Crypto YouTuber Lark Davis notes that several important events have unfolded in the cryptocurrency space and how big banks are entering the space.
Among these developments are the additional purchase of bitcoins from MicroStrategy, the launch of the first zero-knowledge-proof Ethereum virtual machines, the new MetaMask login feature, and the Nasdaq stock exchange’s plan to introduce crypto-custody services. .
MicroStrategy, a leading cryptocurrency intelligence company, has acquired an additional $150 million worth of bitcoins, bringing its total holding to $138,955. The firm recently repaid a $161 million loan from Silvergate Capital and raised $339.4 million this year through its sales program, which was then invested in bitcoin.
The repayment of the loan allowed 34,619 Bitcoins to be returned to MicroStrategy.
Ethereum scaling network Polygon and ZK SYNC have released the first Zero-Knowledge Proof Ethereum Virtual Machines (ZK EVM) in a bid to enable faster, cheaper, and more decentralized transactions on the Ethereum mainnet. The Polygon co-founder described ZK testing as the “holy grail” of scaling the Ethereum network.
MetaMask, a popular cryptocurrency wallet, added a “login with Ethereum” feature, which allows users to authenticate web services with their wallets in a more secure way using web3 technology. Developed in partnership with Spruce, this feature allows users to review website names, session details, and security measures.
The Nasdaq stock exchange plans to launch its crypto custody services at the end of June, initially offering bitcoin and ethereum storage. This move follows similar initiatives by firms like Fidelity and BlackRock. However, some speculate that this could be part of a broader effort to bring cryptocurrencies under the control of major banks and financial players.
Fidelity has launched bitcoin and ethereum trading for retail traders, while all crypto banks have been shut down, forcing crypto companies to trade with JPMorgan. Critics argue that this is a power grab by major Wall Street players such as JP Morgan, Goldman Sachs, BlackRock, Fidelity and Nasdaq at the expense of the crypto industry.
Furthermore, the launch of central bank digital currencies is considered by some to be dystopian, as various individuals and institutions stand to gain or lose substantial sums of money depending on the results of ongoing legal cases in the US.
