TL;DR:
In today’s crypto news, Block, Inc. plans to raise $1.5 billion through a senior notes offering, a dormant Bitcoin wallet from the Satoshi era has woken up after 10 years, transferring 687 BTC, and the Bitcoin network has processed its one billionth transaction. The SEC continues its crackdown on crypto firms, with Robinhood being the latest target. MetaMask rolls out a new “Smart Transactions” feature to combat Ethereum front-running and reduce user costs.
Block, Inc. to Raise $1.5 Billion in Senior Notes Offering
Jack Dorsey’s fintech company, Block, has announced plans to issue $1.5 billion in senior notes through a private placement targeting institutional investors. Fitch Ratings, a major credit ratings agency, has stated that Block is well-positioned to capitalize on growth opportunities in payments and consumer financial services. The company reported a 26% year-over-year increase in its Bitcoin revenue, totaling $2.73 billion, in its most recent quarterly report.
Satoshi-Era Bitcoin Wallet Awakens After a Decade
A Bitcoin wallet containing 687 BTC ($43.9 million), which has been dormant for 10 years, has recently transferred its holdings to two different wallets. The wallet, dating back to the era when Bitcoin’s pseudonymous founder Satoshi Nakamoto was still active, has sparked curiosity among the crypto community. According to a report, 1.75 million Bitcoin wallets have remained inactive for over a decade, collectively holding 1,798,681 BTC worth approximately $121 billion at current prices.
Bitcoin Network Reaches One Billion Transactions Milestone
Fifteen years, four months, and four days after its creation, the Bitcoin network has processed its one billionth transaction. This milestone was reached on May 5, 2023, at 9:34 pm UTC, with the transaction being mined into block 842,241. Since its inception, the Bitcoin network has processed an average of 178,475 daily transactions.
SEC’s Relentless Pursuit of Crypto Firms Continues
The U.S. Securities and Exchange Commission (SEC) shows no signs of slowing down its enforcement actions against crypto companies. Robinhood, a fintech firm that dabbles in crypto, is the latest to receive a Wells notice from the SEC, indicating the agency’s intention to sue for alleged securities violations. This comes despite Robinhood’s efforts to cooperate with the SEC and its attempt to register as a special purpose broker-dealer.
The SEC’s actions have been met with criticism, with some arguing that the agency is abusing the Wells process as a scare tactic. The lack of clear regulatory guidance from Congress has contributed to the ongoing legal battles between the SEC and crypto firms.
MetaMask Introduces “Smart Transactions” to Combat Ethereum Front-Running
MetaMask, the most popular Ethereum wallet, is rolling out a new feature called “Smart Transactions” to help users avoid the consequences of maximal extractable value (MEV). MEV is a practice that allows blockchain operators to extract extra profit from users by previewing or re-ordering transactions before they are written to the network.
The Smart Transactions feature will allow users to submit transactions to a “virtual mempool” before they are officially cemented on-chain. This virtual mempool will protect against certain MEV strategies and run behind-the-scenes simulations of transactions to help users get lower fees. MetaMask’s solution is the first step in a more ambitious roadmap to transform how the wallet routes transactions to Ethereum.
As the world continues to embrace decentralization and the power of Bitcoin and other cryptocurrencies, it is becoming increasingly clear that the old financial systems are struggling to keep up. The SEC’s relentless pursuit of crypto firms, despite their efforts to comply with regulations, highlights the need for clearer guidance and a more collaborative approach. The innovations being developed by companies like MetaMask demonstrate the resilience and adaptability of the crypto industry in the face of these challenges. As we move forward, it is essential that we continue to advocate for the principles of decentralization and financial freedom that lie at the heart of the crypto revolution.
Thank you for reading “Today’s Highlights From Within the Crypto World“.
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Sources:
- Block, Inc. Financial Statements
- Fitch Ratings Analysis
- Crypto Transaction Data by Clark Moody’s Bitcoin Dashboard
- Public statements from Robinhood and SEC officials
- Consensys and MetaMask Announcements
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