Jack Dorsey’s Square to Change its Name to Block

Square earnings
  • Shares of the company are down 6.6%
  • Square Crypto will change its name to Spiral, according to the announcement

Square Inc. (SQ), the financial-services company co-founded by Jack Dorsey, announced that it will be changing its corporate name to Block Inc.

“We built the Square brand for our Seller business, which is where it belongs,” Dorsey said in a statement. “Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

The payment giant detailed its rebranding, which will go into effect on Dec. 10, in a series of tweets on Wednesday. 

“Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes,” San Francisco-based Square said.

As a part of its rebranding, Square Crypto will change its name to Spiral. The company holds roughly $220 million of bitcoin in its treasury, according to The Wall Street Journal. 

The news comes just two days after Dorsey resigned as CEO of Twitter.

Shares of the company, whose ticker symbol will not change, are down 6.66% on the news.


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


The post Jack Dorsey’s Square to Change its Name to Block appeared first on Blockworks.

Former CTFT Chairman: Let Markets Decide Bitcoin’s Value

  • Former CFTC Chairman Giancarlo thinks that regulators need to let markets determine value on their own
  • Two former US regulators agree that the way we are thinking about crypto regulation today may be misguided

It is not up to regulators to determine which asset classes or securities are legitimate, according to Christopher Giancarlo, former chairman of the Commodity Futures Trading Commission (CTFC) and senior counsel at Willkie Farr & Gallagher. 

Giancarlo was joined by Brian Brooks, CEO of Bitfury Group and Former US Acting Comptroller Of The Currency for a keynote discussion at the Digital Asset Compliance & Market Integrity Summit in New York Wednesday. Both former regulators believe there are issues with the current approach to digital asset industry oversight. 

Giancarlo was leading the CFTC, the regulatory body that oversees derivatives markets in the US, during the bitcoin rally of 2017. The Commission was approached by two main operators, the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) about launching bitcoin futures that year. 

“It was remarkable how much pressure the commission faced to stall or stop those self-certifications of bitcoin futures, and it wasn’t just regulators, although there was a healthy dose of regulators in the US and abroad that were calling us saying ‘do not let this go forward because you are legitimizing bitcoin,’” Giancarlo said. “But it was the industry itself, a lot of legacy providers in the industry.” 

Various banks and traditional financial institutions were against the approval of bitcoin futures trading at the time, Giancarlo said. The argument that bitcoin should not be validated was troubling to the former chairman. 

“It was that notion of ‘if you do this, you’re legitimizing bitcoin’ that kept coming into my mind,” Giancarlo said. “It’s not for me as an unelected bureaucrat to legitimize a legal activity, it is for the market to determine what is legitimate. And the only way the market could do that is if we let this go forward.” 

Brooks echoed Giancarlo’s sentiment. It is not up to any regulatory body to pick the winners and losers of Web3, he said. 

“We don’t ask the SEC to make a judgement about whether Teslas or Buicks are better vehicles,” Brooks said. “We let the market decide that.” 

Not long after bitcoin futures trading was approved, Giancarlo was summoned to appear before the Senate Banking Committee to testify about bitcoin. In his prepared opening statement, Giancarlo discussed how younger generations were becoming excited about this new, emerging asset class. 

“I think we owe it to this generation to respect their interest in crypto, not with disdain and dismissiveness but with a real ‘let’s get it right’ approach,” he said. “Let’s spend the time, let’s dig into this.” 

A key point of resistance both regulators have been met with when it comes to digital assets is the argument that cryptocurrencies have no use case. Brooks argues that it is not up to officials to judge how a technology might be used. 

“There was this idea that we can’t allow [crypto] to happen until somebody can show us a use case. That is the problem I was trying to solve,” Brook said. “We don’t actually have to know a use case, that’s not the role of government in a market economy. The role of the government is to create a set of risk protection guardrails and allow markets to decide what’s valuable.”


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


The post Former CTFT Chairman: Let Markets Decide Bitcoin’s Value appeared first on Blockworks.

Why Investors are Paying Millions for Virtual Land in the Metaverse

Axie Infinity Axies
  • The metaverse could generate a $1 trillion annual revenue opportunity, according to a recent report from Grayscale
  • Virtual property is a kind of NFT that represents ownership of a piece of land in the metaverse

A plot of land in the popular play-to-earn video game, Axie Infinity, recently sold for $2.3 million. The following week, virtual real estate developer, Republic Realm, said it had purchased a piece of property in The Sandbox for $4.3 million.

