11th June 2023

Welcome to This Week in Crypto by Crypto Oasis! Going forward this weekly newsletter will also have a focused section from The Green Block on ESG news in the Web3 landscape as well as DIFX Dispatch highlights that cover some of the top stories in more detail.

Diving right in last week, the cryptocurrency market experienced a significant crash due to the U.S. Securities and Exchange Commission (SEC) launching enforcement actions against two major players in the industry: Binance and Coinbase. Both exchanges were sued for allegedly operating as unregistered securities exchanges. Bitcoin and Ethereum, the leading cryptocurrencies, experienced relatively smaller losses compared to other coins. Binance's native coin, BNB, crashed by 23%, while Cardano, Solana, and Polygon faced losses of over 30%. Other prominent cryptocurrencies, such as Litecoin, Avalanche, Shiba Inu, Uniswap, Chainlink, and Cosmus Hub, also lost between 20% and 30% of their value.

In other news Swift and Chainlink will test connecting over a dozen financial institutions to Blockchain networks, Ankr–Microsoft partnership continues with blockchain creator tool debut, Small business lending protocol Defactor tokenizes $100M in bonds, and JPMorgan, 6 Indian banks to settle dollar trades on Onyx Blockchain system. Turbos Finance Introduces Smart Routing for Stablecoins on Sui. Kraken NFT Marketplace launches with support for Ethereum, Solana, and Polygon collections, Louis Vuitton introduces its iconic Trunk to the world of Web3, GameStop NFT is back in the spotlight after a partnership with Illuvium, Tether to fund about $1 billion for a renewable energy project, Cardano emerges as the greenest Blockchain powering the billion-dollar market, El Salvadorian Bitcoin mining attracts $1 Billion for green energy and Award-winning Recycle-to-Earn (R2E) project Ecoterra’s presale raise surges to nearly $5 Million.

In the News:??

The evolving landscape of real estate tokenization in the UAE: opportunities, challenges, and regulatory outlook. The full implementation of tokenized assets in the UAE depends on regulatory frameworks, market demand, and alignment of various factors. Unlock Blockchain?

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Swift and Chainlink will test connecting over a dozen financial institutions to Blockchain networks. Major traditional institutions like DTCC, ANZ, BNP Paribas, and Citi will partner with Swift to transfer tokenized assets across Blockchains. Chainlink will provide connectivity, aiming to attract more investors and increase liquidity in capital markets. Coindesk?

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Ankr–Microsoft partnership continues with blockchain creator tool debut. The tool allows companies to quickly deploy customizable Blockchains for Web3 strategies, starting with the Polygon Supernet. Cointelegraph?

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Small business lending protocol Defactor tokenizes $100M in bonds. The bonds will be lent to small- and medium-sized enterprises using real-world assets as collateral. Defactor Labs partnered with CMS for legal guidance and chose Luxembourg as the governing jurisdiction. Cointelegraph?

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JPMorgan, 6 Indian banks to settle dollar trades on Onyx Blockchain system: Bloomberg. The pilot project aims to enable real-time settlement of dollar trades 24/7, unlike the current system that takes days and operates only on weekdays. Coindesk?

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Sequoia Capital announces three-way split to separate China business.The move aims to decentralize back-office functions, citing global financial complexity and brand confusion. The U.S. arm will focus on North America, while the other two branches will serve China and Asia respectively. Cointelegraph?

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Quantum miners would yield ‘massive’ energy savings for blockchain: Study. Scientists from the University of Kent compared energy consumption rates of current ASIC-based miners to proposed quantum-based solutions. Quantum mining devices demonstrated superior energy efficiency, potentially saving 126.7 TWH. Although costly, building quantum systems in the 512-qubit range could provide massive energy savings for Blockchain mining. Cointelegraph?

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Crypto custodian BitGo signals intent to acquire Prime Trust. Wallet infrastructure provider BitGo has signed a non-binding letter of intent to acquire fintech infrastructure provider Prime Trust. If the deal is finalized, BitGo will gain Prime Trust's payment rails and cryptocurrency IRA fund, expanding its wealth management offerings. Cointelegraph?

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World Mobile eyes African rollout after decentralized wireless field tests. Decentralized wireless (DeWi) network operator World Mobile completed field tests of its DeWi technology in Kenya, Mozambique, and Nigeria, moving closer to a full rollout across Africa. The tests utilized TV white space equipment in Kenya and Mozambique and SpaceX's Starlink in Nigeria, demonstrating the scalability and feasibility of the technology. Cointelegraph?

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Aave lending protocol moves closer to launching GHO stablecoin on Ethereum main net. The V3 Ethereum Facilitator would allow gho lending against collateral deposits, while the FlashMinter Facilitator would enable flash loans with zero collateral. Gho aims to generate revenue for the Aave DAO by directing interest payments to the organization. Coindesk?

