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The cool side of the blazing crypto ecosystem.
A Crypto newsletter covering the latest news that matters.
What’s in today’s cooler:
US DOJ Posing Fraud Charges on Binance
Google Cloud Partners w/ Celo Network
Best Thing I Saw All Week - NO FOMO
More On Tap News
US DOJ Posing Fraud Charges on Binance
As of recently, the US Department of Justice is considering whether to press fraud charges.
In doing so, they are worried this will trigger a rush to withdraw funds off the exchange, similar to the FTX crash.
Interestingly, prosecutors are examining compromise options like fines and deferred or non-deferred prosecution agreements. This will hold Binance accountable but hopefully not harm consumers.
As many know, the SEC and US Commodity Futures Trading Commission already hit Binance with 13 charges. Why would the DOJ affect Binance and consumer funds any more than the other guys?
Many think this can be similar to the FTX crash. But I may note that FTX did not have enough holdings of their user’s assets. Binance claims it holds user’s assets 1:1 and has customer net balances of 104.3%. So the likelihood of a similar scenario is very unlikely. Once again, only time will tell!
Google Cloud Partners w/ Celo Network
Google Cloud has partnered with the Ethereal Virtual Machine compatible blockchain network Celo. They have also become a Celo validator on the network.
A network validator is an entity that participates in the verification of new transactions, which helps to secure the network against attacks.
This builds on Google Cloud and Cell’s relationship. As they have worked in the past where Google offered workshops and cloud computing services to developers and Web 3 founders building on the network.
“At Google Cloud, we’re focused on strengthening the Web3 ecosystem by offering founders and developers the tools they need to scale their applications,” Carlos Arena, director of digital assets at Google Cloud, said. “Running a validator on the Celo network builds on our collaboration with the Celo Foundation, and we look forward to helping to enable the growth of the network.”
“At Google Cloud, we’re focused on strengthening the Web3 ecosystem by offering founders and developers the tools they need to scale their applications, …Running a validator on the Celo network builds on our collaboration with the Celo Foundation, and we look forward to helping to enable the growth of the network.”
Best Thing I Saw All Week
A chart from The Block came out a few weeks ago showing data over the past year from SEC filings with anything “blockchain” related. Quiet interesting!
On Tap News
Coinbase’s Layer 2 Blockchain “Base” is set to launch next week -Exciting to see what will come!
Kraken Co-Founder has Big Concerns about FTX 2.0 - I think we all should.
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Disclaimer: The information shared in this newsletter is for informational purposes only and should not be considered financial advice. It is crucial to conduct independent research and consult with a financial advisor before making any investment decisions.
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