• The FDIC’s Jason Brett recently told CoinDesk TV that there is no friendliness toward cryptocurrencies in the US banking system.
• Last week, California-based Silvergate Bank announced it would be „voluntarily liquidating“ its assets and closing its doors, while Santa Clara-based Silicon Valley Bank (SVB) was taken over by the California Department of Financial Protection and Innovation for having „inadequate liquidity and insolvency.“
• New York-based Signature Bank was closed by state regulators for similar reasons.
FDIC Regulator Expresses Lack of Friendliness Toward Crypto
Jason Brett, Key Bridge Advisors Managing Director and former U.S. Regulator at the FDIC, recently expressed to CoinDesk TV his concern that federal regulators could be working to keep crypto assets away from the U.S. banking system due to a lack of friendliness toward cryptocurrency. He stated that “it’s about the friendliness toward crypto, and it just does not exist.”
Silvergate Bank Announces „Voluntary Liquidation“
Last week, Silvergate Bank, which primarily served crypto companies, announced it would be „voluntarily liquidating“ its assets and closing its doors along with their SEN platform. This decision followed news that Santa Clara-based Silicon Valley Bank (SVB) had been taken over by the California Department of Financial Protection and Innovation after being found with “inadequate liquidity and insolvency”.
Signature Bank Closed By State Regulators
New York-based Signature Bank was also closed this week by state regulators due to concerns about inadequate liquidity or insolvency issues. While these closures have raised some eyebrows amongst those in the crypto community, it remains unclear if these decisions are related or coincidental events or part of an effort on behalf of US regulators to keep crypto firms out of the banking system altogether.
Crypto Community Raises Concerns Over Banking System Accessibility
The recent bank collapses have caused many in the crypto space to worry whether they will still have access to traditional banking services given the lack of friendliness towards cryptocurrency from federal regulators mentioned by Brett earlier this week. This has raised questions into what measures can be taken in order to protect these companies from potential exclusion from financial institutions as they look for new ways to store value securely without fear of losing access to traditional banking services like loans or deposits accounts etc..
Future Of Crypto In Banking System Remains Unclear
At this time, it remains unclear how events such as these could affect future efforts on behalf of US government agencies regarding their stance on cryptocurrencies within the mainstream banking system moving forward. It is important for members of both businesses operating within this sector and consumers alike understand how changes like these may affect them when considering any long term investments in digital assets going forward which may require access traditional financial institutions for safekeeping purposes or other services provided therein.
• Starbucks Odyssey launched its first NFT drop, the ‘Siren Collection’.
• Members could buy two Stamps at $100 each, with payment by credit card or MetaMask wallet.
• Despite issues with site access, the collection sold out in 18 minutes and Stamps have gone up in price to over $550 on the secondary market.
Starbucks Odyssey Launches its First NFT Drop
Starbucks Odyssey, the coffee company’s Web3 loyalty program, today released its first limited edition non-fungible tokens (NFT), which it calls „Stamps.“ The program, still in invitation-only beta, allows members to complete activities such as quizzes and in-store purchase to earn Stamps, which can be collected or resold on Nifty Gateway.
The Siren Collection
The 2,000-item „Siren Collection“ features a version of the company’s iconic Siren, with the stamps priced at $100. Members of Starbucks Odyssey were able to buy two stamps each starting at 12 p.m. ET, and could pay by credit card or by connecting their MetaMask wallet.
Issues Upon Launch
Upon launch, members of the Starbucks Odyssey Discord group complained of problems accessing the site and error messages, with the site seemingly overwhelmed by traffic.
Sold Out Within 18 Minutes
Despite the issues, the collection sold out in 18 minutes and secondary sales quickly soared. As of this update, the floor price for a Siren Stamp has already passed $550.
NFT Stamps that members have unlocked from completing Journeys are also available for sale on secondary markets like OpenSea and Rarible but will not be part of this limited edition drop. With more drops planned for 2021 and beyond it will be interesting to see how far this new Web3 rewards system takes off!
• Ethereum developers are referring to the upcoming upgrade as “Shapella” due to the combination of two upgrades, Shanghai and Capella.
• The Shanghai upgrade is on the execution side of Ethereum and Capella is on the consensus side.
• Prior to when it went through its last upgrade, the Merge, Ethereum had an old proof-of-work blockchain and a newer proof-of-stake chain.
What Is Shapella?
Ethereum developers have started to refer to the blockchain’s upcoming hard fork – in this case a key upgrade – as „Shapella.“ This merger of names comes from two different upgrades: Shanghai (on the execution side) and Capella (on the consensus side).
The Ethereum Protocol Explained
The Ethereum protocol is made up of two layers: an execution layer and a consensus layer. Prior to when it went through its last upgrade, the Merge, Ethereum had an old proof-of-work blockchain (the execution layer) and a newer proof-of-stake chain (the consensus layer). Developers decided to merge these two chains together for easier maintenance.
Why Call It Shapella?
Due to both Shanghai and Capella happening simultaneously, developers have cleverly referred to them together as „Shapella.“ This allows everyone involved in crypto trading, analysis or industry executives understand that they should refer to this upcoming hard fork by this name.
When Will Shapella Take Place?
The Shapella hard fork is expected by next month. Developers continue working on perfecting this major update so that everyone involved can make sure their systems are ready when it arrives.
In conclusion, Shapella is an upcoming hard fork that combines two different upgrades known as Shanghai (execution) and Capella (consensus). It’s expected by next month but developers continue working on perfecting it before then for everyone’s safety. As such, it has become known colloquially as “Shapella” – a merging of both names into one easy moniker for all involved parties.