Uyen Nguyen

@uyennguyen

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🕹️ Come play games in the Farcade!

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Bernstein raises target for 'most misunderstood' crypto firm Coinbase to $510 as shares near all-time high Analysts at research and brokerage firm Bernstein have raised their price target for Coinbase (ticker COIN) stock to $510 from $310, based on a combination of higher earnings projections, new growth drivers, and a revised valuation framework. Coinbase is the only crypto-native firm in the S&P 500 index but remains the "most misunderstood" company in Bernstein's crypto coverage, analysts led by Gautam Chhugani said in a Wednesday note to clients. Chhugani cited the exchange's diversified business lines, including leading U.S. crypto trading, providing custody services for most Bitcoin exchange-traded fund issuers, and incubating Base, Ethereum's fastest-growing Layer 2 and a key hub for tokenization like JPMorgan Chase's proposed JPMD coin.

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Canton blockchain developer Digital Asset raises $135 million in Goldman Sachs-backed round to accelerate adoption Digital Asset, the primary developer behind the privacy-focused Canton Network, has raised $135 million in a strategic funding round led by DRW Venture Capital and Tradeweb Markets. BNP Paribas, Circle Ventures, Citadel Securities, The Depository Trust & Clearing Corporation, Goldman Sachs, IMC, Liberty City Ventures, Optiver, Paxos, Polychain Capital, QCP, Republic Digital, 7RIDGE, and Virtu Financial also participated in the round, according to a statement on Tuesday.

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Anthony Pompliano strikes deal raising over $750 million to create Bitcoin treasury firm Crypto influencer and investor Anthony Pompliano is officially taking part in the latest trend of creating a company dedicated to accumulating crypto. Pompliano said on Monday that the "Bitcoin-native financial services firm" ProCap BTC +1.11% has merged with Columbus Circle Capital Corp. (ticker CCCM) to form ProCap Financial, which plans to acquire up to $1 billion worth of Bitcoin. The firm raised $516.5 million by offering equity and $235 million by selling convertible notes, according to a statement.

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Polyhedra co-founder says more buybacks coming after ZKJ token crashed due to 'attack' Polyhedra Network co-founder Tiancheng Xie said Monday that his company would continue to buy back ZKJ +35.10% tokens after much of their value was wiped away following an allegedly targeted attack. "We will buyback more. Now we need to figure out current situation and we need to prevent future financial attack," Xie said in a post to X. On Sunday, the price of ZKJ dropped from roughly $2 to 30 cents in a matter of hours. On Monday, Polyhedra posted an initial report

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Farcaster Roundup

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Farcaster Roundup

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Uphold CEO discusses XRP staking via Flare, weighs US regulatory hurdles Without a doubt, some XRP +1.65% devotees were ecstatic when Uphold said at the end of last month it was exploring ways to let users stake and earn yield on the token. Uphold CEO Simon McLoughlin expressed optimism about the possibility during a recent interview with The Block, saying the XRP staking appears both “feasible and promising.” But there’s a catch: “[It’s] challenging because XRP isn’t a proof-of-stake network,” McLoughlin said. “There’s not a staking mechanism you can rely on.”

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https://farcaster.xyz/dwr.eth/0x4bb2c544

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Tether acquires 32% stake in Canadian gold-focused firm Elemental for $89 million Stablecoin and gold-backed token issuer Tether USDT +0.0064% has acquired an approximate 31.9% stake in Canadian precious metals royalty company Elemental Altus Royalties Corp. through its affiliated but independent investment arm, Tether Investments. The investment offers Tether diversified exposure to global gold production through a royalty and streaming model that sidesteps the direct operational risks of mining, the firm said in a statement on Thursday. Elemental provides funding to mining companies in exchange for royalties on future revenue or the right to purchase metals at discounted prices.

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US spot Bitcoin ETFs set to hit $1 trillion cumulative trading volume milestone in less than 18 months since launch U.S. spot Bitcoin BTC +0.86% The spot Bitcoin ETFs grew swiftly following their launch, attracting $100 billion in trading volume by March 2024 and $200 billion by April 2024 as bitcoin rose to reach what was then an all-time high of nearly $74,000. However, the trading volume trajectory then slowed slightly amid a cooling-off phase for the crypto market that saw bitcoin consolidate in a range between $50,000 and $70,000 for the next seven months. Bitcoin finally broke out of that range to reach new all-time highs again following pro-crypto Donald Trump's U.S. presidential election victory in November, with the spot Bitcoin ETFs surpassing the $500 billion cumulative volume milestone soon after. It took a few more months for the funds to reach the $750 billion mark this February.

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Software developer protections added to large House crypto bill ahead of scheduled debate Lawmakers have included a measure aimed at protecting software developers in the latest version of a sweeping digital asset market structure bill, following pressure from cryptocurrency advocacy groups. As those lawmakers in the House gear up to debate and vote on changes for the larger crypto market bill on Tuesday, crypto advocacy groups cheered a change that would clarify that non-custodial crypto platforms — and the developers that build them — are not money transmitters or operators of an "unlicensed money services business. The key provision was proposed under the Blockchain Regulatory Certainty Act, which was reintroduced last month by REP

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Argentina anti-corruption office clears Javier Milei in Libra crypto promotion scandal Argetina's Anti-Corruption Office (OA) said that the country's President, Javier Milei, was acting in a personal capacity when he promoted the Libra ($LIBRA) cryptocurrency, which dramatically rose and fell in a widely-publicized event in February, thus concluding he did not break the country's public ethics laws. Milei originally promoted the Libra cryptocurrency from his personal X account as a way to support small businesses and startups in Argentina, but deleted the post after the token crashed 90% from its top market cap of over $2 billion. The resulting scandal, dubbed "Cryptogate" by local media, led to calls for Milei's impeachment by opposition political figures and spurred lawsuits from lawyers in the country, representing investors who lost money.

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Apple, X, Airbnb, Google join other Big Tech firms exploring stablecoin adoption: report The tech giants Apple, X, Airbnb, and Google are holding early conversations with crypto firms about integrating stablecoins to reduce transaction costs and enable cheaper international payments, Fortune Crypto reported Thursdsay, citing anonymous sources. They join other tech giants such as Meta and Uber in weighing the adoption of dollar-pegged assets for cheaper transactions amid improved regulatory efforts and investor appetite for stablecoins.

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Musk's X 'joining forces' with prediction platform Polymarket In what could prove to be the platform's biggest foray into crypto yet, the Elon Musk-owned X said Friday it will be working with prediction markets platform Polymarket. "We’re joining forces with Polymarket as our official prediction market partner," The official X account said in a post to its social media platform used by hundreds of millions of users. On Polymarket, users can wager on the outcome of events by placing bets using cryptocurrency.

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