TradFi Goes Big on Crypto & The Merge Day

?? Coming soon: EDX Markets. Traditional finance heavyweights are joining forces to launch EDX Markets (EDXM), a new cryptocurrency exchange for retail and institutional investors.???

The exchange is evidence of TradFi’s endorsement of crypto, despite the crypto winter.??

Fidelity Investments, Charles Schwab, Citadel Securities, and other Wall Street firms are among the new exchange’s backers.??

It’s still not known when the platform will launch, but Santiago said the new competition will be a good thing for consumers. “To see [these] actors coordinate and create an entirely new exchange is a good thing in terms of competition,” he explained. “The quality of services that we as users, participants, and investors participate in should improve. We should get more customer service and financial advice… the whole spectrum of services should get better.”?

?? South Korea seeks to arrest Do Kwon: South Korea has issued an arrest warrant for Do Kwon, the founder of Terra.???

Kwon was a primary developer of the algorithmic stablecoin TerraUSD and its sister token Luna.??

Prosecutors suspect Kwon and five other people connected to Terraform Labs of violating South Korea’s capital markets law, according to Bloomberg.??

As Bloomberg reported, Terra’s unraveling vaporized a combined $60 million in market cap.?

? Counting down to the Ethereum Merge: According to multiple countdown clocks, we’re just hours away from the transition of Ethereum’s network from a proof-of-work (PoW) to a proof-of-stake (PoS) model. Tim Beiko, a member of the Ethereum Foundation, helps break down what the Merge means at a technical as well as a bigger-picture level.??

Santiago shared his excitement for the Merge, calling it a “fantastic testament to how decentralized networks can evolve and change and adapt.” He explained that the switch is “all about coordinating a large number of people and a large number of computers so that, going forward, the system is reliable and secure.”??

Tim noted that moving to a PoS model will not only reduce energy consumption but will also introduce additional security measures in the form of protocol penalties.??

Tim asserted that one of the biggest differences between PoW and PoS is that proof-of-work only has incentives, but proof-of-stake also has penalties, which he thinks will be of great benefit to the wider network.?

???Watch the Full Discussion