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Bitcoin Lightning Alliance accelerates adoption with new asset protocol.
LN Alliance: Promoting the Lightning Network LNFi leads a coalition called the LN Alliance to promote the adoption of the Lightning Network (LN) by leveraging protocols such as Taproot Assets and Nostr. The initiative aims to unify standards across the Bitcoin ecosystem to improve interoperability and avoid duplicate development efforts. LN Link and Taproot Assets A key part of this initiative is LN Link, which enables Bitcoin apps to interact with Taproot assets, improving asset management in the Bitcoin ecosystem via the Lightning Network. Taproot assets are versatile digital assets that support advanced scripting and increased scalability without overloading the blockchain, making them an essential part of the network's infrastructure. Integration of Lightning and Taproot Assets Ryan Gentry of Lightning Labs emphasized the importance of integrating Lightning with Taproot Assets as it simplifies the processing of asset transactions by leveraging familiar application programming interfaces (APIs). Graham Krizek highlighted that the goal is to make the Lightning Network accessible and reliable, especially by incorporating stablecoins to expand the user base. LN Alliance’s vision for the future The coalition envisions a future where the Lightning Network facilitates cross-network transactions without centralized intermediaries. Efforts include creating development kits for wallets that allow easy connection to swap providers, improving efficiency and connectivity. Economic opportunities through Taproot Assets Jesse Shrader of Amboss focused on the economic opportunities, pointing out revenue opportunities through routing fees and channel leasing. The increased activity from Taproot assets is expected to increase network liquidity and create new business opportunities for Lightning node operators and entrepreneurs. LN Alliance: Promoting the Bitcoin financial market The LN Alliance aims to promote economic growth and develop a robust Bitcoin financial market by leveraging their collective efforts to expand the utility and reach of the Lightning Network.
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Mt. Gox will begin paying out Bitcoin in July.
Bitcoin exchange Mt. Gox announces distribution of assets Bankrupt Bitcoin exchange Mt. Gox has announced that it will begin distributing assets to victims of its 2014 hack in July. Nobuaki Kobayashi, the trustee in charge of the rehabilitation, confirmed that repayments in Bitcoin and Bitcoin Cash will be made starting in early July 2024, stressing the need for careful security measures. Background of Mt. Gox and the stolen Bitcoins Mt. Gox, which once processed over 70% of Bitcoin transactions, filed for bankruptcy in 2014 after around 740,000 Bitcoins were stolen by hackers. Those stolen Bitcoins are now worth about $15 billion. Efforts to compensate victims have encountered numerous delays. A Tokyo court set a deadline of October 2024 for the civil reorganization plan. In May, the exchange moved 140,000 BTC for the first time in five years, likely in preparation for repayments. Hope for victims and distribution of assets Victims who have waited over a decade to get their funds back now have new hope. The repayments will include 142,000 Bitcoins, 143,000 Bitcoin Cash and 69 billion Japanese yen. These assets will be distributed to approximately 127,000 creditors, with partnerships with exchanges playing a role based on the progress of due diligence. Concerns and impacts on the Bitcoin market There are concerns about the potential impact of large payouts on the Bitcoin market price if recipients sell their refunded funds. Nevertheless, the refunds mark a significant step toward resolving a pivotal incident in Bitcoin's history.
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Standard Chartered sets up Bitcoin trading desk.
Standard Chartered launches spot trading desk for Bitcoin and Ether Global banking giant Standard Chartered will launch a spot trading desk for Bitcoin and Ether, making it one of the first major banks to offer direct spot Bitcoin trading services. The new trading desk, which is part of the bank's FX (Foreign Exchange Trading) unit in London, will cater to rising demand for cryptocurrencies from institutional investors. Standard Chartered has been positive on Bitcoin for several years. Cooperation with regulators for Bitcoin and Ether trading The bank is working with regulators to facilitate Bitcoin and Ether trading for its institutional clients. Standard Chartered already offers crypto custody services through its stake in Zodia Custody and is an investor in Zodia Markets, a company specializing in institutional Bitcoin and crypto trading. Bitcoin ETFs and institutional interest in Bitcoin This new trading desk is the next step in Standard Chartered's commitment to Bitcoin. The initiative comes at the same time as the approval and launch of Bitcoin ETFs (exchange-traded funds) in major markets such as the US, UK, Hong Kong and Australia. These developments highlight the growing institutional interest in Bitcoin. Institutional acceptance and accelerated mainstream adoption of Bitcoin Standard Chartered's direct Bitcoin trading services underscore the accelerated mainstream adoption of Bitcoin and reflect banks' recognition of Bitcoin as a new essential asset class. This development is likely to encourage wider institutional adoption and encourage other major banks to also offer spot Bitcoin trading.
