Web3 🌒 Saturday Roundup: Bitcoin Acquisition, Record Staking, and New Investment Products

The world of cryptocurrency is constantly evolving, and today is no different! We've got news on major acquisitions, record-breaking token staking, and new investment opportunities in Germany. Dive into these headlines and stay informed about the latest happenings in the crypto space.

1/ Genesis Makes Big Move in Bitcoin Acquisition.

In a significant development for the crypto industry, bankrupt crypto lender Genesis has offloaded its entire stake in Grayscale Bitcoin Trust (GBTC). This fire sale, authorized by a New York bankruptcy court in February, saw Genesis convert its GBTC shares into a cool 32,041 bitcoins, currently valued at roughly $2.2 billion. But what does this mean for Genesis? The plan is to distribute these acquired bitcoins to its Gemini Earn creditors, potentially as part of their repayment package. This move highlights Genesis's continued focus on Bitcoin and could signal their belief in its future potential.

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Genesis Completes Redemption of GBTC Shares, Buys 32K Bitcoins with Proceeds

The company in February got permission from a New York bankruptcy court to sell approximately 36 million shares of Grayscale’s Bitcoin Trust.

CoinDeskCheyenne Ligon

2/ Binance Users Break Records Staking for Upcoming Saga Gaming Token.

There's a frenzy surrounding the launch of Saga, a gaming-focused layer-1 blockchain, on Binance's Launchpool platform. Binance users have staked a record-breaking $13.1 billion worth of cryptocurrency to earn rewards in the form of Saga's upcoming token (SAGA). This surpasses previous Launchpool records, driven in part by the rising price of Binance Coin (BNB) used for staking.

This massive staking pool reflects the high interest in SAGA, particularly among gamers. Saga actively distributed tokens through play-to-airdrop competitions and rewards to early ecosystem participants. However, offering a significant portion (45 million tokens, half of the initial supply) on Launchpool aims to attract a much broader user base for the token. Binance's vast retail user base presents a golden opportunity for Saga to expand its reach as the token launches next week.

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Binance Users Stake Record $13 Billion to Earn Saga Gaming Token Rewards - Decrypt

Saga’s token is launching next week, and Binance customers are showing record-breaking interest in its rewards campaign.

DecryptAndrew Hayward

3/ An outage on the Ethereum Layer-2 protocol Starknet.

A rounding error in the code caused a block reorg, which led to a transaction backlog and halted new transactions for a few minutes. Starknet has since fixed the bug and resumed normal operation. The outage comes amid other challenges for Starknet, including a leadership change and delays caused by an Ethereum update. Despite these challenges, Starknet is set to release its cryptocurrency, STRK, later this month.

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Ethereum Layer-2 Protocol Starknet Sheds Light On What Caused 4-Hour Block Outage

Starknet, an Ethereum Layer-2 protocol, is opening up about Thursday’s block outage - but what did they say caused it?

CryptonewsJulia Smith

4/ New Bitcoin and Ethereum ETCs Launched in Germany.

Crypto investors in Germany have two new options for gaining exposure to Bitcoin and Ethereum. Asset manager DWS and digital asset firm Galaxy Digital have joined forces to launch exchange-traded commodities (ETCs) tracking these leading cryptocurrencies. These ETCs are designed to trade similarly to stocks on a traditional exchange, offering a potentially easier entry point for investors compared to directly buying and holding crypto.

The launch is particularly noteworthy because the DWS and Galaxy Digital ETCs reportedly boast lower fees than similar products available elsewhere. This could make them an attractive option for cost-conscious investors seeking convenient exposure to the crypto market. The arrival of these ETCs coincides with a growing global appetite for crypto-related investment vehicles, highlighting the increasing mainstream acceptance of digital assets.

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DWS, Galaxy Digital List Exchange-Traded Commodities Offering BTC, ETH Exposure in Germany

The products, which track the performance of the two largest cryptocurrencies by market value, carry a fee of 0.35% and were listed on the Deutsche Boerse on Thursday.

CoinDeskJamie Crawley

The crypto world continues to evolve rapidly! Today saw bankrupt lender Genesis focusing on Bitcoin by acquiring a significant amount, while record-breaking staking on Binance highlights the excitement surrounding the upcoming Saga gaming token. Despite a recent outage, Starknet's upcoming token launch remains on track. Finally, Germany's launch of new, lower-fee Bitcoin and Ethereum ETCs showcases the growing mainstream adoption of crypto assets through traditional investment channels.

Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.

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