Welcome to the latest edition of Proof of Intel (PoI), your go-to gazette in the galaxy of Web3 wonders! 🌐✨ I'm Mochi, your digital docent through the dizzying domain of decentralized developments. This week, we're diving into the depths of DeFi drama, crypto comebacks, and blockchain bravados with a pinch of humor, a dash of wit, and a whole lot of insights. Whether you're a crypto newbie or a blockchain boss, we've got something for everyone. So, grab your digital snorkels, and let's plunge into the pool of this week's most thrilling Web3 waves!

INTEL BRIEF
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🟧 Ripple plans to acquire Standard Custody & Trust Co. to expand its U.S. business, aiming to extend beyond payments by leveraging a New York trust charter for more regulatory flexibility.

🟧 Coinbase Global reported its first quarterly profit since 2021, driven by a surge in trading volumes and the recent approval of the first spot bitcoin ETFs by the SEC.

🟧 Two Ethereum DeFi traders utilized a strategy known as 'looping' to amass nearly $120 million in profits, leveraging their Ether holdings across various lending protocols.

🟧 A stunt by Bitcoin supporters created the illusion that Senator Elizabeth Warren endorsed Bitcoin by signing an order for a flag to be flown over the U.S. Capitol in honor of Satoshi Nakamoto, which was quickly debunked.

🌊 💼 Ripple Dives Deeper into U.S. Waters with Strategic Acquisition

In a bold move that could make waves across the financial seas, Ripple, the entity we've come to know as the swashbuckling pioneer of cross-border payments, is charting a course towards uncharted territories. With the ink still drying on their latest conquest, Standard Custody & Trust Co., Ripple's treasure map now includes a shiny New York trust charter, promising to unlock a treasure trove of opportunities within the U.S. market.

This isn't just about expanding the territory; it's about evolving the game. Imagine Ripple, the seasoned captain of payments, now steering through the regulatory tempests to anchor in the safe harbors of crypto custody and financial services. Monica Long, Ripple's President, with a spyglass in one hand and a blockchain ledger in the other, is looking beyond the horizon, aiming to offer a flotilla of services to financial institutions keen on tokenizing their assets.

But, as with all tales of adventure, there's a kraken to face – the regulatory scrutiny of the New York Department of Financial Services, not to mention the ongoing arm-wrestle with the SEC. Yet, Ripple's crew is undeterred, signaling their intent to not just na

🚀💰 Coinbase Hits Jackpot: First Profit in Two Years Thanks to Bitcoin ETF Mania

This time, we're diving into the digital depths of Coinbase Global, which has just posted its first quarterly profit since the bygone era of 2021, sending its shares soaring nearly as high as my spirits on a sugar rush!

In a plot twist that could only be crafted by the cryptic hands of fate (and a little regulatory nudge from the SEC), Coinbase's trading volumes have gone through the virtual roof. Thanks to the SEC's nod to the first spot bitcoin ETFs, investor enthusiasm has been rekindled, propelling bitcoin's price up by a staggering 57% in the final quarter of 2023. This crypto carnival resulted in a 64% jump in Coinbase's transaction revenue, raking in a cool $529.3 million.

But wait, there's more! Coinbase isn't just resting on its laurels (or its digital dollars). The exchange has its sights set on a strong first quarter for its subscription and services unit, predicting revenues that would make even the most stoic of accountants blush. The cherry on top? A hefty profit of $273.4 million, flipping the script from a loss just a year prior.

So, what's the secret sauce? It might just be the magic of stablecoin revenue, courtesy of Coinbase's cozy partnership with fintech firm Circle. With the Federal Reserve's interest rate hikes, Coinbase has been pocketing higher income, proving that sometimes, it pays to be stable in an unstable world.

But before you dash off to celebrate, let's ponder a moment on the horizon. Some worry that the allure of spot ETFs might lead investors away from the Coinbase platform. Yet, Coinbase's CFO Alesia Haas sees ETFs as a net positive, adding to the industry's allure and Coinbase's coffers.

🔄 💸 Looping Legends: Ethereum Traders Turn DeFi Tactics into $120M Triumph

Spinning the yarn of two Ethereum traders who've turned the crypto cosmos upside down with their astronomical ascent to a $120 million windfall. This isn't just any old tale of trading; it's a saga of 'looping'—a DeFi maneuver so daring, it could make a Wall Street wolf whimper.

Our protagonists, known only by their wallet addresses (0x28 and 0x74), have navigated the nebulous networks of MakerDAO, Spark, Morpho, and Compound with the finesse of interstellar navigators. Their cargo? A cool 1.1 million Ether and its staked derivatives, tallying up to a treasure trove valued at $3 billion. These aren't your average Joe's making a splash in the pool; they're whales in the crypto ocean, employing a strategy that's as lucrative as it is loop-tastic.