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‘Pent-Up Innovation’ ready for launch on Cosmos. Cosmos co-founders emphasize the need for Cosmos to stand out from competitors, citing its unique offerings of trustless and interoperable solutions. Despite Ethereum's broader distribution and user base, Cosmos showcases evidence of momentum and upcoming innovations that could reshape the perception of the ecosystem. Blockworks?

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Optimism 'Bedrock' upgrade to speed confirmations, cut gas fees, set path to 'Superchain'. The upgrade supports Optimism's goal of creating a "Superchain" of interoperable Blockchains. Coinbase plans to build its Base network using Optimism, while venture capital firm Andreessen Horowitz is backing the project's client software. Coindesk?

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Turbos Finance Introduces Smart Routing for Stablecoins on Sui. Turbos Finance, a decentralized exchange (DEX) on the Sui blockchain, introduces smart-routing for stablecoin swaps, enabling multiple USDC variant liquidity pools. Traders can seamlessly exchange bridged USDC assets wrapped by Wormhole bridge for native Sui assets. Coindesk?

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Cumberland Labs unveils SaaS API for public Blockchains and DeFi protocols. The tool simplifies the process of connecting to Blockchain and decentralized finance protocols. It offers read and write connectivity to major public Blockchains and DeFi protocols, aiming to improve cross-chain communication efficiency. The platform supports various chains, including Ethereum, Solana, and Tron. Cointelegraph?

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Cboe Digital receives nod for margin trades on its crypto futures exchange.? This move allows users to trade BTC and ETH futures with a smaller upfront investment. It also enables traditional financial firms to access crypto futures without custody requirements. Cointelegraph??

Arte News:?

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Kraken NFT Marketplace launches with support for Ethereum, Solana and Polygon collections. The platform offers blue-chip projects as well as affordable collections under $100. Gas fees will not be charged for buying and selling NFTs, but they apply to transfers on and off the platform. Coindesk?

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Louis Vuitton introduces its iconic Trunk to the world of Web3. With an NFT release showcasing their famed Trunk, Louis Vuitton is joining the worlds of Web3 and blockchain technology. The 'VIA Treasure Trunk' project, which gives collectors access to a variety of immersive experiences and constrained releases throughout the year, acts as a gateway. Augustman?

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Gucci and MoonPay join Christie’s for Art+Tech Summit at Rockefeller Center. Beginning on July 19, Christie's will host its 7th annual Art+Tech Summit. To make art and technology more accessible to the general public, the renowned auction house has partnered with fashion icon Gucci and Web3 firm Moonpay. NFT Evening?

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Luxury fashion and Web3: 9dcc x Stapleverse collaboration. The gmoney-founded luxury brand 9dcc, which was born in the cryptosphere, has partnered with Stapleverse to introduce a Web3 fashion cooperation. The web3 platform, developed by streetwear pioneer Jeff Staple, and 9dcc are revolutionizing the fashion industry as a whole. NFT Evening?

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High-flying Web3 startup nealthy makes a power move by founding in Dubai. Startup nealthy has announced the establishment of its corporate headquarters in Dubai, following a successful $1.3 million pre-seed funding round. nealthy aims to simplify investment in web3 through index tokens, replicating the structure of ETFs.? Globe News Wire?

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Haun Ventures leads $10M seed round for Web3 gaming studio Argus. Other participants include Robot Ventures, Anagram, Dispersion Capital, Alchemy, and individual investors like Balaji Srinivasan. Argus has also unveiled the World Engine, a software developer kit (SDK) for Blockchain gaming, empowering creators to build their own Web3 gaming ecosystems. Coindesk?

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Apple's new headset could change the way we design the Metaverse. The sleek device integrates with a user's eyes, hands, and voice inputs, seamlessly blending digital content with the physical world. Apple's entry into the immersive digital space may signal a significant shift, with potential implications for the future of the metaverse and Web3 development. Coindesk?

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GameStop NFT back in the spotlight after partnership with Illuvium. Ethereum game developer Illuvium has partnered with GameStop to release a collection of 20,000 nonfungible tokens (NFTs) called "Illuvitars" starting June 12. These NFTs are unique avatars with varying rarity and power ratings. Cointelegraph?

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Fractal launches tools to help devs build NFT games. Gaming-focused Web3 startup Fractal has unveiled FStudio, a three-part product enabling video game developers to integrate crypto features without coding. The company aims to create a Web2-friendly approach, focusing on fun gameplay rather than a play-to-earn model. Decrypt?

