Lite's Out

Good morning. Today in the CT5 we've got updates on The Merge, a controversial crypto payment product, and delisting of Litecoin in South Korea. All that and more today!

Market Update (as of 9:18am ET):

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Top 5:

1. Ethereum Ropsten Testnet successfully merged to proof-of-stake. The merge of Ethereum's oldest testnet occurred yesterday with only a few minor hiccups in the transition. It was the latest dress rehearsal in a series of testnet merges before updates go live on the mainnet and Ethereum transitions to the proof-of-stake consensus mechanism. Two public testnet merges remain on the Goelri and Sepolia networks before the mainnet merge. The thread below from @parithosh_j goes into some of the more technical aspects of yesterday's Ropsten testnet merge.

2. Crypto exchanges delist Litecoin over privacy feature concerns. Two South Korean crypto exchanges, Bithumb and Upbit, will delist Litecoin for updates made to the protocol that enable higher levels of privacy when conducting transactions. The exchanges indicated that the Mimblewimble Extension Blocks (MWEB) network update conflicts with anti-money laundering regulations in place in South Korea. Litecoin is still available to trade on major US crypto exchanges, along with other privacy focused coins like Zcash and Monero.

3. Coinbase to make strategic investment in Zipmex following acquisition talks. After considering a full on purchase of the Singapore-based crypto exchange, Coinbase opted for a strategic investment in the firm to grow their footprint in the region. Zipmex is in the process of raising $40 million in a Series B+ round of funding that would value the firm at $400 million. The exchange also operates in Thailand where it has a digital assets exchange license issued by the Ministry of Finance.

4. Edge announces ‘confidential’ bitcoin Mastercard—but Mastercard denies involvement. The new product requires no personally identifiable information to use and can be funded using bitcoin, Bitcoin Cash, Dogecoin, Litecoin, and Dash. According to Edge, the card is issued through a Mastercard template program with Connecticut-based Patriot Bank. However, Mastercard has attempted to distance themselves from the product saying they have no official involvement with Edge. The card will have a daily limit of $1,000 and be available on Apple Pay and Google Pay, with a physical card option coming later this month.

"Not a name, not a phone number, not an email address, definitely not your actual address, nothing. You can create a virtual card in around 15 seconds inside of Edge"

- Edge co-founder and CEO Paul Puey

5. Divided ApeCoin community narrowly approves proposal to stay on Ethereum. After a week-long vote, the ApeCoin community decided to remain on the Ethereum blockchain. The vote was closely contested with ~54% voting in favor to remain on Ethereum and ~46% voting to leave for greener pastures. Concerns in the community remain with some users worried about the DAO's leadership abilities and others pushing to focus on growth and new adoption rather than a switch to an alternative layer-1 solution.

Updates and other stories:
- Osmosis to cover $5M exploit chain to remain halted for two days...Read More
- Binance US launches high-yield staking for SOL, AVAX and more...Read More
- Tether launches stablecoin on Tezos to unlock new defi products...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.