Weekly Crypto Digest for January 29 - February 4 2024
Sunday, February 04, 2024
In the latest issue of Weekly Crypto Digest read more about how The Fed kept the interest rate unchanged, Tether profited $2.9 billion in Q4, Visa opened the withdrawal of crypto, and more news.
The Fed kept the interest rate unchanged
On January 31, 2024, a meeting of the Federal Open Market Operations Committee (FOMC) of the US Fed was held. The regulator left the interest rate unchanged — at the level of 5.25-5.5%.
The next FOMC meeting is scheduled for March 20, 2024. The forecast of the CME exchange shows that the regulator will raise the rate by 0.5% with a probability of 64.5%.
The Dencun update was deployed in the Sepolia Ethereum testnet
Ethereum developers have successfully implemented the Dencun (Deneb-Cancun) hard fork in the second ecosystem test network — Sepolia.
On January 17, the deployment of an upgrade in the Goerli testnet caused a chain split. The Ethereum team was able to make the necessary changes and finalize the hard fork within four hours.
One of the main components of the update is EIP-4844. It includes the Proto-Danksharding option, designed to scale the network by creating a new type of transaction for large arrays of binary data (BLOB). This will likely reduce commissions for L2 solutions based on Rollups technology by approximately 10 times.
It is planned that on February 7, the update will be deployed in the third test net — Holesky. After that, the developers will determine the date of the hard fork in the main network.
Tether's net profit in the fourth quarter reached $2.9 billion
The company Tether, which issues the USDT stablecoin, received a record net profit of $2.9 billion in October-December. This follows from the certification report.
Of the specified amount, $1 billion was for interest on US Treasury bonds, the remaining amount was for a positive revaluation of reserves in gold and bitcoin.
Net profit at the end of 2023 amounted to $6.2 billion.
Excess reserves increased by $2.2 billion for the last reporting period — from $3.2 billion to a record $5.4 billion.
$0.7 billion of $2.9 billion Tether sent to finance investments, including Bitcoin mining, AI infrastructure, and P2P communications.
Audit company BDO confirmed the existence of outstanding unsecured loans for $4.8 billion.
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In January, Web3 and blockchain projects attracted more than $619 million
In January 2024, 104 projects in the field of Web3 and blockchain attracted funding for a total of $619.6 million.
The cryptocurrency exchange operator HashKey Group attracted the most funds in January — $100 million. HashKey Group representatives noted that the company was valued at $1.2 billion. The new funds will be used to expand the holding's cryptocurrency ecosystem, diversify business products in Hong Kong, and innovate the development of companies under its control.
Next are:
$50 million — Flowdesk. The market maker reported on the completion of the Series B round of financing, as a result of which its valuation grew to $250 million. Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, Ripple Labs, and Bpifrance invested in the startup.
$50 million — Canaan. A manufacturer of devices for mining bitcoins raised new capital by issuing and selling 50,000 convertible preferred shares of series A.
$40 million — Sygnum. The Swiss cryptocurrency bank raised funds in a funding round. The key investor was Azimut Holdings Group.
$34 million — Portal. The startup closed the seed round of financing with investors represented by Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io. The project aims to create a Bitcoin-based infrastructure that will allow any user to exchange Bitcoin between several blockchains in a matter of seconds.
Visa opened the withdrawal of cryptocurrencies to its cards in 145 countries
The Visa company in partnership with the provider of the Web3 payment infrastructure Transak provided the possibility of converting cryptocurrencies into fiat money on bank cards.
The integration will allow you to withdraw digital assets directly from wallets such as MetaMask or Coinbase Wallet and use them to pay for goods and services using Visa Direct. The solution allows merchants to connect to the Visa network and receive payments to their cards.
According to Transak, the service is available in more than 145 countries. The platform supports the exchange of more than 40 digital assets, performs KYC procedures, monitors risks, and complies with regulatory requirements in the interests of clients.
Also read our latest article The Role of Market Makers in Crypto: Defining Their Functions.
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