Weekly Update: 01 June 2023
1) Ether balance on exchanges hits all-time low [CoinDesk]
– The introduction of Shapella upgrade has triggered a surge in Ether staking, reducing the balance of Ether held by centralized exchanges to 14.85% according to Glassnode.
2) Beijing releases web3 white paper [The Block]
– Beijing endorses the development of the web3 industry in a recently published white paper, asserting web3 technology as an inevitable progression for the future internet industry.
3) Binance launches NFT loan feature [CoinDesk]
– Binance initiates a new service allowing users to secure Ethereum loans using their NFTs as collateral, with support initially for specific NFT collections.
4) Bitcoin trades at a 20% discount on Binance Australia following banking issues [CoinDesk]
– Bitcoin is trading at a significant discount on Binance’s Australian platform due to suspension of Australian dollar bank transfers caused by issues with a third-party payment service provider.
5) Bybit obtains preliminary approval in Kazakhstan as a crypto custody service provider [Cointelegraph]
– Bybit, the cryptocurrency exchange, receives “in-principle” approval from Kazakhstan regulators to operate as a digital asset trading facility and provide custody services.
6) Bybit follows Binance in departure from Canadian market [The Block]
– Bybit announces its exit from the Canadian market in response to regulatory changes, mirroring Binance’s earlier decision.
7) Crypto ecosystem distances from Multichain amid technical issues [CoinDesk]
– Rumors and technical issues prompt key players in the crypto ecosystem, including Binance, to distance themselves from Multichain, a significant protocol for moving assets across blockchains.
8) Japan launches digital yen pilot project [Cointelegraph]
– The Bank of Japan progresses with its central bank digital currency (CBDC) initiative, launching the pilot project after successfully completing the second phase of its proof-of-concept experiment.
9) Stablecoin issuer Tether to mine bitcoin in Uruguay [The Block]
– Tether, the largest stablecoin issuer, branches into Bitcoin mining and energy production in Uruguay, collaborating with an undisclosed local company.
10) Temasek trims compensation for execs tied to $275M FTX investment [Cointelegraph]
– Despite finding no internal misconduct, Singapore-based Temasek Holdings cuts compensation for executives responsible for the firm’s investment in the now-defunct crypto exchange FTX.
