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Fidelity’s Crypto Custody Business Reports 60% Revenue Decline, £7 Million in Losses 📊 Fidelity Digital Assets, the cryptocurrency custody arm of Fidelity Investments, has revealed a drop in revenue of nearly 60% and losses exceeding £7 million for the previous year. According to a recent report from the Financial News, the company generated £545,000 in revenue during the 12-month period ending in December 2023, a notable decrease from £1.34 million in the preceding year. 🔄 The decline in revenue for Fidelity Digital Assets, which was established in 2018, can be attributed to a decrease in service-level agreement fees. These fees are associated with digital asset management services provided to its parent company, Fidelity Investments, as well as introducer fees earned when new customers are introduced and onboarded. 💵 Operating expenses for the unit rose by 32% year-on-year, reaching £7.8 million. The increase was primarily driven by higher staff salaries and benefits, which surged from £1.6 million to £3.2 million. Overall, Fidelity Digital Assets experienced a loss of £7.1 million in 2023, up from £2.5 million in 2022.

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Robinhood Implements Buying Restrictions on GameStop As Roaring Kitty Discloses $175M Bet 🇰🇷 Robinhood limited purchases of GameStop shares late Sunday following a surge in the meme stock’s value. It came after speculation arose that Keith Gill, the figure behind the notable short squeeze in 2021, could hold a substantial position in the video game retailer. 💵 The brokerage said Blue Ocean ATS, the platform that facilitates overnight trades for certain stocks, would only accept orders within 20% above or below a reference price of $22.99. So, if traders wanted to buy GME above $27.59 or sell below $18.39 during the night, their order would likely be rejected. 💵 Robinhood’s warning follows a Reddit post from Gill, who goes by “Roaring Kitty” on YouTube. The post marks Gill’s first since April 21. He’s known as a key figure in the 2021 GameStop short squeeze thanks to his online influence.

Exclusive: David Schwartz Unveils Ripple’s Bold New Strategies at Consensus 2024 👑 In an exclusive interview with Cryptonews’ Rachel Wolfson at Consensus 2024 in Austin, Texas, Ripple’s CTO David Schwartz provided a deep dive into the company’s latest innovations and plans. From institutional DeFi developments to introducing multi-purpose tokens, Schwartz outlined a comprehensive vision for Ripple and the XRP Ledger (XRPL). Check out the full interview below, or read on for a quick recap. ⚠️ Schwartz also provided insights into the evolving regulatory landscape and teased major announcements for the upcoming Apex event in June. Making it clear that all strategic moves aim to bridge the gap between traditional finance and DeFi, promising substantial growth and mass adoption of blockchain technology. 🔔 Schwartz detailed Ripple’s ambitious plans to promote institutional DeFi and ensure regulatory-compliant operations on decentralized blockchains. He clarified that this aims to integrate institutions with rigorous compliance needs into the DeFi ecosystem without sacrificing the core principles of decentralization.

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Zentry Secures Strategic Funding to Propel Metagame Layer Development 🎮 Zentry, formerly known as GuildFi, has secured funding in a strategic round to build its Metagame Layer. According to a press release shared with Cryptonews, the funding round included investments from Spartan Capital, Synergis, LongHash Ventures and DWF Labs. Animoca, Binance Labs, Coinbase Ventures and Pantera Capital have previously supported the company. ⏰ The new funding has increased Zentry’s treasury to over $150 million, including 16,000+ ETH, positioning the company to advance the development of the Metagame Layer for future web3 gaming and social experiences. “As we build the Metagame Layer to unite all games and experiences into one vibrant Play Economy, adding the invaluable relationships from Spartan Capital, Synergis and LongHash was a no brainer,” said Zentry founder and CEO Jarindr Thitadilaka. 🖥 “They each bring deep expertise in gaming, virtual worlds and decentralized technologies – which will be critical as we execute our empowering vision to link people’s online and IRL activity to web3’s economic incentive layers,” said Thitadilaka. In April, GuildFi rebranded as Zentry as a part of the relaunch. It announced to introduce a new token conversion program where holders of the original GuildFi token GF could convert it to the new token ZENT.

