America's Oldest Bank Will Support Bitcoin - CRYPTO FRIDAY

Feb 12, 2021

Hey DEFI TIMES community,

America's oldest bank, BNY Mellon, announced that it would store Bitcoin on behalf of its clients. The bank will store and transfer Bitcoin and other digital currencies.

This is absolutely bullish news because the bank made clear that this was mainly due to Bitcoin finally becoming mainstream. BNY Mellon is one of the first banks to adopt Bitcoin. The majority of Mellon's customers asked the bank to support digital assets in the future, which shows the overwhelming demand for cryptocurrencies right now.

There is another thing to consider: Many large asset managers (pension funds, endowments, and insurance companies) use BNY Mellon for custody of their assets. This news could lower the barrier for these institutions to invest in digital assets.

All in all, this news will accelerate institutional mass adoption. Mellon was founded in 1869, which makes it the oldest bank in America.

The bank is not only going to offer custody services. They also decided to transfer or issue digital assets. Some people argue that they are going to build a full-service digital asset bank over the coming years.

We are clearly in a bull market. Expect news like this to occur on a weekly basis.

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FED publishes report about DeFi

St. Louis Fed @stlouisfed

Read new research to find out what decentralized finance is and how it may lead to a paradigm shift in the financial industry #DeFi ow.ly/Lwbj50DsSBJ

The St. Louis Fed, one of the boards of The Federal Reserve, published a research paper on DeFi. The paper, by University of Basel Professor Fabian Schar, provides a framework for understanding and analyzing DeFi.

Synthetix Adds $sTESLA

ChainLinkGod.eth @ChainLinkGod

The @synthetix_io Spartan Council has approved the creation of $sTSLA, a synthetic asset providing on-chain exposure to @Tesla shares This is only the beginning of zero slippage US stock trading 😏

ChainLinkGod.eth @ChainLinkGod

The $TSLA/USD Price Feed is now live on the Ethereum mainnet providing the #DeFi ecosysem a decentralized source of data on the current price of @Tesla shares https://t.co/urZMvehHmO #Chainlink $LINK https://t.co/pV8q7SiFiW https://t.co/6Efs17jaId

The Synthetix Spartan council has voted for adding sTesla synth to the Synthetix protocol, which will be the first time Synthetix supports a real-world stock. This was probably a reaction to Tesla buying $1.5 billion worth of Bitcoin.

Matic rebrands to Polygon

Polygon (previously Matic) @maticnetwork

1/ Dear Matic Network supporters and beloved crypto community, Today is a big day for our project! 🤗 We are excited to announce that we are expanding our mission and technology scope and becoming Polygon - Ethereum’s Internet of Blockchains. 🦄💫

Matic is one of the most important sidechain solutions on the Ethereum blockchain, and it announced that they would rebrand to Polygon. The new layer two aggregation SDK will allow multiple technologies at the same time. In a recent blog post on CoinDesk, they stated:

Polygon will support multiple layer 2 solutions such as Optimistic Rollups, zkRollups, and Validium, effectively making it an L2 aggregator. This approach, implemented via Polygon's modular SDK, will enable projects to select the scaling solution that best suits their needs rather than being bound by any one option.

Aave liquidity incentives

Nick Chong @n2ckchong

We @paraficapital just rolled out a liquidity mining proposal for @AaveAave v2. Let's take a look at what the proposal is and why we think Aave can benefit from it being implemented. 👇

Parafi capital has proposed liquidity incentives for the Aave protocol, distributing 500 staked Aave to liquidity providers. Aave doesn't support yield farming, but if this proposal goes through, we can expect the Aave pools' liquidity to explode!