The Block
Quick Take Bitcoin’s price traded higher on Thursday afternoon after the Federal Reserve cut interest rates by 25 basis points to the 4.25% to 4.50% range. The rate reduction comes after bitcoin reached a new all-time high of over $108,000, after Donald Trump won the U.S. presidential election.
Quick Take Fraction AI has raised $6 million in a pre-seed funding round co-led by Spartan and Symbolic. The crypto-AI startup is focused on decentralizing data labeling.
Quick Take Donald Trump-backed DeFi platform World Liberty Financial and Ethena are planning a “long-term collaboration” starting with implementing the yield-bearing token, sUSDe. World Liberty Financial’s governance will be asked to decide on the implementation this week.
Quick Take Polygon community members rejected a preliminary proposal to deploy over $1 billion in stablecoin from the PoS Chain bridge for yield generation. Following community feedback, Polygon acknowledged these concerns and decided not to advance the proposal but remained open to exploring innovative ideas in the future.
HashKey Group has launched its Ethereum Layer 2 HashKey Chain on mainnet.HashKey joins other crypto firms like Coinbase and Kraken in building their own Layer 2 networks using the OP Stack.
With Donald Trump securing victory in the U.S. presidential election and the prospect of a Republican-controlled House and Senate, speculation has begun on what’s next for the crypto industry ahead of his Jan. 20 inauguration.The crypto community wants to see Trump’s campaign promises — including appointing a crypto-friendly SEC Chair, commuting the sentence of Ross Ulbricht, and creating a national strategic bitcoin reserve — fulfilled.
Quick Take Ethereum Name Service will use Linea’s technology to develop its own Layer 2 network called Namechain.
Quick Take Ohio State Representative Derek Merrin introduced a bill to create a bitcoin reserve within the state treasury. Several other state representatives have pushed for state bitcoin reserves, as U.S. president-elect Donald Trump looks to build a national strategic reserve of bitcoin.
Quick Take The U.S. Treasury Department issued sanctions against individuals that laundered cryptocurrencies to fund the North Korean regime. North Korea’s state-backed hackers are accused to be behind some of the largest hacks in crypto.
