Citi the latest TradFi player to test out asset tokenization

Citi is the latest financial firm to test bringing real-world assets onto distributed ledger technology networks, finding that such efforts can offer big advantages over traditional models.

“Tokenization unlocks the value in traditional markets to new use cases and digital distribution channels while enabling greater automation, more standardized data rails and even improved overall operating models, such as those facilitated by digital identity and smart contracts,” the company said in a report. 

Tokenization of existing assets can offer meaningful improvements over the status quo and is likely a necessary step for achieving scale.

The company’s findings come after it completed…

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Dogwifhat Up 23% As This Solana Darling Ranks 5th By Memecoin Mcap: ‘The Doge Of This Cycle,’ Says Crypto Expert

Solana’s “Dogecoin killer” dogwifhat WIF/USD clocked a 23.2% gain in the past 24 hours, powered by Bitcoin cracking the $52,000 mark.

What Happened: Dogwifhat surged into the top five memecoins by market capitalization, based on CoinGecko data. This placed it alongside elite memecoins such as Dogecoin DOGE/USD and Shiba Inu SHIB/USD and behind Bonk BONK/USD and Pepe PEPE/USD.

WIF has rocketed to a market cap of $461.6 million at the time of writing in a very short span — as recently as Jan. 5, it traded around $130 million.

It has thus surpassed popular memecoins that came before it such as Floki FLOKI/USD and Memecoin MEME/USD.

Also Read: GameStop, Dogwifhat And ‘Dogecoin…

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NEW: Crypto-Supportive Candidate Secures Vice Presidency in Indonesian Elections

In a decisive victory, Gibran Rakabuming Raka and Prabowo Subianto have emerged triumphant in Indonesia’s latest election, securing around 58% of the vote, an unofficial tally reports. This win not only reshapes the political landscape but also signals a bright future for blockchain and cryptocurrency initiatives in Indonesia. Gibran, the proactive mayor of Surakarta, has expressed a strong commitment to propelling the nation’s youth into the forefront of the crypto and blockchain sectors, highlighting a strategic shift towards embracing digital innovation.

The election’s results, showing a significant lead for Prabowo and Gibran over competitors Anies Baswedan and Ganjar Pranowo, reflect a collective aspiration for progress and technological advancement. With the official count pending until March 20 and the inauguration slated for October 20, Indonesia stands on the cusp of a new era. This victory not only marks a significant political achievement but also underscores Indonesia’s readiness to foster a vibrant ecosystem for cryptocurrency and blockchain, promising a dynamic future for its young population.

Reuters 

DLCs Evolving To Meet Institutional Needs

Discreet Log Contracts are an old concept in this space at this point, proposed by Thaddeus Dryja (co-creator of the Lightning Network protocol) in 2017. DLCs are a smart contract structure designed to address three issues with contract schemes prior to the proposal: firstly the scalability of the smart contract itself, which required larger on-chain footprints for a larger set of potential outcomes; secondly, the issue of getting data external to the blockchain “into the blockchain” for contract settlement; and lastly, the privacy of users of the smart contract.

The basic scheme is very simple, two parties create a multisig address composed of the two of them, and choose an oracle….

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Genesis gets court approval to offload $1.6B Grayscale shares

A judge on Wednesday granted a motion from Genesis to allow the bankrupt lender to sell its shares of Grayscale’s bitcoin ETF (GBTC).

The motion allows the debtors to begin selling the shares at their discretion, and does not set up a timeline. US bankruptcy judge Sean Lane also overruled a request from Digital Currency Group to consult on the shares.

DCG is “not in an ideal position” to offer “advice untainted by its own interest,” Judge Lane said at the hearing. He added that he didn’t fault DCG for looking out for its own interest, however.

Judge Lane added, as part of his approval, that the debtors can convert the shares to bitcoin or cash. A lawyer for Genesis pegged…

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New UK Rules Cause Consternation for Bitcoiners

The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

New regulations from the British Financial Conduct Authority (FCA) have taken effect over UK businesses that deal with Bitcoin and other cryptoassets, leading to immediate public disapproval.

These new regulations, quietly imposed in mid-February, came as a surprise to many of the users impacted. The FCA has already impacted…

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Bitcoin ETF inflows pick up again, with BlackRock leading the way

BlackRock’s spot bitcoin ETF saw its largest net inflow day on Tuesday more than a month after launching. 

The asset management giant’s iShares Bitcoin Trust (IBIT) brought in $493 million during the trading day, according to BitMEX Research. That broke the fund’s previous daily net inflow high mark of $386 million posted on Jan. 12, the fund’s second day on the market.  

With Tuesday’s inflows, IBIT hit nearly $5.2 billion in assets under management. 

Just 7% of all ETFs are as big as the BlackRock fund, according to Bloomberg Intelligence analyst Eric Balchunas.   

Grayscale Investments’ Bitcoin Trust ETF (GBTC) is the largest spot bitcoin ETF, with $22.8 billion….

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FutureBit Partners With Rutgers University To Educate Students On Bitcoin

FutureBit, a leading provider of consumer-focused Bitcoin products, has unveiled its Higher Ed Pilot Programs in collaboration with universities across the United States, according to a press release sent to Bitcoin Magazine. This initiative marks one of the first instances of bringing Bitcoin hardware into academic settings, with Rutgers University Business School being among the initial partners.

Announcing our Higher Ed pilot programs with campuses across the US! One of the first is with Professor Guthner @RutgersBSchool and @RutgersU!Our ability to provide plug and play vertically integrated Bitcoin systems across schools will spearhead education for the next……

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Top Trending Crypto Coins of The Day

BIGCAP COINS:

  1. Bitcoin: Market Cap of $1.0 Trillion.
  2. Ethereum: Market Cap of $331 Billion.
  3. Solana: Market Cap of $51.5 Billion.

MIDCAP COINS:

  1. Gorilla: Market Cap of $4.3 Million.
  2. Jupiter: Market Cap of $691 Million.
  3. Nervos Network: Market Cap of $486 Million.

RISING COINS:

  1. MOG Coin: Market Cap of $65.6 Million.
  2. Beam: Market Cap of $1.5 Billion.
  3. PepeFork: Market Cap of $165 Million.

Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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Bitcoin breaks $52k, outperforms stocks to new 2024 high 

Bitcoin surged to a new 2024 high Wednesday, recovering from a brief dip Tuesday spurred by disappointing inflation data, analysts say. Equities and ether also climbed. 

Bitcoin (BTC) came close to breaking through $52,000 Wednesday morning in New York after two days of hovering around the $50,000 level. The largest cryptocurrency lost as much as 2.8% Tuesday following the latest consumer price index reading, which showed annual inflation currently sits at 3.1%, higher than economists had predicted. 

Bitcoin’s turnaround though is a sign that the asset follows both a risk-on and risk-off narrative, Noelle Acheson, author of the “Crypto is Macro Now” newsletter, said. 

Read…

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