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Binance Launches Self-Custody Wallet for First Movers in the Americas

Binance introduces its very own self-custody wallet, making moves in the Americas.

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Binance’s New Wallet: The Battle for Control

Binance, the crypto exchange that never sleeps, has just released a self-custody Web3 wallet. Picture this: a wallet that is not just any wallet, but a multitasking super wallet. This wallet allows users to interact with the DeFi ecosystem, like a superhero swooping in to save the day. But wait, there’s more! You have to create the wallet using the Binance app. It’s like the Binance app is the secret lair where all the staking, lending, and borrowing happens. And here’s the cherry on top: the wallet uses multiparty computation (MPC) to ensure security. It’s like breaking the private key into three pieces, and the wallet owner controls two pieces. No need to remember those pesky seed phrases anymore!

But hold on a minute, this new wallet seems to be challenging TrustWallet, the superhero sidekick that Binance acquired in 2018. TrustWallet’s native token (TWT) took a beating after Binance’s announcement. It’s like witnessing a clash between two titans. TWT had a stellar week, with Binance listing TWT futures on its exchange. Volume skyrocketed from $80 million to a whopping $476 million on Monday. It was a heroic feat, but alas, the fall from grace was inevitable.

HSBC Embraces Tokenization: The Future is Here

HSBC, the banking giant with a love for all things digital, is planning to offer a custody service for tokenized securities. But wait, hold your horses, it’s not just any custody service. It’s a service specifically tailored for institutional clients. This is like the Batcave opening its doors to the financial elite.

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But here’s the catch, it won’t involve cryptocurrencies or stablecoins. No, no, no, this is a different ball game altogether. It’s about tokenizing real-world assets on blockchains. It’s like turning your grandma’s antique vase into a digital asset that can be traded on the blockchain. And guess what? Boston Consulting Group estimates that this tokenization trend could become a $16 trillion industry by 2030. It’s like witnessing the birth of a whole new financial revolution.

Grayscale’s Premium: When Demand Goes to the Moon

Grayscale, the investment powerhouse, has a product linked to Chainlink’s LINK token. And guess what? This product is trading at a mind-boggling 200% premium to spot prices. Can you believe it? It’s like a luxury brand charging you double the price just because it’s trendy.

The Grayscale Chainlink Trust (GLNK) had a wild ride, closing at $39 on Monday. But here’s the catch: each GLNK share holds only $12 worth of LINK, making it three times pricier than the actual value. It’s like buying a burger for $30 when it’s only worth $10. This premium is the highest it’s ever been, like a roller coaster reaching its ultimate peak. And what’s driving this madness? The LINK tokens themselves have surged over 76% in the last month. It’s like a frenzy that even the wildest carnival can’t match.

Chart of the Day

• Who needs stock market volatility when you have options-implied expectations for price turbulence over 30 days?

• The chart shows the spread between Deribit’s ETH DVOL and BTC DVOL indices. It’s like comparing the adventurous spirit of a unicorn with the steady stride of a horse.

• Guess what? Investor focus has shifted from the market leader, Bitcoin, to the rising star, Ethereum, and other alternative cryptocurrencies.

• It’s like the old saying, “Out with the old, in with the new.”

• Omkar Godbole

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Edited by Sheldon Reback.

Hey there, digital asset investors! Did you enjoy this roller coaster ride through the latest crypto headlines? From the clash of wallets to the future of tokenization and the premium frenzy surrounding Grayscale’s product, the world of cryptocurrencies is always thrilling.

But wait, there’s more! Take a look at our trending posts and dive deeper into the fascinating world of CBDCs, Ripple’s remittance revolution, and the one-sided bromance between crypto and the U.S. CFTC.

Remember, the crypto world is full of surprises. Strap in and enjoy the ride!

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