Selected articles of the week:
In two weeks, it will finally happen: The first and largest smart contract-capable blockchain network will attempt to change its consensus algorithm after half a decade of preparation. In addition to technical changes resulting from the switch from Proof of Work (PoW) to Proof of Stake (PoS), the “merge” will lead to a significant revision to the distribution of the blockchain’s native token, Ether. The project is shaping up to be complex, as the 24/7 network, including thousands of applications and billions of deposited digital assets, is being converted on the fly. If the risky endeavor succeeds, Ether could turn out to be an attractive blockchain investment for institutional investors due to its new properties.
The Ethereum blockchain’s move from PoW to PoS (“The Merge”) will take place in mid-September and will transform decentralized networks.
Centrally backed stablecoins are leading the stablecoin market as they offer both scalable liquidity and high stability. However, experimentation with decentralized alternatives continues. Since January 2021, the market capitalization of stablecoins has grown by 450% to $154 billion, with Tether, Circle, and Binance making up over 90% of all outstanding stablecoins. An analysis of the purpose of stablecoins, the different types and risks, and the current state of the market.
Mostly pegged to the U.S. dollar, stablecoins have established themselves as important pillars in the emerging crypto ecosystem. An overview.
Singapore was able to position itself as “the Switzerland of Asia” early on in the blockchain space. The proactive approach of the regulator Monetary Authority of Singapore (MAS) quickly created a legal certainty that attracted hundreds of new crypto companies to the small city-state. However, the recent insolvencies of Singapore-based companies such as Three Arrows Capital, Vauld, Hodlnaut and others are now prompting a fundamental review of the regulations.
The Monetary Authority of Singapore (MAS) is surveying crypto firms operating in the city-state ahead of a planned regulatory overhaul.
NFTs are making their way into the mainstream. In Switzerland, for example, the Swiss Post showed with the Swiss Crypto Stamps collections what worlds can be opened up with non-fungible tokens. More and more fan communities and collectors’ clubs are discovering the benefits of blockchain-based digital collectibles. Crypto Valley-based three-time ice hockey champions EV Zug launched the “Platinum EVZ Bulls” NFT collection this week, which sold out in less than 24 hours. In addition to various benefits such as an exclusive SHED-bar membership, owners also have a chance to be invited to the EVZ party with players from the first team.
With the “Platinum EVZ Bulls” NFTs, EV Zug is the first Swiss ice hockey club to take a step into the vibrant crypto ecosystem.
In addition: BitMEX, a crypto exchange founded in 2014, established itself in the field of derivative crypto trading instruments. A few months ago, the company, now considered one of the largest global crypto exchanges, settled in the Crypto Valley. With the confirmation of membership of a Swiss self-regulatory organization for financial intermediaries (SRO), the company is now laying the foundation for its own brokerage platform.
The subsidiary of crypto exchange BitMEX has received a membership confirmation from the VQF for its Swiss branch.
