GM friends.
When crypto’s Final Boss admits that the technology underlying tokenization is revolutionary, you know we’re winning.
Put on a fresh pot, because this is your mid-week crypto update. ☕️📰
Here’s what’s in today’s issue:
- David & Sam share their thoughts on the BIS praising tokenization, Coinbase and Ripple get payment licenses in Singapore, the SEC’s motion to appeal the XRP ruling is denied, Chainlink releases “Data Streams”, ETH Futures ETFs launching, PayPal’s NFT marketplace, CBDCs and blockchain IDs, the metaverse is back & the hacked ETH from FTX is on the move.
- This Week On Chain.
- Rekt Capital has the latest technical analysis for you on the market.
- This week’s trending coins by Rebecca
- Erik has a report for you on Orb Land and their VIP consultancy NFTs platform.
- DeFi Dad has a tutorial for you on how to earn 13.7% APY looping OP.
- Jesse has a ton of hot new airdrops for you.
For any crypto related questions please comment on the website.
Thanks to Phemex for sponsoring today’s newsletter.
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Bank of International Settlements Praises Tokenization
This past Friday, the US Federal Reserve held their fourth annual New York Fed Conference on Fintech. This year’s topics centered on AI and digital assets.
One of the speakers, Cecilia Skinglsy, represented the Bank of International Settlements (BIS), and she made some interesting comments with regards to BIS’ views on tokenization.
Before we get to the comments, first, a quick primer on the BIS. The Bank of International Settlements is the central bank of central banks. And no, that’s not hyperbole.
BIS is owned by a collection of central banks from around the globe, including the US Federal Reserve, the European Central Bank, and the People’s Bank of China. BIS provides banking services to these member banks and works to create financial stability between them.
Long story short, BIS is the last entity on planet Earth who wants to see something like bitcoin succeed. In bitcoin land, BIS is the “final boss”.
OK, back to Skinglsy at last Friday’s conference…
She said BIS believes that asset tokenization via the blockchain could revolutionize the global financial system as we know it, and that several events over the last few years have made BIS realize that ignoring these technologies will be to their peril.
Skinglsy’s statements mirror those from a BIS economic report published in June, where authors argued that asset tokenization has “great potential” and that there’s an opportunity for central banks to create and maintain a blockchain network that facilitates global token transactions.
With regards to crypto, the authors stated that it’s “a flawed system” in part because it “lacks the anchor of the trust in money provided by the central bank.”
The irony here is just too much.
- Crypto assets like bitcoin were created and flourish precisely because of the monetary abuses perpetrated by central banks.
- BIS praises the technology that enables…
