You may not know it, but Canada is quietly becoming a major player in the blockchain and cryptocurrency scene: Ethereum has strong Canadian roots, Toronto-based 3iQ launched the first Bitcoin exchange-traded fund (ETF) (BTC) with physical settlement in North America and the percentage of active cryptocurrency holders in the country has increased steadily over the past two years.
Against this background, I had the pleasure of attending this year’s Blockchain Futurist Conference in Toronto, where I was able to moderate two panels on rebuilding the financial system through Web3 and onboarding the next wave of crypto users. The event served as yet another reminder that the brightest minds in the industry continue to build amazing products despite current market conditions. I don’t want to sound too cliche, but it’s hard to be bearish on digital assets if you adopt a low time preference.
DeFi needs a ‘killer app’ to go to the next level, Ripple exec says
You can’t have a proper conversation about the future of digital assets without talking about decentralized finance (DeFi). One of the most thought-provoking panels at Futurist, titled “The Future of Decentralized Finance,” featured the director of DeFi markets at Ripple Labs, the founder of Teller Finance, and executives from Aventus Ventures and FLUIDEFI. According to Boris Alergant of Ripple Labs, institutional adoption of DeFi is next, but not before the industry creates the next “killer app” that really sparks interest.
Wealth Managers and Venture Capital Firms Are Helping Drive Institutional Adoption of Crypto – Wave Financial Executives
The cryptocurrency bear market has instilled a lot of fear in retail investors. But for institutions and hedge funds, adoption has increased. At Futurist, I had the chance to interview two executives from asset management firm Wave Financial, who explained that high net worth individuals and institutional investors are increasing their exposure to digital assets. During the last bear market, institutions wondered: Is this the end of cryptocurrencies? Now the question seems to revolve much more around: Is this the right time to enter?
Coinbase Records $1.1 Billion Loss in Q2 on Cryptocurrency’s “Fast and Furious” Crash
We all know that the cryptocurrency exchange business has been affected in the second quarter by the bear market. It turns out that the performance of major cryptocurrency exchange Coinbase was worse than expected. The company posted a massive $1.1 billion loss between April and June, easily its worst quarter since going public in 2021. Revenue was also down 45.1% in the quarter and 153.1% compared to previous levels. from the previous year. Although cryptocurrency prices have rebounded modestly in the past month, retail interest and trading volumes remain low. This means there could be more pain in store for Coinbase in the near term.
Amid miner capitulation, Hut 8 kept BTC “HODL strategy” in July
Some of the world’s largest Bitcoin miners have been selling their bags to finance operations during the bear market – but not Hut 8. The Canadian mining company, which is publicly traded on the Nasdaq and Toronto stock exchanges, kept its diamond hands. in July as his Bitcoin reserves grew to 7,736 BTC. Hut 8 maintains an active “HODL” strategy of depositing all self-mined BTC into escrow. The company’s determination is truly impressive given how fast and how hard the price of Bitcoin has fallen.
Do not miss it! Is your SOLANA safe?
Solana was the target of another coordinated attack this month after hackers stole approximately $8 million in cryptocurrency from the Slope ecosystem wallet. Possibly due to its ambitious design and security trade-offs for higher performance, Solana has been the target of several exploits over the past year. This brings us to the vital question: Is your Solana (SOL) really safe? In this week’s Market Report, analysts Marcel Pechman, Yashu Gola and Benton Yaun discuss whether SOL investors should be legitimately concerned. You can watch the full replay below.
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