Ether jumps 3% as the cryptocurrency strives for a winning month: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Rene Reinsberg, a co-founder of Celo and president of the Celo Foundation, discussed a new announcement that Circle will issue its stablecoin USDC to the Celo network.

Chapters:
00:00 – CNBC Crypto World, Jan 30, 2024
0:30 – Ether climbs
1:10- The headlines
3:19- Celo’s Rene Reinsberg

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Ether jumps 3% as the cryptocurrency strives for a winning month: CNBC Crypto World

Today German police sees more than $2 billion do in Bitcoin tied to an alleged online piracy scheme separately here in the US the doj and SEC announced charges and what they say is a$2 billion crypto scheme and Renee rinberg of cell discusses this morning’s announcement that Circle will issue its stablecoin

Usdc on the cell network welcome to cnbc’s crypto world I’m Talia Kaplan major cryptocurrencies adding to recent gains this morning with Bitcoin inching higher trading right around $43,500 ether climbing more than 3% by noon Easter now trading at $2,369 and salana also gaining more than 3% to

$14 now the recent Rebound in crypto prices comes as the selling pressure for the Bitcoin ETFs particularly grayscales fund may be easing blockchain intelligence firm Arkham said on X that about $192 million had exited Grace scale’s ETF today now that number may seem like a lot but Arkham says that’s

Less than half of last week’s average daily volume okay let’s talk about the top stories the doj and SEC slap charges on a group of people for allegedly orchestrating a nearly $2 billion crypto fraud scheme on Monday the doj announced criminal charges against two people and

A guilty plea from a third person for their roles in an alleged worldwide Ponzi scheme known as hyperf fund among those charged the co-founder of hyperf fund who is an Australian citizen living in Dubai and two promoters one from Miami and another from Maryland according to the doj hyper funds

Promotional materials made several false claims including that investors who purchased memberships would get as much as 1% a day in passive rewards until the company doubled or tripled the Investor’s initial investment hyper fund claimed that its payments would be dispersed in part from its revenues from crypto mining operations but according

To the doj those operations actually didn’t exist in July 2021 hyper funds started blocking investor withdrawals in a related civil action the SEC charged two of the three people for their roles in the alleged crypto pyramid scheme which collapsed in 2022 next German police have seized billions in Bitcoin

Tied to a decade old website which allegedly sold pirated works on Tuesday the Dresden General prosecutor’s office said it had provisionally secured roughly 50,000 Bitcoin worth about $2.2 billion those funds came from a website ran by two men one German and one polish the German prosecutors say raised money

By selling pirated materials all the way back in 2013 prosecutors claimed the men then used the funds raised from the site to buy the Bitcoin now the statement went on to say that the investigation is still ongoing and the final decision on what to do with the Bitcoin hasn’t been

Made yet all right for our main story this morning the cell Foundation announced that circle’s expanding native issuance of its stable coin usdc to the cell network so I asked Rene reinsberg a co-founder of cell about the new partnership and how it can help boost the capabilities of tokenized real world

Assets he also weighs in on current events in crypto so you have a big announcement today and we’ll get to that in just a bit but I want to start off with your Insight on crypto we have seen some major developments in the space since

2024 kicked off in fact 10 days into the new year the SEC announced a landmark decision to allow for spot bequin ETFs here in the US what does that development signal to you and what do you think it means for the crypto industry and crypto sentiment yeah I

Think 2024 is off to an amazing start I couldn’t have um you know maybe hoped for a better one uh and you know sometimes it’s a little uh difficult to connect the importance of something like the Bitcoin ET F to cell or the broader uh webstream markets but the way I see

It is it’s a it’s a moment where institutions are really now coming into the space and in in many ways the work that we do uh while uh you know obviously we care a lot about real world use cases uh there’s uh there’s a massive acceleration that can come from

That you know one example just to illustrate that would be U microcredit or lending which uh you know with institutions like Black Rock coming and bringing Capital right that can really accelerate a lot of the local market Solutions and and projects that um have been sort of the last two three years

