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Valkyrie’s Bitcoin Strategy ETF listed on NASDAQ today with an $80 million debut after ProShares’ launched its offering earlier this week.

The post Valkyrie’s bitcoin futures ETF posts trade volume worth nearly $80 million on opening day appeared first on The Block.

A top regulator from the Donald Trump administration took the position that banks could legally trade cryptocurrencies for their clients, according to an article on Friday by Politico.

• The determination was made by staff at the Office of the Comptroller of the Currency (OCC), according to the story, which cited unnamed sources. It could enable banks to have digital currencies as assets for trading.

This story is developing and will be updated.

The top lawyer for the U.S. arm of exchange giant Binance has departed after just seven months in the position.

• Christopher Robins, who held the title of general counsel, will be assuming a part-time role at the company, according to a Business Insider report, which cited a Binance spokesperson.
• Robins’ departure comes two months after Binance.US’s then-CEO, Brian Brooks, resigned after just four months on the job.

This story is still developing and will be updated.

Some responsibilities include designing and shipping backend services for the creation, purchase, sale, and use of NFT-backed digital goods.

The post Reddit seeks ‘engineers and leaders’ for a possible NFT platform appeared first on The Block.

Add Reddit to the list of big brands entering the non-fungible token (NFT) market. The social media site intends to build an NFT platform for buying and selling crypto collectibles, the company tipped in a job posting.

• In the posting for a senior engineer, Reddit noted “a new and exciting, rapidly growing team that aims to build the largest creator economy on the internet, powered by independent creators, digital goods, and NFTs. We are looking for strong engineers and leaders to help us seed the team, set its strategy, and build for the future.”
• The initiative comes amid NFTs’ skyrocketing popularity that has spurred a wide array of companies to kickstart different initiatives. Earlier this month, crypto exchanges Coinbase and FTX.US have said that they are building NFT marketplaces.
• Reddit said that it was looking for someone who could “design, build and ship backend services for millions of users to create, buy, sell and use NFT-backed digital goods.”
• Reddit’s platform draws 430 monthly visitors for news updates and widely read discussion threads.
• Reddit noted in the posting that “fans of today’s biggest creators and brands are now flocking to buy digital goods directly from them – to support them, to gain exclusive access, and to feel a greater sense of connection with them. Over time, we believe this will only grow.”

Read more: Reddit Rolls With Arbitrum to Scale Its Ethereum-Based Community Points System

New York’s Five Star Bank and California’s UNIFY Financial Credit Union will offer bitcoin trading through a platform from Q2 Holdings and New York Digital Investment Group (NYDIG). 

The post Two US banks sign up for bitcoin trading platform from Q2 and NYDIG appeared first on The Block.

Quick Take

• Ethereum, the second-largest crypto by market capitalization, currently uses a Proof-of-Work consensus mechanism similar to Bitcoin
• This means that the same concerns raised previously about Bitcoin mining are also relatively applicable to Ethereum mining, albeit to a lesser extent
• Ethereum is migrating to a Proof-of-Stake consensus model which is supposed to use 99.95% less energy than the current Proof-of-Work model
• There are many other protocols with different consensus models that are significantly more energy-efficient than Bitcoin and Ethereum today, though they have other trade-offs
• Crypto and blockchain can possibly lead the way to a sustainable development of technology