Welcome to the February 20, 2024 edition of the Genfinity News Recap! As you navigate through your busy workday, staying informed about the latest developments in the realm of Web3 and finance can be a challenge. However, we are here to provide you with an overview of the crypto news you might have overlooked today.
February 20, 2024 Genfinity News Recap
XRP ETF Incoming?
Brad Garlinghouse met with Bloomberg today and made a few interesting comments regarding a potential XRP ETF. He remarked that he only believes we will see other ETFs emerge. He commented further that the BTC ETF was only potentially approved because, “the courts forced the SEC’s hand.”
When a Washington journalist asked him directly if he would welcome an XRP ETF, he stated:
“We would certainly welcome it, and I think it’s inevitable that there will be multiple ETFs around different tokens.” He was then asked if they were having negotiations to get an XRP ETF in place, and he replied that he couldn’t comment on that, but that “it (ETF) makes sense for the XRP community overall.”
Ethereum
CoinTelegraph reported that Ethena Labs launched its USDe Ethereum-based stablecoin, offering a 27.6% annual yield on Feb 19. This stablecoin raises concerns in the crypto community due to its similarity to the collapsed Terra UST. Some experts worry about potential yield inversion and difficulty maintaining high yields in a bear market.
However, others see the investor scrutiny as a positive sign for the industry, encouraging critical thinking about risk and sustainability. Despite concerns, Ethena has attracted significant investment. The debate highlights the need for careful evaluation of high-yield opportunities in the volatile crypto market.
The $ETH token broke the 3K marker today, a price last seen in April of 2022. At the time of writing, it was $3025.16.
MetaMask
MetaMask is expanding its security alerts to multiple blockchains to protect users from scams and hacks. CoinTelegraph reports that this comes as the wallet experiences significant user growth. It reached 30 million monthly active users in January 2024.
The new security feature, first launched on Ethereum in January, warns users about potential threats before they confirm transactions. It simulates transactions and identifies malicious patterns to prevent fund loss. This privacy-focused system differs from others that share user data with third parties. The success of the initial launch, which helped prevent millions in losses, led to its expansion.
Polygon
Humanity Protocol, a palm-recognition blockchain, launched on Feb. 20. This collaboration between Polygon Labs, Animoca Brands, and The Human Institute aims to provide an alternative to other biometric verification methods, as reported by Finbold. The press release also highlights Polygon Labs, the developers behind the MATIC token on the Polygon blockchain, and Animoca Brands, a prominent venture capital firm in the crypto space, as collaborators with the Human Institute on this project.
We hope you enjoyed our February 20, 2024 Genfinity News Recap! Come back tomorrow evening for another news summary, and please leave a comment below.
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