If it’s not your keys is it even your crypto? For the last six months if you bought Bitcoin
on PayPal it had to stay there since withdrawals were never an option. That’s changing now
though as PayPal has announced that crypto users are finally going to be able to withdraw
their coins. Another famous, some would say infamous, platform is going to start offering
withdrawals for the first time as well. We’ll tell you which one in just a second.
In other news Chainlink can help Ethereum go green, Skybridge Capital’s Bitcoin ETF
is under review with the SEC and a household tech name is hiring a business developer with
crypto experaince. Stick around and we’ll catch you up on all the biggest stories to
hit the crypto wire on this week’s Exodus Crypto News The number one complaint
against platforms like Robinhood and PayPal is that you can’t take your coins off the
exchange. Since the whole point of crypto is to control your own money, being forced
to keep your Bitcoin on a centralized platform kind of defeats the purpose.
That’s all changing now though as Christine Brown, the new Chief Operating Officer of
Robinhood, has promised that crypto withdrawals are coming soon. Users will be able to withdraw
their coins and send them to another crypto exchange or their own wallet.
The same thing goes for PayPal and Venmo, which have recently announced that users will
soon be able to withdraw their coins. That’s great news for the tens of millions of people
who use these platforms and we applaud the move!
Chainlink co-founder Sergey Nazarov believes that the project can help to promote a greener
future by taking advantage of the DeFi marketplace. For Sergey DeFi represents an international
marketplace that can incentivize green initiatives.
According to Nazarove, quote, “I think at the end of the day, you have a truly amazing
ability to make DeFi as a market function. More importantly, it actually creates a market
for various societal outcomes.”
Chainlink’s role is to bring offchain data onto the blockchain. So far that’s been
price feeds like the S&P 500 or results for basketball and football games. However, Chainlink
could also bring sustainability metrics online like crop yields, reforestation progress or
data about carbon credits.
Nazarov believes that by bringing sustainability data to the blockchain, the DeFi marketplace
can incentivize environmentally positive outcomes and reduce fraud.
Of course, Chainlink runs on Ethereum and within the year Ethereum is going to reduce
its energy use by 99.5%, so that’s just one more way that Chainlink and crypto is
going green! If you’ve been in crypto for a while
I bet you roll your eyes every time someone starts talking about a Bitcoin ETF. A Bitcoin
ETF is like the pot of gold at the end of the rainbow. Supposedly it’s there but nobody
has ever seen it and it’s unclear if anyone is ever going to get it.
The latest news is that Skybridge Capital, Anthony Scaramucci’s investment fund, has
applied for permission to launch an ETF. The application is currently under review at the
SEC. Not to be outdone, Fidelity also has an application under review. And those are
just the two most notable examples! There are another handful currently under review
or pending. If you would like to know more about Bitcoin ETFs, we got you covered.
Here’s a question which isn’t as silly as it sounds… Could the Skybridge Capital
or Fidelity ETF be the golden ticket that finally goes through? History would say no
but that doesn’t mean we won’t get lucky one day! Here’s something we haven’t
heard much about before. Gary Gensler, the new chairman of the SEC, wants to increase
the oversight on cryptocurrency exchanges.
One of the key areas of concern for Gensler is front-running in the crypto markets. Front-running
occurs when a sophisticated market participant submits their order and makes a small profit
by getting in ahead of a much larger order. It’s not a high margin activity, but if
you can do it often enough you can make a tidy profit. That’s especially the case
when markets are volatile, which is almost always in crypto.
Gensler wants to put an end to front-running, however, he believes it’s going to be difficult
since the SEC doesn’t have the money it needs to really address the problem. Gensler
claims that the SEC spends just 16% of its budget on new technology. This isn’t much
when you compare it to the resources that the biggest movers and shakers in crypto have
at their fingertips.
The question for crypto users is, would you rather have an SEC with a bigger budget that
can address problems like front-running, or a smaller budget that means a more hands off
approach to the markets? Let us know what you think in the comments below!
If you thought PayPal getting into crypto, think again, the largest tech giant in the
world, Apple wants to hire someone for business development who has, quote, “5+ years experience
working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments
and cryptocurrency.”
What can we infer from the announcement? Some people have suggested that Apple wants someone
with blockchain experience to help manage the cryptocurrency applications in the app
store. Other more bullish commentators believe that Apple is planning on integrating crypto
payments and purchases into Apple Pay.
When and how Apple chooses to support crypto is still a mystery, but it could be a harbinger
of things to come and once Apple takes the orange pill, others will surely follow.
Here’s an interesting idea, what if the SEC does increase their regulation of crypto
exchanges and because of that regulation, they finally approve a Bitcoin ETF? That would
be a pretty good outcome all things considered.
Now imagine a day in the future where Apple Pay has added crypto support, a Bitcoin ETF
is approved and Ethereum staking is live. That would be a bullish world for crypto,
and hopefully it’s a world that’s not too far away. The markets might be down today
but we don’t think they’ll stay that way forever. The future is blockchain and it’s
coming fast.
Thanks for watching everyone, make sure to hit those Like and subscribe buttons, and
until next time hodl on!