Jack Dorsey’s Square to Invest More in Bitcoin Mining and Shut Decentralized ‘Web5’ Venture
The company’s shares fell after reporting third quarter sales that missed estimates by 4%.
Detroit becomes first city to fully adopt crypto payments for taxes, fees
Detroit is setting a national precedent by becoming the largest US city to accept crypto for taxes and city fees. City officials announced on Nov. 7 that residents will be able to pay these expenses with crypto starting in mid-2025 through a secure platform operated by PayPal. The move is part of Detroit’s broader vision…
Wintermute Pushes for Ethena Fee Switch to Benefit sENA Token Holders
Crypto market maker and liquidity provider Wintermute has proposed a fee switch framework for the Ethena protocol. The main objective behind this move is to establish revenue alignment with sENA token holders and clarify Ethena’s protocol revenue structure. Wintermute’s Fee Switch Proposal According to Wintermute, sENA holders – those who have staked their Ethena tokens…
Galaxy Digital explores AI potential in response to Bitcoin mining slowdown
Galaxy Digital is the latest Bitcoin mining firm exploring a shift to AI, driven by increasing competition and rising mining difficulty within the sector. In its third-quarter earnings report released on Nov. 7, Galaxy announced a preliminary agreement with an undisclosed US hyperscaler—a large data center operator—to potentially convert its 800-megawatt (MW) Helios mining facility…
DEGEN L3 migration hindered by Conduit standoff and financial losses
In a post shared with its community, DEGEN revealed mounting challenges in its ongoing effort to migrate DEGEN L3 to a new service provider. The prolonged standoff, which DEGEN claims has stalled critical upgrades and harmed users, has spotlighted unresolved tensions with its current provider, Conduit. Service failures Since August, DEGEN has reportedly sought to…
Detroiters Will Be Able to Pay Their Taxes in Crypto Next Year Using PayPal
Detroiters will soon be able to pay their taxes and other city fees with crypto through PayPal, according to a Thursday announcement from Detroit’s Office of the Treasury.
Crypto market remains bullish following Fed rate cut
Following a meeting on Nov. 7, the Fed’s Federal Open Market Committee (FOMC) cut the US interest rate by another 25 basis points (bps), lowering it to 4.5% from 4.75%. The crypto and equities markets remained unfazed, as investors likely already priced the cut. According to CryptoSlate data, Bitcoin (BTC) has been up 1% over…
FTX Co-Founder Gary Wang Appeals for Leniency Ahead of Sentencing: Report
Gary Wang, the co-founder of the now-bankrupt cryptocurrency exchange FTX, is seeking to avoid prison time as he awaits sentencing scheduled for November 20 in Manhattan federal court. He has asked a federal judge to consider his cooperation in the fraud trial against his long-time friend and former FTX CEO, Sam Bankman-Fried, also known as…
Intense Competition — Not Technology — Will Fuel Blockchain’s Rise to Dominance
Like the internet itself, decentralized networks aren’t always the most efficient tools for some tasks. However, the open, permissionless nature of these networks creates intense competition that often serves customers better than technical efficiency alone, says EY’s Paul Brody.