Crypto & Blockchain Daily Brief Tuesday, August 20, 2024

Bitwise Asset Management, a cryptocurrency investment firm based in the United States, has acquired ETC Group, a London-based provider of exchange-traded products (ETPs) that track the performance of cryptocurrencies. This acquisition marks Bitwise's entry into the European market. Bitwise is known for its crypto index funds and is now expanding its offerings to include ETPs. ETC Group is a leading provider of crypto ETPs in Europe, offering products that track the performance of major cryptocurrencies such as Bitcoin and Ethereum. By acquiring ETC Group, Bitwise gains access to the European market and can offer its products to a wider range of investors. The acquisition is part of Bitwise's strategy to expand its presence globally and offer its products to investors in different regions. With the growing interest in cryptocurrencies, Bitwise aims to provide investors with easy and secure access to this asset class through its diversified range of investment products. Both Bitwise and ETC Group are committed to providing innovative and reliable investment products to their clients. By joining forces, they can leverage each other's expertise and resources to offer a broader range of investment options to investors in Europe and beyond. Overall, the acquisition of ETC Group by Bitwise marks a significant milestone in the expansion of the cryptocurrency investment firm's presence in the European market. It also reflects the growing interest in cryptocurrencies among investors worldwide and the increasing demand for reliable and regulated investment products in this asset class.

Tether, the popular stablecoin issuer, has migrated a portion of its USDT supply to the Algorand blockchain in order to reduce transaction costs and increase transaction speed. This move is part of Tether's efforts to expand its offerings to different blockchains beyond just Ethereum. By integrating with the Algorand blockchain, Tether aims to provide a more efficient and cost-effective alternative for users who were experiencing high fees and slow confirmation times on Ethereum. The migration to Algorand will allow users to transact USDT at a significantly lower cost compared to Ethereum, where gas fees have been a concern for users due to network congestion. Tether's integration with Algorand is expected to improve the overall user experience by providing faster transaction speeds and lower fees, ultimately making it more accessible and efficient for users to utilize USDT. Additionally, Tether's collaboration with Algorand aligns with the blockchain platform's commitment to innovation and scalability, as well as its focus on providing a more sustainable and user-friendly environment for decentralized finance (DeFi) and other blockchain applications. Overall, Tether's decision to launch USDT on the Algorand blockchain demonstrates its dedication to enhancing the usability and accessibility of its stablecoin, while also contributing to the growth and development of the broader blockchain ecosystem.

The article discusses two emerging meme coins, Pepe Unchained (PEPU) and Mpepe (MPEPE), and explains why they are considered must-have cryptocurrencies for August. PEPU is a decentralized finance (DeFi) token that leverages the popularity of the Pepe meme to attract a wide audience. Its unique selling point is its scarcity, with only 10,000 tokens in circulation. This limited supply could potentially drive up the value of PEPU in the future. On the other hand, MPEPE is a deflationary token that reduces its total supply with each transaction. This mechanism aims to increase scarcity and value over time. Both PEPU and MPEPE have gained traction in the crypto community due to their interesting concepts and potential for growth. In addition, the article highlights the active communities surrounding these meme coins, with dedicated supporters and investors actively promoting and engaging with the projects. The community-driven nature of these tokens contributes to their increasing popularity. The article also emphasizes the importance of conducting thorough research before investing in meme coins, as they can be highly volatile and speculative. It is crucial for investors to understand the risks involved and to make informed decisions. Despite the risks, meme coins like PEPU and MPEPE have captured the attention of the crypto community and are generating buzz in the market. Overall, the article suggests that these two meme coins could be worthwhile additions to a cryptocurrency portfolio for those willing to take on the associated risks.