May marked the first negative month for crypto assets in 2023, with the Nasdaq Crypto Index^TM (NCI^TM) falling 7.0%. June started pretty much flat as the NCI^TM ended the week down 0.2%. Ether (ETH) outperformed bitcoin (BTC), but remained above US$1,900, up 2.7% for the week. BTC fell 1.5% but remained above US$27,000 despite a Friday rally in the stock market after investors interpreted macro data as a sign that the Fed will likely pause rates at the June FOMC meeting. Payrolls surpassed estimates for the 14th consecutive month while the unemployment rate unexpectedly rose from 3.4% to 3.7%.

 

 

Voltage partners with Google to boost Bitcoin adoption

 

Voltage, a leading provider of Lightning Network infrastructure, is partnering with Google Cloud to enhance the adoption and scalability of the Lightning Network, a Layer-2 network aimed at improving Bitcoin’s transaction speed and scalability. This collaboration opens up opportunities for new innovative applications and services. For investors, this partnership highlights the growing potential of the Lightning Network and demonstrates the industry's commitment to advancing Bitcoin’s infrastructure and capabilities.

 

Wall Street prepares to take on crypto exchanges

 

A Financial Times article highlights that Standard Chartered, Nomura, and Charles Schwab are building regulated crypto trading platforms to attract fund managers and traditional institutional investors. These firms are seeking to leverage their brands and experience in regulated, compliant platforms to tap into the interest in crypto assets and compete with established crypto exchanges and other companies.

 

China releases white paper for Web3 innovation and development

 

After Hong Kong reinstated retail crypto trading at select exchanges in what could serve as a test case for China reversing its 2021 crypto, Beijing released a Web3 White Paper with a comprehensive framework for the development and adoption of Web3 technologies in China’s capital. The paper outlines the city's vision to become a global leader in blockchain and decentralized applications, highlighting key areas such as digital identity, data governance, and smart city integration. 

 

US congressional committees release digital asset market structure proposal

 

The House Financial Services Committee and Committee on Agriculture released a proposed draft of legislation to create a statutory framework for the crypto asset market in the US. The proposal is aimed at giving the industry more regulatory clarity while promoting innovation and consumer protection. 

 

Japan’s largest bank is set to facilitate bank-backed stablecoins

 

MUFG has unveiled a platform that aims to facilitate the issuance of bank-backed stablecoins on Ethereum, Polygon, Avalanche, and Cosmos. This initiative promotes bank collaboration and facilitates the utilization of digital currencies for diverse transactions. The initiative is expected to enhance operational efficiency, security, and foster wider blockchain technology adoption. 

 

Nike, Software giant SAP announce new NFT initiatives

 

Nike announced its non-fungible token (NFT) marketplace will be incorporated into EA Sports video games, saying that more specifics will be released in the coming months. Separately, German coffee retailer Tchibo and SAP have teamed up to explore Web3 innovation, leveraging blockchain technology and decentralized applications to improve supply chain transparency, traceability, and sustainability in the coffee industry. These collaborations reflect the recognition among corporations that  (NFTs) have substantial potential for customer engagement and loyalty.

 

Brazil gives crypto exchange Mercado Bitcoin payment provider license

 
Crypto exchange Mercado Bitcoin was granted a payment provider license from Brazil’s central bank allowing it to offer its fintech solution MB Pay, which can provide Brazilian users with specific digital banking services using crypto assets held on the exchange.

 

From Hashdex:

 

June Monthly Letter - Adoption advances despite debt debate dip
Despite the 7% decline in May, the NCI^TM continues to show a year-to-date increase of 59.2%. A price drop after such a significant appreciation is natural. The main investment theses in crypto assets represented by Hashdex products continue to strengthen every day. Read more in our June monthly letter.

 

Letter from our CIO: Understanding Bitcoin’s store-of-value thesis in an uncertain macro environment

 

Our CIO Samir Kerbage discusses Bitcoin's store of value thesis in an uncertain macro environment, highlighting five reasons why Bitcoin’s long-term investment thesis remains as strong as ever.

 

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