Digital property sales are notching never-before-seen highs as investors pile millions of dollars into real estate in the metaverse.

Axie Infinity co-founder Jeffrey Zirlin told Blockworks in an email that the recent sale of the plot of land, which was worth 550 ETH, makes perfect sense as people’s “digital lives are starting to take more importance in relation to [their] physical lives.”

“In the future the majority of people will be found mingling in virtual environments which will still need to mirror the physical world in some aspects,” Zirlin said.

For the uninitiated, Axie Infinity is a blockchain-based world where users can earn crypto rewards that can later be sold on exchanges. But the Axie homeland, called Lunacia, is divided into tokenized plots of land which act as homes or bases of operation for players, according to Zirlin. Therefore, virtual property can represent a non-fungible token (NFT) that represents ownership of a certain piece of land in the metaverse. 

One buyer, who previously purchased a plot of land for $1.5 million, described their investment as “the Hamptons of digital real estate.”

“The transition and blend from real life to digital events has increasingly accelerated, leading to the formation of digitally native nations. I believe having ownership in such nations has an addressable market that is far greater than the real world,” the virtual landowner, who goes by “Flying Falcon” online, told Blockworks.

High-risk investment 

In a rapidly evolving, growing — and at times volatile — space, virtual land could also be considered a high-risk investment choice, Zach Aarons, a general partner at real-estate tech VC firm MetaProp, told the Wall Street Journal

“If I buy a building for 40 ETH, and then ethereum goes from $4,000 to $100, that’s a fundamental risk that I’m not really taking when I’m buying a piece of physical real estate,” he said to the Journal, who first reported Republic Realm’s $4.3 million investment. 

But the metaverse could still generate a $1 trillion annual revenue opportunity, according to a report from crypto asset management firm Grayscale in November. 

Source: Grayscale

There’s even a “Zillow for the metaverse” now, a New York-based startup called Parcel. The niche marketplace allows users to connect their digital wallet such as MetaMask and bid on properties in virtual worlds like Decentraland, Cryptovoxels and others. 

“Blockchain is the first time where it’s a fully global market,” co-founder Noah Gaynor told Blockworks in an interview. “I actually think things in the metaverse and crypto in general have this premium because you have liquidity from all over the world.”

“Not every single person in the world can buy Apple stock, but practically everyone with an internet connection can buy a piece of virtual land. There’s a lot more players chasing the same assets,” he said.

Gaynor added that the future of real estate investment has a huge growth opportunity in the metaverse, citing the potential for digital landowners to put up billboards on their property to make passive income.

“We believe these virtual worlds will have thriving economies just like the physical world,” he said. 

When asked how to respond to skeptics who question how a virtual piece of property could be worth millions, Gaynor responded: “At the end of the day, it’s just supply and demand, right? Someone’s willing to pay that much for it, then that’s what it’s worth. [It’s the] same as bitcoin or any other asset.”


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


The post Why Investors are Paying Millions for Virtual Land in the Metaverse appeared first on Blockworks.

Fidelity Set to Launch Spot Bitcoin ETF in Canada

Canada ETF
  • Fidelity Advantage Bitcoin ETF will join several other spot offerings in Canada, such as Purpose Investments’ fund that hit the market in February
  • Growing number of spot bitcoin ETFs in Canada likely won’t change US regulators’ stance on such products, ETF Trends Managing Editor Lara Crigger says

Fidelity Investments’ Canadian subsidiary is getting set to launch an ETF that would invest directly in bitcoin.

The Fidelity Advantage Bitcoin ETF (FBTC), which carries a management fee of 40 basis points, will invest primarily in bitcoin directly, according to a prospectus published on Nov. 22. It may also purchase derivatives that provide economic exposure to bitcoin, but any use of derivatives will be “incidental” to the ETF’s primary investment strategy, the document adds.

The fund is expected to launch “on or around” Thursday, a Fidelity spokesperson told Blockworks and will be listed on the Toronto Stock Exchange.

Fidelity began research and development efforts into blockchain technology in 2014 through the Fidelity Center for Applied Technology.

