Sygnum's High 5: Discover the top news in crypto for the week!
Bitcoin’s mining landscape shifts while El Salvador and other countries jump at the opportunity to attract companies in the sector. At the same time, more funds are betting in crypto while leading organizations recognize the value of Blockchain technology and cryptocurrencies in the financial system. Read more about the top crypto news of this week.
Bitcoin mining moves from China.
Chinese authorities are restricting Bitcoin mining and trading organizations amid energy concerns and fossil fuel dependence.
At the same time, countries as Kazakhstan are attracting miners to the country, with leading mining companies already setting up operations.
China’s dominance in Bitcoin mining will change as the landscape decentralizes while states in the U.S. also try to attract Bitcoin and crypto companies, promising cheap energy.
BIS claims that stablecoins and CBDCs can coexist.
The Bank of International Settlements (BIS) released a new report investigating Central Bank Digital Currencies (CBDCs).
BIS is optimistic about the launch of CBDCs in the current financial system while claiming that private stablecoins can coexist.
The Head of the BIS Innovation Hub believes that the choice between CBDCs and stablecoins is up to consumers, given that both follow a regulatory playing field.
Blockchain can help fight climate change.
The United Nations (UN) claims that Blockchain technology can help fight the climate crisis while crypto can bolster more sustainability in the economy.
Transparency is the key feature behind Blockchain’s value proposition, which has proved to serve many use-cases from finance to sourcing.
Blockchain’s ability to overcome fraud and tampering is convincing the UN to develop more plans with the technology, believed to “accelerate the adoption of renewable energy sources such as wind and solar.”
Ethereum London upgrade moves forward.
Ethereum’s London Upgrade will go live on the Ropsten Testnet network amid Ethereum’s transition from a Proof-of-Work (PoW) model to a Proof-of-Stake (PoS).
The EIP 1559 upgrade on the Ropsten network will help with transaction fees, which can skyrocket amid periods of high network usage, increasing costs for traders.
Ethereum’s 2.0 transition is divided into several steps, while developers expect to implement the full model switch in 2022.
Andreessen Horowitz launches its biggest crypto fund ever.
Andreessen Horowitz, one of the leading venture capital firms in the world, successfully raised its 3rd crypto fund of $2.2 billion.
The firm is tackling Blockchain startups with its biggest crypto fund ever, after an initial fund of $300M and a 2nd crypto fund of over $500M. The VC firm has a successful track record with companies like Coinbase, Dfinity, and Dapper Labs on their portfolio.
The fund launches at a moment when a lot of talent moves into crypto, with venture capital firms playing a significant role in this trend.
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