Goldman Sachs Will Enter Crypto Custody as Synthetix Activates Layer-2 Staking
Goldman Sachs Will Enter Crypto Custody as Synthetix Activates Layer-2 Staking.Surging prices, anticipation, and steady coin interest round out today’s headlines.
Synthetix Activates Castor, Paving the way for Layer-2 Migration in Ethereum
After delays, Synthetix, a trustless platform for trading derivatives, finally activated Layer-2 staking via Castor.
The release is important because it is the first “heavy” DeFi protocol to adopt Layer-2, heeding Vitalik Buterin calls.
With Layer-2, transactions can be bundled away from the base layer, relieving the primary chain. If most projects opt for Layer-2, it is expected that Gas fees will decrease.
The activation of Castor in Synthetix, therefore, paves the way for other projects. Goldman Sachs Will Enter Crypto Custody as Synthetix Activates Layer-2 Staking
Eventually, Synthetix, which manages over $1.7 billion of assets at the time of writing, will adopt Layer-2 derivatives trading via Optimistic Rollups (ORUs).
Goldman Sachs to Enter Crypto with Custody
Much has been said about banks entering the space. Unfortunately, most are both hot and cold. The Crypto risk profile, their analysts argue, is just too high. Worse, the sphere is relatively illiquid compared to, say, the stock market and Forex.
Goldman Sachs has issued a Request for Information (RFI) with plans of offering crypto custody at the tentative time in 2021.
Sources familiar with this development said there would soon be evidence of their plans. This is part of their broader digital strategy, especially relating to stablecoins following the recent letter by the U.S. Office of the Comptroller of the Currency (OCC) ostensibly allowing banks to issue stablecoins in distributed ledger technologies.
Block.One’s Bitcoin worth More than EOS’s Market Cap
In their year-long ICO, Block.One, the official creator of the EOSIO blockchain, collected an estimated 140,000 BTC.
At the current valuation of over $35k, this is worth double the total EOS market cap of slightly over $2.6 billion, highlighting just how rapid the BTC price uptrend has been over the last few years.
It also showed that EOS’s performance has been comparatively mediocre, going against the initial high hopes.
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