“We believe that cryptocurrency is a valid asset class that we would like to provide as an investment option for retail investors in Canada by including this in our product offering,” the spokesperson said. “As to why now, we wanted to offer a front-to-back Fidelity solution with solid regulatory grounding.”

The ETF’s custodian, Fidelity Clearing Canada, recently got approved as the first digital assets custodian regulated by the Investment Industry Regulatory Organization of Canada (IIROC). The fund’s bitcoin sub-custodian will be Fidelity Digital Assets, which is the custodian of Fidelity’s Wise Origin Bitcoin Index Fund, a limited partnership launched last year that is available to qualified investors in the US.

Bloomberg Intelligence ETF Analysts Eric Balchunas and James Seyffart highlighted the upcoming ETF launch in Twitter posts this week. 

Balchunas noted that Fidelity “will easily be the biggest asset manager to date with a bitcoin ETF,” while Seyffart called the impending launch “sneaky big news.” 

Fidelity’s total discretionary assets totaled nearly $4.3 trillion as of the end of September, while its assets under administration were $11.1 trillion. The parent company of the Fidelity Advantage Bitcoin ETF issuer reported having about 31 million retail accounts at the end of the third quarter.

Purpose Investments launched Canada’s first bitcoin ETF — the Purpose Bitcoin ETF (BTCC) — in February, and the offering crossed $1 billion (CAD) in assets under management within its first month of trading.

“While I think that some institutional money will undoubtedly come off the sidelines due to the strength of Fidelity’s heavyweight brand, I’m not so sure it will actually pull away much in the way of assets from the existing ETFs,” said Lara Crigger, managing editor of ETF Trends. “History has shown us time and again that first-mover status is profoundly powerful marketing.”

Purpose’s BTCC now has $1.8 billion (CAD) assets under management. The Evolve Bitcoin ETF (EBIT), which launched a day later, has about $200 million (CAD) in assets. 

Fidelity’s new physically backed bitcoin ETF is the latest to launch around the world while the US Securities and Exchange Commission (SEC) have not yet approved such a product.  

The agency rejected fund group VanEck’s proposal for a spot bitcoin ETF earlier this month. Fidelity applied with the SEC to launch a bitcoin trust in the US in March.

The growing number of bitcoin ETFs in Canada likely won’t catalyze US regulators to change its stance or quicken its timeline, Crigger told Blockworks. 

“I know hope springs eternal, but the SEC’s been pretty firm that futures-based ETFs — and bitcoin futures, specifically — are the first and only crypto instrument that they’re comfortable with,” she said. “I can’t foresee that changing any time soon.”

Canada crypto ETF landscape broadens

Purpose expanded its crypto offerings after the launch of BTCC, adding the Purpose Ether ETF (ETHH) in April. It added three more products this week: the Purpose Bitcoin Yield ETF, the Purpose Ether Yield ETF, and the Purpose Crypto Opportunities ETF.

The Crypto Opportunities ETF, subadvised by the Canadian business of Neuberger Berman, a firm with $437 billion of assets under management as of the end of Q3, invests primarily in digital assets and securities that provide exposure to the space. 

The yield ETFs invest indirectly in long-term holdings of bitcoin and ether mainly through units of the Purpose Bitcoin ETF and the Purpose Ether ETF. In order to generate additional returns and enhance the portfolio’s income, the managers may write covered call options and cash-covered put options in respect of the securities held by the funds, according to the funds’ prospectuses

The Purpose Bitcoin Yield ETF and the Purpose Ether Yield ETF seek to provide unitholders with monthly distributions.

“With these ETFs, we aim to expand the ways investors can access crypto markets and generate the unique returns available in this emerging asset class,” Som Seif, Purpose Investments founder and CEO, said in a statement. 

As bond yields remain low and income gets harder to source, income-generating covered call ETFs have blossomed in the US this year, Crigger told Blockworks.

The Nationwide Risk-Managed ETF (NUSI) has brought in $666 million in assets year-to-date, she noted, while Global X’s NASDAQ 100 Covered Call ETF (QYLD) has seen inflows of $3.8 billion so far in 2021.

“Purpose’s covered call ETFs could serve the same yield-hungry investor, while also serving investors who want a chance to participate in crypto’s price action,” Crigger explained. “Now, is there much overlap in the Venn Diagram of those two investors? I’m not sure there is.”


