Which (formerly anti-crypto) country just implemented a blockchain settlement solution for their largest Stock Exchange?
Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements to industry news, and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Dear Ndaxers, there are so many things to be thankful for; we hope your ongoing long weekend is one of them. Last week:
Kevin McCarthy became the first ever Speaker by the House of Representatives to be ousted on Tuesday. Rep. Matt Gaetz initiated the motion to remove McCarthy from the post. Kevin McCarthy is known for his support of cryptocurrencies and blockchain technology, recognizing the potential of decentralization and blockchain's ability to enhance financial security. In his place, Rep. Patrick McHenry will assume the role of speaker pro tempore. McHenry has also shown support for the crypto industry and chaired committees overseeing digital asset legislation. McHenry previously mentioned the importance of digital asset legislation for American innovation and consumer protection. He has voiced support for the Grayscale ruling and questioned the timing of Prometheum's special purpose broker-dealer approval. The House is yet to elect a new speaker officially, and Rep. Matt Gaetz has publicly endorsed House Majority Whip Tom Emmer—another very-pro-crypto rep, as a potential replacement for McCarthy. Blockworks
Salvadoran firm Volcano Energy and Luxor Technology have launched "Lava Pool," El Salvador's first crypto mining pool, utilizing geothermal energy for Bitcoin mining. They will contribute 23% of their profits to the government. This initiative aligns with El Salvador's goal of integrating Bitcoin into its energy infrastructure, generating revenue for new energy projects while managing peak demand. The government plans to reinvest mining profits into the energy sector to boost economic growth. Volcano Energy secured $1 billion in investments, primarily from Tether Energy, to strengthen renewable energy and Bitcoin mining operations, positioning itself as a key player in the crypto-energy landscape. TheBlock
The Hong Kong Stock Exchange (HKEX) introduced an upgraded settlement platform called Synapse for its Stock Connect, connecting Shanghai and Hong Kong exchanges. Synapse utilizes smart contracts with DAML (Digital Asset Modelling Language) to standardize and streamline post-trade procedures, improving efficiency, transparency, and risk reduction. The platform aims to enhance post-trade processes, supporting market and investor growth strategies. In H1 2023, the Northbound Stock Connect witnessed a 5% increase in daily trading volume compared to the previous year, reaching RMB 109.3 billion ($15.1 billion). Synapse is designed to facilitate institutional investors participating in Northbound Stock Connect, streamlining post-trade operations across time zones. While HKEX didn't detail the blockchain usage, similar efforts have employed permissioned ledgers based on proof-of-authority consensus. Other exchanges are also exploring blockchain for efficiency improvements, while the London Stock Exchange Group is advancing in embracing blockchain for trading traditional financial assets. Blockworks
In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:
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Disclaimer: This article is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.