The Block
Quick Take Infinex Founder Kain Warwick said World Liberty Financial’s poor performance was due to a shift in the meta away from token sales and into memecoins. Warwick also spoke of a “DeFi renaissance” and his vision of Infinex’s role in breaking down barriers for new crypto users.
This figure is up over 36% in the last two weeks.The following is an excerpt from The Block’s Data and Insights newsletter.
Quick Take Payments giant Stripe has acquired stablecoin platform Bridge for $1.1 billion, according to TechCrunch founder and well-known venture capitalist Michael Arrington, expanding its integration with the space. Bitcoin ETF inflows, crypto equity markets and retail trading sentiment are “screaming” a risk-on environment, according to analysts at research and brokerage firm Bernstein. Yuichiro Tamaki, the leader of Japan’s Democratic Party for the People (DPP), has proposed a plan to reduce tax rates
Since the Federal Reserve’s 50-basis point rate cut last month, Bitcoin has outpaced Ethereum, driven by stronger institutional adoption and higher market demand, analysts said.However, Solana has increased in value over the past 24 hours amid a wider market downturn, as increased stablecoin liquidity signals strong purchasing power that could further fuel altcoin growth, according to an analyst.
Quick Take Transak, a Miami-based fiat-to-crypto payment gateway used by major blockchain platforms, disclosed on Sunday it suffered a data breach affecting 1.14% of its users. Stormous ransomware gang, which claims responsibility for hacking web3 identity solution Fractal ID, also says it is behind the Transak exploit.
Quick Take Bank for International Settlements (BIS) report highlights tokenization’s benefits, including reduced transaction costs and faster transactions. Governance, legal, and liquidity risks are key concerns for central banks with tokenized assets. Major financial institutions are trialing tokenized deposits for improved settlement efficiency and programmability.
Quick Take Bitcoin options traders are increasingly positioning for a bullish outcome following the U.S. election and the Federal Reserve’s interest rate decision, targeting strike prices above $80,000 for options expiring in mid to late November. However, a slowdown in daily spot bitcoin exchange-traded fund inflows at the end of last week was noted as a potential signal of weakening momentum, according to an analyst.
Legal & General Investment Management is exploring ways to tokenize its funds using blockchain technology, following global asset managers like BlackRock and Franklin Templeton.“Fund tokenization has great potential to revolutionize how our industry operates,” LGIM previously stated.
Quick Take MetaMask and Space ID have announced an integration aimed at making crypto transactions and accessing wallets simpler. Users will be able to register a Space ID domain name and “map those to all their crypto public addresses.”
