The XBO Weekly #14 – Crypto News
The battle over stablecoins rages on
In what is being interpreted an aggressive move to solidify Circle’s market position, Coinbase is offering investors the option to swap U.S. dollar pegged stablecoin Tether USDT to USDC, with no conversion cost. USDC was launched in 2018 by Centre, a partnership created by peer-to-peer payments technology company Circle and cryptocurrency exchange Coinbase. Binance automatically converted all of its clients’ USDC holdings, as well as stablecoins USD Coin, Pax Dollar and True USD, to its own stablecoin, BUSD, earlier this year, claiming the move would improve liquidity and capital efficiency for users.
Goldman Sachs to invest millions in crypto businesses
Several large banks regard the lower valuation of blockchain technology companies as an investment opportunity. According to Goldman Sachs' head of digital assets, Matthew Mc Dermot, the FTX collapse has enhanced the need for robust, trustworthy, and regulated cryptocurrency players, adding that an increasing number of market participants are exiting the crypto space and entering traditional finance. The American multinational investment bank intends to acquire or buy crypto companies worth tens of millions of dollars. Some of the bank's key competitors, such as Morgan Stanley and HSBC, are still wary of crypto and investing in the sector.
Blockchain cooperations are on the rise despite the market crisis
Although cryptocurrencies are still under price pressure, real-world applications and breakthroughs in the crypto sector continue to emerge. Avalanche (AVAX) has just added Alibaba Cloud to its public blockchain. The cloud computing firm, a subsidiary of Alibaba Group, has expanded its Avalanche support, letting developers establish their own validator nodes while gaining access to Alibaba Cloud's plug-and-play infrastructure and product portfolio.
Polygon (MATIC) and Warner Music also launched a partnership with the e-commerce platform LGND.io. Beginning in January, LGND Music will sell songs as NFTs, as well as other digital collectibles from performers. According to a press release, the project will also involve a collaboartion with the Dutch electronic music record label Spinnin' Records.
XBO featured Coin of the Week – Polkadot (DOT)
Polkadot is an open-source platform that links and secures a network of specialised blockchains, enabling data or asset transfers and making them interoperable. The protocol, which was designed to serve as the foundation for Web3, can connect public and private chains, permissionless networks, oracles, and future technologies, allowing independent blockchains to share information and transactions in a trustless manner.
Polkadot’s native token, DOT, is used for staking operations and security, to support network governance, and to connect parachains through bonding tokens. At its current price of $5.14, it is trading 90% lower than its November 2021 all-time high. DOT currently has a circulating supply of 1.15 billion tokens and ranks 11th in value with a market capitalization of $5.9 billion.
Buy, Sell, or Swap DOT - Simply and securely, with XBO.
Disclaimer: The above does not constitute financial advice. It is only intended for informational and educational purposes.