Iterating on their model and finding product Market fit so to me uh this is a very uh bullish sign that you know we will have institutional Capital coming into the space and really accelerating the the use cases and a lot of the startups uh that have been quietly

Building uh in the bare market so last time we spoke you wait in on shifting crypto sentiment around the world saying that in some ways it was improving you noted that people are starting to look more closely at how crypto can yield real world use cases well today you have

An announcement that the stable coin issuer circle is integrating with cell with the goal of furthering adoption of digital assets and currencies so how does this integration work exactly and how does it allow for a new variety of use cases yeah look I think it’s massive validation of the work that the Salo

Community has done these these last few years and uh in many ways it’s uh it’s also a stamp of approval right for the ecosystem um circle with usdc is you know really this you know institutional great uh stable coin that is widely used wiely accepted and you know I think by

By kind of that coming to cell I think it can unlock a lot of the growth that I was starting to talk about and there are a few features that make cell unique which I think will be particularly important to this launch and that we’re uh and I think the circle team are

Particularly excited about one of those is the ability um to pay for gas and stable coins on C which is a really big deal and it may seem like a small tweak um but it does enable a user experience where really you know if I send someone

Stable coin now um the recipient can receive that in an empty wallet but is going to be able to use that wallet they don’t need cell they don’t need eth if this was on ethereum right or another chain they don’t need a native asset to then do something with that stable coin

They just got but they can use it and basically immediately join uh this digital economy and I think that’s really powerful when we’re talking about how we onboard the next 100 million billion users that’s only going to happen if we um remove remove you know more of these hurdles that still exist

When it comes to that Real World Adoption so yeah my you know my My Talking Points are you know pretty similar to to last time it’s it’s that it’s those real world use cases and I think um even as maybe the interest in sort of the broader market and Bitcoin

Pric is going up you know what is happening some of that General awareness is coming back I do think this time is different because this time we have amazing wallets like you know Opera Mini pay we talked on talked last time orora or other mobile wallets that give people

Access to so much more than just the ability to buy or sell uh Bitcoin um but but really start participating in this new digital economy so I I think 2024 is going to be phenomenal year in many ways um I’m starting to see some of the

Things we we talked about uh come true and uh yeah there’s uh there’s a lot of excitement for uh what you know is going to happen particularly around stable coin coins um and stable coin Usage Now expanding on that the usdc expansion comes as cell is trying to be

An important part of tokenizing real world assets as you noted placing traditional Investments like bonds and credit on blockchains in a token form and using stable coins for settlements obviously it sounds like you’re optimistic about stable coins so what’s your vision for these cryptocurrencies whose value is pegged to another

Currency or commodity what’s your outlook for 2024 in that regard yeah I think real world assets is sort of the mega Trend um and in many ways real world assets as sort of a a buzzword may be new but um you know I think this has been a long time part of

The cello thesis you know if we go back to just the general kind of uh framing around regenerative Finance regenerative Finance is only possible if we have real assets because we do want to you know render uh nature assets productive in in such an economy and so in many ways uh

You know there’s a bunch of projects from the very early C days that have been working on tokenizing real world assets you know and maybe not using that term but uh a lot of that uh you know has been in the works for many years so it’s it’s not sort of an overnight

Surprise that suddenly everybody’s talking about real world assets but I think when we look at real world assets really stable coins uh is sort of the clear early winner in terms of having product Market fit right I where um I think there’s about 135 billion uh stable coins uh in circulation right now

Um I just saw some news that you know like an investment was made and you know was made in stable coins right so it’s it’s really becoming the norm for especially crossb payments um or really any payment right to kind of you know go from traditional Financial rails to

Stable coins which are usable 247 and you know on Cell It’s a T of a s fee compared to what you know someone may pay for a wire transfer okay that’s all for crypto world today but we’ll be back again tomorrow and we’ll see you then