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Marathon heats up Finnish town of 11,000 inhabitants with Bitcoin mining.
Recycling Bitcoin mining heat: The pilot project in Finland Marathon Digital Holdings has launched a pilot project to recycle heat generated by Bitcoin mining to heat a community in Finland's Satakunta region. The 2-megawatt data center, which has been operational since May, will serve the region's 11,000 residents. This project is part of Marathon's strategy to expand globally and promote sustainable practices. Sustainable heating solutions and strategy Fred Thiel, Marathon's chairman, emphasized that this project is not only about producing digital assets (digital assets), but also about providing sustainable heating solutions. This is Marathon's first district heating project and its first step into the European market. By using excess heat from the data centers, Marathon aims to reduce carbon emissions and operating costs. Recycling heat for district heating in Europe Marathon's heating system takes advantage of Europe's existing network of district heating systems and the cooler climate, which also benefits data centers by reducing energy consumption. Recycling this heat for district heating could reduce waste and costs, and reduce reliance on traditional, carbon-emitting energy sources. Marathon’s sustainability and expansion strategy This project is in line with Marathon's sustainability goals and expansion strategy across four continents. By recycling heat, Marathon is strengthening its sustainability efforts and exploring new revenue streams. The goal is to power digital asset computing with zero-cost energy. Marathon's innovative paths to sustainability Adam Swick, Marathon's Chief Growth Officer, mentioned that this project follows a successful pilot in Utah that demonstrated the use of landfill gas for digital asset computing. Marathon is collecting data from this Finnish project to find more sustainable applications for their operations and continue to innovate towards sustainability.
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Winklevoss twins donate $2 million in Bitcoin to Donald Trump.
Tyler and Cameron Winklevoss donate to Trump's election campaign Tyler and Cameron Winklevoss, co-founders of the crypto exchange Gemini, have donated 30.94 Bitcoin (worth over $2 million) to Donald Trump's election campaign. Each of the twins contributed 15.47 BTC (about $1 million) to counter the Biden administration's stance on cryptocurrencies. Criticism of the government’s regulatory approach They expressed their dissatisfaction with the government's regulatory approach, accusing it of using its power to hamper innovation and target crypto companies. Tyler particularly criticized "Operation Choke Point 2.0," which allegedly pressures banks not to do business with crypto companies. Supporting Trump’s pro-crypto position Cameron said his donation supported Trump's pro-Bitcoin, pro-crypto and pro-business positions. The twins condemned the Securities and Exchange Commission (SEC) for unclear regulations in the crypto market and called for policy change to encourage innovation and growth. Trump as crucial for the future of the crypto industry The Winklevoss twins believe that Trump's stance is crucial for the future of the crypto industry and are calling on the crypto community to support him in the upcoming election to express their dissatisfaction in Washington.
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Bitcoin plays an important role in defending democracy in Nicaragua with Félix Maradiaga.
