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Weekly Crypto Update

A member of the Tennessee House of Representatives, has introduced a bill proposing counties, municipalities, and the state to invest in cryptocurrencies and nonfungible tokens, (NFTs). According to Tennessee House Bill 2644 introduced on Feb. 2, Powell proposed amending the current state code to add crypto, blockchain, and NFTs to the list of authorized investments for the counties, state, and municipalities to make with idle funds. Lawmakers assigned the bill to the House Finance,

Binance, the world’s biggest cryptocurrency exchange, is making a $200 million strategic investment in Forbes, the 104-year-old magazine and digital publisher. The funds will help Forbes execute on its plan to merge with a publicly traded special purpose acquisition company, or SPAC, in the first quarter. Investors have grown skeptical of SPAC deals generally, and media deals in particular, in recent months amid the broader stock market retrenchment.

Under the deal, Binance is expected to advise Forbes on its digital assets and Web3 strategy. Web3 is a conceptual new iteration of the world wide web based on blockchain technology, but it has not yet been implemented.

Changpeng «CZ» Zhao, founder and CEO of Binance, added that media is an essential element for building widespread consumer understanding of blockchain technologies.

BlackRock, the world’s largest asset manager, is preparing to offer a cryptocurrency trading service to its investor clients, according to three people with knowledge of the plans. The New York-based company, which manages over $10 trillion in assets for institutions, plans to enter the cryptocurrency space with “client support trading and then with their own credit facility,” one of the people said. In other words, clients would be able to borrow from BlackRock by pledging crypto assets as collateral.

The total Gold-Backed Token market has seen a very drastic and violent increase in the past year, marking a 360% growth since the beginning of 2021.

These gold-backed assets have helped to increase the liquidity of gold by enabling the ownership of small portions of gold. Physical gold is somewhat limited in its supply and tokens like this have provided an avenue for investors to get in on the millennium-old asset. These tokens follow the price of a commodity, gold in this case, in the same way, that stable coins follow the price of the fiat currency they are pegged to.

Unlike gold ETFs, gold-backed crypto tokens allow investors to own a part of a physical gold bar, whereas investors are mainly betting on the price of gold with ETFs. Furthermore, investors are able to redeem their gold-backed tokens for physical gold whenever they want.

These characteristics have drawn more and more investors to these commodity-backed crypto tokens and as a result, the price of these digital assets has grown tremendously. So much so that these assets have been able to outperform the Crypto markets.

Crypto mergers and acquisitions soared from $1.1 billion in value in 2020 to $55 billion, representing a massive surge of 4,846%, according to a report by PwC.

PwC, a multinational corporation providing assurance, consulting, and tax services, also reported on crypto fundraising efforts. The total value of such deals increased 645%, from $4.5 billion to $26,3 billion. The average amount was also up, by 143%.

The six members will help the company create a digital financial system. PayPal has formed an advisory council to support crypto-related products and help guide the company on creating a digital financial system, Jose Fernandez da Ponte, a senior vice president for blockchain, crypto and digital currencies at PayPal, said.

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