Prizmabet

Gulf Binance Clinches Thai Regulatory Approval

The joint venture between Gulf Innova and Binance aims to begin offering crypto services in the country later this year.

Gulf Binance, a joint venture between crypto exchange Binance and Gulf Energy’s innovation arm Gulf Innova, has received a digital asset operator license in Thailand, according to a Friday press release.

The rubber-stamp from Thailand’s Ministry of Finance will allow the firm to advance plans to open a regulated crypto exchange and broker in the southeast Asian country. The platform will likely launch by year’s end, according to a press statement.

“By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users, Binance Head of Asia, Europe, and MENA Richard Teng said in a statement. Gulf Energy is one of Thailand’s largest private power producers.

Thailand has signaled it is warming up to positioning itself as an emerging Asian crypto hub. In January, the country’s regulators introduced a set of rules for crypto custody services, and later announced a $1 billion tax break for firms issuing digital tokens for investment. A 2022 ban on crypto lending and staking services and restrictions on digital asset-related advertising, however, indicates the nation is taking a careful approach to supervising the emerging market.

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Stablecoin Issuer Lybra Finance Nears $100M in TVL

Lybra Finance was launched last month and uses liquid staking derivatives to offer a decentralized interesting-bearing stablecoin.

Lybra Finance, a protocol built on liquid staking derivatives that aims to provide a decentralized interest-bearing stablecoin, has seen its total value locked (TVL) skyrocket nearly 400% in the past two weeks, nearing $100 million as of Friday.

Launched one month ago, Lybra’s surge in TVL coincides with Lido upgrading to its second version on May 15, which enabled Lido users to unstake their stETH and receive ETH. According to Lybra documents, the protocol “leverages Lido Finance-issued ETH proof-of-stake and stETH as its primary components, with plans to support additional LSD assets in the future.”

LBR, the native token of the Lybra Protocol, which gives holders governance powers and access to the protocol’s revenue, has jumped 33.8% in the past 24 hours and 173% in the past seven days, standing at $2.23, CoinGecko data shows.

Decentralized exchanges hold 9.61% of the total LBR supply, a steady decline from 23% two weeks ago, according to blockchain data firm Nansen. Nansen also reports that smart money wallets hold 4.74% of the total LBR supply today, an increase from 0.82% on May 16, indicating that savvy crypto investors are accumulating the token.

Nansen considers a wallet to be “smart money” if it has profited at least $100,000 by providing liquidity or made multiple profitable trades on decentralized exchanges.

Bitcoin Moves Little on the Week Despite Debt Deal, Inflation Concerns

Bitcoin trades flat to move one step closer to logging its first losing month of 2023. Ether rises slightly but also seems headed for a negative May.

Bitcoin and ether took slightly divergent paths during the last full week of May. While ether rose 1.5%, bitcoin moved little to recently trade at about $26,700, a little below where it stood last Friday.

Ether’s year-to-date performance gap to bitcoin has narrowed to single digits with ETH gaining 52% YTD versus BTC’s 60% increase. Since May, the ETH/BTC ratio has increased 6.7%. Still both assets are in line to have their first losing month of 2023.

BTC and ETH’s seven-day performance ranked them sixth and 14th among cryptocurrencies with a market cap of $1 billion or more.

The weekly leaders were Render Token (RNDR) and Tron (TRX), up 21.9% and 7.6% respectively, while LDO and ALGO lagged, declining 8.5% and 9.3%

Investors have been focusing on President Joe Biden and U.S. House Speaker Kevin McCarthy’s debt ceiling negotiations. While it’s widely expected that a deal will be reached ahead of the June 1 deadline, the two sides had yet to reach an agreement going into the Memorial Day weekend.

Markets were also weighing Friday’s Personal Consumption Expenditure (PCE) report showing U.S. prices rising more than expected in April. Core PCE, which excludes volatile food and energy prices, rose 0.4%, versus expectations of a 0.3% increase.

The unexpected increase reduces the likelihood that the Federal Open Market Committee (FOMC) will pause interest rate hikes during its June 14 meeting.

According to the CME Fedwatch tool, the probability that interest rates would remain at the current target rate of 5%-5.25% declined from 83% to 38% this week. The probability of a 25 basis point increase rose from 17% to 62%.

Drawdowns across multiple sectors

All six sectors in the CoinDesk Market Index fell this week, with the Smart Contract Platform sector declining the least (0.2%). The Culture and Entertainment sector had the roughest week, falling 4%.

Of the 156 individual assets across the base of CMI sectors, only 20 finished the week in positive territory. Another standout, albeit one with a market cap of less than $1 billion, was decentralized computation token ARPA, up 88%. ARPA is trading 167.2% higher on the month, and over 200% higher over the last 12 months.

