Genesis filed for bankruptcy, the next 10 years will be a “golden age”[top news from 1/14 to 1/20]| coindesk JAPAN

There is also concern that GBTC’s 600,000-plus bitcoin holdings will be liquidated in some way as a result of Genesis’ bankruptcy filing — a digest of this week’s top news.

Input Output Global (IOG), developer of the Cardano blockchain, will launch a toolkit for building custom sidechains on January 12th, allowing developers to create blockchains for their specific use cases on their system. announced that it is now possible to create

Citi Research Says Solana Blockchain Remains Active Despite Nearly 50 Million Solana (SOL) Locked Due to Bankruptcy Proceedings of Cryptocurrency Exchange FTX ) said in a report released on January 12.

Bitcoin mining company Hive Blockchain announced on January 13 that it has deployed its first machine powered by Intel’s Blockscale ASIC.

Blockscale has the potential to break the virtual monopoly of the mining machine market by Bitmain and MicroBT, and the major difference from existing machines is that mining companies design their own machines.・It can be developed.

On January 13, the National Tax Agency announced a summary of the tax treatment of NFTs in a question-and-answer format. It shows how to handle income tax, corporate tax, inheritance tax, gift tax, consumption tax, etc. when NFT is resold or transferred.

Regarding income tax, he explained that if the NFT linked to digital art is sold to a third party, the profit will be subject to income tax. Regarding the income classification, it was decided that it would be “miscellaneous income” or “business income.”

Layer 2 network “Shibarium” is coming soon and joins the growing line of Ethereum-based blockchains such as Arbitrum and Optimism that are trying to solve scalability, speed and cost issues. I’m trying to

A beta testnet, a blockchain that mimics real-world functionality, is set to launch in the coming weeks.

Bitcoin (BTC) price expectations over the next six months have turned positive for the first time in a long time, showing yet another confidence in Bitcoin’s recent rally.

Bitcoin’s 180-day call/put skew is positive for the first time since early 2021, according to digital asset data provider Amberdata, with bullish call option prices expiring in six months to bearish put option prices. showed to be higher than

According to a research report released on Jan. 16 by investment firm Bernstein, the cryptocurrency industry will shift from infrastructure to applications in 2023, with 10 years of innovation in cryptocurrency applications. It is said to lay the foundation for the next “Golden Age”.

According to the company, total cryptocurrency revenue will increase 16-fold over the next 10 years, from about $25 billion in 2023 to about $400 billion in 2033. ). Of the estimated $400 billion in revenue, “decentralized blockchain-driven revenue” will account for almost half, up from just 15% today, Bernstein said in a report.

Consulting giant Accenture is betting on Web3’s potential, according to senior managing director David Treat.

At CoinDesk TV’s special studio set up to coincide with the World Economic Forum (WEF) annual meeting (Davos), Treat will explore augmented reality (AR), virtual reality (VR), and “identity, money, objects, etc.” Metaverse’s capabilities, including the ability to tokenize “, can simultaneously shift business models and open up new revenue streams.”

Last May, the cryptocurrency industry made a big presence at the annual meeting of the World Economic Forum (WEF), the so-called “Davos meeting”.

Eight months later, after major crypto firm failures and a market downturn, the industry is still making its presence felt in Davos. But compared to last year, it’s far less noticeable. In Promenade, the central area that leads to the main venue, there are still several cryptocurrency companies that advertise their projects to Davos participants and set up special venues called “houses.” ing.

Frax Finance, a decentralized finance (DeFi) application, has attracted investor support with its strong product range as Ethereum’s next upgrade, Shanghai, looms and LSD (Liquid Staking derivatives) heats up. there is

The Frax protocol consists of two tokens, the stablecoin FRAX and the governance token Frax Share (FXS). FRAX remains pegged to the US dollar by being partially collateralized in USD Coin (USDC), alongside regular FXS trading to maintain its market cap.

With the collapse of the cryptocurrency exchange FTX, the use of regulated custodians has attracted attention, and the revenue opportunity for custodians will increase from less than $300 million (about 38.6 billion yen) by 2033. It could grow to $8 billion, investment firm Bernstein said in a research report released Jan. 17.

Bitcoin (BTC) rose nearly 28% in January 2023, hitting its highest level since early November 2022. Crypto Twitter has plausibly whispered that Coinbase traders were the driving force behind the rise of this cryptocurrency. But the Nasdaq-listed exchange is not the only source of upward pressure on Bitcoin.

