Discover more from Token Dispatch
Here comes Canton ⚙️
Microsoft, Goldman Sachs, and other top firms collaborate on Canton Network, privacy-enabled interoperable blockchain. IRS' $44 Billion claim against FTX. Crypto markets has gone through a cleanup?
Hello, y'all. News out. AI in. We are still dispatching 🤌
This is The Token Dispatch. Hit us on telegram 🤟
Finance and Tech need blockchain more than anyone else does.
So what do they do?
Build a blockchain network. Together.
Goldman Sachs, Microsoft, Deloitte, and a bunch of other big shots have joined forces to create the Canton Network.
Canton Network will be a privacy-enabled interoperable blockchain network designed specifically for those dealing with institutional assets. It aims to break down the barriers between different financial markets that were previously "siloed."
Here's what we know:
The network connects applications built with Daml, Digital Asset's smart-contract language.
Allows various systems in financial markets to interoperate and synchronise.
Provides a decentralised infrastructure that bridges independent applications using Daml.
Promises to create a safer and reconciliation-free environment. Assets, data, and cash can synchronise freely across applications.
Have extensive privacy controls and the ability to achieve the scale and performance financial firms need.
Aims to remove three significant shortfalls in smart contract blockchain networks:
The lack of privacy and control over data
Other blockchains have had to accept trade-offs between control and interoperability.
The inability to scale.
Here's the complete list of Participants: 3Homes, ASX, BNP Paribas, Broadridge, Capgemini, Cboe Global Markets, Cumberland, Deloitte, Deutsche Börse Group, Digital Asset, The Digital Dollar Project, DRW, Eleox, EquiLend, FinClear, Gambyl, Goldman Sachs, IntellectEU, Liberty City Ventures, Microsoft, Moody's, Paxos, Right Pedal LendOS, S&P Global, SBI Digital Asset Holdings, Umbrage, Versana, VERT Capital, Xpansiv, and Zinnia.
Here's what these companies were upto lately:
Goldman Sachs: Filed a patent and revealed a plan to expand its digital assets team by hiring more
Deloitte: announced a partnership with Web3 platform Vatom to offer immersive experiences for various industries
BNP Paribas: Teaming up with Bank of China to promote digital yuan usage
Microsoft: working on integrating a crypto and NFT friendly Web3 wallet into its Edge web browser.
TTD Blockquote 🔊
Fred Thiel, the head honcho at Marathon Digital
"I think this period of stress that the crypto market has gone through is cleaning out a lot of unsavoury operators."
He made this bold claim at the Financial Times's Crypto and Digital Assets Summit.
Thiel couldn't help but shower some praise on the European Union, the United Kingdom, Hong Kong, Singapore, and the United Arab Emirates for their excellent regulatory efforts. But he had a bone to pick with the good ol' USA, labelling them as the lagging turtle in this fast-paced crypto race.
"Eventually, we'll catch up"... "And I think we'll eventually have a global regime."
PayPal recently shared its quarterly report with SEC and turns out, has been busy safeguarding its crypto stash since the end of last year - $1 Million.
In the Q1 filing, PayPal revealed 56% increase in its crypto holdings compared to the previous quarter of last year.
They've got $499 Million in Bitcoin and $362 Million in ETH.
Last year, they only had $604 million in crypto, but they've been snatching up more and more as 2023 unfolded. Fast forward to the first quarter, and PayPal reported total financial liabilities of $1.2 billion, with crypto making up 77% of it. That's quite an increase from the previous quarter, around 10% to be precise.
Back in October 2020, they surprised us all by diving headfirst into the crypto service game. They let their customers buy, sell, and hold digital currencies through their accounts. They've even played around with stablecoins, although that seems to have taken a backseat for now.
TTD Numbers 🔢
That's how much United States Internal Revenue Service (IRS) has filed for against the bankrupt crypto exchange FTX and its affiliated entities.
The IRS put forth 45 claims According to bankruptcy filings.
The largest of the claims includes
$20.4 Billion and a $7.9 Billion claim against Alameda Research LLC.
$9.5 Billion against Alameda Research Holdings Inc.
The claims are filed under the classification “Admin Priority”, which could allow the IRS’ claims to take precedence over the claims of other creditors in a bankruptcy case.
A trader spent 64 ETH (~ $158,000) in gas fees purchasing $155,000 worth of a memecoin called Four (FOUR).
According to an update from the popular blockchain tracking service Whale Alert, the lone trader paid an astonishing $119,157 in ETH to complete a Uniswap trade that swapped 84 Wrapped Ether (WETH) for 13.8 billion FOUR tokens.
How? The trader voluntarily increased the gas fee to speed up the transaction time to purchase the memecoin.
What happening? Meme coin mania has led to the increase in Ethereum gas fees, driven in large part by the frenzied buying of a Pepe (PEPE).
TTD Surfer 🏄
Barbie and Boss Beauties to launch a crossover NFT collection featuring a variety of rarity levels and real-world perks.
The brick-and-mortar brand Alo Yoga retail chain is offering customers free daily affirmation NFTs minted on Polygon.
Artizen fund raises $2.2 Million to leverage tokenisation and gamification to help creators fund projects in art, technology, science and design.
If you like us, if you don't like us .. either ways do tell us✌️
So long. OKAY? ✋
The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.