China’s Top Prosecution Agency Says Although Not Banned NFTs Have #prizmabet Crypto-Like Attributes

NFT collections, targeted in new published guidelines, have been gaining popularity in China since the country prohibited the trading of cryptocurrencies.

China’s highest national agency responsible for legal prosecution has warned non-fungible token (NFT) digital collections share “the attributes of virtual assets,” which are banned in the country.

The Supreme People’s Procuratorate of the People’s Republic of China published its guidelines for the treatment of NFTs on Monday, recommending stronger “risk research and judgment” and to “accurately punish crimes.”

After China cracked down on local crypto trading and cut off banks from offering crypto-related services in 2021, the local industry all but vanished – until NFTs stormed the scene, and started gaining popularity in China as “digital collectibles,” that didn’t fall into the same basket as high-risk crypto. But the prosecution agency’s new report warns otherwise.

“While it has high popularity, it is very likely to cause financial risks, management risks, network security risks, etc., especially the legal risks. Prosecutors are paying close attention,” the report from Monday said.

NFTs attach a unique digital identifier to virtual or real items, that allows proof of ownership to be recorded on a blockchain. China’s prosecution agency argues owners cannot really “enjoy” the ownership, particularly of digital art, which can still be replicated and distributed.

“From the perspective of property rights, consumers do not enjoy the ownership of the NFT digital assets they purchase in the sense of civil law, and consumers cannot prohibit others from accessing, copying or disseminating the digital assets mapped by NFT,” one author of the report said. “What consumers enjoy is only an exclusive right to prohibit others from tampering with the ownership of the NFT recorded on the blockchain.”

Despite China’s aversion to crypto, the country is looking to harness the blockchain technology that underlies virtual assets to build out national digital infrastructure.

“As a new application of blockchain technology, NFT has certain development potential,” the prosecution agency said.

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Edited by Parikshit Mishra.

Axie Infinity’s Token Jumps 12% After Firm Lists Game on Apple App Store #prizmabet

The dollar valued locked in the open futures contracts tied to AXS has surged to highest since February, signaling an influx of new money into the market.

Blockchain-based play-to-earn project Axie Infinity’s native cryptocurrency AXS rallied after CoinDesk reported on Axie’s card-based strategy game debuting on the Apple app store.

AXS surged over 12% from $7.16 to $8.04 after the news, becoming the top gainer on CoinDesk Indices’ leaderboard. At press time, AXS was on track for its best single-day percentage gain since Jan. 22. The cryptocurrency fell by over 3% in April, registering its third consecutive monthly decline amid the token unlock and risk aversion in the broader market.

Initially, Apple store users across Latin America and Asia in countries including Argentina, Colombia, Peru, Mexico, Venezuela, Indonesia, Malaysia and Vietnam will have access to the card-based game called Axie Infinity. The game already has 1.5 million installations across all platforms. Sky Mavis, the creator of the play-to-earn project, plans to expand the game’s outreach via Google and Apple mobile users.

Open interest spikes

AXS’s price rally was accompanied by a sharp increase in the notional futures open interest or the dollar value locked in open futures contracts. That’s a sign of an influx of new money into the market.

The notional open interest rose to over $75 million from nearly $40 million a day ago, reaching the highest since February, according to Coinglass.

However, the leverage appeared skewed to the bearish side, as funding rates in the perpetual futures market remained negative. Negative rates indicate the dominance of bearish short positions in the market.

Investors probably shorted perpetual futures contracts to protect the long position in the spot market from a sudden price drop, a reflection of lack of confidence in the sustainability of the price rally.

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Edited by Parikshit Mishra.

StanChart-Backed Zodia and LMAX Digital to Provide CoinShares With #prizmabet Crypto Trading Infrastructure

LMAX Digital and Zodia Custody are to provide institutional-grade trading infrastructure and custody to CoinShares.

A trio of European cryptocurrency firms are teaming up to bolster their digital asset trading offering to institutions.

Crypto exchange LMAX Digital and Standard Chartered-backed custodian Zodia Custody are to provide institutional-grade trading infrastructure and custody to digital asset manager CoinShares (CS.ST), according to an emailed announcement on Wednesday.

CoinShares will make use of LMAX’s trading capabilities and Zodia’s Interchange product, which allows clients to keep their assets on its platform, while their holdings are mirrored and available on an exchange for trading.

The three firms’ aim is to offer institutional adopters with the trading infrastructure, security and governance that they would expect in the traditional finance world, thereby assuaging concerns about the digital asset industry heightened by the events of the past year.

“This joint effort with Zodia Custody and LMAX Digital is aligned with our long-term strategy,” CoinShares CEO Jean-Marie Mognetti said. “We are committed to shape a reference standard for digital asset management.”

