Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
Ether. fi launching ‘crypto-native’ credit card on ZK-rollup Scroll
Ether.fi, a liquid restaking protocol, is set to introduce a "crypto-native" credit card that will process transactions on Scroll, an Ethereum layer-2 scaling network, as announced in a September 9th post on the X platform.
The Ether.fi Cash Visa credit card enables users to make cryptocurrency payments wherever Visa is accepted, according to the announcement. The card, which features a "degen" branding, is available in Pepe, Wojak, Chad, and Whale tiers.
As outlined on Ether.fi’s website, the card is non-custodial, meaning that users retain control of their crypto assets within their wallets without transferring them to a separate account. Cardholders can fund their purchases by borrowing against crypto collateral, including eETH, Liquid Vault LP tokens, and other yield-bearing assets. eETH is Ether. fi’s liquid restaking token (LRT).
Additionally, Ether. fi has stated that cardholders will soon have the option to "pay your card balance with native yields."
Apple Intelligence rival secures $10M to develop open-source alternative
PIN AI, a company specializing in artificial intelligence infrastructure, has successfully raised $10 million in pre-seed funding and has been selected to join the Fall 2024 cohort of the a16z Crypto Startup Accelerator (a16z CSX).
As detailed in a press release shared with Cointelegraph, the startup is committed to building the first-ever open-source Personal Intelligence Network (PIN).
This open-source initiative, born out of research partnerships with Ethereum Core, Stanford, and MIT, positions PIN AI as a competitor to Apple's recently launched Apple Intelligence AI solution.
In a written interview with Cointelegraph, Ben Wu, co-founder of PIN AI, noted that the announcement made on September 9 aligns with Apple’s announcement on the same day to "maximize the impact of the communication."
Peter Schiff Gives Bitcoin Bull Michael Saylor a Grim Warning
Michael Saylor, a well-known advocate of Bitcoin, highlighted the successes of MicroStrategy's cryptocurrency strategy in an interview with CNBC. With Bitcoin's price increasing by an average of 44% annually over the past few years, MicroStrategy, one of the largest cryptocurrency holders, has greatly benefited from this growth.
The company's stock has surged by an impressive 825% since adopting its Bitcoin strategy, surpassing even Nvidia's extraordinary rise. As a result, MicroStrategy has outperformed its competitors and secured a strong position in the U.S. stock market, according to Saylor.
Despite the positive reception to Saylor's comments, critics, including Peter Schiff, a vocal opponent of cryptocurrency, remain skeptical. Schiff pointed out that while MicroStrategy has seen gains this year, its stock is still 40% below its highest point in the past 52 weeks and remains 6% lower than its 2021 peak. He cautioned that the growth Saylor celebrates may not be sustainable, warning of potential further declines.
Bitfarms delayed an extraordinary shareholders' meeting to review Riot’s amended requisition.
U.S. publicly traded Bitcoin miner Bitfarms has postponed its particular shareholder's meeting by one week to review an updated requisition from Riot Platforms.
Initially scheduled for October 29, the meeting—first called in response to Riot Platforms’ (RIOT) June 24 requisition has been moved to November 6. On September 3, Riot submitted an amendment to its requisition, raising concerns about Bitfarms' recent governance changes and its proposed acquisition of Stronghold Digital. These issues were to be addressed at the special meeting, where a vote would take place on reconstituting Bitfarms' board of directors. Riot has pushed for additional changes, advocating for independent oversight and more robust governance to improve shareholder value.
In April, Riot initially proposed acquiring its smaller rival for approximately $950 million and has since accumulated shares in Bitfarms, becoming its largest shareholder with a 19.9% stake.
In a press release on Monday, Bitfarms stated, "The Bitfarms Board is committed to acting in the best interests of ALL Bitfarms shareholders. In contrast, it is clear that Riot, as a direct competitor, is focused solely on actions that benefit its own shareholders, not those of Bitfarms." The company also acknowledged a potential proxy contest's high costs and distractions. Still, it emphasized its Special Committee's intent to engage constructively with Riot to resolve the amended requisition without depleting resources unnecessarily.
The Bitfarms Special Committee has proposed adding a mutually agreed-upon board nominee, increasing the board's size to six, and implementing standstill and other customary provisions.
Healthcare projects are leading the pack in decentralized science
Healthcare projects emerge as leaders in the push towards decentralized science (DeSci), outperforming other sectors.
According to Alex Dobrin, awareness steward at VitaDAO—a decentralized collective focused on extending human lifespans—this is partly due to the high time and financial costs of bringing new drugs to market. These challenges drive individuals to take drug discovery and scientific research into their own hands.
Dobrin noted a "growing perception" that biomedical research and development is "failing to meet patients' needs."
Despite advancements in technology, the time and expense required to introduce new drugs are "increasing exponentially," he explained.
This phenomenon is referred to in the medical field as "Eroom's Law," a reversal of the well-known Moore's Law, which posits that the number of transistors in an integrated circuit doubles every two years. In contrast, Eroom's Law observes that the cost of drug discovery doubles approximately every nine years.
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