Yalla Crypto: Bitcoin Sets New Transaction Record, Mastercard Launches Cross-Border Crypto Service, Hong Kong Pushes Banks for Crypto Support

GLOBAL NEWS

Bhutan Mines Bitcoin to Diversify Investment Portfolio

Bhutan's investment arm, Druk Holding and Investments (DHI), reveals its long-term investment strategy of?mining bitcoin?to diversify the nation's portfolio. With an extensive network of hydroelectricity, the country aims to generate positive returns and offset costs while anticipating increased value following Bitcoin's halving in 2024.?

MicroStrategy Boosts Bitcoin Holdings to 140,000, Valued at Nearly $4 Billion

Software firm MicroStrategy?announces?the addition of 7,500 bitcoin to its balance sheet in Q1, bringing the total to 140,000. The company reports a net income of $461.2 million, citing strong conviction in its bitcoin strategy and benefiting from income taxes and debt extinguishment gains.

Bitcoin Blockchain Sets New Daily Transaction Record, Surpassing All-Time High

The daily number of transactions on the Bitcoin blockchain reached a new record high, exceeding 408,000 transactions according to?The Block's data. The surge in activity, fueled by the growing popularity of?Ordinals and Inscriptions, indicates a potential shift in the broader perception of Bitcoin and its long-term?impact.?

U.S. House Committees to Draft Crypto Sector Oversight Legislation

Rep. Patrick McHenry?states?that the U.S. House Financial Services and Agriculture Committees will work on legislation to regulate the crypto sector within the next two months, with potential for President Biden to sign a bill within the next year.

Mastercard Launches Crypto Credential Service for Cross-Border Transactions

Mastercard introduces?Crypto Credential?service at Consensus 2023, enabling verifiable and compliant cross-border transactions between users' wallets. Leveraging CipherTrace technology, the service adheres to industry standards, including the Financial Action Task Force's "travel rule," ensuring trust in the blockchain ecosystem.

Cross River Bank Faces FDIC Scrutiny Over Crypto-Friendly Practices

The FDIC has issued a?consent order?to Cross River Bank, a venture-backed New Jersey regional bank known for its partnerships with major cryptocurrency firms like Coinbase and Circle. The order, relating to alleged unsafe or unsound banking practices regarding fair lending laws and regulations, was made public recently.?

PayPal's Venmo Set to Launch Crypto Transfer Feature for 60 Million Customers

Following the success of crypto transfers on its platform, PayPal?announces?that its popular payment app Venmo will introduce a similar feature for its 60 million customers in the United States. Venmo, which processed over $245 billion in fiat currency transactions last year, aims to tap into the growing crypto market.

Hong Kong Regulators Push Banks to Serve Crypto Companies

Hong Kong's regulators?push?banks to provide banking services to crypto companies as part of their initiative to establish the city as a leading industry hub, while guidelines for licensing crypto exchanges are set to be published

Coinbase CEO Warns SEC, Prepared for Legal Battle

Brian Armstrong, CEO of Coinbase, expresses?concern?over a possible SEC enforcement action against the exchange, stating that it is not in America's best interest. Coinbase has received a Wells Notice from the SEC, signaling an ongoing investigation into its Earn product, wallet service, and exchange activity. Armstrong emphasizes the need for constructive dialogue and a workable path forward for the industry while affirming the company's readiness to defend its position in court if necessary.

Google Cloud and Polygon Labs Partner to Support Polygon on Blockchain Node Engine

The strategic?alliance?between Google Cloud and Polygon Labs aims to simplify deployment and management of Polygon nodes, accelerating the adoption of the Polygon ecosystem. The collaboration will provide developers with faster access to funding for web3 start-ups and ensure efficient scaling of technology for fast transactions and low fees.

Crypto Short Traders Lose Big as Prices Surge

Short traders in the crypto market faced?significant losses?as prices soared, resulting in the liquidation of over $60 million in short positions within a span of four hours. Bitcoin and other leading cryptocurrencies experienced substantial price surges, attributed to increasing U.S. banking concerns.?

Visa Hiring Software Engineers for Crypto Division's Product Development

Visa?announces?job openings for software engineers in its crypto division, aiming to drive mainstream adoption of public blockchain networks and stablecoin payments. The London-based positions offer a hybrid work setup, requiring proficiency in programming, experience in scalable backend systems, and a passion for web3 technologies.?

MENA NEWS?

Rain CEO will speak at the Dubai Fintech Summit on May 8th?

Join us at the Dubai FinTech Summit on May 8th at 10:30, where our CEO Joseph Dallago will be speaking alongside industry leaders from Clifford Chance, Ripple, and Fasset. Rain co-founders and team members will also be in attendance. We look forward to seeing you there!

Spotlight article:

Market Byte: Can Ordinals Unlock New Potential for Bitcoin?

Bitcoin's Potential Expands: From Financial to Cultural Layer?

https://grayscale.com/can-ordinals-unlock-new-potential-for-bitcoin/