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


The post Fidelity Set to Launch Spot Bitcoin ETF in Canada appeared first on Blockworks.

Indonesia’s Central Bank Considers Issuing Digital Currency to ‘Fight’ Crypto

Indonesia's Central Bank Wants to Issue Digital Currency to 'Fight' Crypto

Bank Indonesia, the country’s central bank, is reportedly considering issuing a central bank digital currency (CBDC) to fight the use of cryptocurrency. “A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto,” said an assistant governor of the central bank.

Central Bank Sees CBDC as Tool to ‘Fight Crypto’

Juda Agung, an assistant governor of Bank Indonesia, the country’s central bank, talked about cryptocurrency and central bank digital currency (CBDC) during his parliamentary “fit and proper test” to become the deputy governor of the central bank.

He said that Bank Indonesia wants to issue a digital rupiah to be used as legal tender to fight cryptocurrency, Bloomberg reported, noting that the central bank has been looking into this issue since the beginning of the year.

In Indonesia, crypto assets are traded alongside commodity futures and are regulated by the trade ministry, the assistant governor explained. However, he emphasized that they have a significant impact on the country’s financial system, elaborating:

A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto. CBDC would be part of an effort to address the use of crypto in financial transactions.

According to the trade ministry, about 7.4 million Indonesians invested in crypto assets as of July, doubling from last year. Their crypto transactions totaled approximately 478.5 trillion rupiahs ($33.3 billion). The Indonesian government is pushing forward with plans to set up a dedicated crypto exchange.

Meanwhile, Indonesia’s Ulema Council (Majelis Ulama Indonesia or MUI), the country’s top Islamic body that holds the authority on Shariah compliance, recently declared the use of cryptocurrency haram, forbidden under Islamic law for Muslims.

What do you think about Indonesia’s central bank wanting to issue a central bank digital currency to fight crypto? Let us know in the comments section below.

$7.5 Million NFT Collection Accused of Using Art Without Permission Threatened by Legal Action

$7.5 Million NFT Collection Accused of Using Art Without Permission Threatened by Legal Action

While non-fungible token (NFT) assets have been extremely popular in 2021, there’s been a slew of issues tied to the ecosystem as well. A recent report indicates that roughly a dozen artists are considering taking legal action against an NFT collection called “Art Wars” because their original artwork was sold as NFTs without their consent.

NFT Collection Targeted Over Using Artwork Without Permission From the Original Artists

Non-fungible token (NFT) assets have seen billions of dollars in sales this year, and the term “NFT” was just recently awarded the Collins English Dictionary Word of the Year. During the last seven days, NFT markets such as Opensea have seen $587 million in sales, Atomicwax has seen over $20 million, and Rarible has seen over $3 million in weekly NFT sales.

However, certain issues in the NFT industry have been introduced in recent times such as problems with permanence, censorship, insider trading, and now artists are upset about NFTs being issued without consent. Financial Times (FT) reports that artwork by Anish Kapoor and David Bailey has been issued as non-fungible tokens without getting their blessing.

According to the report, Star Wars Stormtrooper helmets crafted by Kapoor, Bailey, and others were photographed and sold as NFT without permission. The NFT collection sold for millions or approximately 1,600 ETH which equates to more than $7.5 million at the time of writing.

A Dozen Artists May Seek Legal Action — Legal Tussles Rise Over Intellectual Property and NFTs

FT’s report notes that the collection called “Art Wars” is approximately 1,138 images. Artwork attributed to Kapoor was being resold 1,000 ETH, while work by Bailey was on resale for 120 ETH. FT’s Cristina Criddle said the NFTs were since removed from Opensea.

“About 12 artists are considering legal action against the project, according to legal representatives,” Criddle’s report highlights. Criddle explains that Helen Downie, an artist that uses the name “Unskilled Worker,” may take legal action after noticing two helmets that were sold as NFTs.

Issues similar to the problems Kapoor and Bailey are dealing with have been arising in the NFT industry in recent times and making headlines. Legal representatives from both comic book publishers DC Comics and Marvel have warned freelance artists not to use copyrighted material and characters to sell as NFTs.

The acclaimed film director, Quentin Tarantino, is in a legal tussle with Miramax over “Pulp Fiction” NFTs. Roc-A-Fella Records got into a legal battle with Damon Dash over NFTs tied to Jay-Z’s debut album, “Reasonable Doubt.”

