“The secret of getting ahead is getting started” – Mark Twain
Ahlan wa sahlan, and welcome to the 24th edition of CoinMENA's weekly newsletter, Kalam Crypto. Every week we will bring you the latest news and developments from the exciting world of cryptocurrencies. This week, highlights from Blockwork's Permissionless conference, including the new Ethereum "Merge" date, Fintechs Robinhood & Revolut entering Web3, Ernst & Young going on-chain, and CoinMENA expands services to Qatar residents. All that and more, so let's dive into this week's letter, and talk crypto:
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Global News 🌍
Blockworks Permissionless Conference 2022: This week, the world’s largest De-Fi conference, Permissionless, presented by Blockworks, took place in Florida. The three-day event featured expert panels with some of the best minds in crypto to discuss topics ranging from DAOs, the metaverse, social web 3, NFTs, the future of finance and institutional adoption, and more. Below are two key takeaways from the event:
Ethereum's merge to happen in August says core dev: Acore Ethereum developer, Preston Van Loon, announced at Permissionless that The Merge is coming in August if 'everything goes to plan.' Ethereum Foundation's Justin Drake, also on the panel, noted a strong desire to make this happen before August. The Ethereum community has had all its eyes on The Merge, the often-delayed switch to proof-of-stake. The Ethereum blockchain will merge with the proof-of-stake beacon chain in The Merge, shifting the network from mining to staking. It has been announced that Ropsten, Ethereum's testnet, will undergo a merge on June 8th, ahead of the actual upgrade on the main network. Let's hope the long wait is over soon. It's about time.
UST crash won’t stop the industry, says Morgan Stanley Executive: During a panel discussion at Permissionless, financial services experts expressed their confidence in the digital assets industry bouncing back quickly after this month’s Terra meltdown. Amy Oldenburg, head of emerging markets equity at Morgan Stanley, said there will certainly be increased scrutiny around the stablecoin industry, but innovators will see this as an opportunity. Appropriate regulation is going to help projects advance and onboard more users.
Keep an eye on 👀
FinTechs Robinhood and Revolut dive into Web3: Robinhood and Revolut announced plans to launch non-custodial crypto wallets on the Ethereum network. The wallets will be in a standalone app, similar to MetaMask wallets. Robinhood CEO, Vlad Tenev, stated that he believes crypto is more than just a new asset class and that DeFi is the future of finance. Revolut CEO, Nik Storonsky, revealed that the FinTech company plans to launch its native token dubbed "Revecoin" in the near future.
Top stablecoins slide $7bn in May as traders liquidate: As markets react to Terra's demise, stablecoin holders are exchanging their coins for cash and, in some cases, reducing the overall supply of coins. The top four stablecoins by market cap, USDT, USDC, BUSD, and DAI, have shrunk around 4% in May. The good news is that all these stablecoins from USDT and USDC were able to liquidate users 1:1, showing that they are robustly backed by assets.
Ernst & Young goes on chain: Ernst & Young launched its blockchain-based supply chain management tool, EY OpsChain Supply Chain Manager, which is powered by the Polygon network. Polygon is an Ethereum layer 2 scaling solution, and its token (MATIC) is available to trade on CoinMENA. The project aims to address supply chain bottlenecks and inventory traceability. Despite the market downturn, adoption is increasing, and more use cases are being implemented.
CoinMENA News 🗞
Hello Qatar: This week, CoinMENA became the first regulated crypto exchange to offer our services to residents in Qatar. As a fully regulated entity by the Central Bank of Bahrain, we are able to offer our services to residents of all GCC countries, including Qatar now, from our base in Bahrain.
25 USD bonus offers are back for 48 hrs only: Get 25 USD when you verify your account, and keep earning when you invite your friends to CoinMENA through your own referral link and earn 25 USD each when they verify their accounts! The offers end on Wed, 25th May 2022, at 9 PM Bahrain/KSA time.
ONE BTC Giveaway is ongoing: One Full bitcoin, 21 winners! To participate, simply place one trade (buy or sell) for 25 USD or over anytime during the month of May 2022.
Something SPECIAL coming soon: An exciting announcement is coming to CoinMENA in June. We can’t tell you what it is just yet, but verify your account to participate! Stay tuned to find out more ...
Tweet of the week 🐥
Quiz Corner ✅
Last week’s question: What was Tether (USDT) initially named?
This week’s question: Who is the founder of Ethereum?
See the answer in next week’s newsletter.