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Superman Web3 movie experience coming soon. Superman Fans can adopt and participate in the immersive Web3 Movie Experience, a multimedia NFT, to adopt and interact with the 1978 Richard Donner movie. Owners may watch the movie in 4K UHD on PC, mobile, tablet, or TV, access additional features, explore image galleries, and watch artist presentations by well-known DC artists through dynamic menu options based on key places from the movie. CryptoSaurus?

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Ex-Oasis rocker Noel Gallagher turns to NFTs to top Foo fighters in UK chart race. Noel Gallagher's High Flying Birds and the Foo Fighters are competing for the top spot on the Official UK Album Charts. Gallagher partnered with Web3 startup Serenade to release a limited-edition NFT pressing of his album "Council Skies," offering high-quality WAV files, a documentary, and a signed lyric sheet. Decrypt?

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Binance NFT marketplace announces support for Bitcoin NFT collections. The exchange's NFT marketplace joins Magic Eden in offering Bitcoin NFTs. Newly added collections include Bitcoin Bandits, Bitcoin Frogs, Bitcoin Pizzas, and more. Binance plans to integrate additional collections in the future. Crypto Potato?

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NFT artist Agoria to give fans ownership over upcoming song launch. Renowned French DJ, producer, and artist Agoria celebrates his two-year journey in the NFT art scene by offering a shared stake in the royalties from his upcoming song to his community, the "Agorians." The song has already received a warm welcome in Ibiza and will be launched at the NFC Lisbon event. Decrypt?

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How AI is transforming music creation in Web3. The integration of AI tools with Web3 is gaining momentum, as artists explore immersive experiences and user-generated content. Companies like Pixelnyx and WarpSound are utilizing AI in music creation, composition, and arrangement, offering new sources of inspiration and enhanced creative processes. Coindesk?

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Blue chip collaterals help stabilize NFT lending: Paraspace. The introduction of a digital collectible lending protocol by NFT marketplace Blur resulted in $16 million in loans, while the creation of Bitcoin Ordinals boosted NFT market transaction volume to $1.5 billion in March. Cointelegraph?

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The Green Block News?

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Tether to fund about $1 billion for a renewable energy project. According to Cointelegraph, Tether, a Stablecoin exchange platform, established a partnership with El Salvador, a country that supports Bitcoin. This effort is anticipated to contribute roughly $1 billion toward the implementation of renewable energy projects. Financial Express?

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Bitcoin ‘green’ certification launched. Energy Web has launched the ‘Green Proofs for Bitcoin’ (GP4BTC) programme with metrics to demonstrate sustainable mining operations.The new solution comprises a certification platform and registry which assesses miners via a ‘Clean Energy Score’ and a ‘Grid Impact Score’, which are calculated based on operational information including location and energy consumption data. Smart Energy?

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Luxury brands explore blockchain and Web3 for sustainable business practices. To ensure long-term success, brands must utilize Blockchain beyond showcasing products. This includes enhancing consumer experience, increasing customer participation, and meeting ESG goals. Tentative?

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Cardano emerges as the greenest Blockchain powering the billion-dollar market, poised to shape a carbon-zero future and foster global sustainability. Cardano, hailed by prominent figures and reputable publications, has gained recognition as the most environmentally friendly blockchain platform. With the global shift towards sustainability, Cardano has positioned itself at the forefront of pioneering green practices within the blockchain ecosystem. Crypto News Flash?

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El Salvadorian Bitcoin mining attracts $1 Billion for green energy. El Salvador, the first nation to recognize Bitcoin as legal cash, has revealed plans to erect one of the biggest Bitcoin mining facilities on the planet utilizing renewable energy sources.? The project is being managed by Volcano Energy.? Crypto NewsBytes?

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Unleashing a sustainable revolution: Vechain’s Blockchain and groundbreaking Nano-Materials transform the technology landscape. Through its Blockchain, VeChain continues to lead a sustainable revolution. In its most recent attempt, the platform confirmed its partnership with Professor Qi Ge, a member of the Vechain Steering Committee and a researcher in 2D materials, in order to change the technological landscape by bringing about a sustainable technological revolution. Crypto News Flash?

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Zumo turns on Oxygen as an answer to crypto’s ESG questions. The decision was made a year after Edinburgh-based Zumo and its partner Zero Labs, a provider of renewable energy services, received a grant from Innovate UK to support research on the decarbonization of digital assets. City AM?

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Sustainable French agribusiness issues Blockchain-powered bond on Obligate. The French sustainable agricultural firm Lamar Olive Oil has issued an on-chain bond via Obligate's platform built on Polygon, according to the Zurich-based digital financial services provider Obligate. This is a first for the sustainable agriculture sector. Global AG Tech?