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Canada Warns of Rising Pig Butchering and Crypto Investment Scams 🇨🇦 The Canadian Anti-Fraud Centre (CAFC) has warned about a surge in crypto scams targeting Canadian citizens. In a Tuesday announcement, the anti-fraud call centre said there has been an increase in two specific types of cryptocurrency scams targeting Canadian citizens, including pig butchering or romance scams, and investment scams. 📌 In response to this concerning trend, the CAFC, in collaboration with the Canadian Investment Regulatory Organization (CIRO), has issued a warning to raise awareness about these sophisticated scams, particularly those involving prolonged online communication. 💥 The CAFC, in collaboration with the Canadian Investment Regulatory Organization (CIRO), warned citizens to exercise caution when engaging with individuals who discuss cryptocurrency trading or investments. “Fraudsters may attempt to establish a friendship or develop an online romance, or they may pose as legitimate investment advisers. Over time, the scammer will propose an investment opportunity, often involving crypto assets,” the warning states.

Ethereum Layer 2 TVL Sets a New All-Time High at $47 Billion 🔷 The total value locked (TVL) of Ethereum Layer 2s have reached a historical record of $47 billion. According to the data posted by L2BEAT, the current TVL of all canonically bridged, externally bridged, and natively minted tokens on Ethereum Layer 2 networks is $47.45 billion, setting a new all-time high. 🔵 Breaking down by networks, Arbitrum One leads the ranking and has a TVL of $19.3 billion. OP Mainnet comes the second with $7.88 billion. Base is ranked the third with $6.94 billion TVL. Other blockchains with a TVL exceeding $1 billion include Blast, Mantle, Linea, and Starknet. L2BEAT indicated that the total value locked of all L2s has increased by 17.39% in the past seven days. 🔵 The bullish trend was primarily motivated by the U.S. Securities and Exchange Commission’s (SEC) recent approval of the spot Ethereum exchange-traded funds (ETFs). On May 23, the SEC approved the Ethereum ETF applications filed by a total of eight issuers, marking the second spot digital asset ETF in the country, following the spot Bitcoin ETFs approved in January. 🔹 The issuers included BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton. They are yet in the process of submitting S-1 forms, as the timeline remained uncertain while analysts expected launch within weeks.

Blockchain Data: Bitcoin Whale Activity Surging, Confidence in Bull Market Returning 🪙 Bitcoin whales, large holders of the cryptocurrency, have shown an increased appetite for accumulating more coins, signaling a return of confidence in the bull market, as per blockchain data. The resurgence in whale activity comes after the price of Bitcoin reached its all-time high in March and subsequently experienced a significant market correction. 💲 Market intelligence firm CryptoQuant highlighted the strong buying force exhibited by whales, indicating their belief that current prices are favorable for purchasing and accumulating Bitcoin, despite prevailing fear and market uncertainty. 💎 Whales, defined as owners of Bitcoin addresses holding between 1,000 BTC and 10,000 BTC (excluding mining firms and crypto exchanges), tend to buy Bitcoin more aggressively during bull markets and reduce their buying activity during bear markets. 🧬 Throughout March, whales had increased their BTC holdings by over 9.8%. Although their accumulation rate slowed in April to 4.2% by May 1, coinciding with Bitcoin’s price decline of over 20% to under $57,000, the metric has now rebounded to 5.5% as of May 22.

