Weekly Updates

Caddi Weekly Update - April 20th

Voyager's $1B Deal with Binance.us Moves Forward After Deal with Feds. Andreessen Horowitz's "Orange Balls" Revealed to be an L2 Rollup Client. ChatGPT Shares Thoughts on Digital Assets.
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Voyager Continues

Voyager Digital Ltd., a Canadian cryptocurrency trading platform, has received regulatory approval for its acquisition of Binance.us, a U.S.-based cryptocurrency exchange. The $1.1 billion deal, which was announced in February, was delayed due to regulatory concerns but has now received the green light from the Federal Trade Commission (FTC). The acquisition will make Voyager one of the largest publicly traded crypto trading firms in the U.S. market.

According to the announcement, the deal is expected to close in Q4 2021 and will see Binance.us become a wholly-owned subsidiary of Voyager. The move will also allow Binance.us customers to access Voyager’s trading infrastructure and services, including its mobile app, advanced trading capabilities, and interest-earning accounts. The acquisition will also provide Voyager with a larger customer base and increased liquidity.

This approval comes after Binance, the parent company of Binance.us, has faced increased scrutiny from regulators around the world. The FTC's approval is seen as a positive sign for Binance.us and the broader cryptocurrency industry, as it demonstrates a willingness by regulators to allow consolidation and growth within the sector.

The Case of the Orange Balls

Venture capital firm Andreessen Horowitz (a16z) has unveiled its highly anticipated "orange balls" project, which turned out to be a Layer 2 (L2) rollup client for Ethereum. The project aims to improve the scalability and efficiency of Ethereum by allowing users to conduct transactions off-chain and then settle them on the Ethereum mainnet in batches.

The orange balls project, officially called "A16Z Rollups," is designed to be user-friendly and accessible to both developers and end-users. It is built on top of the Optimism protocol and uses its Optimistic Rollup technology to bundle transactions together and submit them to the Ethereum network as a single batch.

The project has already attracted several high-profile partners, including OpenSea, which is integrating A16Z Rollups into its NFT marketplace, and Dapper Labs, the creator of NBA Top Shot, which is using the technology to scale its Flow blockchain.

The unveiling of the orange balls project is seen as a major development in the ongoing effort to improve Ethereum's scalability and address its high gas fees. The project is also seen as a testament to the growing influence of L2 solutions in the crypto space and their potential to drive innovation and growth in the industry.

ChatGPT Prompt: What Are Your Thoughts on Digital Assets?

The language model ChatGPT, developed by OpenAI, recently shared its thoughts on the digital asset market in an interview with CoinDesk. ChatGPT noted that while the cryptocurrency market has seen significant growth and adoption in recent years, it is still highly volatile and risky, and investors should approach it with caution.

ChatGPT also highlighted the potential of blockchain technology to revolutionize industries beyond just finance, such as supply chain management and voting systems. However, it cautioned that widespread adoption of these use cases may still be several years away.

When asked about the role of regulation in the digital asset market, ChatGPT noted that while some level of regulation is necessary to protect consumers and ensure market stability, overly restrictive regulations could stifle innovation and limit the potential benefits of the technology.

FYI: I asked ChatGPT to write about this. I wanted to know what it thought of itself.

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