Weekly Summary
- Dogecoin skyrockets 40% after Elon Musk’s announced takeover deal of Twitter
- Federal Reserve raised hike by 75 basis points, highest levels since 2008
- Hong Kong laxes rules as regularly announced the city’s ambition to become a crypto hub
- Meta selected Polygon for minting NFTs on Instagram and Arweave for storing data
- JP Morgan executes its first DeFi transaction on a public blockchain
Industry Stories
Dogecoin pumps after Elon Musk’s Twitter deal closed: Elon Musk has finally completed the acquisition of Twitter after months of negotiations and Dogecoin price pumps as much as 40% after the announcement. This was because Musk floated the idea of adding dogecoin as a payment method for Twitter’s subscription service earlier in April 2022.
Fed raised rates by 75 basis points with hints to slow down in the future: The Federal Reserve has raised rates by 0.75% to a target range of 3.75% – 4%, the highest levels since 2008. This is the fourth consecutive 0.75 interest rate hike to bring down inflation and markets are looking for an indication if this could be the last. Powell repeated the idea that there will come a time to slow the pace of rate increases but no decision has been made yet. The S&P 500 fell 2.5% and Nasdaq lost 3.4% following the news but the price of bitcoin remains unfazed.
Hong Kong wants to become a crypto hub: At the opening of Hong Kong FinTech week, the government announced that it will hold consultations with the aim to legalize crypto trading in the city. Crypto firms will have to obtain a Virtual Asset Service Provider (VASP) before they can commence operations and regulators are now re-considering opening up the market to broader retail instead of the current scheme where only individuals with a portfolio of at least $1m could invest.
Meta to allow creators to create NFTs and sell to fans on Instagram: Meta has partnered with Polygonto enable the buying/selling of NFTs directly within Instagram. All metadata of the NFTs from OpenSea, such as collection name and descriptions, can be viewed publicly on the instagram app. Meta has chosen Arweave as the storage solution provider to store all the NFTs data permanently.
JP Morgan successfully executed its first cross-border transaction using DeFi: In a pilot program facilitated by the Monetary Authority of Singapore (MAS), JP Morgan sent a transaction involving tokenized SGD and Yen on Polygon using a modified version of AAVE protocol’s smart contract code. This is the first time in history that a major US bank conducted a public blockchain transaction and it is the first step bridging traditional financial assets into DeFi.
Earlier this year with Cointelegraph, Cynthia Wu, COO & Founding Partner of Matrixport, also mentioned that almost everything could be tokenized in 5-10 years time.
Product Highlight
Matrixport now lists RSS3 ($RSS3) and Tamadoge ($TAMA) on the platform. Users can now deposit, withdraw, and send both tokens using the app.
At Matrixport wallet, we support over 100 recognized cryptocurrencies. Investors can manage their wealth with multiple deposit methods and free withdrawals, and earn more from investment products of their preference. For example, a considerable annual yield is provided by Fixed Income for 22 cryptocurrencies and Staking products for 8 cryptocurrencies. Experienced investors are also offered the chance to earn a 3-digit yield with Matrixport’s structured products such as Dual Currency and Smart Trend.
>> Manage your wealth with Matrixport
Matrixport News
Matrixport is honored to be recognised with the “Best Solution for Digital Asset Service” award from DigFin Group (AMTD Group) as part of Hong Kong Fintech week. Cynthia Wu, COO & founding partner of Matrixport, spoke about reimagining the possibilities in digital assets financial services and expressed gratitude to clients and investors.
Matrixport partners with AYU as a crypto prime broker specialist. We look forward to sharing the opportunities and insights to an emerging asset class that enables informed discussions and more effective decision-making.
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