The Coinbase Premium Index, which measures the spread between Coinbase’s BTC/US dollar (USD) pair and Binance’s BTC/Tether (USDT) pair, turned positive last week, according to data from blockchain analytics firm CryptoQuant. It climbed to 0.039 over the weekend, the highest since late October.

Thena, a liquidity layer and decentralized exchange (DEX) on the BNB chain, has raised assets under custody (TVL) from $5 million to $90 million since its launch last week. 25 million yen).

The protocol offers a yield of up to 9.93% for liquidity providers holding stablecoins, while holders of THE, the platform’s native token, will enjoy a yield of 222.86%.

On the second day of the World Economic Forum (WEF) annual meeting (Davos meeting), from climate change countermeasures to humanitarian assistance to Ukraine, to breaking away from the shocking collapse of FTX, crypto assets (virtual currencies) themselves The discussion focused on the possibilities of the underlying technology.

On the second day, a panel discussion was held by people involved in traditional finance, and although the FTX scandal was a crisis for the cryptocurrency industry, it was not a crisis for other tools based on blockchain technology. Tried.

On January 18, Coinbase, a major US cryptocurrency trading company, announced that it would review its business in Japan and suspend transactions with existing customers.

According to the announcement, “Due to changes in the market environment, we have made the difficult decision to completely review our current business in Japan and suspend transactions with existing customers.”

Customers can withdraw their assets until February 16, 2023 Japan time. After February 17, 2023, the Japanese yen balance will be deposited with the Legal Affairs Bureau.

Cosmos-based decentralized exchange (DEX) Osmosis announced on Jan. 18 in line with broader plans to expand product integration and make cross-chain trading profitable for traders. , announced an upgrade to v14.0.0 called “Neon”.

The developers of Osmosis said it was important to roll out this upgrade quickly to pave the way for integration with the Mars Protocol, a credit and borrowing marketplace.

Cryptocurrency exchange BitMart plans to offer off-exchange payments to institutional clients by partnering with custodian Copper, Jan. 18. said in a statement.

Victor Wei, Vice President of Institutional Investors at BitMart, said, “Institutional investors are looking for ways to optimize their trading, placing the protection of their assets above all else in their cryptocurrency investments. Clearloop meets these demands and contributes to the maturity of the ecosystem.”

Blockchain discussions on the third day of the Davos conference showed the trial and error surrounding the Metaverse and regulators’ concerns over the negative impact of Central Bank Digital Currencies (CBDC) on the global economy.

At the panel discussion on the 18th, two very different visions of the Metaverse were presented.

“One day, the platform will be as important as the smartphone,” said Meta’s chief product officer Chris Cox.

Cryptocurrency broker Genesis Global Capital is preparing to file for bankruptcy (Chapter 11), whose lending arm has suspended withdrawals in the aftermath of the FTX bankruptcy. Bloomberg reported.

New CEO John J. Ray III told The Wall Street Journal that the company is exploring the possibility of reviving the bankrupt FTX.

Ray said that while former CEO Sam Bankman-Freed and executives have been accused of criminal conduct, customers may see value in FTX’s technology and in getting FTX back on its feet.

Singapore-based crypto asset (virtual currency) exchange Huobi announced on January 19 that Tron founder and CEO Justin Sun, known as a billionaire, joined the global advisory board. He acknowledged that he is not only a member of, but also heads the company.

Genesis Global Holdco, LLC — the parent company of Genesis Global Capital, whose lending arm has suspended withdrawals, filed bankruptcy law 11 in New York federal district court late Jan. 19. (Chapter 11).

The company is believed to have assets of $100 million to $500 million, liabilities of $100 million to $500 million, and up to 50 creditors. Its subsidiary, Genesis Global Capital, Genesis Asia Pacific Pte. Ltd., has also filed for bankruptcy.

Cryptocurrency exchange Gemini, trading giants Cumberland, Mirana, MoonAlpha Finance and VanEck’s New Finance Income Fund are major creditors to Genesis, according to bankruptcy filings released late at night on Jan. 19. .

HashPort announced on January 20 that it will raise 900 million yen through a third-party allocation of shares with Sumitomo Mitsui Banking Corporation and UTEC No. 4 Investment Business Limited Liability Union (a fund operated by The University of Tokyo Edge Capital Partners) as underwriters. bottom.

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