TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Goldman Sachs says bitcoin is not an asset class. Google partners with Theta on mainnet 2.0 launch. Vitalik Buterin calls for alternative social media amidst Twitter v Trump incident. Coinbase acquires Tagomi. Former Bakkt CEO Kelly Loeffler’s coronavirus stock sale probe concluded with no crimes found, and Tencent to invest $70 billion in several key areas including blockchain.
Goldman Sachs Concludes Bitcoin is Not an Asset Class
The highly discussed Bitcoin call Goldman Sachs arranged to discuss Bitcoin with their customers concluded the cryptocurrency was “not an asset class.” Call materials explained while Bitcoin received an enormous amount of attention, it doesn’t generate cash flow as bonds, or any earnings in that regard, and its prices are still very volatile. It also compared crypto with other historic bubbles, and stated it could be used to channel illicit activities.
Google Partners With Theta on Mainnet 2.0 Launch
Theta, a blockchain streaming platform, partnered with Google to ease onboarding of new users prior to its mainnet 2.0 launch. Google has become the fifth Theta external validator, after Binance and others have also supported its decentralized technology. “Theta is unique in that their video delivery network needs both a reliable, high-performance network – which we provide via our premium network tier – as well as reputable node operators to ensure protocol security,” declared Google Cloud developer Allen Day.
Vitalik Buterin Calls for Social Media Alternatives Amidst Trump vs. Twitter Incident
In the long run I'm pessimistic about the ability of centralized social media platforms to stay highly independent of the political environment of the country they're centered in.
This only further shows why we need an alternative. https://t.co/w3HZbj3S7s
— vitalik.eth (@VitalikButerin) May 27, 2020
Vitalik Buterin, the Ethereum co-founder, called for social media alternatives to resist government influence, taking the recent Donald Trump “fact checking” incident on Twitter as a prime example. Buterin said he was “pessimistic about the ability of centralized social media platforms to stay highly independent of the political environment of the country they’re centered in.” President Donald Trump announced Twitter’s actions against him confirm his suspicions, and that “big action” will follow.
Coinbase Finally Acquires Tagomi After Thwarting Purchase Rumors
Coinbase, the US based exchange, announced the acquisition of Tagomi, an institutional crypto brokerage, to “bolster our offerings for advanced traders and the most sophisticated crypto investors.” Coinbase said the acquisition of Tagomi will allow them to present a more robust product offering under one platform. Tagomi has several important institutional customers including Paradigm, Pantera, Bitwise, and Multicoin. Coinbase denied planning any acquisition of Tagomi last year when news about it leaked.
Kelly Loeffler No Longer Being Investigated by DOJ for Stock Sales
Kelly Loeffler, the former CEO of Bakkt, now turned GOP senator, is no longer being investigated for stock sales her family incurred after having been briefed privately about the coronavirus pandemic. A Loeffler spokesperson declared her “exoneration by the Department of Justice affirms what Senator Loeffler has said all along -– she did nothing wrong.” Loeffler was among four senators being probed for using early information on the coronavirus pandemic to take advantage of the predicted market downturn.
Tencent to Invest $70 Billion in New Infrastructure Including Blockchain
Tencent, the Chinese tech giant, announced a new plan that contemplates investing $70 billion dollars for the next 5 years in technology infrastructure. The main areas that will concentrate the majority of these investments will be cloud computing, artificial intelligence, and cybersecurity; but blockchain, servers, big data centres, supercomputer centres, and the internet of things will also be considered where to funnel some of these funds, according to Dowson Tong, senior executive vice president of Tencent.
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