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Kalam Crypto #74: Tether & Bitcoin, EU Crypto Regulations & New Digital Assets

This week, Tether announced they intend to invest up to 15% of the net profits into Bitcoin, EU Finance Ministers passed comprehensive crypto regulations, and we listed new popular cryptocurrencies on CoinMENA including DOGE, SHIB, and EURt.

CoinMENA Team

“Nobody can go back and start a new beginning, but anyone can start today and make a new ending.” Maria Robinson

Ahlan wa sahlan, and welcome to the 74th edition of CoinMENA's weekly newsletter, Kalam Crypto. This week, Tether announced they intend to invest up to 15% of the net profits into Bitcoin, EU Finance Ministers passed comprehensive crypto regulations, and we listed new popular cryptocurrencies on CoinMENA including DOGE, SHIB, and EURt. All that and more, so let's dive into this week's letter, and talk crypto:

Prefer to listen to Kalam Crypto instead? Check out our podcast:

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Global News 🌍

Tether invests excess reserves in BTC: After announcing record Q1 profits last week, Tether announced they intend to invest up to 15% of their net operating profit in Bitcoin. As discussed in last week’s newsletter, Tether's profits are soaring due to the increasing yields on U.S. treasuries. The company generates income by earning interest on US treasuries but does not offer any yield to USDT holders. As interest rates rise, Tether's profits naturally increase. If Tether's profits continue to rise and they follow through on this promise, they could become the largest institutional holder of Bitcoin worldwide. “Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential,” Paolo Ardoino, chief technology officer of Tether, said in a statement. “Our investment in bitcoin is not only a way to enhance the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology.”

EU Finance Ministers approve crypto regulations: The European Union's landmark crypto regulation, Markets in Crypto Assets (MiCA), has received unanimous approval from European finance ministers, marking its final legislative hurdle. The regulation, which creates a standardized approach to cryptocurrencies across the European bloc, was previously passed by members of the European Parliament. With the finance ministers' approval, MiCA is expected to become law this summer and will be officially published in the EU's journal.

Coinbase Cloud to run Chainlink Nodes: Chainlink has announced that Coinbase Cloud, an infrastructure provider, will become a node operator on its system. This addition is expected to enhance the capacity and security of Chainlink's Oracle network, which provides real-world data to blockchains. Node operators play a crucial role in monitoring blockchains for data requests and retrieving off-chain information to be delivered to the relevant smart contracts. Notably, Chainlink's network already includes node operators such as Swisscom, Deutsche Telekom, and Associated Press.

If you’re interested in knowing more about Chainlink, we are running a lunch and lean community meet-up event with the Chainlink community in the UAE on Thursday, June 8th in DIFC’s Innovation Hub. See all the details below in the CoinMENA News section.

FacePalm of the Week 🤦‍♂️

Ledger PR Disaster: Ledger, a prominent cryptocurrency wallet provider, faced a significant PR crisis this week following the announcement of their social recovery service, Ledger Recover. This optional subscription-based service offers users a backup solution in case of lost private keys. However, critics raised concerns that this could be interpreted as a preinstalled 'backdoor' on Ledger devices, contradicting the company's previous claims about the security of user private keys. 

Keep an eye on 👀

Nike launches NFTs, but don’t call them that: Nike, one of the most iconic consumer brands globally, launched an NFT collection last week, yet interestingly, there is no explicit mention of NFTs, web3, or crypto. The initiative, called “.SWOOSH”, aims to provide a new community experience and co-creation opportunity for users to shape Nike's future. It revolves around the concept of creating, collecting, trading, and showcasing digital collectibles, offering participants the ability to unlock exclusive access to products, experiences, content, and drops.

Tweet Of The Week 🐥

CoinMENA News 🗞

4 winner will get 1 ETH🔷: Trade your way to 1 ETH 🏅! To participate, all you have to do is place 1 trade this month for a minimum of $10.

3 new digital assets: CoinMENA is excited to announce the listing of three exciting digital assets 🎉 DOGE, SHIB, and EURT! 

💰Offer extended & Prize increased: We're increasing the prize to $1,000 to 10 users and extending our verification campaign till the end of the month! 📅 Verify your account now and qualify to get $100! 💰

📢 Join us for the CoinMENA & Chainlink Community Meetup on June 8th, 2023: Discover the latest updates, hear from industry experts🎤, enjoy snacks🍿, and get exclusive merchandise🎁. Limited spots are available, RSVP through the link.

CoinMENA is onboarding 18+ year-old users: We’re excited to announce that CoinMENA can now onboard users aged 18 and over! If you're looking to trade and invest in cryptocurrency safely, you can sign up for CoinMENA today. Join us now and start your journey into the future of finance with us!

🍕​​Happy Bitcoin Pizza Day: Join the CoinMENA Bitcoin Pizza Day Scavenger Hunt! Solve each clue of 5 riddles to move on to the next one and tag 2 of your friends to get the prize together to win $150 together ($75 on Twitter, $75 on Instagram. Winner + 2 friends get $25 each).

Quiz Corner ✅ 

Last week’s question:  What is the purpose of Bitcoin mining?

Answer: To verify transactions 

This week’s question: In USD, what was the approximate value of the Bitcoin used to buy the 2 pizzas?

A) $41

B) $4,100

C) $41,000

D) $410,000

See the answer in next week’s newsletter. Or check out our new learning platform

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