic initiative aims to use Ripple’s blockchain technology to improve the security and efficiency of global financial institutions. Partner countries include Bhutan, Palau, Montenegro, Georgia and Colombia, each exploring specific aspects of blockchain technology to modernize their financial systems. For example, Bhutan focuses on cross-border payments, while Palau emphasizes an environmentally friendly digital currency. This collaboration has sparked varied reactions within the crypto community, with some fearing increased scrutiny, while others see benefits in terms of speed and security of transactions.
That’s the gist of this week’s highlights. But if you want a more detailed recap and in-depth analysis straight to your inbox, don’t hesitate to subscribe to our weekly newsletter.
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Luc José A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I took the commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to relay the latest technological innovations and to put into perspective the economic and societal issues of this ongoing revolution.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.