Edited by Parikshit Mishra.

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Ripple Buys Crypto Custody Firm Metaco for $250M #prizmabet

Metaco will continue to operate as an independent business unit led by CEO and founder Adrien Treccani.

Blockchain firm Ripple has acquired Swiss-based crypto custody provider Metaco for $250 million, the company said in a statement on Wednesday.

The purchase will allow Ripple to expand its offerings by incorporating the technology to custody, issue, and settle tokenized assets. Metaco offers customers crucial and secure custody infrastructure, allowing institutions to scale new business models in the crypto economy.

Diversifying into custody solutions will bring new revenue opportunities, Ripple said, adding that the acquisition is part of its strategy to broaden its presence beyond the U.S and its uncertain regulatory landscape.

In 2020, Ripple and some of its executives faced a lawsuit from the U.S. Securities and Exchange Commission regarding the unregistered sale of approximately $1.3 billion worth of XRP tokens.

Ripple CEO Brad Garlinghouse recently estimated that the legal battle will cost the company around $200 million, while also cautioning crypto entrepreneurs against establishing their businesses in the U.S. While the judge residing on the Ripple lawsuit, said on Tuesday that the regulator cannot seal documents tied to former official William Hinman’s 2018 speech on crypto and securities.

Read more: SEC Can’t Seal Docs Tied to Hinman’s Ether Speech, Judge in Ripple Suit Rules

According to a company spokesperson, the acquisition was financed through a combination of cash and Ripple equity.

“Metaco is a proven leader in institutional digital asset custody with an exceptional executive branch and a truly unmatched customer track record,” said Brad Garlinghouse, CEO of Ripple.

Ripple will become the sole shareholder of Metaco, which will continue to operate as an independent business unit led by its founder and CEO Adrien Treccani.

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Edited by Parikshit Mishra.

Tether Says It Will Buy Bitcoin for Stablecoin Reserves Using Realized Profits #prizmabet

The company, which issues the $82 billion USDT stablecoin, reported $1.48 billion of net profits in 2023 Q1 and revealed $1.5 billion in BTC holdings.

Stablecoin issuer Tether will regularly buy bitcoin (BTC) for its stablecoin reserves using a portion of its profits starting this month as part of a new investment strategy focused on the largest cryptocurrency by market capitalization, the firm announced on Wednesday.

Tether said it will allocate up to about 15% of the realized profits from investments – excluding any unrealized price appreciation of its reserve assets – to purchase BTC and will add the tokens to the reserve surplus.

The company will custody the BTC stash on its own, without using any third-party custodians, according to the statement.

The development comes after Tether, the company behind the largest stablecoin on the market, the $82 billion USDT, revealed last week that it holds $1.5 billion of BTC and $3.4 billion of gold among the assets that backs the value of USDT and its smaller stablecoins. Some 85% of the reserves are held in cash and cash-like assets such as U.S. Treasury bonds, according to its 2023 Q1 attestation.

Stablecoins, now a $131 billion asset class, have become a crucial building block of the cryptocurrency infrastructure, facilitating trading and transactions between government-issued fiat money and digital tokens by keeping their price anchored to an external asset, usually to the U.S. dollar.

BTC investments

The firm’s BTC purchase campaign aims to strengthen and diversify the stablecoin reserves, while capitalizing on its price appreciation as an investment, the press release said.

“Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential,” Paolo Ardoino, chief technology officer of Tether, said in a statement. “Our investment in bitcoin is not only a way to enhance the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology.”

The company said it will exclusively utilize realized profits from its investment operations for buying BTC, disregarding unrealized capital gains. It means that the firm considers “only the tangible gains from its operations,” consisting of the difference between the purchase price and net proceeds from an asset sale or, in case of maturing assets such as Treasury bills, between the purchase price and the reimbursed amount, per the statement.

Tether said that it also focuses on developing communication systems, energy and bitcoin mining infrastructure among its smaller investments.

For years, Tether has been criticized within the crypto industry for its lack of transparency about its reserves and controversial investment decisions.

However, the firm’s flagship token USDT emerged as a safe haven in March as the U.S. regional banking crisis hit Circle’s USDC, the second largest stablecoin. The sudden implosion of Silicon Valley Bank (SVB) left a part of USDC’s cash reserves frozen at the bank over a weekend, and several stablecoins lost their dollar peg temporarily in a knock-on effect.

Tether came out of the calamity as a clear winner by maintaining its price stability due to its perceived disconnection from U.S-based banks, being incorporated in the British Virgin Islands and Hong Kong. USDT’s circulation has grown 24% this year while most rivals have suffered significant outflows.

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Edited by Parikshit Mishra.

First Mover Americas: Axie Infinity Rallies After Apple App Store Debut #prizmabet

The latest price moves in crypto markets in context for May 17, 2023.

