Vitalik Buterin, co-founder of Ethereum Foundation and Bitcoin Magazine (Photographer: David Paul … [+]
© 2017 Bloomberg Finance LP
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YOUNGEST CRYPTO BILLIONAIRE
Ethereum’s 27-year-old co-founder Vitalik Buterin became the world’s youngest known crypto billionaire as Ethereum’s native cryptocurrency, ether, surged past $3,000 for the first time early Monday morning, marking a 325% increase since the beginning of the year. Buterin’s main ether wallet holds 333,520 ETH, worth $1.09 billion at the ether price of $3,278 at 1:30 p.m. ET on Monday.
The next day, the cryptocurrency rallied beyond $3,500. Ether’s value has surged largely due to the rising popularity of decentralized finance (DeFi) applications that are aiming to replace traditional financial intermediaries like banks and brokerages, and an imminent plan called ETH2, which would see the cryptocurrency switch from proof-of-work to proof-of-stake. Several analysts also pointed to the growing use of Ethereum and institutional demand as potential sources of upward pressure on the asset’s price.
DOGE GETTING CLOSER “TO THE MOON”
Dogecoin (DOGE), the now legendary meme cryptocurrency inspired by a viral image of a Shiba Inu dog, is conquering new heights. On Tuesday, DOGE blasted through the 50-cent barrier and became the fourth most valuable cryptocurrency after bitcoin, ethereum and binance coin. At its current value of $77.68 billion, dogecoin is worth more than gaming company Nintendo, car maker Mitsubishi and Spanish bank Santander. The price record was set as brokerage platform eToro and the Winklevoss twins’ cryptocurrency exchange Gemini announced support for dogecoin, citing client demand. Throughout the week, DOGE has largely maintained its position above $0.60.
BITCOIN DERIVATIVES FROM GOLDMAN
Following the relaunch of its cryptocurrency trading desk after a three-year hiatus, banking powerhouse Goldman Sachs
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LATIN AMERICA’S FIRST CRYPTO UNICORN
On Wednesday, Mexican cryptocurrency platform Bitso announced a $250 million Series C raise. The round, co-led by hedge fund giant Coatue and investment firm Tiger Global, puts the company’s valuation at $2.2 billion, making it one of the largest fintechs in the region and its first crypto unicorn. The company offers numerous cryptocurrency products to more than two million customers across Mexico, Argentina and Brazil but is perhaps better known for its crypto remittances services. In Latin America, where these transactions are typically charged a transfer fee from about $6 to $30 (4.9-24.9 euros) and often require the recipient to collect the money at an agent location if needed immediately, cryptocurrency transfers constitute faster and cheaper options, being delivered in a matter of minutes at less than 1% cost.
BLOCKCHAIN 50 SPOTLIGHT
Oil giant Saudi Aramco has invested $6 million into Data Gumbo, which has built a blockchain platform that aims to integrate thousands of sensors at oil fields and refineries, to better verify asset performance and reconcile smart contracts with Aramco’s vendors. Last year, Saudi Aramco Energy Ventures invested $5 million in Vakt, a blockchain platform for trading cargoes of oil and petroleum products.
ELSEWHERE
Galaxy Digital to Buy BitGo for About $1.2B in Stock, Cash [CoinDesk]
The digital currencies that matter [The Economist]
Citi weighs launching crypto services after surge in client interest [Financial Times]
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