What do you think about the artists thinking about taking legal action against the NFT collection that made over $7 million in sales? Let us know what you think about this subject in the comments section below.

Dex Aggregator 1inch Network Raises $175 Million in Series B Funding Round

Dex Aggregator 1inch Network Raises $175 Million in Series B Funding Round

1inch Network, the decentralized exchange (dex) aggregation project, has announced the company has raised $175 million in a Series B financing round. According to the announcement, the fresh new capital will be leveraged to scale the team, foster additional 1inch token utilities, and build new protocols.

1inch Raises $175 Million From Strategic Investors

Over the last year, decentralized finance (defi) has propelled itself into the spotlight as a great number of dex platforms now provide users with the ability to trade and provide liquidity in a decentralized fashion. 1inch Network provides users with the ability to get a better exchange rate as the aggregation platform combines multiple dex exchange rates to find the cheapest alternative. Furthermore, 1inch spread out even more by supporting five different blockchains which include Ethereum (ETH), Binance Smart Chain (BSC), Polygon (MATIC), and the two rollup solutions offered by Optimism and Arbitrum.

The announcement sent to Bitcoin.com News explains that 1inch has raised $175 million in a Series B led by Amber Group. 1inch notes that around 50 investors contributed including firms like Vaneck, Jane Street, Nexo, Gemini Frontier Fund, Tribe Capital, Fenbushi Capital, Alameda Research, and Celsius. “While continuing to keep the existing defi audience happy by delivering state-of-the-art products, 1inch also aims to become a gateway for institutions that want to be part of the defi space,” 1inch Network co-founder Sergej Kunz said in a statement. The co-founder added:

The next $1 [trillion] of assets entering defi will come from institutions rather than retail users, and 1inch would like to facilitate entry for them,” he adds. “We have already started work in that direction by attracting some key players from the traditional finance markets, and this collaboration will only accelerate over the next few years.

1inch Ethereum Volume Surpasses $100 Billion, ‘Next Phase of Defi Will Be Seamless Access to Different Protocols and Chains’

To date, 1inch Network has surpassed roughly $100 billion in overall volume on the Ethereum network according to Dune Analytics statistics. Metrics indicate that 1inch is the top dex aggregator and is followed by 0x API, Matcha, Paraswap, and Gnosis Protocol respectively. Metrics also indicate that on Ethereum, there are close to a million 1inch Network users today. According to 1inch, the investment round target was originally $70 million, but after a few developments, it was decided to let the financing round swell to $175 million.

“A key part of the next phase of defi will be providing investors with seamless access to liquidity across different protocols and chains,” Amber Group’s Tiantian Kullander stated on Wednesday. 1inch has one of the best teams at the forefront of building bridges between fragmented liquidity pools, providing cost-savings and optimizing price discovery for all participants,” Kullander added.

What do you think about 1inch Network raising $175 million in a Series B financing round? Let us know what you think about this subject in the comments section below.

Indian Finance Minister Reveals Crypto Bill Had to Be Reworked Before Submitting to Cabinet

Indian Finance Minister Reveals Crypto Bill Had to Be Reworked Before Submitting to Cabinet

India’s finance minister, Nirmala Sitharaman, has revealed that the previous version of the cryptocurrency bill the government is pushing needed to be reworked. “This bill, once the Cabinet clears, will come into the House,” the finance minister told Rajya Sabha, the upper house of India’s parliament.

Indian Government Pushing New Crypto Bill

Finance Minister Nirmala Sitharaman answered some questions in Rajya Sabha Tuesday regarding the government’s cryptocurrency plans and the crypto bill that has been listed to be taken up in the current session of parliament.

“The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” seeks “to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” according to the legislative agenda for the winter session of Lok Sabha, the lower house of India’s parliament.

Responding to questions regarding the crypto bill, Finance Minister Sitharaman explained that “There were other dimensions and the old bill had to be reworked and now we are trying to work on a new bill.” She emphasized:

This bill, once the Cabinet clears, will come into the House.

An older version of the cryptocurrency bill was listed to be introduced in an earlier session of parliament but it was not taken up.

