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  • The first US mutual fund on a public blockchain has been launched by the Stellar Network.

The first US mutual fund on a public blockchain has been launched by the Stellar Network.

GhostFi Media™ Issue #10

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- Crypto Boo

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Here’s what we have for you today:

  • The first US mutual fund on a public blockchain has been launched by the Stellar Network.

  • Russia has now become the world's second-largest crypto miner, following the United States, due to a shift in the regulatory landscape in America.

  • The creator of Aptos (APT) has stated that the next wave of cryptocurrency adoption will be driven by four industries, including gaming, entertainment, and two other sectors.

  • Crypto Takes a Hit as CoinLoan Halts US Operations, But Don't Count Out Digital Currency Just Yet

  • Rookies’ Corner

Last updated April 27, 2023

The first US mutual fund on a public blockchain has been launched by the Stellar Network.

The Stellar blockchain has just made the most earth-shattering announcement! Are you ready for it? Brace yourselves... Franklin Templeton's OnChain U.S. Government Money Fund (FOBXX) is now available on the Stellar network through the Benji Investments app. Finally! This is apparently the first U.S.-registered mutual fund to use public blockchain technology for transactions and share ownership on the Stellar blockchain.

Hold on, there's more! The fund's transfer agent maintains the official record of share ownership via a proprietary blockchain-integrated system that currently utilizes the Stellar blockchain network for transaction activity. Amazing! And don't even get me started on the fact that the first registered U.S. fund on its network has surpassed $270 million in assets under management (AUM).

This development is just so significant, it's almost too much to handle. It clearly demonstrates the potential for greater interoperability in the financial system by reflecting a considerable integration between blockchain technology and traditional financial institutions. I mean, who needs cash or government securities when you have a public blockchain, right?

And if that wasn't enough, Decaf, the Stellar-enabled digital wallet, announced an integration with the global on/off-ramp service for digital wallets powered by MoneyGram and the Stellar Development Foundation (SDF). It's like Christmas in Spring for all the blockchain enthusiasts out there!

Russia has now become the world's second-largest crypto miner, following the United States, due to a shift in the regulatory landscape in America.

Mother Russia! The land of vodka, bears, and now, cryptocurrency mining! According to Kommersant, our comrades have made it to the second spot in the global Bitcoin mining race, just behind the United States. Who knew our love for mining would extend beyond coal and gold?

But it's not all sunshine and rainbows. Just like our capitalist counterparts, we also face regulatory uncertainty and the looming threat of sanctions. And to add insult to injury, according to Bitriver CEO Igor Runets, our domestic friends are struggling with rising electricity prices, tax troubles, and over-leveraged mining businesses.

“In addition, the vast majority of the equipment was purchased by American miners on credit, so many over-leveraged companies are in the process of bankruptcy or have already gone bankrupt.”

And as if things couldn't get any worse for our capitalist friends, the Biden Administration has proposed a 30% tax on electricity used in digital asset mining operations. Oh, the horror! But hey, at least they have a staggered implementation schedule, so they can ease into the pain over the next three years.

Inside Russia’s largest Bitcoin mining operation.

Who knows what the future holds for the cryptocurrency mining industry, but one thing's for sure – the world better watch out for Russia. It kind of seems like our country is dead set on ruining the party for us at all costs.

Of course, there are some teething problems, like the occasional security breach, but many people are still jazzed about the potential of NFTs as a new investment frontier.

GhostFi’s™ Recommend Exchange

1 out of 4 Cryptocurrency holders is with KuCoin.

The creator of Aptos (APT) has stated that the next wave of cryptocurrency adoption will be driven by four industries, including gaming, entertainment, and two other sectors.

Oh, how fortunate we are to have Mo Shaikh, the co-founder of Aptos, enlighten us with his brilliant insights on which industries will bring about the next wave of crypto adoption. Who would have thought that gaming, entertainment, social media, and finance are the four industries that will ramp up the adoption of digital assets? Such a groundbreaking discovery!

I mean, who needs common sense when you can focus on these four sectors and ignore all the others? It's not like the integration of high-throughput blockchain technology can benefit other industries, right? And thank goodness for other blockchains paving the way, so Aptos doesn't have to put in any effort to identify use cases.

Image generated by MidJourney.

But wait, there's more! Aptos will not only take advantage of digital collectibles in games but also create new use cases, like an on-chain randomization checker to ensure that no one is cheating. Wow, how innovative! And let's not forget about media and entertainment, where blockchain technology can apparently enhance a fan's involvement in an event by providing them with collectibles. Because who doesn't want shareable memorabilia, proof of attendance, or tickets that redeem prizes?

And to top it all off, projects being built on top of Aptos are taking advantage of the fastest transaction speed on the market. Hooray for financial inclusivity! Who needs actual solutions for financial inclusion when you have the fastest blockchain on the market?

Thank you, Mo Shaikh, for sharing your profound wisdom with us. We are forever in your debt.

Crypto Takes a Hit as CoinLoan Halts US Operations Due to Government Regulation, But Don't Count Out Digital Currency Just Yet

Surprise surprise! CoinLoan, the Estonia-based cryptocurrency platform, has decided to halt all user services and withdrawals. Apparently, they received a notice of restraint on disposition that requires them to halt all user operations from the Estonian government, but who knows if they're actually bankrupt or not? I mean, the notice just "suggests" bankruptcy proceedings are underway, but who knows what that really means? CoinLoan, of course, is shocked and called the notice "unexpected." They have "no choice but to comply," they say. How noble of them.

It's not like this is the first time they've limited user withdrawals, though. They did it in July 2022 when the crypto lending market was failing, and again in November 2022 when FTX collapsed. But hey, they say it's not because of exposure to those affected companies, it's just because people were withdrawing more than usual. CoinLoan even generously set a daily withdrawal limit of $5,000 during those times. Who knows if they ever lifted those limits though. Honestly, who can keep track?

Rookies’ Corner

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Phantom Press

Circle launches cross-chain USDC transfer protocol for Ethereum, Avalanche
The new protocol burns coins on the sending chain, and mints new ones on the receiving chain. […]

Kraken fights back after IRS demands user information
Cryptocurrency exchange Kraken challenges the Internal Revenue Service’s (IRS) requests for user data, claiming the demands represent an unwarranted intrusion and asking a federal court to intervene. […]

Is the SEC’s New Texas “Sheriff” an Anti-Crypto Crusader?
In its escalating crypto crackdown, the Securities and Exchange Commission has appointed Eric Werner as its Fort Worth regional director. He’ll oversee not just Texas but a broad swath of the US West and Southwest. […]

Bitcoin advocates rally at Texas State Capitol to oppose bill cutting mining incentives
“When you target one industry the way they are with this bill, that’s a bad policy no matter what the industry you’re targeting,” said Satoshi Action Fund CEO Dennis Porter.

SPOOKY MEMES

The damn SEC.

AI-GENERATED IMAGE OF THE WEEK
JUST BECAUSE WE CAN.

David Schwartz (Ripple Labs) as a Cyberpunk DJ.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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