Daily Digest 10/15
Flow integrates Filecoin storage services to make NFTs more decentralized
On October 13th Filecoin announced that they have partnered with Dapper labs to be “securely available everywhere”. This will allow Flow users to mint NFTs and leverage IPFS as well.
“In content-based addressing, content is no longer retrieved from single locations on the web. Rather, content is retrieved from any participating nodes on the IPFS network that have the content you’re requesting,” Filecoin outlined.
Dapper labs is one of the leading innovators in the NFT space as they are the creators of CryptoKitties, NBA top shots, and are also now working with the NFL.
This partnership will make NFTs on the Flow blockchain “more decentralized” since the files, or NFTs in this case, will be hosted and accessible on different Filecoin servers.
Bitcoin Pops on Expectation of BTC Futures ETF Approval by SEC
In just a few days the SEC will have reached its deadline again to give their decision on the approval of two ETF applications. This has caused a spike in BTC price as there are rumors they may be approved.
Bloomberg cited anonymous sources saying that the SEC looks like they are going to approve applications by ProShares and Invesco. If approved they would be eligible for trading next week
These ETFs are based on the futures contracts of BTC derivatives. It will not be directly tied to the asset itself. The SEC will only approve a crypto ETF if they think the product is safe to offer to clients.
Having the ETF pegged to the futures contract is “safer” in the sense that day-to-day price movement will not be anywhere near as volatile.
Tether Hit With $41 Million Fine for Lying About Dollar Reserves: CFTC
Tether is under some stress again as they have now been hit with a $41 million fine by the Commodity Futures Trading Commission. The CFTC also fined BitFinex for $1.5 million.
The CFTC says that Tether made “untrue or misleading” claims in a report what exactly they are backing their stablecoin with.
Since Tether is a stable coin they would be pegged 1:1 with fiat dollars held in reserves; however, The CFTC says that Tether from 2016-2019 was reporting misleading information.
Back in August a report showed that Tether was backed by 50% commercial paper with a total backing of $62.7 billion.