Bitcoin Policy Summit 2024: Fighting for Freedom in Nicaragua At the Bitcoin Policy Summit 2024, Nicaraguan pro-democracy activist Félix Maradiaga highlighted the severe loss of freedoms under the rule of Daniel Ortega. He noted that Nicaragua has seen the fastest decline in freedoms in the world, with people being imprisoned for simple acts such as raising the national flag or expressing opinions on social media. There are currently 130 people imprisoned for political reasons, and over the past three years, more than 1,700 people have been imprisoned in inhumane conditions, including Maradiaga himself. Almost 12% of the population has been forced to flee. Bitcoin as a weapon against financial repression Now working from outside the country to rebuild Nicaragua's democratic opposition, Maradiaga is betting on Bitcoin to fight financial repression by the regime. He reported that after being introduced to Bitcoin by his wife and Alex Gladstein of the Human Rights Foundation, his team began using Bitcoin to bypass traditional financial systems that the Ortega regime would exploit to persecute activists. Anti-Money Laundering Regulations and the Importance of Bitcoin Maradiaga also spoke about how global anti-money laundering regulations, often referred to as AML rules, are being abused to target freedom fighters. He pointed to the closure of 3,400 NGOs (non-governmental organizations) under these laws. He stressed the need for decision-makers to educate themselves about Bitcoin, stating that Bitcoin offers a viable alternative to traditional financial systems to combat political repression. Global cooperation for freedom and human rights Maradiaga noted that dictators around the world are collaborating and sharing repressive technologies, and stressed the importance of global cooperation among those who value freedom and human rights. He directed interested individuals who would like to support his efforts to the World Liberty Congress.
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MicroStrategy buys another 11,931 Bitcoins for $786 million.
MicroStrategy acquires an additional 11,931 BTC MicroStrategy, a business intelligence and software company, has acquired an additional 11,931 BTC (Bitcoin) for $786 million. This follows a private offering of convertible senior notes (a form of bonds that are convertible into stock) on June 18 that raised $800 million with a coupon (interest rate) of 2.25% and a conversion premium of 35% above the average price of MicroStrategy's Class A common stock (shares with voting rights). The net amount of approximately $786 million was used to purchase Bitcoin. Details on buying Bitcoin The company disclosed that the bitcoins were acquired at an average price of approximately $65,883 per bitcoin – including fees and expenses – between April 27, 2024 and June 19, 2024. MicroStrategy’s Bitcoin Investments MicroStrategy began its Bitcoin investments in August 2020 with an initial investment of $250 million. As of June 20, 2024, the company and its subsidiaries hold approximately 226,331 Bitcoins valued at over $14.9 billion, purchased at a total cost of approximately $8.33 billion, representing an average of $36,798 per Bitcoin, including fees and expenses.
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VanEck’s Spot Bitcoin ETF is traded on Australia’s largest exchange.
VanEcks Spot Bitcoin ETF (VBTC) - Launch on ASX VanEck's Spot Bitcoin ETF (VBTC) has launched on the Australian Securities Exchange (ASX), offering Australian investors a simplified and secure way to gain exposure to Bitcoin. The ETF was approved earlier this week and is now tradable with a management fee of 0.59%. ASX praises VanEck Australia for first crypto ETF The ASX praised VanEck Australia for launching the first crypto ETF on the exchange. This ETF allows investors to buy and sell units linked to Bitcoin through traditional brokerage accounts, eliminating the need to hold Bitcoin directly and mitigating the risks associated with it. ASX emphasizes simplifying trading for investors Andrew Campion, ASX's general manager of investment products and strategy, stressed that trading the ETF on traditional exchanges greatly simplifies the process for investors. Monochrome Asset Managements Bitcoin ETF Trading Additionally, Monochrome Asset Management's Bitcoin ETF recently began trading on the Cboe Australia Exchange, acquiring more than 54 bitcoins worth AUD $5.3 million.
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Bitcoin is now accepted at Tooting Market in South London.
Tooting Market now accepts Bitcoin payments Established in 1930, Tooting Market in South London, known as Britain's first food market, has started accepting Bitcoin payments. This initiative was launched by local Bitcoin enthusiasts, led by an anonymous Bitcoiner with the pseudonym Hashley Giles, and supported by the organization Bridge 2 Bitcoin. As of June 18, 2024, eight merchants, including restaurants, bars and a record store, have offered the option to pay with Bitcoin. Potential impact on state recognition Nicholas Gregory of Mercury Layer & Civkit highlighted the potential impact of this local initiative, suggesting that increasing acceptance of Bitcoin by merchants could potentially lead to government recognition, which would bring tax benefits. This development is reminiscent of the Bitcoin Beach project in El Zonte, El Salvador, which eventually led to Bitcoin being recognized as an official means of payment there. Potential precedent for wider Bitcoin adoption Combining historic charm with modern innovation, Tooting Market could set a precedent for wider Bitcoin adoption in the UK.
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