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CRYPTO DIGEST: Powerhouse Collab, Coinbase Support, BTC Withdrawal Woes, Argentina's Crypto Ban, PEPE Coin Rollercoaster 

By Anja Prosch
Anja Prosch

4 Min

May 12, 2023

Powerhouse Collaboration: Goldman Sachs, Deloitte, and Microsoft Join Forces with Digital Asset for Groundbreaking Blockchain Project

A remarkable collaboration has taken shape in the blockchain space as industry giants Goldman Sachs, Deloitte, and Microsoft and more team up with Digital Asset to create an innovative blockchain network named “Canton Network”. This groundbreaking project aims to revolutionize various industries, including finance, supply chain management, and more, by harnessing the power of distributed ledger technology. The infrastructure powering the platform, which includes the Canton protocol and Daml smart contracts, is developed and owned by Digital Asset. However, it's important to note that the network itself is not held by the firm but rather by the collaborative partners involved in the project. By combining their expertise and resources, these renowned companies are set to drive the adoption and integration of the Canton Network, paving the way for enhanced security, transparency, and efficiency in global business ecosystems.

Is the Canton network a Blockchain like Bitcoin or Ethereum? The answer is no. Unlike permissionless public blockchains like Bitcoin and Ethereum, Canton Network will operate more similarly to a permissioned blockchain, as individual users will need to gain access via a participating financial intermediary.

Chamber of Commerce Stands Behind Coinbase in Sec Battle 

In a notable show of support for Coinbase, the Chamber of Commerce has publicly backed the popular cryptocurrency exchange in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The influential business organization has urged the regulatory agency to provide greater clarity in digital asset regulations, emphasizing the importance of a transparent regulatory framework for the future growth and innovation of the Web3 ecosystem.

The Chamber of Commerce, known for advocating pro-business policies and representing the interests of various industries, including technology and finance, believes that clear and concise regulatory guidance is essential to foster responsible growth and innovation in the digital asset space. They assert that such a framework would not only benefit the industry but also protect investors and facilitate market development.

Bitcoin Network Congestion Causes Binance to Pause Withdrawals Twice

Binance has been experiencing a tumultuous period with its Bitcoin withdrawals. On Sunday, the exchange paused Bitcoin withdrawals due to network congestion, citing technical difficulties. However, they later resumed the service, providing some relief to users. Unfortunately, the respite was short-lived, as Binance once again halted BTC withdrawals, acknowledging persistent network congestion issues. This rollercoaster ride underscores the challenges faced by popular exchanges and the broader crypto ecosystem as they grapple with scalability amidst soaring transaction volumes. Investors and traders must remain adaptable in this rapidly evolving landscape, seeking innovative solutions to address the scalability limitations of cryptocurrencies like Bitcoin in the Web3 era. 

Argentina's Central Bank Enforces Ban on Crypto Integration in Payment Apps

Argentina's Central Bank has recently taken a strong stance against cryptocurrencies, putting a halt on their usage within payment apps. The bank claims that this measure is aimed at reducing the exposure of the country's payment system to digital assets, which are not regulated by any national authority. 

Two are the main reactions from the crypto community and the Argentinian population: 

  • This regulatory clampdown is perceived as a setback for the country's growing crypto community, which had embraced Bitcoin as an alternative to the country's economic challenges. 
  • The move raises concerns about the government's control over financial freedom and the potential limitations placed on individuals seeking decentralized financial solutions. 

Pepe Soars to New Heights after Binance Listing, Regains the Spotlight before Losing 56% of Its Mkt Cap

PepeCoin (PEPE), the memecoin inspired by Pepe the Frog, surged to an impressive $1 billion market capitalization last weekend. Adding to its momentum, PepeCoin has recently obtained a listing on the renowned crypto exchange Binance, which is likely the reason for the overnight success that came after weeks under the spotlight. Crypto whales have been amassing substantial quantities of PepeCoins, particularly in the US, igniting a wave of excitement surrounding this memecoin. This unprecedented growth of PepeCoin underscores the unpredictable dynamics of the cryptocurrency landscape and highlights the emerging recognition of memes as legitimate financial assets. 

Despite its recent success, PEPE has seen its market cap dropping 56% over the past five days, wiping a billion dollars from its total market cap, which makes it normal to question the validity and reliability of memecoin in today's crypto ecosystem. 

Overall, even if the last week has seen this rise and fall for PEPE, its captivating journey continues to draw the attention of the crypto world.