Disney launches NFT Platform

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The Blends Briefs
TL’DR: Here’s a sneak peek into today’s newsletter

• Blockchain.com raises $110 million.

• Disney launches NFT Platform.

• Crypto Market Sees Net Capital Inflow for First Time in 17 Months.

• Hex Trust Obtains Full Dubai Operating License.

• Fake BlackRock XRP Filing Referred to Delaware Department of Justice.

• Hong Kong’s BC Technology Group secured a $90 million investment.

• Dictionomics: XRP

Global Biscuits

Disney launches NFT Platform.
Disney has partnered with blockchain and metaverse firm Dapper Labs to create an NFT platform called Disney Pinnacle. The platform will tokenize iconic Disney characters, Pixar icons, and characters from the Star Wars universe as collectible digital pins. Users will be able to collect and trade these NFTs on their mobile devices. Disney Pinnacle is built on layer-1 blockchain Flow, which Dapper Labs also created. The platform is set to launch later this year on the Apple App Store, Google Play Store, and the web. Currently, only a waitlist and a landing site exist on its official page. 

Blockchain.com raises $110 million.
Cryptocurrency platform Blockchain.com has raised $110 million in a Series E funding round led by Kingsway Capital. Other participating firms include Baillie Gifford, Lakestar, LSVP, and Coinbase Ventures. Blockchain.com, originally launched as Blockchain.info in 2011, provides a blockchain explorer tool and a widely used cryptocurrency wallet. The platform has powered over $1 trillion in lifetime transactions and serves more than 90 million crypto wallets. Despite the recent crypto bear market, Blockchain.com's revenue has reportedly grownby 1,500% in the last four years. The new funding will support the company's continued growth and development.

Crypto Market Sees Net Capital Inflow for First Time in 17 Months.
Data from Glassnode reveals that the 90-day net change in the supply of the top four stablecoins—Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI)—has turned positive for the first time in over a year. This indicates an inflow of capital into the crypto market through stablecoins, suggesting increased liquidity on-chain and potential buying pressure. The last time this indicator turned positive was in May 2022, before a series of events, including the collapse of Terra's LUNA token, led to a negative trend and a subsequent drain of liquidity from the market.

Tastes of the regions

Hex Trust Obtains Full Dubai Operating License.
Hex Trust, an institutional-grade crypto custodian, has received a full operating license from Dubai's Virtual Assets Regulatory Authority (VARA). This approval allows the company to offer digital asset custodial services to institutional clients and sophisticated investors in Dubai. Hex Trust had previously obtained a minimum viable product (MVP) operational license from VARA in February. The company sees significant potential for digital asset growth in the Middle East due to progressive regulations, supportive governments, and a thriving crypto ecosystem in the region.

Fake BlackRock XRP Filing Referred to Delaware Department of Justice.
A fake filing on Monday suggesting that BlackRock was preparing to launch a spot XRP exchange-traded fund (ETF) is being investigated by Delaware's Department of Justice. The fake filing mirrored the legitimate paperwork for BlackRock's iShares Ethereum Trust product, causing XRP's price to spike over 10% before BlackRock denied the legitimacy of the filing. Questions have been raised about the ease with which false filings can be made and the verification process behind them in Delaware. The state's Department of State confirmed that the matter had been referred to the Department of Justice for investigation.

Hong Kong’s BC Technology Group secured a $90 million investment.
BC Technology Group, the operator of Hong Kong's cryptocurrency exchange OSL, has secured a $90 million investment from BGX. The investment involves BGX subscribing for shares in BC Technology, subject to approval by shareholders. OSL has been a pioneer in digital asset security, compliance, and technological innovation. The investment from BGX is seen as a testament to OSL's commitment to these standards. BGX describes itself as a crypto group aiming to provide an innovative platform for institutional and retail investors in the crypto space. The investment comes amid reports that BC Technology had halted trading of OSL shares and was considering selling the exchange for HKD 1 billion (around $128 million).

Dictionomics: XRP

XRP, a digital asset created by Ripple Labs, operates as a cryptocurrency on its native decentralized platform, the XRP Ledger. It aims to revolutionize the financial sector by facilitating swift and cost-effective cross-border transactions. Characterized by its scalability, capable of handling up to 1,500 transactions per second (TPS) with a confirmatory settlement time of around 3-5 seconds.

For example, in 2021, XRP's market capitalization was around $20-30 billion USD. At its peak, XRP reached an all-time high price of over $3 USD per token. Over the years, Ripple Labs has partnered with various financial institutions and remittance companies, intending to leverage XRP's technology for faster and cheaper international money transfers.

The adoption and usage of XRP in real-world applications, like cross-border payments, have been notable. Financial institutions such as Santander and MoneyGram have piloted the use of XRP for cross-border transactions, aiming to expedite settlement times and reduce costs.

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