Best Twitter threads of the day – June 13th

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  TL;DR Breakdown Bitcoin Ordinals transaction fees have witnessed an increase of 700% since April. Projects are shifting their attention to the Bitcoin network. A recent report compiled by @dgtl_assets of Dune Analytics sheds light on the growing popularity of Bitcoin Ordinals, revealing significant increases in network fees and shifting trends in inscription preferences. On May 20, the total network fees paid for the minting of Bitcoin Ordinals reached 1,414 BTC, equivalent to $38.2 million. This represents a staggering surge of 700% from April 20 and 831% from April 1, underscoring the escalating interest in Bitcoin NFTs. Bitcoin Ordinals grow in popularity Bitcoin Ordinals function as a numbering system that assigns a unique number to each Satoshi, allowing for precise tracking and seamless transfer. Furthermore, the Inscription process adds a layer of data to each Satoshi, enabling the creation of distinct digital assets on the Bitcoin blockchain. Notably, unlike traditional NFTs built using smart contracts and hosted on separate solutions like IPFS, Bitcoin Ordinals exist entirely on the Bitcoin blockchain, eliminating the need for sidechains or separate tokens. Recent data analysis…

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• US state banks now need Fed’s nod for crypto activities

  TL;DR Breakdown The Fed mandates state banks to get written approval for stablecoin activities. Move follows PayPal’s announcement to launch its own stablecoin. Previous corporate stablecoin attempts, like Meta’s Libra, faced regulatory resistance. Description If there’s one thing the world of finance knows, it’s that when the U.S. Federal Reserve takes a stance, you better pay attention. In a bold move, the Fed has just mandated that state banks under its jurisdiction will need an official written approval before delving into certain crypto activities, specifically involving dollar tokens. These … Read more If there’s one thing the world of finance knows, it’s that when the U.S. Federal Reserve takes a stance, you better pay attention. In a bold move, the Fed has just mandated that state banks under its jurisdiction will need an official written approval before delving into certain crypto activities, specifically involving dollar tokens. These tokens are essentially stablecoins, designed to offer some semblance of stability in the volatile cryptocurrency market by pegging their value to traditional assets like the U.S. dollar. The Fed’s tightening grip on cryptocurrencies…

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• Africa-Asia fintech Jia secures $4.3 million in seed funding

  TL;DR Breakdown Fintech firm Jia, targeting micro and small businesses in emerging markets, has secured $4.3 million in seed funding led by TCG Crypto, along with an additional $1 million commitment for on-chain liquidity. Jia plans to strengthen its operations in Kenya and the Philippines before exploring new markets in West Africa, Latin America, and Asia. The company’s unique model uses decentralized finance to offer loans and provides borrowers with tokens post-repayment, essentially turning borrowers into owners. Opening a new chapter in blockchain-based finance, the fintech firm Jia has secured a significant investment of $4.3 million in seed funding. This early-stage financial boost has been spearheaded by TCG Crypto, bolstered by several participating entities including BlockTower, Hashed Emergent, Saison Capital, and Global Coin Research. Additionally, an extra $1 million has been allocated for on-chain liquidity, underscoring the confidence of investors in Jia’s model. Jia creating waves in Kenya and the Philippines Jia, founded in 2020 by a team of former Tala executives, including Zach Marks, Cheng Cheng, Ivan Orone, and Yuting Wang, focuses on providing loans to micro and small…

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• Coinbase targets swing states in crypto lobbying blitz

  TL;DR Breakdown Coinbase launches the “Stand with Crypto” campaign targeting specific U.S. states, including four crucial swing states. A 2022 poll indicates 55% of voters in these swing states are averse to anti-crypto presidential candidates. Beyond swing states, the campaign will also focus on states with a high percentage of crypto owners. Description Coinbase, the leading cryptocurrency exchange, is diving headfirst into political advocacy. With a determined focus on specific states, Coinbase’s “Stand with Crypto” campaign aims to influence crypto-friendly policies and regulations. Their objective? Focus on key territories, including four pivotal swing states that are essential cogs in the political machinery. Targeting Swing States with A Purpose … Read more Coinbase, the leading cryptocurrency exchange, is diving headfirst into political advocacy. With a determined focus on specific states, Coinbase’s “Stand with Crypto” campaign aims to influence crypto-friendly policies and regulations. Their objective? Focus on key territories, including four pivotal swing states that are essential cogs in the political machinery. Targeting Swing States with A Purpose New Hampshire, Nevada, Ohio, and Pennsylvania are the four swing states under Coinbase’s radar….

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• Tech companies must tackle the destructive risks of AI

  TL;DR Breakdown Large investors are pressuring tech companies to take responsibility for potential AI misuse and associated human rights issues. Collective Impact Coalition for Digital Inclusion, a group of financial institutions, is pushing for tech businesses to commit to ethical AI. Description The inexorable rise of artificial intelligence (AI) brings with it the specter of misuse, with looming liability for human rights issues tied to the technology. Fears are mounting among institutional investors, turning up the heat on tech companies to assume responsibility and commit to ethical use of AI. A rising call for ethical AI Leading … Read more The inexorable rise of artificial intelligence (AI) brings with it the specter of misuse, with looming liability for human rights issues tied to the technology. Fears are mounting among institutional investors, turning up the heat on tech companies to assume responsibility and commit to ethical use of AI. A rising call for ethical AI Leading the charge for ethical AI is the Collective Impact Coalition for Digital Inclusion, a force of 32 financial institutions managing a staggering $6.9 trillion in…

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