Crypto YouTuber Lark Davis points to several significant events have been unfolding in the cryptocurrency space, and how big banks are entering the space.
Among these developments are MicroStrategy’s additional bitcoin purchase, the launch of the first zero-knowledge proof Ethereum virtual machines, MetaMask’s new sign-in feature, and the Nasdaq stock exchange’s plan to introduce crypto custody services.
MicroStrategy, a leading cryptocurrency intelligence firm, has acquired an additional $150 million worth of bitcoin, bringing its total holdings to $138,955. The firm recently paid off a $161 million loan from Silvergate Capital, and raised $339.4 million this year through its sales program, which was then invested in bitcoin.
The loan repayment allowed 34,619 Bitcoins to be returned to MicroStrategy.
Ethereum’s scaling network, Polygon, and ZK SYNC have launched the first zero-knowledge proof Ethereum virtual machines (ZK EVMs) in a bid to enable faster, cheaper, and decentralized transactions on the Ethereum mainnet. Polygon’s co-founder described ZK proofs as the “holy grail” of Ethereum network scaling.
MetaMask, a popular cryptocurrency wallet, has added a “sign-in with Ethereum” feature, allowing users to authenticate web services with their wallets in a more secure way using web3 technology. Developed in partnership with Spruce, this feature lets users review website names, session details, and security measures.
The Nasdaq stock exchange is planning to launch its crypto custody services by the end of June, initially offering bitcoin and ethereum storage. This move follows similar initiatives by firms like Fidelity and BlackRock. However, some speculate that this could be part of a broader effort to bring crypto under the control of major banks and financial players.
Fidelity has launched bitcoin and ethereum trading for retail traders, while all crypto banks have been shut down, forcing crypto companies to bank with JPMorgan. Critics argue that this is a power grab by Wall Street’s biggest players—such as JP Morgan, Goldman Sachs, BlackRock, Fidelity, and Nasdaq—at the expense of the crypto industry.
Moreover, the rollout of central bank digital currencies is viewed as dystopian by some, as various individuals and institutions stand to gain or lose substantial sums of money depending on the outcomes of ongoing legal cases in the U.S.
Source: https://crypto.news/crypto-industry-pushed-to-bank-with-institutional-investors/