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Blockchain-based play-to-earn project Axie Infinity’s native cryptocurrency AXS ralliedafter the company’s card-based strategy game debuted on the Apple app store. AXS surged over 12% from $7.16 to $8.04 on the news, becoming the top gainer on CoinDesk Indices’ leaderboard. The game will initially launch in the Apple store across Latin America and Asia. Bitcoin traded down on Wednesday, struggling to hold the $27,000 mark as investors keep a close eye on developments around raising of the debt ceiling in the U.S. The world’s largest cryptocurrency by market value has lost 9% over the past month.

Crypto companies fleeing U.S. regulatory uncertainty have been offered a welcome in France, by officials boasting a regulatory framework that offers relative predictability. The European Union member already boasts around 74 registered crypto companies. “In France, we are proud to be pioneers,” said Benoît de Juvigny, Secretary General of the Autorité des marchés financiers (AMF), noting his country’s crypto service asset provider regime – known as PSAN – was passed in 2019, “If American players want to benefit, in the very short term, from the French regime, and from the start of 2025 from European arrangements, clearly they are welcome,” he added. “We have good relations and discussions with our U.S. counterparts.”

Using distributed ledger technology (DLT) in securities markets could create savings north of $100 billion per year, a report produced by a major traditional-finance lobby group has said. In a paper published Tuesday evening, the Global Financial Markets Association (GFMA) called for regulators to allow the technology that underpins crypto to aid collateral management, asset tokenization and sovereign bond markets.“ Distributed ledger technology holds promise for driving growth and innovation,” said Adam Farkas, Chief Executive of GFMA, whose affiliates in the U.S., Europe and Asia count major players such as JPMorgan Chase, HSBC and Nomura among their members.

Chart of the Day

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Edited by Stephen Alpher.

Investors Track Pepecoin Whales to Cash #prizmabet In on Meme Coin Mania as Wider Market Stagnates

The trend has the potential to disrupt the huge rallies bitcoin and ether have seen this year.

After pepecoin (PEPE) took just weeks to go from zero to a nearly $2 billion valuation and produce almost-instant millionaires, envious crypto investors are prowling for the next get-rich-quick meme coin.

Anyone doing so is ignoring the fact that the shocking magnitude of PEPE’s controversial rise is rare. Digital assets that have very little – or no – fundamental value like dogecoin (DOGE) or Shiba Inu (SHIB) pop out of the ether every couple of years. But finding the next PEPE is next to impossible; every winner is surrounded by the ashes of many failures. (And, also, PEPE’s market cap has crashed to less than $650 million, according to CoinGecko.)

That doesn’t stop people from trying. For some, that means simply copying whatever early PEPE investors have put their money into next. On-chain data makes this easy. Wallets holding a large amount of tokens can be tracked on sites like DeBank.

Over the course of last weekend, several newly issued meme tokens surpassed PEPE in trading volume. This flurry of activity was down to whale watchers, people who buy assets based off what large wallets are doing.

One wallet that holds over $4 million worth of PEPE purchased a meme coin called HARAM – a token plagued with xenophobic imagery – at 22:22 UTC on Saturday. The market cap skyrocketed from $200,000 to $5 million in the next 4 hours, and 24-hour volume subsequently hit $20 million on Sunday.

This wasn’t the only example. Bizarrely named meme tokens like RIBBIT, BOB, JEFF and WEN all experienced massive spikes in volume over the weekend. Amid this rush into meme coins, overall volume on Uniswap’s decentralized exchange surged to $150 million an hour at numerous points on Saturday, way up from the typical $16 million to $30 million, according to Dune Analytics.

As attention switches to meme coins, other sectors like decentralized finance (DeFi) are beginning to suffer. The total value locked (TVL) on DeFi protocols has slumped from $53 billion to $47 billion in the past 30-days, and while some of this can be attributed to a crypto market correction, outflows from platforms like Agility LSD, which has seen $500 million in outflows, could demonstrate a waning of interest.

And then there’s the question of whether some meme coins have nefarious intentions. There are hundreds of new ones listed every day and a quick glance at DEXTool’s “live new pairs” section suggests an increasing trend of rug pulls, where token creators either dump their tokens on new investors or alter the code to make it so investors can’t sell.

While a select few investors might strike the jackpot and make substantial returns, the odds aren’t in their favor. Bigger picture, the meme coin trend has essentially created a black hole that sucks liquidity out of the market, creating a potential impediment for other cryptocurrencies like bitcoin (BTC) or ether (ETH).

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Following an impressive start to the year, BTC and ETH have hit stubborn levels of resistance at $30,000 and $2,000, respectively, amid what’s been dubbed S**tcoin Spring.

Edited by Nick Baker.