Looping, for the uninitiated, is akin to a high-stakes game of crypto Jenga. You stack your Ether in a lending protocol, borrow some shiny stablecoin DAI, swap it back for Ether, and then—like a magician pulling a rabbit out of a hat—redeposit it for more borrowing power. It's a leveraged long position that's not for the faint-hearted, with these traders opting for a conservative 1-2x leverage. Why? Because in the volatile vortex of crypto, a significant price plunge could sweep away their fortunes like a house of cards in a hurricane.

Yet, with the price of Ether soaring from their initial stake at around $1,000 to a lofty $2,700, these financial fliers have navigated the stratosphere of success without a scratch. The looming specter of liquidation loiters far below, requiring a cataclysmic price collapse of over 60% to threaten their empire.

But wait, there's more! Ether isn't just sitting pretty; it's on the precipice of potentially paradigm-shifting catalysts. The Dencun upgrade promises to slash transaction costs on Ethereum’s layer 2 networks, with the Ethereum mainnet set to embrace this change around March 13. And with the crypto community's eyes gleaming at the prospect of an Ether spot ETF, heavyweights like Blackrock and Fidelity are in the fray, hoping to replicate the Bitcoin ETF's blockbuster success.

🚩🔍 Did Elizabeth Warren Wave the Bitcoin Flag? Decode the Capitol Caper

In today's episode, we've got a plot twist so twisty, it could rival a pretzel's curves. The scene? None other than the grand ol' U.S. Capitol, with a cameo that none other than Senator Elizabeth Warren, blockchain's bête noire, seemed to make—or did she?

In a move that had Bitcoin buffs doing a double-take, news fluttered down the digital grapevine that Warren, a staunch critic of all things blockchain, had ordered a flag to be flown in honor of Satoshi Nakamoto. Yes, you read that right—the enigmatic creator of Bitcoin apparently received a hat tip from one of crypto's fiercest adversaries. Or so the story went.

But before you start thinking the world's gone topsy-turvy, let's pump the brakes on this runaway crypto coaster. A closer peek behind the curtain reveals this "endorsement" was nothing more than a cheeky charade, courtesy of some crafty Bitcoin enthusiasts. Turns out, anyone with a dream and a debit card can request a flag flying over the Capitol, no Senatorial endorsement required.

The Bitcoin community had a field day, circulating tales of Warren's "conversion" faster than a cryptocurrency's value can swing. Yet, sharp-eyed sleuths on social media were quick to cry foul, unveiling the truth behind the tribute. While some hailed the stunt as a victory lap for free speech (and a dash of creative mischief), others saw it as a light-hearted reminder of the ongoing tussle between the crypto world and its regulatory challengers.

So, did Elizabeth Warren suddenly find herself basking in the glow of Bitcoin's orange hue? Not quite. But if there's one thing this capitol caper has shown, it's that in the ever-entertaining world of crypto, reality can sometimes be stranger—and more amusing—than fiction.

And just like that, we've reached the end of this week's thrilling journey through the Web3 world with Proof of Intel. 🌟 I hope you've enjoyed the ride as much as I've enjoyed guiding you through it. From Coinbase's comeback to the looping legends of Ethereum, and the not-so-endorsement from Elizabeth Warren, it's been a rollercoaster of revelations and revolutions.

Remember, in the fast-paced universe of blockchain and crypto, staying informed is your superpower. 🦸‍♂️💼 So, keep questioning, keep exploring, and most importantly, keep your spirits high and your investments wise. Until next time, this is Mochi, signing off with a smile and a wave. Keep your crypto close and your curiosity closer. See you in the next edition of Proof of Intel, where we decode the mysteries of the Web3 world, one newsletter at a time. Happy trading, innovating, and meme-making, folks!

P.S. Don't forget to share Proof of Intel with your friends. See you in the next issue! 💌🎈

🍨📰 Catch you in the next issue! 📰🍨

TL;DR: 🔻💯
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🟧 Ripple's strategic acquisition of Standard Custody & Trust Co. aims to enhance its regulatory stature and service offerings in the U.S., venturing beyond payments into crypto custody and tokenization for financial institutions. Despite the looming challenge of regulatory approval and an ongoing tussle with the SEC, Ripple's ambitions signal a bold leap towards broader financial innovation and market leadership.

🟧 Coinbase Global has flipped its financial script, posting a profit for the first time in two years, thanks to a surge in trading volumes spurred by the SEC's approval of bitcoin ETFs. With transaction revenue and stablecoin interest soaring, Coinbase looks ahead to a bright future, brushing off concerns about the impact of spot ETFs on its platform.

🟧 Two Ethereum DeFi whales have made a splash with nearly $120 million in profits using a strategic 'looping' technique, magnifying their Ether stakes amidst a bullish market. With Ethereum eyeing significant upgrades and the potential approval of an Ether spot ETF, the future looks bright for these savvy traders and the broader crypto ecosystem.

🟧 In a twist fit for the crypto chronicles, a stunt made it seem as if Senator Elizabeth Warren, a known critic of cryptocurrency, endorsed Bitcoin by flying a flag for Satoshi Nakamoto over the U.S. Capitol. However, this was quickly revealed to be a clever ruse by Bitcoin supporters, highlighting the playful tension between the crypto community and regulatory figures.