What you need to know today in crypto and beyond June 17, 2021 Welcome to The Node.
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–Daniel Kuhn
Today's must-reads Top Shelf DENIED: The World Bank has denied a request from El Salvador to help the country implement bitcoin as legal tender. The bank could have offered grants and loans to the country but a spokesperson said it will not be able to provide support given the “environmental and transparency shortcomings.”
U.K. HODLERS: The U.K. Financial Conduct Authority says 2.3 million adult Brits hold cryptoassets, its preferred term, compared to 1.9 million last year. The level of consumer understanding, however, is declining, with only 71% of respondents identifying the definition of cryptocurrency from a list of statements. In a separate survey of U.K. independent financial advisers, 95% said they would not advise clients to invest in crypto or meme stocks, the Opinium research firm found.
MORE HIRING: Hong Kong’s first licensed cryptocurrency exchange, OSL, has hired six senior staff members, including Joe Zhou and Arion Ho, two former VPs at the Hong Kong Stock Exchange. OSL, together with parent company BC Technology Group, is looking to launch a digital asset brokerage and exchange for the European and U.K. markets.
LOOK WHO'S ACCEPTING CRYPTO: The National Republican Congressional Committee (NRCC) announced it will accept donations in cryptocurrency. Contributions will be processed through BitPay before being deposited to the committee’s account. The NRCC also said that it will collect identifying information from all individuals who use crypto to donate.
POLYGON HYPE: An increasing number of institutions and DeFi whales are shifting to Ethereum layer 2 solution protocol Polygon, according to blockchain data by Nansen. Transactions above $1 million account for two-thirds of daily stablecoin transaction volume on Polygon, which hints at the shift of large DeFi companies from Ethereum to Polygon. Meanwhile, banks are inching towards Ethereum 2.0 staking.
–Helene Braun
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“I think we’re going to see a lot of those experiments [in DeFi] continuing to succeed or fail but that doesn’t mean that it’s not something that will stabilize in the future.”
–Vanessa Grellet, CoinFund's head of Portfolio Growth, on “First Mover.”
A message from CoinDesk CoinDesk's new reward token soft-launched at Consensus 2021, but $DESK lives on. Attendees can still cash in at the $DESK store, or hodl and accumulate. Join the Telegram group for announcements and airdrops.
What others are writing... Off-Chain Signals
–D.K. & H.B.
A message from Concordium Concordium leads the Blockchain and Crypto industry to a new era! Concordium is a layer 1, public and permissionless Proof-of-Stake-based blockchain with a unique Identity layer at the protocol level. Concordium's core features solve the shortcomings of classic blockchains by introducing built-in identity management at the protocol level and zero-knowledge proofs, which are used to replace anonymity with perfect privacy.
Putting the news in perspective The Takeaway Curve DAO Contemplates Its Intellectual Property Hydrosam, a trained lawyer and Curve token holder, did what all enterprising lawyers do when they’re annoyed: he searched for documents. What he found in the Curve GitHub was surprising. Curve, the second-largest decentralized finance (DeFi) project with over $7 billion in assets locked up, lacked a clear way to protect its intellectual property.
–D.K.
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