Scenius Sync (Issue #53)

BlackRock Moves Toward Spot Bitcoin ETF, Uniswap V4 Code Release, The Goose NFT Fetches $6.2m, & Ethscriptions Land on Ethereum

Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.

Welcome to The Scenius Sync.

Our mission with this concise publication is twofold:

1. Share the essential stories driving the crypto industry and markets.

2. Highlight innovative applications and mainstream adoption of crypto and blockchain technology.

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Essential News 🗞

1. BlackRock takes giant leap toward spot bitcoin ETF with SEC filing

   • BlackRock took a giant leap toward a spot bitcoin ETF, filing a registration statement with the SEC on Thursday. Known as the the iShares Bitcoin Trust, the Delaware statutory trust will hold assets primarily consisting of bitcoin held by a custodian designated as Coinbase Custody Trust Company.

   • In reaction to the news, Grayscale Bitcoin Trust (GBTC) jumped more than 12% on Friday.

   • There has been some confusion, so here’s an article explaining why BlackRock’s Spot Bitcoin ETF is Not The Same As Grayscale’s Product.

2. Judge Signs Off on Binance, SEC Deal to Move All U.S. Customer Funds, Wallet Keys Back Onshore in Lieu of Restraining Order

   • According to the proposed agreement, Binance.US will take steps to make sure that no officials from Binance Holdings, the global exchange, have access to private keys for wallets or hardware wallets, or root access to Binance.US's Amazon Web Services tools.

   • In other related news for the crypto giant, Binance cancels registration for inactive business in the UK, it is Quitting the Netherlands after failing to acquire license; and it is Under Investigation in France, accused of ‘aggravated money laundering.”

3. Crypto Lender Abra Has Been Insolvent for Months, State Regulators Say

   • In an emergency cease-and-desist order, the Texas State Securities Board alleged that Abra (otherwise known as Plutus Financial), Abra Boost, Plutus Lending and Abra founder William Barhydt misled the public, committed securities fraud and the company has been insolvent for months. Abra is a crypto lender that's been around nearly 10 years. Last year, the company announced it would offer crypto rewards through a card offered with American Express, and Barhydt said it would try and launch a state-chartered bank sometime in 2023.

4. Crypto.com operates internal proprietary trading desks

   • Crypto exchange Crypto.com has been operating internal proprietary trading teams, according to a report by the Financial Times. Citing five anonymous sources, the business publication reported Monday that the Singapore-based exchange has attempted to obfuscate the trading operations, with one source telling the FT that employees were requested by management to "say there is no internal market maker type operation."

5. Crypto payments firm Wyre set to shut down next month

   • The crypto payments firm said Friday evening that it plans to wind down its operations, citing "market conditions” while noting “This decision is not due to any regulatory agency direction. Wyre continues to secure customer assets." Founded in 2013, Wyre has offered fiat-to-crypto infrastructure to companies operating in the crypto market. In April 2022, the firm was set to be acquired by checkout and shopper network firm Bolt in a deal that valued Wyre at a $1.5 billion. In September, the firms announced the deal's termination, joining a flurry of fintech deals that have fallen apart. 

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Innovation & Adoption 💡📈

1. Uniswap releases version 4 code, allowing for new types of liquidity pools

   • Uniswap v4 will feature “hooks” that will allow for more customized options, but it will not be implemented until more feedback is obtained from the community.

   • See Uniswaps Blog post on their vision for the new release here.

2. Dmitri Cherniak's 'The Goose' NFT Sells at Sotheby's Auction for $6.2M

   • Generative artist Dmitri Cherniak's Ringers #879 NFT, aka “The Goose” sold for a hammer price of $5.4 million and a full price of $6.2 million inclusive of Sotheby's buyer's premium on Thursday during a live auction at Sotheby's auction house in New York City, blowing past estimates during a time of slower market movement. It sold to notable NFT investor 6529.

3. Ordinals Brought Inscriptions to Bitcoin—Now Ethscriptions Land on Ethereum

   • There is a new protocol that allows users to create and share digital objects on Ethereum. They are called Ethscriptions—an apparent tip of the hat to Inscriptions, a similar project by Ordinals deployed on the Bitcoin network.

   • More on Ethscriptions from Cointelegraph, here.

4. Ethereum Layer 2 Network zkSync Era's Locked Value Surpasses $500M

   • Matter Labs' zkSync Era, a zero-knowledge (ZK) rollup aimed at scaling Ethereum, continues to attract capital at a brisk pace. The total value locked (TVL) on zkSync Era rose above $500 million early Monday, marking a 12% increase in one week, according to data source L2Beat.

5. The Weeknd and Binance Enter the Metaverse

   • Cryptocurrency exchange giant Binance and pop artist The Weeknd have launched a specially created online space called the “Metaverse Dimension,” in an expansion of the pair’s ongoing partnership.