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Titan.io CEO talks about Crypto mining innovations such as Hashrates for sale, renewable energy, and potential warfare centered around mining facilities. The fact that Bitcoin mining is the only means to expand sustainable electricity production is an important factor that many people overlook. It offers a dedicated electricity consumer who consumes power continuously, which is necessary for expanding wind and solar farms. Benziga??

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If Crypto wants institutional dollars, it needs an ESG game plan: Consensus 2023 Attendees. According to a PWC analysis from late-2022, worldwide ESG-related assets under management (AUM) are anticipated to reach $33.9 trillion by 2026, accounting for 21.5% of all global AUM. Simply put: An ESG direction is required if Blockchain startups want to secure the subsequent institutional money. Coindesk?

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Finboot: New brand communicates Blockchain power to help the industry get to net zero. The appealing new brand, which includes a new logo with a green color and brand guidelines, is intended to support Finboot's core values of communicating in a clear, professional, informative, and engaging manner as well as to reinforce its main message that Blockchain technology for businesses holds the key to achieving net zero. Fintech Finance News?

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Possible solutions to the carbon credit problem. By enabling a more straightforward, effective market for carbon credit transactions and balances, Blockchain and tokenization could fundamentally revolutionize the carbon credit market. Cryptosaurus?

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Award-winning Recycle-to-Earn (R2E) project Ecoterra’s presale raise surges to nearly $5 Million. The $ECOTERRA presale has reached $4,775,000, marking its eighth stage. The platform aims to create a web3 ecosystem, promoting recycling through its unique Recycle-to-Earn system and enabling trade in recycled materials. It also encourages individuals and businesses to offset their carbon footprint. Crypto News?

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Menthol Protocol and peaq partner to build eco-friendly Web3 with Carbon Footprint Calculator. This tool aims to promote sustainability by enabling dApps and DePINs on peaq to become carbon-neutral through tokenized carbon and renewable energy credits.? Alexa Blockchain??

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21st-century technologies: Blockchain in ESG reporting. Blockchain technology offers a transparent, secure, and efficient platform for enhancing ESG reporting. Its decentralized nature eliminates data manipulation risks, increasing trust in reported information. By addressing ESG data management challenges, Blockchain has the potential to revolutionize how companies disclose their environmental, social, and governance performance. City Life?

DIFX Dispatch

Top Stories This Week:

●?????Traders are now pricing in a 75% chance that the Fed will not hike rates at this Wednesday’s interest-rate decision. The Fed has been heavily data-dependent so we can expect this projection to shift when US CPI data comes out on Tuesday.

●?????German CPI data is coming out this week which will give an indication of how the EU is going to move forward in navigating high inflation throughout Europe.

●?????The FOMC Press Conference will be highly anticipated, one thing to keep in mind is even if the Fed keeps rates unchanged, Powell may allude to hawkish policy or potentially a rate hike at the next month's meeting

●?????The BoJ has an Interest Rate Decision on Friday and are confidently expected to keep rates ultra-low. Governor Ueda has maintained the dovish stance from his predecessor and even if we see inflation tick higher, it's unlikely he will react with an interest rate hike.

A Look at the Charts:

USD/JPY

●?????USD./JPY has been trending higher since the start of 2023.

●?????Price action at the moment is hovering near the upper resistance bullish trend line

●?????US CPI data on Tuesday will bring some volume to the market

○?????If we see a higher-than-expected reading expect price action to push up toward $140 - $142 region.

○?????If we see a low reading then this will bring bears to USD/JPY

●?????The most anticipated economic event will be the FOMC press conference as the language from Jerome Powell will act as a guide for traders to forecast how the Fed plans to navigate the next few months.

●?????The BoJ rate decision will not have much of an impact as the market is already pricing in no change to rates.

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EUR/USD

●?????EUR/USD is trading in a slight range-bound trend between the drawn support and resistance.

●?????We are seeing price action near the lower end of this range as the Dollar saw some gains the previous trading week.

●?????German CPI data on Tuesday will be a signal for the Euro.

●??????A high CPI reading will mean the ECB will need to keep rates higher for longer, this will be bullish for Euro

●?????The narrative from the Fed will also play a role in sentiment for the pair as a hawkish policy will result in Bulls for the Dollar and we could see EUR/USD become bearish and potentially break beneath this support trend.

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Dollar Index

●?????The Dollar Index, which tracks major currencies against USD, is trading within a bearish descending triangle.

●?????This is due to potential rate cuts later this year, or at least the slowdown of hawkish policy out of the Fed.

●?????Price action tapped the upper resistance of this descending triangle the past week.

●?????Incoming data this week will give traders a signal on the sentiment for the Dollar moving forward.

●?????CPI data will be first but if there are no surprises there then traders will await the FOMC Press Conference.

●?????Powell is expected to pause the rate hike cycle this week so the major indicators will come from his speech and whether his language is hawkish or dovish.