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YouTube Investigator ‘Coffeezilla’ Accuses Rabbit AI of Involvement in an NFT Scam 💥 Stephen Findeisen, popularly known as “Coffeezilla” on YouTube, has accused artificial intelligence company Rabbit AI of orchestrating a nonfungible token (NFT) scam and attempting to cover it up. Findeisen, a prominent investigator on the video-sharing platform, recently released a video on the Coffeezilla channel, shedding light on Rabbit AI’s alleged involvement in the NFT space. 🔴 According to Findeisen’s findings, Rabbit AI was previously known as Cyber Manufacture Co. and managed to raise $6 million for an NFT project named Gama. However, the company’s founder and CEO, Jesse Lyu, later distanced Rabbit AI from the world of cryptocurrencies, stating that they would “never touch crypto” in Discord statements. 🔴 Lyu claimed that Gama was merely a “fun little project” he participated in during the COVID-19 pandemic and that he left the project once the associated game was open-sourced. Contradicting Lyu’s claims, Findeisen presented recordings in which Lyu discussed ambitious plans for the Gama project. 🔥 In those recordings, Lyu expressed intentions of investing millions into Gama to create a groundbreaking NFT experience. He also mentioned future plans for a concept called Gamaverse and the potential for a clean energy initiative in relation to Gama Coin.

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WisdomTree Secures Permission To List Crypto ETPs On the London Stock Exchange 🤮 WisdomTree received approval from the Financial Conduct Authority (FCA) on May 22 to list its cryptocurrency exchange-traded products (ETPs), WisdomTree Physical Bitcoin (BTCW) and WisdomTree Physical Ethereum (ETHW), on the London Stock Exchange (LSE). 🟩 The WisdomTree Physical Bitcoin and WisdomTree Physical Ethereum ETPs have a 0.35% management expense ratio. Currently, these ETPs are already listed on other major European exchanges, including Deutsche Börse Xetra, the Swiss Stock Exchange SIX, and Euronext exchanges in Paris and Amsterdam. 🤎 Alexis Marinof, President of WisdomTree Europe, highlighted the importance of the FCA’s approval, noting that it represents a substantial step forward for the cryptocurrency industry and provides UK-based professional investors with a regulated and secure means of gaining exposure to Bitcoin and Ethereum.

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PitchBook Report: Crypto Fundraising Soars to $2.4B in Q1 2024 with Over 500 Deals 🪙 The crypto market has experienced a significant surge in fundraising, reaching a whopping $2.4 billion in the first quarter of 2024, fueled by a shift in market sentiment and fresh inflows. According to a recent analysis by PitchBook, a leading data provider for private and public market investors, there has been a substantial increase in investment activity within the cryptocurrency sector compared to the previous quarter. 💲 The bull market witnessed during Q1 played a pivotal role in driving the surge in investments. Cryptocurrency values soared to levels not seen in months, enticing institutional investors to pour money into the market following the Securities and Exchange Commission’s (SEC) approval of spot Bitcoin exchange-traded funds (ETFs). 💵 According to the PitchBook report, a total of 518 deals amounting to $2.3 billion were closed in the first quarter of the year within the cryptocurrency industry. This reflects a remarkable 40.3% increase in investments compared to the previous quarter. Considering the heightened on-chain activities observed in Q4 2023, this surge marks a substantial leap forward for the sector.

SWIFT China President Wen Yang on Overcoming Barriers in CBDC Systems 🇨🇳 The Society for Worldwide Interbank Financial Telecommunication (SWIFT) China President recently shared insights on the challenges and solutions for cross-border central bank digital currency (CBDC) interoperability. In an interview with 21st Century Business Herald, Wen Yang addressed the fragmentation in CBDC systems due to varying technological paths and standards among different economies, highlighting the organization’s effort to bridge technical gaps. 🔴 According to the report, over 130 economies are now exploring CBDCs, with nearly 70% of central banks expecting to issue them within the next decade. However, the rapid development could lead to potential “data silos” where systems are unable to communicate with one another. ⏳ “Currently, there are significant differences in the technological paths and standards, including protocols, among economies, which presents a ‘fragmentation’ challenge and leads to ‘data silos’,” said Yang. China’s digital yuan has seen implementation across various applications, while the European Central Bank is in the process of preparing for a digital Euro. In India, commercial banks handle one million digital rupee transactions daily across the country.

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