The Daily Edge | 8/2/23

Matt Brienen
December 13, 2022
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Global peer-to-peer payments platform Beam is now accessible on Optimism and Base, functioning similarly to Venmo or Cash App, but for cryptocurrency transactions. Users receive a QR code upon accessing Beam's site for sending and receiving stablecoins and cryptocurrencies. This simplifies the onboarding process compared to existing Web3 methods, eliminating the need for complex wallet creation and seed phrases. Beam prioritizes ease of use, storing keys on devices, and enables recovery through Twitter. While Beam is designed for payments, not long-term investments, its account abstraction and smart contract wallets enhance security and usability. The challenge of broader crypto adoption may rest with merchant acceptance of Web3 technology.
Software developer MicroStrategy plans to raise up to $750 million by selling stock, with the intention of using the funds to acquire more bitcoin and for general corporate purposes. The company, led by Chairman Michael Saylor, has been actively investing in bitcoin, amassing 152,800 BTC worth around $4.5 billion. The announcement led to a boost in bitcoin's price.
Despite cryptocurrency being illegal in China, Binance continues to conduct a significant portion of its business from the country. In May, the exchange's spot and futures trading volume from China exceeded $90 billion, with futures trading contributing the most. Binance's total trading volume reached over $670 billion in May, with South Korea, Turkey, and Vietnam being its other major markets. Binance has around 5.6 million users in China, 911,650 of whom were active in May, but the exchange reportedly practices lenient identity verification in the region. Binance was initially established in Shanghai in 2017 but had to navigate restrictions imposed by the Chinese government.
The Treasury Department on Wednesday said it plans to “incrementally” increase the size of its auctions across the board in the third quarter and continue increases in future quarters, as it faces a growing deficit and the need to balance the overall profile of its debt issues. It plans to sell $103 billion in its quarterly refunding next week, which will raise $19 billion in new cash and refund $84 billion in securities. This will include $42 billion in three-year notes, $38 billion in 10-year notes and $23 billion in 30-year bonds.

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