INTEL BRIEF

🟧 Stripe, the fintech giant, announces its re-entry into the cryptocurrency market by accepting USDC stablecoin payments on Solana, Ethereum, and Polygon.

🟧 Eminem becomes the latest celebrity to advertise for Crypto.com, following Matt Damon's ad spot in 2021, despite the recent market downturn and regulatory challenges.

🟧 A rare satoshi, dubbed an "epic sat," mined from the fourth Bitcoin halving block, sells for 33.3 Bitcoin (approximately $2.13 million) on the CoinEx Global exchange.

🟧 Despite the upcoming launch of spot Bitcoin and Ether ETFs in Hong Kong, mainland Chinese investors will not be able to participate due to the country's ban on crypto transactions.

Stripe's Crypto Comeback: Embracing Stablecoins for Seamless Transactions

Stripe, the payment processing powerhouse, is making a grand return to the cryptocurrency market after a six-year hiatus!

That's right, folks! Stripe has announced that it will once again accept cryptocurrency payments, but this time, they're starting with just one currency: USDC stablecoins. Initially, the support will be limited to the Solana, Ethereum, and Polygon networks. This marks Stripe's first foray into crypto payments since 2018 when they dropped support for Bitcoin due to its notorious volatility.

Last year, Stripe dipped its toes back into the crypto pool by offering payouts (but not payments) in USDC, with Twitter as its star customer. However, this time around, Stripe is keeping its customer names under wraps. Perhaps they're trying to avoid the paparazzi?

Stripe co-founder and president John Collison is set to make the official announcement at the company's Connect developer conference in San Francisco. In a cheeky statement, Collison quipped, "Transaction settlements are no longer comparable with Christopher Nolan films for length," adding that "transaction costs are no longer comparable with Christopher Nolan films for budget." Looks like someone's been binge-watching Inception!

This latest move is part of Stripe's broader strategy to open up its walled garden and embrace a more inclusive approach to financial services. On Wednesday, the company revealed that it would allow customers to integrate competing payment providers with Stripe's other financial services tooling. Talk about playing nice with others!

Stripe's on-again, off-again relationship with crypto highlights the challenges fintech companies face when navigating the ever-changing landscape of cryptocurrency. As a disruptive force in the industry, Stripe wants to be at the forefront of blockchain-based innovations, but it also needs to maintain its reputation as a stable and reliable financial powerhouse. With $1 trillion in transactions processed last year and a current valuation of $65 billion, Stripe is walking a tightrope between innovation and stability.

Stripe announces acceptance of USDC stablecoin payments on Solana, Ethereum, and Polygon

This marks Stripe's return to crypto payments after dropping Bitcoin support in 2018

The move is part of Stripe's strategy to open up its walled garden and embrace a more inclusive approach to financial services

Eminem Steps into the Crypto Ring: Will He Knock Out the Doubters?

The real Slim Shad has standup! But, for who? American rapper Marshall Mathers, aka Eminem, has joined the ranks of celebrities promoting cryptocurrency exchange Crypto.com.

In a recent X post, Eminem dropped an ad spot that's part boxing montage, part crypto jargon extravaganza. The video features the rapper training hard while phrases like "proof-of-work" and the infamous slogan "fortune favors the brave" flash across the screen. Because nothing says "crypto" like a sweaty Eminem, right?

Eminem is one of the first major celebrities to advertise for Crypto.com since actor Matt Damon's ad spot in October 2021. However, the terms of Eminem's deal remain a mystery, especially considering the recent market downturn, the high-profile collapse of FTX, and the increasing enforcement actions by the U.S. Securities and Exchange Commission against digital asset firms. Talk about a risky move!

It's worth noting that Eminem is no stranger to the crypto world. In 2021, he joined the exclusive Bored Ape Yacht Club, purchasing an NFT for a whopping $462,000. I guess even slim shady needs a crypto flex!

Reactions to Eminem's crypto endorsement have been mixed on social media. Some users have created clever parodies of the rapper's lyrics, such as "Will the real Satoshi please stand up?" Others are questioning whether Eminem's sponsorship will fare better than Damon's, given the current state of the crypto market.

Speaking of Damon, the actor recently admitted that he only did the Crypto.com ad to raise money for Water.org, a clean water initiative. Similarly, comedian Larry David, who appeared in a Super Bowl ad for the now-bankrupt FTX, called himself "an idiot" for doing it.

Despite the star power behind the ad, the price of Crypto.com's native token, Cronos, seemed unaffected by Eminem's endorsement.

