Blockchain Academy in UAE and Mining Firms in Ethiopia

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

• Ledger users can now buy assets from Coinbase.

• Franklin Templeton files Spot Ethereum ETF application.

• Solana’s market cap overtakes BNB, secures 4th position

• Chinese crypto mining firms turning to Ethiopia for cheap electricity.

• Sui Foundation launches Blockchain Academy with the American University of Sharjah.

• Dictionomics: 

Global Biscuits

Ledger users can now buy assets from Coinbase.
Coinbase and Ledger have collaborated to integrate Coinbase Pay into the Ledger Live app, enabling users to purchase digital assets directly from Coinbase without transferring crypto off their hardware wallet. With various payment methods available, including ACH, Visa, and Mastercard, users can buy assets and have them automatically sent to their Ledger device. Ledger, having sold around 6 million hardware wallets, emphasizes the importance of self-custody in crypto asset management. CEO Ian Rogers suggests that while self-custody is valuable, users should have the flexibility to choose how they manage their assets, likening it to the diverse banking accounts a family might hold. The partnership aims to expand further, potentially introducing features like recurring buys on Coinbase through the Ledger Live app in the near future.

Franklin Templeton files Spot Ethereum ETF application.
Franklin Templeton, a renowned asset management firm with $1.5 trillion in assets under management, has filed with the U.S. Securities and Exchange Commission (SEC) for approval to launch a spot Ethereum exchange-traded fund (ETF). This move follows the successful launch of spot Bitcoin ETFs in January, with Franklin Templeton joining other firms like ARK 21 Shares, VanEck, Hashdex, Invesco, BlackRock, Fidelity, and Grayscale in seeking approval for spot ETH ETFs. Despite the relatively modest success of Franklin Templeton's spot Bitcoin ETF, which attracted $76 million as of Feb. 9, market observers anticipate growing interest in spot ETH ETFs, particularly given the significant inflows of over $1.1 billion into spot BTC ETFs during the week ending Feb. 9. Analysts speculate that the SEC may approve spot ETH ETFs around May 23, 2024, based on the regulatory pattern observed during the approval process for spot Bitcoin ETFs.

Solana’s market cap overtakes BNB, secures 4th position
Solana's SOL token has surged in value, rising by 7.56% within 24 hours and reaching $112.52, resulting in Solana overtaking Binance's BNB token to become the fourth-largest cryptocurrency by market capitalization. Despite experiencing a major network outage on February 6, Solana's market cap of $49.36 billion now exceeds BNB's market capitalization of $48.5 billion. The surge coincided with a record high in the Crypto Fear and Greed Index, reminiscent of November 2021 when Bitcoin reached $69,000, and occurred a day after Bitcoin surpassed $50,000 for the first time since December 2021. Solana's price rally may have been influenced by the on-chain approval of the Pyth DAO Constitution, a move aimed at establishing a decision-making framework for the Pyth DAO, which governs the Pyth Network.

Tastes of the regions

Chinese crypto mining firms turning to Ethiopia for cheap electricity.
Chinese crypto mining companies are increasingly turning to Ethiopia as a new investment destination due to its cheap electricity costs and favorable conditions for mining operations, despite the country officially banning cryptocurrency trading. With Ethiopia legalizing Bitcoin mining in 2022, Chinese firms, facing restrictions in their native country following China's 2021 cryptocurrency ban, are drawn to Ethiopia's abundant hydropower, providing 92% of the nation's electricity, and its temperate climate, which reduces cooling costs for mining equipment compared to regions like Texas. While some mining operations may disguise themselves as other businesses to access electricity without official approval, potential political upheaval in Ethiopia poses risks for investors, mirroring similar shutdowns seen in Iran and Kazakhstan. Nevertheless, the influx of Chinese mining companies underscores Africa's growing appeal as a cryptocurrency mining destination amidst its abundant natural resources.

Sui Foundation launches Blockchain Academy with the American University of Sharjah.
The Sui Foundation, in collaboration with the American University of Sharjah in the UAE, has launched a blockchain academy aimed at increasing awareness and understanding of blockchain technology among students. Greg Siourounis, managing director of the Sui Foundation, highlighted the initiative's goal of educating students about blockchain's potential in solving real-world problems through seminars and workshops. Surprisingly, during a recent idea presentation event, seven out of 10 student projects incorporated blockchain solutions, indicating a growing awareness of the technology among young entrepreneurs. Siourounis emphasized the importance of providing students with accurate information about blockchain while equipping them with the necessary tools to filter misinformation. The establishment of the blockchain academy aligns with Sharjah's aspiration to become a center for blockchain research and education, aiming to prepare students for future-oriented topics and the evolving landscape ahead.

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