This week’s Crypto overview spots traditional finance making significant inroads into the fundamentals of crypto. Tether is courting major investors for a funding proposition that might elevate the stablecoin’s valuation to levels mimicking that of tech behemoths like OpenAI. Concurrently, the US SEC is mulling over a possible initiative that could allow conventional stocks to be traded on blockchain platforms.
Tether’s Fundraising Initiative
Reports suggest prominent investors are negotiating to support Tether’s forthcoming funding drive, with estimates placing its value at $500 billion, as indicated by Bloomberg. Notable firms considering participation include SoftBank and ARK Investment Management, aiming to participate in a possible $20 billion investment.
Tether’s head Paolo Ardoino shared that they are targeting a select audience of prestigious backers for this venture, although details remain closely guarded.
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SEC Reviews Cryptocurrency and Traditional Stocks
Continuing its shift towards tokenization, the SEC is investigating a strategy to permit US stocks to be traded on registered crypto exchanges. This initiative aims to enhance trading accessibility and extend operational hours beyond the current traditional cutoff.
JPMorgan’s Blockchain Partnership
The Qatar National Bank is adopting JPMorgan’s Kinexys blockchain to expedite corporate dollar transactions, underscoring blockchain’s evolving significance in mainstream finance.
Kamel Moris, the bank’s EVP, lauded this decision as a significant advancement for corporate payment efficiency.
Predictive Oncology’s Unique Digital Strategy
Predictive Oncology, a biotech firm listed on Nasdaq, has organized a digital asset treasury entirely formed of Aethir tokens, marking a pioneering moment as the first public firm to delve into this cryptocurrency sphere. The collaboration with DNA Fund aims to leverage DePIN technology for responsible digital asset investments.
Aethir manages a decentralized GPU network pivotal for advanced computing applications, with a current market cap of approximately $640 million.
Stay updated with Crypto Biz every Thursday for the latest in cryptocurrency and blockchain developments.
