Bitcoin Magazine B2?
Welcome to Bitcoin Magazine B2B, a newsletter focused on the latest insights in #Bitcoin and business—from the world’s leading source for Bitcoin news.
We are excited share Bitcoin Magazine B2B with you on a bi-weekly basis!
Recent Institutional Developments in the Bitcoin Enterprise Sector
The Bitcoin enterprise sector has seen notable developments in the past few weeks. The ongoing events related to the traditional financial system and the #FederalReserve's efforts to combat inflation and prevent a banking sector collapse remain relevant to Bitcoin.?
Despite this, the Bitcoin network appears to remain unaffected, and the asset's value continues to be influenced by its underlying fundamentals. In this context, let's look at some significant institutional news from the past two weeks.
Coinbase Faces Lawsuit Alleging Unauthorized Collection of Biometric Data
“Cryptocurrency exchange Coinbase Inc. is facing a class-action lawsuit for allegedly collecting face templates and fingerprints of its customers without their consent, violating Illinois' new biometric privacy law. The suit, filed in federal court in San Francisco, claims that Coinbase harvests facial data from IDs and selfies that customers upload.”
Coinbase Launches Global Exchange Featuring Bitcoin Perpetual Futures
Coinbase is also in the news for tapping into international markets. It’s generally understood that the U.S. regulatory uncertainty will push cryptocurrency institutions offshore, and Coinbase seems to be getting ahead of the curve.
"Building out a global perpetual futures exchange for digital assets will help support an updating of the financial system by making Coinbase’s trusted products and services more accessible to users of digital assets who live outside of the US," Coinbase said.
Jack Dorsey’s Cash App Achieves Impressive Q1 2023 Bitcoin Revenue of $2.16 Billion
Cash App has posted some positive numbers, which indicate a significant surge in demand for Bitcoin and displays a positive sign for the industry as a whole.
?“Thanks to an increase in the amount of Bitcoin sold to its customers, Block’s Cash App generated $50 million of Bitcoin gross profit in the first quarter of 2023, up 16% year-over-year, the company said in a shareholder letter Thursday. The total sale amount of Bitcoin sold to customers, which Block said it recognizes as Bitcoin revenue, was $2.16 billion, up 25% year-over-year.”
Bitcoin Fee Market Spike
A significant story within the more native Bitcoin industry has been the fee market spike, mainly driven by Ordinals. Several enormous institutions within the cryptocurrency industry have opted into Ordinals to provide services to the emerging sector.
More transactions lead to higher fees as transactions are competing for scarce blockspace. I’ve written in the past about why a robust and growing fee market is good for Bitcoin. Binance is one of the major institutions to enter the #Ordinals space recently.
Bitcoin Fees Surge, Leading Binance To Briefly Halt Withdrawals
Shortly after entering the ordinals sector, Binance had to halt withdrawals as on-chain fees were incredibly expensive.
Soon after halting withdrawals, Binance announced that they would implement the #LightningNetwork to solve the high on-chain fees for withdrawals. I thought this was a perfect example of Bitcoin’s scalability game theory taking place over a week-long period.
The Business Case For Implementing Bitcoin’s Lightning Network
There is an excellent case right now for any business or institution to consider integrating the #LightningNetwork.
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Marathon Teams Up With Abu Dhabi's Zero Two For Middle East's First Large-Scale Liquid Cooled Bitcoin Mining
MARA made news in the #BitcoinMining sector within the immersion cooling space.
“Digital assets miners primarily use air cooling technology to cool their mining computers. However, in high heat and humidity environments, cooling mining machines with liquid immersion instead of air cooling offer significant advantages for miners with razor-thin profit margins.”
The press release noted that the desert climate of Abu Dhabi makes air-cooled digital asset mining infeasible, and an immersion cooling pilot program launched by Marathon and Zero Two showed a sizable reduction in necessary maintenance for ASIC miners to produce hash rate effectively.
“Our collaboration with Zero Two is a pivotal moment for Marathon,” said CEO Fred Thiel . “We look forward to working together to build the next-generation Bitcoin mining facilities in #AbuDhabi.”
Trammel Venture Partners Releases The Venture Industry’s First Bitcoin-Native Startup Ecosystem Research
In the investment sector, we saw some critical news around VC adoption and substantial fundraising rounds for Bitcoin-focused companies.
Read more: Trammel Venture Partners Releases Venture Industry’s First Bitcoin-Native Startup Ecosystem Research
“According to the press release, TVP launched the venture industry's first dedicated Bitcoin-native ecosystem-focused fund series in 2021 with a goal of institutionalizing venture investment for this emerging growth category within the wider crypto venture capital industry. The release of the Emerging Bitcoin-Native Venture Capital Research Brief marks a new phase of TVP's plans to augment the available research for Bitcoin startups.”
Bitcoin-Focused Non-Profit OpenSats Receives $10 Million From Jack Dorsey 's #StartSmall Initiative
In a statement from OpenSats,
"We believe that free software and open protocols are necessary for a free and prosperous society. Without software that protects the individual user's rights and freedoms, and without digital infrastructure that is open to all, modern society risks slipping further into digital totalitarianism."
Read more: Bitcoin Focused Non-Profit OpenSats Receives $10 Million From Jack Dorsey’s #StartSmall Initiative
Fedi Secures $17 Million in Funding Round Led by Ego Death Capital
“The open-source #Fedimint protocol, on which Fedi is built, makes it easy for developers to build additional apps and modules to complement Fedi's offerings and give more options to users. “It provides a resilient, privacy-protecting, and simple way for people who don’t have access to or don’t trust centralized alternatives to secure and use their data and money,” a press release sent to Bitcoin Magazine explained.
The financing round was led by ego death capital , with participation from Block , Kingsway, Trammell Venture Partners, and Timechain Labs , among others. This funding brings Fedi's total funding to $21.21 million. Fedi CEO Obi Nwosu said that "the interest in the round allowed them to select investors that are fully aligned with the future they are trying to create with Fedi.”
Insightful Analysis by David Bailey on the Current State of the GBTC Trust
Lastly, we have some great content around the Redeem GBTC campaign to return the Grayscale Trust management to shareholders, which continues to pick up steam.
Learn more: The Redeem GBTC Campaign
David Bailey appeared on What Bitcoin Did to explain the current state of the GBTC Trust:
Embracing the Institutional Adoption of Bitcoin
As time passes, more institutions are adopting and gaining a better understanding of Bitcoin. There is a growing shift away from legacy institutions operating with misaligned incentives as they continue to understand Bitcoin. Join Bitcoin Magazine at Bitcoin 2023, the world's largest institutional digital asset event in Miami from May 18-20 to participate in these crucial discussions.
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Contributing Editor Bitcoin Magazine B2B
Twitter: @dillonhealybtc
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