Best Twitter threads of the day – August 15th

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• New York Banking Commission votes to halt deposits at Capital One and Keybank

  TL;DR Breakdown New York City’s Banking Commission has frozen deposits into Capital One and KeyBank due to their failure to provide plans detailing efforts against discrimination. Comptroller Brad Lander also voted against designating International Finance Bank, PNC Bank, and Wells Fargo to hold public funds. This move sets a precedent for demanding transparency and fairness from banks, potentially initiating a global shift toward equitable banking. The New York City Banking Commission has frozen deposits into Capital One and KeyBank, two of the city’s prominent financial institutions. However, the historic decision, sparked by the banks’ failure to submit plans detailing their efforts to combat discrimination, signifies the city’s commitment to demanding transparency and fairness in the financial sector. Championing equity in the financial sphere The world’s financial epicenter, New York City, has laid down the gauntlet in its push for equitable banking. This move, spearheaded by City Comptroller Brad Lander in collaboration with Mayor Eric Adams and the Department of Finance, has reiterated that banks seeking to operate within the city limits must demonstrate their commitment to fair practices. A prerequisite…

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• MicroStrategy’s Continued Bitcoin Appeal Amid Potential ETF Approval

  TL;DR Breakdown MicroStrategy’s chairman, Michael Saylor, asserts that his company will retain its attractiveness as a BTC proxy even if a Bitcoin ETF is approved in the US. MicroStrategy continues to expand its Bitcoin holdings, making a $361.4 million acquisition in the second quarter, the most considerable purchase since the peak of BTC prices in late 2021. Description Michael Saylor, the co-founder, and chairman of MicroStrategy Inc., stated in a recent interview with Bloomberg Television that he expects his software firm to maintain its appeal as a Bitcoin proxy, even with the potential approval of the first U.S. exchange-traded fund (ETF) that directly holds the cryptocurrency. MicroStrategy, a Virginia-based company, holds the highest … Read more Michael Saylor, the co-founder, and chairman of MicroStrategy Inc., stated in a recent interview with Bloomberg Television that he expects his software firm to maintain its appeal as a Bitcoin proxy, even with the potential approval of the first U.S. exchange-traded fund (ETF) that directly holds the cryptocurrency. MicroStrategy, a Virginia-based company, holds the highest amount of Bitcoin among all publicly traded companies.  Saylor…

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• Binance’s power play with Binance.US exposed

  TL;DR Breakdown Binance’s senior executive, Guangying Chen, was authorized to operate five bank accounts belonging to Binance.US, indicating a strong control by Binance over its U.S. affiliate. Despite Binance.US’s claims of operational independence, the revealed financial control raises questions about the actual autonomy of the American affiliate. U.S. authorities, including the Commodity Futures Trading Commission, are closely monitoring Binance’s U.S. operations amidst allegations of evasion of commodity laws. The labyrinthine relationship between the colossal cryptocurrency exchange, Binance, and its ostensibly separate U.S. affiliate, Binance.US, has come under renewed scrutiny, with new evidence demonstrating the tight control the crypto exchange has exerted over its U.S. counterpart. Banking documents from 2019 and 2020 indicate that a senior executive from Binance, Guangying Chen, wielded authority over the financial activities of Binance.US, adding a new layer of complexity to an already intricate relationship between the two entities. Inside the power dynamics Chen, a close associate of Binance CEO Changpeng Zhao, was authorized by U.S. lender Silvergate Bank to operate five bank accounts linked to Binance.US. This authorization enabled her, along with her deputies, to…

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• Thailand’s KBank launches $100 Million fund for Web3 and AI startups

  TL;DR Breakdown Thailand’s KBank has launched a $100 million venture capital fund, KXVC, managed by its tech subsidiary Kasikorn Business Technology Group, to invest in Web3 and AI startups globally. The fund aims to counter the declining investment volumes in the crypto venture capital market by focusing on high-growth startups in emerging technology sectors. KXVC’s global focus, covering the Asia Pacific, the U.S., the EU, and Israel, positions KBank as a leader in technological innovation and could set the stage for future advancements in Web3 and AI. Description Thailand’s financial giant, Kasikorn Bank, commonly known as KBank, has made a new move by earmarking $100 million for a venture capital fund. This fund, known as KXVC, is an initiative spearheaded by the bank’s technological division, Kasikorn Business Technology Group (KBTG). With a global reach that includes the Asia Pacific region, the United States, … Read more Thailand’s financial giant, Kasikorn Bank, commonly known as KBank, has made a new move by earmarking $100 million for a venture capital fund. This fund, known as KXVC, is an initiative spearheaded by the…

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• Magic Eden introduces cost-efficient compressed NFTs on Solana

  TL;DR Breakdown Magic Eden, an NFT marketplace, has announced support for Solana’s compressed NFTs (cNFTs), aiming to make digital collectibles more cost-effective and scalable. The cNFTs are ideal for mass-produced collections and could serve as an “easy access point” for newcomers to the NFT space, allowing for lower minting costs compared to platforms like Ethereum. While the off-chain storage of cNFTs offers cost benefits, it also presents challenges such as the risk of data loss, as evidenced by issues with NFTs on the FTX crypto exchange last year. Description Magic Eden, a prominent nonfungible token (NFT) marketplace, has announced its support for Solana’s compressed NFTs (cNFTs), offering a more scalable and cost-effective alternative for digital collectibles. The integration of cNFTs into Magic Eden’s platform aims to revolutionize the NFT landscape by making it more accessible and affordable for both creators and collectors. cNFTs differ … Read more Magic Eden, a prominent nonfungible token (NFT) marketplace, has announced its support for Solana’s compressed NFTs (cNFTs), offering a more scalable and cost-effective alternative for digital collectibles. The integration of cNFTs into Magic…

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