Daily Crypto News | November 7th, 2022
Welcome to Barmy’s Daily Crypto News – November 7th, 2022
1. Google Cloud partners with Solana to bring Blockchain Node Engine to the Solana chain
Google Cloud disclosed it was running a Solana validator on November 5, 2022, following its announcement that it will sell a product named the “Blockchain Node Engine” and further mentioning that Ethereum would be the first blockchain supported. According to Google, the cloud division is presently collaborating with Solana to integrate the company’s Blockchain Node Engine with the Solana chain.
The Solana blockchain will be indexed by Google Cloud and made available to “Big Query” in addition to receiving support from Blockchain Node Engine. The objective is to “simplify historical data availability for the Solana developer ecosystem.” On hearing the news, the value of Solana’s native token, solana (SOL), increased. This week, SOL is up 7.8% against the US dollar.
People weren’t all that excited about Google’s plan to host Solana nodes in the cloud, though. It’s not a nice thing, this. increasing centralization On Twitter, a discussion about the Google Cloud announcement received some criticism for having “the opposite point of crypto,” as one user put it. The critic’s response was echoed by another person, who responded: “Crypto went full censored in 2017. Because they increase numbers, people now celebrate centralized and custodial services.
2. Binance Liquidating All FTX Tokens on Its Books
Changpeng Zhao (CZ), the CEO of Binance, tweeted on Sunday that all of the FTX tokens (FTT) listed on his platform are being liquidated. According to the CEO, Binance gained $2.1 billion in FTT and BUSD (Binance’s stablecoin) after selling its FTX ownership last year. Binance invested in FTX at the beginning.
They have chosen to liquidate any remaining FTT on their books as a result of recent developments, Zhao stated. They will make an effort to do it with the least amount of market damage possible. Binance anticipates that this will take a few months to finish because of the state of the market and the lack of liquidity. They frequently keep tokens for a long time.
The CEO of Binance asserted that the company “always promotes collaboration amongst companies in the sector” and that the sale is not “a move against a competitor,” as some have suggested. He claimed that because their sector is still in its infancy, every time a project fails in public, it harms all of the platforms and users.
3. Vietnam need to invest more efforts into blockchain training and education
The shortage of blockchain developers is not just a problem for Vietnam; it also affects nations like the United States, China, and India. According to business executives who spoke to local media, Vietnam is now, for the first time, in the same position as these tech clusters and is equally understaffed.
According to Pham Van Huy, CEO of Moonlab, a business working on blockchain and metaverse initiatives, the lack of competence is unavoidable both in Vietnam and abroad. Huy added that training at all levels must be prioritized in order for Vietnam to become a hub for blockchain talent, both in terms of number and quality. Discussions regarding the technology should also be initiated with employees, students, business owners, and managers.
The CEO of Moonlab thinks that in order for blockchain businesses to be successful, they must set up courses and internships for undergraduate IT students in order to advance their knowledge and abilities in the field while also providing competitive compensation for individuals who join them. Vietnam needs to quickly set up training facilities and programs at its universities and colleges for this tech sector.
In order to contribute to blockchain research, testing, and deployment, the organization is currently preparing certified professionals. For the first time ever, Vietnam and the rest of the world are starting from the same place with a new technology. In the next five to ten years, the nation will be able to meet market demands and support widespread implementation if it can solve the issue at its source.
4. Circle Deepens Relationship With Blackrock to transfer USDC reserves into a Blackrock-managed fund
In mid-April 2022, Circle disclosed that it had entered into an investment agreement with Blackrock Inc., Fin Capital, Fidelity Management and Research, and Marshall Wace LLP. The investment was a $400 million funding round, and during the announcement, Blackrock detailed how the two companies would strengthen their current partnership. Additionally, it was disclosed that Circle would utilize Blackrock to “manage major assets for the reserves that underlie USDC.”
Six months later, on Nov. 3, 2022, Circle announced that the business will be strengthening its partnership with Blackrock. Since then, Circle has been transferring USDC reserves into a Blackrock-managed fund. They have started making investments in the Circle Reserve Fund through their relationship with Blackrock to handle a portion of the USDC reserves.
They anticipate that the reserve composition will remain roughly 20% cash and 80% short-term US Treasury securities. The Circle Reserve Fund’s (USDXX) stated investment goal is to “seek current income consistent with liquidity and stability of principal.” The fund invests “at least 99.5% of its total assets in cash, U.S. Treasury bills, notes, and other liabilities,” and Circle is the only investor. Circle stated in its announcement that it aims to complete the transition by the end of March 2023.
5. Bitgo Introduces Wrapped Dogecoin Initiative
In January 2019, almost four years ago, Bitgo introduced the well-liked bitcoin wrapped in an ERC20 token (WBTC). Every WBTC is backed by one bitcoin (BTC) in a 1:1 ratio. WBTC is simply a wrapped version of bitcoin developed with the ERC20 standard on top of Ethereum.
According to data, there are currently 245,379 WBTC in circulation, which, at the current exchange rate, is equivalent to $5.2 billion. On Wednesday, Bitgo disclosed that it had developed a comparable program for the well-known meme coin asset dogecoin (DOGE).
Dogecoin (WDOGE) tokens that have been wrapped up are backed in a 1:1 ratio as well (DOGE). On the WDOGE token’s own website, the project’s advantages are discussed, including how to use WDOGE with decentralized finance (defi).
You can “receive a loan in defi protocols using your WDOGEs as collateral” and “lend WDOGEs on defi protocols using your WDOGEs as collateral. The developers will “soon publish a dashboard comparable to WBTC’s dashbard. In terms of market capitalization, Dogecoin has risen to the eighth-largest position. A signup form for the wrapped dogecoin (WDOGE) project is presently available on Bitgo.
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