Eminem becomes the latest celebrity to advertise for Crypto.com, following Matt Damon's 2021 ad spot

The rapper's endorsement comes amid market downturns, regulatory challenges, and high-profile crypto collapses

Reactions to Eminem's crypto ad have been mixed, with some questioning its potential impact on the market

One Small Sat for Bitcoin, One Giant Leap for Crypto Auctions

An incredibly rare satoshi, affectionately dubbed an "epic sat," has found a new owner after a heated auction on the CoinEx Global exchange.

The epic sat, mined from the fourth Bitcoin halving block by mining pool viaBTC, sold for a jaw-dropping 33.3 Bitcoin (BTC) 🫨, which translates to about $2.13 million. Talk about a valuable little bit!

The auction, which kicked off on April 22, saw 34 eager bidders vying for the chance to own this piece of crypto history. The winning bidder, who remains anonymous (perhaps to avoid being hounded by satoshi-seeking paparazzi), outbid the next closest competitor by a whopping 13.3 Bitcoin.

So, what makes this particular satoshi so special? Well, it's all about the numbers, baby! This epic sat boasts the impressive "sat number 1,968,750,000,000,000," making it a one-of-a-kind digital asset. It's like owning a piece of the Bitcoin blockchain itself!

CoinEx took to X (formerly Twitter) to celebrate the successful auction, stating, "The auction has concluded successfully, with the FIRST & ONLY epic sat selling for 33.3 $BTC (≈$2,134,000)." They added, "This auction isn't just a bidding event; it marked the community recognition, media attention, & widespread embrace of #Bitcoin."

The sale of this epic sat not only showcases the incredible value placed on rare digital assets but also highlights the growing interest in unique pieces of cryptocurrency history. As Bitcoin continues to mature and evolve, we can expect to see more exciting auctions like this one in the future. Just don't expect to buy a cup of coffee with this particular satoshi anytime soon!

A rare "epic sat" from the fourth Bitcoin halving block sells for 33.3 Bitcoin ($2.13 million) on CoinEx Global

The winning bidder outbid 33 other competitors to own the unique satoshi with "sat number 1,968,750,000,000,000"

The auction showcases the growing interest in rare digital assets and unique pieces of cryptocurrency history

Hong Kong's Crypto ETF Party: Mainland China Not Invited

Hong Kong is gearing up for a crypto extravaganza with the upcoming launch of spot Bitcoin and Ether ETFs! But before you start packing your bags and booking your flights, there's a catch: mainland Chinese investors won't be able to join the festivities.

According to Bloomberg data analyst Jack Wang, even though the ETF issuers have close ties with mainland China, they won't be able to provide Bitcoin or Ether exposure to investors in that jurisdiction. Talk about a party pooper!

The reason behind this exclusion? Mainland China banned crypto transactions years ago, and they're not budging on their stance. In September 2021, the Chinese State Council made it crystal clear that no financial institution is allowed to create accounts, transfer funds, or provide clearing for any crypto-related transactions. I guess they didn't get the memo about the crypto revolution.

Wang even tried to set a trade for a futures-based crypto ETF listed in Hong Kong, but the brokers swiftly rejected it. Ouch, that's gotta hurt! He believes that Chinese investors won't be able to get their hands on these products anytime soon.

As for the regulatory environment in mainland China, Wang is confident that the launch of spot Bitcoin and Ether ETFs in Hong Kong will have no positive impact. It looks like the Great Wall of China is also a great wall against crypto.

Thomas Zhu, head of digital assets at China AMC (one of the ETF issuers), mentioned that the eligibility of mainland Chinese investors to acquire crypto ETFs in Hong Kong depends on the "enactment of forthcoming regulatory modifications." In other words, don't hold your breath.

Despite the excitement surrounding Hong Kong's crypto ETF launch, Bloomberg analyst James Seyffart put things into perspective. He pointed out that Bitcoin ETFs in the United States have more assets than all ETFs in Hong Kong.

Mainland Chinese investors won't be able to participate in Hong Kong's upcoming spot Bitcoin and Ether ETFs due to the country's ban on crypto transactions

The launch of these ETFs is unlikely to have a positive impact on the regulatory environment in mainland China

The U.S. ETF market dwarfs Hong Kong's, with Bitcoin ETFs alone having more assets than all Hong Kong ETFs combined

And there you have it, my dear PoI readers! Our 70th newsletter is officially in the books, and what a journey it's been! 📚✨ I hope this milestone edition has left you feeling like a true crypto insider, armed with the knowledge and the laughs to take on the ever-evolving world of digital assets.

As we celebrate, let's raise a virtual glass to the PoI community—a group of passionate, curious, and downright hilarious individuals who make writing these newsletters an absolute joy! 🥂❤️

Until next time, keep your wits sharp, your wallets secure, and your crypto puns at the ready. This is Mochi, logging off with a giant, 70th-edition-sized hug! 🤗💫

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🍨📰 Catch you in the next issue! 📰🍨