EddieJayonCrypto
1 Sep 23
Chainlink proves they are more than just a one-trick pony having completed tokenization testing with SWIFT. Here is what is on my mind today.1. Chainlink is the biggest crypto oracle and they are about to see a big jump. Why? They are a major part of SWIFT's CCIP cross-chain tokenization solution. T...
Chainlink proves they are more than just a one-trick pony having completed tokenization testing with SWIFT. Here is what is on my mind today.1. Chainlink is the biggest crypto oracle and they are about to see a big jump. Why? They are a major part of SWIFT's CCIP cross-chain tokenization solution. This is a big deal as SWIFT is under major pressure to remain relevant in the crypto-centric future. I first told you about this partnership way back on September 29, 2022. I am expecting more to come from this partnership as it could make it harder for other cryptos to truly get in the game. Remember, SWIFT already has the network. The experiment also involved several well-known banking institutions, including BNP Paribas, BNY Mellon, Clearstream, Euroclear, Lloyds Banking Group, and The Depository Trust & Clearing Corporation. 2. It should not have been a surprise to anyone that the SEC was going to kick the can down the road. I have been saying I for a while. The SEC is not going to make move until they absolutely have to. That means they are going to take their full 240 days for every Bitcoin spot ET application. Why did the market drop? People were overleveraged and then they got liquidated. Stupid stock-trading tricks that have had disastrous consequences time and time again. 3. Late to the party, Coinbase is going to list PayPal's stablecoin, PYUSD. When I first heard about the altcoin I knew PayPal was going to make a play in the Cryptoverse. Whether you like the company or not, they are going to move up in terms of market capitalization and people should pay attention. I think their stablecoin could usher in a new wave of retail adoption. 4. Paxos is not minting any new BUSD. In an announcement by Binance, the stablecoin will still be back 1:1 by USD, but they are going to be removing support for the stablecoin on their platform. We started reporting missteps in the handling of BUSD reserves in December of last year. Then the regulatory issues for Paxos hit in the US and you had exchanges like Coinbase delist the stablecoin. This is just the final chapter. 5. Be careful! There are rumors swirling that there could be a settlement in the works for the SEC V. Ripple case. I think it is highly doubtful, but anything is possible. Still, I need to do more research to see if this story has legs. 6. There could be a major move happening with Nexo. Possibly its biggest since settling with the SEC and several states in the US for $45M back in January. Nexo Launched a crypto debit and credit Mastercard for the European Economic Area (EEA). They are billing it as the first dual mode card. The card even has a rewards program. If this partnership is a success, we are watching the lines of traditional and crypto finance getting blurred. Some would say the future is now. 7. Following their debacle over royalties and as just about everyone predicted, OpenSea has experienced their lowest monthly volume in August. Me, Mark Cuban and others all said OpenSea's decision to disable their royalty program was going to be a major eff around and find out moment. This drop in numbers is proof. Can they come back from this? Of course, they can. Will Rarible continue to chip away at their market share? Of course they will. OpenSea had better wake up.