Chinese bank Says Ethereum is ‘Digital Oil,’ Bitcoin ‘Digital Gold’

The Industrial and Commercial Bank of China (ICBC), one of the largest banks globally, has compared Bitcoin to digital gold and Ethereum to digital oil in a recent report. This analogy underscores Bitcoin’s perceived role as a stable store of value, much like gold, highlighting its scarcity and growing asset attributes despite its challenges in daily transactions. Ethereum, praised for its versatility and the ability to support complex decentralized applications (dApps), is seen as essential for powering the digital economy, similar to how oil fuels various industries​. 

Ethereum Scaling Solutions Surge to All-Time High TPS

Ethereum’s scalability efforts are yielding significant results, with its transaction per second (TPS) reaching an all-time high. This surge is driven by Layer 2 solutions like rollups, state channels, and sidechains, which aim to alleviate the network’s congestion and enhance performance. These advancements are crucial for supporting the growing demand for decentralized applications (dApps) and ensuring the network’s future sustainability and efficiency. The continuous development in Ethereum’s scalability solutions reflects its pivotal role in the digital assets ecosystem​.

Australia Securities Exchange and VanEck to Launch Bitcoin spot ETF

In a significant development for the Australian crypto market, the Australia Securities Exchange (ASX) is set to launch a spot Bitcoin exchange-traded fund (ETF) in collaboration with VanEck. This ETF will provide investors with direct exposure to Bitcoin, allowing them to invest in the digital asset without needing to hold it directly. The launch is expected to drive further adoption and acceptance of digital assets in Australia, providing a regulated avenue for investors to engage with the market​ .

Turkey Targets Crypto with New Transaction Tax

Turkey has introduced a new 0.03% tax on crypto transactions as part of a broader fiscal reform aimed at addressing the budget deficit caused by recent earthquakes. This tax is part of a series of regulatory measures aimed at increasing government revenue and bringing more oversight to the rapidly growing digital assets market in Turkey. The introduction of this tax highlights the country’s approach to integrating digital assets into its fiscal policy while aiming to mitigate economic challenges​.

Fidelity International Tokenizes Money Market Fund on JPMorgan’s Blockchain

Fidelity International has embraced blockchain technology by tokenizing its money market fund on JPMorgan’s Onyx Digital Assets platform. This move aims to enhance operational efficiency, reduce transaction costs, and mitigate operational risks. By joining the Tokenized Collateral Network, Fidelity demonstrates a commitment to leveraging blockchain for improved financial operations, signaling a broader trend of traditional financial institutions integrating digital asset technologies to enhance their services​.

That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!

Disclaimer: Crypto-asset or VDA investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.