Bitcoin Becoming More Than Just Digital Gold As On-Chain Activity Soars: Grayscale Research

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14 Feb 2024

Daily Hodl Staff February 13, 2024

Recent developments suggest Bitcoin (BTC) could serve as more than just “digital gold,” according to a researcher at the crypto asset management giant Grayscale.
In a new analysis, Grayscale’s Michael Zhao highlights Bitcoin’s surging on-chain activity.

“The advent of ordinal inscriptions has revitalized on-chain activity, with over 59 million non-fungible-token-like (NFT) collectibles inscribed, generating upwards of $200 million in transaction fees for miners as of February 2024. This trend is expected to persist, bolstered by renewed developer interest and ongoing innovations on the Bitcoin blockchain.”
Bitcoin ordinals enable users to inscribe digital data such as images and videos to a single satoshi, an individual unit of BTC, to create the equivalent of NFTs on the top crypto asset’s network. Zhao says ordinals have instigated a “cultural shift” in the Bitcoin community, attracting new developers to the ecosystem.
In addition to ordinals, the Grayscale analyst highlights that BTC’s use case is evolving with the emergence of smart contract protocols running on the Bitcoin network.
“Among the existing layer-2 solutions, some have been quietly laying the groundwork for this evolution for years. Stacks stands out as a platform that has introduced fully expressive smart contracts to Bitcoin. It has fostered the development of various decentralized applications (DApps) that leverage Bitcoin’s security, enabling functionalities ranging from DeFi (decentralized finance) to NFTs. These DApps represent the forefront of Bitcoin’s transition into a multi-faceted ecosystem, capable of supporting a wide array of blockchain-based applications.”
At time of writing, Bitcoin is trading at $49,801.
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BTCS Reveals Innovative Crypto Product Lineup

Press Release February 13, 2024

BTCS Inc. (Nasdaq: BTCS), a seasoned player in the blockchain and cryptocurrency landscape, has been steadily carving a niche for itself among public blockchain companies through strategic technological advancements and astute financial management.

With a legacy of spearheading early blockchain technologies in the public markets, the company has expanded its repertoire to include new products for Ethereum block-building.
This ambitious 2024 product roadmap is headlined by an evolving version of its StakeSeeker platform and the launch of Builder+, an Ethereum block builder.
Each is designed to provide a pathway to scalable revenue on Ethereum’s blockchain.
StakeSeeker plans to receive substantial upgrades, enhancing its capability to simplify the staking process.
With the planned offering of Ethereum non-custodial staking, StakeSeeker aims to demystify the staking landscape, thereby empowering users to maximize their earnings with minimal hassle and counterparty risk.
Complementing StakeSeeker is the Builder+ launch, a testament to BTCS’s commitment to the Ethereum ecosystem.
Builder+ is designed to optimize Ethereum block building by integrating advanced algorithms that ensure efficient and potentially more profitable block constructions.
This will help Ethereum validator nodes optimize their revenue potential while also ensuring they meet regulatory standards, such as screening out wallet addresses identified on the Office of Foreign Assets Control Specially Designated Nationals list.
BTCS is also gearing up to unveil ChainQ, an AI-driven blockchain analytics platform. ChainQ’s inception is rooted in the need for comprehensive market analytics.
By leveraging AI algorithms, ChainQ is poised to deliver deep, actionable insights, thereby enabling users to navigate the volatile crypto market with confidence and strategic foresight.
Capturing the essence of the company’s roadmap for 2024, Charles Allen, CEO of BTCS, said,
“Our 2024 product lineup is the culmination of almost a year of innovation and hard work.
“We used the crypto winter to build essential products for blockchain technologies, positioning BTCS to profit from the uptake in demand in Ethereum’s ecosystem.”
The cornerstone of BTCS’s product development philosophy is a balanced trinity of security, predictability and adaptability to market dynamics.
This strategy is backed by BTCS’ robust balance sheet and revenue streams.
As the blockchain industry continues to evolve, BTCS’s product lineup is not just a response to current market demands but a proactive step toward helping drive predictable and scalable revenue for the benefit of shareholders.

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BTCS agreed to pay Epic MegaCorp LLC $29,950 for investor awareness services. Epic MegaCorp LLC is a marketing company and not a registered investment advisor.
The information contained on this site is not intended to be, and shall not constitute, an offer to sell nor the solicitation of any offer to buy any security.
The information presented on this recorded line is provided for informational purposes only and is not to be treated as advice to make any specific investment.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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Ripple Acquires US-Based Digital Asset Platform Standard Custody & Trust Company to Strengthen Product Offerings

Daily Hodl Staff February 13, 2024

Payments company Ripple Labs is acquiring US-based digital asset custodian Standard Custody & Trust Company, a move that will expand its services in the crypto industry.
In a new announcement, Ripple says the acquisition, which is subject to regulatory approval, will allow the firm “to strengthen its existing product offerings, as well as explore new, complementary products.”

As stated by Ripple president Monica Long,
“As we integrate custody more deeply into Ripple’s products, we see clear synergies with Standard Custody to complement our payments and custody offerings – all in service of being a one-stop shop to move, convert and store value with blockchain and crypto.”
With the acquisition, Ripple gains Standard Custody’s limited purpose trust charter and money transmitter licenses, adding to others already in its possession.
According to the announcement, Ripple and its subsidiaries also hold a New York BitLicense, nearly 40 money transmitter licenses across the US, a Major Payment Institution License from the Monetary Authority of Singapore and a Virtual Asset Service Provider registration with the Central Bank of Ireland.
The financial details of the acquisition were not disclosed.
Last year, Ripple acquired Metaco, a Swiss-based custody provider of digital assets infrastructure, for $250 million in response to research suggesting that institutional investors plan to heavily incorporate crypto custody services into their business models within the next three years.
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