Banks & SWIFT Testing Ethereum 🏦

Today's stories: SWIFT tests Ethereum interoperability with banks, judge neglects SEC attempt to freeze Binance US assets, and Adidas announces their sneaker collab with NFT artist Fewocious.

June 14, 2023

GM. This is Degen Scoop and we’re halfway through the week. It’s Wednesday, here’s what happened in the last 24 hours:

  • Banks & SWIFT Testing Ethereum 🏦

  • Judge Denies Binance Asset Freeze 👨‍⚖️

  • Adidas Sneaker Collab With Fewocious 👟

  • Whale Moves 🐋

  • Threads You CAN’T Miss 🧵

SWIFT Tests Ethereum Interoperability With Banks

Futuristic Crypto Bank

Despite the fallout of the SEC lawsuits, certain TradFi institutions recognize the value of a public ledger like Ethereum. Currently, SWIFT is testing how to make Ethereum interoperable with banks and having the two communicate with each other. The banks in this experiment include some heavyweights: Citi, BYN Mellon, and BNP Paribas.

Interestingly, Chainlink is in charge of developing the bridging technology between the banks and Ethereum. This is a fitting choice for our favorite oracle provider. The goal of this endeavor is to remove the friction that currently exists when working with tokenized assets and TradFi institutions. These are the sort of infrastructure developments that get built in the bear that help the next bull reach new heights.

Judge Neglects SEC Attempt to Freeze Binance US Assets

It was a week ago today where the SEC sought to freeze Binance US assets. A judge yesterday denied this attempt and encouraged the two groups to reach an alternate compromise. It seems the judge recognized that there was no pressing need or even reason to freeze their assets given the evidence.

This doesn’t look promising for Gary. While not the same case as the Binance lawsuit, seeing this already get struck down goes to show Gary is not on solid ground. The judge used the description of “inefficient and cumbersome” to define SEC enforcement of crypto assets. One could only hope the Binance and Coinbase lawsuit get off to such a great start.

Adidas Announces Their Sneaker Collab With NFT Artist Fewocious

Fewocious is one of the more prominent NFT artists for those not familiar with the NFT world. Yesterday, Adidas announced that they would be producing a sneaker collab with the artist. The shoes will be sold via an NFT pass and can be redeemed for a physical product. On June 22 will be the drop date with 4,500 NFTs available in the collection.

when the bad thought start to creep in - Sold For 17 WETH (2/24/22)

Every pair of shoes will have a respective NFC tag for verification. The NFT drop will occur in a tiered release, you can find the details here. For those looking to buy, you can expect the shoes to ship in September of this year at the latest. Happy aping to the sneakerheads.

Notable NFT Sales in the Last 24 Hours / Over the Weekend:

Fidenza #646 - Sold For 130 ETH ($226K)

CryptoPunk #3358 - Sold For 63 ETH ($109K)

Notable Threads You May Have Missed:

Meme of the Day

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.

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