Here are some of the major developments from the world of crypto over the past few days.
Crypto startup Hamilton has become the first firm to roll out tokenized United States Treasury bills. Hamilton has announced that its United States Treasury Bills (USTB) will be issued on several Bitcoins layer-2 networks, which include Stacks, Core, and the BoB (short for Build on Bitcoin). These three Bitcoin layer-2 solutions chosen are stable and linked to the development of security and transparency of the Bitcoin network.
According to Kasstawi, co-founder and CEO of Hamilton, this marks significant progress toward financial independence, especially for emerging markets. The tokenized RWAs that have been mobilized include T-Bills, real estate, and securities, where it has gained the most traction in the $8 billion Web3 economy, which represents the total value locked.
Layer-2s have brought with them enhanced processing time, lower fees, and the capability of smart-contract-dependent DeFi on a Bitcoin network that is serving growing traffic.
With the U.S. Federal Reserve's policy interest rate making T-Bills competitor with stablecoin yields at a great deal lower risk, the launch of HUST on the Bitcoin second layer comes as a truly exciting investment opportunity for those seeking exposure to the safety of the U.S. dollar and the potential of the Bitcoin network.
Taurus-Zand Partnership to Enhance Crypto, and Tokenization Services in UAE
The Swiss cryptocurrency infrastructure platform encrypts its relationship with Zand Bank, in the United Arab Emirates, for better tokenization and custody. The collaboration will enable Zand to utilize Taurus' capability to tokenize both on-chain and off-chain financial and real-world assets on several blockchains through Taurus' node infrastructure while adhering to the given parameters surrounding UAE's set of rules and regulations.
Taurus' custody solution will support cryptocurrencies, digital currencies, and non-fungible tokens among a host of other digital assets to be extended by Zand. A first, fully native digital bank licensed by the Central Bank of the UAE seeks to lead in the digital banking space amid an evolving regulatory environment.
This is happening even as the UAE implements reforms in its digital financial market, including stricter verification stemming from Anti-Money Laundering requirements and the weeding out of unlicensed virtual asset service providers. These have paid off, with UAE being removed from the grey list of the Financial Action Task Force in February, hence making international finance easier in the country.
In recent years, cryptocurrency companies have increasingly moved to the UAE and been licensed there, with the country still in the spotlight on the global stage for its friendly regulations towards digital assets. On this basis, the June 2023 integration with the Polygon blockchain and expansion into Turkey and Canada cement the company's position as a leading cryptocurrency infrastructure solution provider.
Mt. Gox Whirls $2.71 Billion in Bitcoin Before First Repayment
Failed Japanese cryptocurrency exchange Mt. Gox has whirled roughly 47,229 Bitcoin—to a value of around $2.71 billion at current prices—to a new wallet address. This is the first massive outflow from the failed exchange since May, right on the eve of its first repayments to creditors this month.
Arkham Intelligence, a blockchain analysis platform states the transaction happened at 12:30 am UTC on July 5, and that it involved the bitcoin coming out of "cold storage." Denying the creditor's information in July, Mt. Gox reaffirmed having taken all measures needed to commence the redemption process in a statement dated June 24 by the company's trustee Nobuaki Kobayashi.
Some commentators in the market have warned it could be a huge inflow from Mt. Gox, while others think many Mt. Gox Bitcoin holders might be more "diamond-handed" than first thought—owing to the depressing effect of capital gains taxes on those selling all their BTC in one go.