Noting that the previous version of the bill was a “genuine attempt,” Sitharaman described:

The earlier attempt was definitely to come up with a bill that the House can consider. But, later, because rapidly a lot of things had to come into play, we had started working on a new bill. This is the bill that is now being proposed.

The current version of the crypto bill has not been made public. So far, the Indian government has published only one crypto bill — the one drafted by an interministerial committee (IMC) headed by former Finance Secretary Subhash Chandra Garg. Published in July 2019, the Garg committee’s bill proposes creating a regulatory framework for central bank digital currencies (CBDCs) to be issued by the central bank, the Reserve Bank of India (RBI), but a ban for all other cryptocurrencies.

The finance minister also answered some questions about false and misleading crypto advertisements. She stated that there is no decision to stop digital currency advertisements.

On Monday, the finance minister answered three sets of questions in Lok Sabha regarding bitcoin transactions, the high-profile bitcoin scam in Karnataka, and the legality of cryptocurrency trading and crypto exchanges in India. She noted that the government does not collect data on bitcoin transactions or cryptocurrency trading. In addition, she said there is no proposal to recognize bitcoin as a currency.

Do you think India will ban cryptocurrencies like bitcoin and ether? Let us know in the comments section below.

Ethereum Market Cap Is Less Than 50% Away From Flipping Bitcoin — ETH Nears All-Time Price High

Ethereum Market Cap Is Less Than 50% Away From Flipping Bitcoin — ETH Nears All-Time Price High

The second-largest cryptocurrency in terms of market capitalization, ethereum, has come awfully close to reaching the digital asset’s all-time high ($4,878) it reached 21 days ago on November 10. While bitcoin dominance has slid below the 40% zone, ethereum’s market dominance, or $557 billion market valuation, represents close to 20% of the crypto economy.

Ethereum’s Price Trajectory Nears All-Time High — Ether Market Dominance Increases

During the last two weeks, ethereum (ETH) has increased 10.8% in fiat value and year-to-date (YTD), ETH is up 668%. The YTD ether gains are much larger than bitcoin’s (BTC) 190% 12-month increase. At the time of writing, there is $31 billion in global ETH trade volume and ethereum has a market capitalization of around $557 billion. While BTC commands a 38.7% dominance rating, 19.9% belongs to ethereum, and the remainder is held by the 11,289 crypto assets in existence today.

The top trading pair with ethereum is the stablecoin tether (USDT) as it commands 44.6% of all ether swaps. This is followed by USD (21.33%), BTC (9.69%), BUSD (8.37%), EUR (4.18%), KRW (2.56%), and JPY (1.69%). Over the last 24 hours of ETH trading, Binance has been the most active trading platform followed by Coinbase, Gemini, Kraken, Bitstamp, Luno, and Bitfinex. Onchain metrics from Into the Block crypto analytics indicate that holders making money at current ETH prices is around 99% today.

Statistics show that concentration by large ethereum holders is 42% in contrast to the 11% concentration by large bitcoin holders. 59% of ETH holders have held for a year or more while 32% have held for a month to 12 months. Only 9% of ETH holders today have held for less than a month according to onchain metrics. During the last seven days, there was $74.75 billion worth of ether transactions greater than $100K.

The aggregate of ether transaction demographics shows 51% stemmed from the Western Hemisphere, while 49% derived from the East. There are seven ETH whales with 21.19% of the circulating supply or 24.89 million ether according to Into the Block stats. Just over 20% of the ether supply is held by institutional investors and 57.89% or 68 million ether belongs to retail investors.

Ethereum Market Cap Commands 50.9% of Bitcoin’s Overall Market Valuation

Total exchange inflow last week was $8.22 billion while exchange outflow was $8.86 billion in ether. Ethereum saw a 13.45% increase in new addresses this past week and a 9.95% increase in active addresses.

Since March 2016, Ethereum’s hashrate has increased from 1.5 terahash (TH/s) to 956.25 TH/s at the time of writing. ETH’s hashrate has increased, following the rise in price, by a whopping 63,233% since 2016. Ethereum’s hashrate has never been higher, and at 956.25 TH/s or 0.957 petahash per second (PH/s), it’s awfully close to 1 PH/s.

Currently, ethereum (ETH) is only 3.8% lower than the crypto asset’s ATH which was $4,878 per unit on November 10. Ethereum’s 24-hour block rewards have surpassed Bitcoin’s (BTC) daily rewards by more than 124%. According to statistics from The Flippening Watch, ethereum commands 50.9% of BTC’s current market cap and captures 80% of the trade volume BTC has seen today.

What do you think about ethereum’s recent market and network performance during the last week? Let us know what you think about this subject in the comments section below.

Physical and Digital Art Worlds Collide as LGND Comes to Miami Art Week With Superstar Participating Artists

PRESS RELEASE. Miami, Florida – The reality of the recent past has changed many aspects of life, from the way live events get hosted to the frequency with which we use up bottles of hand sanitizer. While not all of the changes have been improvements, the rise of digital art and NFTs have been decidedly positive. The landscape of the art world has changed forever, creating new opportunities for artists, not just monetarily but also creatively.

Miami may be known for its art and party-filled festivals, but this is Miami like never seen before, thanks to the NFT presence. As such a big part of the most recent art history, the city is sure to be brimming with digital art and NFT-related events, but none like the collection of work that LGND will be presenting.

Almost two years after our lives were changed, LGND debuts Not For Tourists, an exclusive NFT art show at Miami Art Week. Celebrating recent advancements in art and technology, pioneering an artist-centric model that speaks to the power of this new era. Created by artists for artists, LGND empowers its collective of world-renowned artists in integrating their works into the crypto ecosystem on their own terms.

As Tyler Carter, Head of Creative at LGND says, “We’re delighted to announce the LGND x Haute Living NFT gallery, ‘Not For Tourists’ at Miami Art Week. This show is a celebration of artists at the forefront of this medium who have pushed the space into new realms. As we near the close of a transformative year, we look forward to the future and remain focused on the independence of creators and how to empower them.”

Presented by LGND and curated by Pplpleasr, artworks will meet this amplified level of expectation head-on. In partnership with Haute Living, Airbus, ACJ, Grand Seiko, Seasons LA, and 8090 Partners, LGND will engage the eager crowd on the evening of December 3 with the VIP Cocktail Reception of Not For Tourists preview of the main fair, with an event that will kick off a unique auction.

Featuring work by incredibly talented artists including James Jean, Maciej Kuciara, Praystation, Soey Milk, Ram Han, Ellen Sheidlin, Mike Lee, Swopes, Grif, Kouhei Nakama, Naive John, Robbie Trevino, Hush, Shantell Martin, Vince Fraser, All Smilesss, and 007 himself, Pierce Brosnan, the show is a carefully curated exhibition, bound to spark conversation. It is only fitting that the company presents the best, a group of legends and soon-to-be legends. The opportunity to promote the work in a way that allows all collectors to learn about this new medium in a setting at the center of the art universe represents a certain culmination only LGND could conjure.

MIAMI ART WEEK x LGND x HAUTE LIVING

Opening Reception

Friday, December 3, 2021 | 5 PM to 8 PM

Sky Lounge Gallery

One Thousand Museum | 1000 Biscayne Blvd, Miami, FL 33132

1000museum.com

Not For Tourists Presented by LGND and Curated by Pplpleasr

Sky Lounge Gallery

Online at LGND.art | Friday, December 3 – December 9, 2021

One Thousand Museum | 1000 Biscayne Blvd, Miami, FL 33132

LGND.art

Just as NFTs have made a mark on the art world as a whole, LGND is excited to make its mark on Miami Art Week, exposing more people to the potential for artist-focused digital art and platforms to create something truly incredible.

Interested collectors should create a LGND account and register to bid here to participate.

ABOUT LGND ART

LGND is a highly curated NFT digital arts platform built by artists for artists. LGND enables artists to integrate their work into the NFT market on their terms, reach a global audience, and secure their digital legacy through blockchain technologies. LGND fosters dynamic interaction and exchange between high-end collectors and world-class artists.

ABOUT HAUTE LIVING

Haute Media Group is a collection of print, SEO driving digital and social media platforms specializing in all things luxury and the elusive ultra-high net worth end-user consumer.

Haute Living features the top celebrities, entrepreneurs, titans of industry, luxury specialists and notables within each market, highlighting the best in high-end consumer goods, fashion, timepieces, automobiles, private aviation, culinary hotspots and events.

Media Inquiries: LGND Art – Nancy Cho | [email protected]


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.