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Good morning, Coin Discoverers!

CRYPTO

• BTC: $59,249.40(-0.22%)YTD (+34.68%)

• ETH: $2,527.25(-0.03%)YTD (+7.82%)

• BNB: $533.16 (-0.48%)YTD (+70.28%)

*Crypto numbers as of 5:00 am EST on August 30th

Threshold's Bitcoin DeFi protocol proposes combining tBTC

Threshold, a Bitcoin DeFi protocol, has put forward a proposal to merge its wrapped bitcoin version, tBTC, with WBTC. This initiative aims to consolidate the wrapped bitcoin ecosystem and create a more robust and decentralized offering for users.

The proposal follows recent developments where BitGo, the custodian of WBTC, announced that Justin Sun’s BiT Global would take on a role as a multi-sig key holder. This move has sparked concerns among some industry participants, prompting Threshold to suggest the merger as a way to address these worries and strengthen the security and trust in the wrapped bitcoin space.

Bridge, a company specializing in stablecoin money transfers, secures $58 million in funding

Founded by former employees of Coinbase and Square, Bridge is developing a platform for moving money using stablecoins. The company aims to revolutionize digital transactions with this innovative approach.

Bridge has attracted significant support from major investors, including Sequoia, Ribbit, Index, and Haun Ventures, highlighting the strong confidence in its vision and potential.

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Trump's latest NFTs generate $2 million in sales, with resales restricted until 2025

On August 27, former U.S. President Donald Trump launched his fourth series of non-fungible tokens (NFTs), called "Series 4: The America First Collection." Released on the Polygon network, the collection quickly gained traction, with over 22,000 sales within the first day, generating more than $2.17 million.

Each NFT was priced at $99, and with a potential supply of 360,000 cards, the total revenue could surpass $35 million if all are sold.

Kylian Mbappé’s X account hack leads to a $1 million crypto scam

On Thursday, the cryptocurrency world was rocked by a scam centered around a fraudulent meme coin named $MBAPPE. Hackers took control of French soccer star Kylian Mbappé’s X account to promote the token, misleading followers into believing it was a legitimate investment opportunity.

One investor, enticed by the hype, invested 7,156 SOL, equivalent to $1.03 million, into the $MBAPPE token. However, the excitement quickly turned to despair as the coin's value rapidly crashed, reducing the investment to just $9,200 within an hour, wiping out nearly the entire amount.

STOCKS

• DOW: 41,335.05(+0.59%)

• S&P: 5,591.96(-0.0039%) 

• NASDAQ: 17,516.43(-0.23%)

*Stock numbers as of market close on August 29th

Singapore Airlines receives India's FDI approval for the Air India-Vistara merger

Singapore Airlines (SIA) announced that it has secured approval from the Indian government for foreign direct investment related to the merger of its 49%-owned joint venture, Vistara, with Air India.

The merger, initially revealed in November 2022, aims to integrate Vistara into Air India. This strategic move is intended to establish a leading full-service airline that will dominate both domestic and international markets.

UK's Sainsbury's has reached an agreement to acquire 10 Homebase stores

Sainsbury's, the second-largest supermarket group in Britain, announced its agreement to purchase 10 leasehold stores from home improvement retailer Homebase. The company plans to transform these locations into supermarkets.

The stores, situated in strategic areas, will expand Sainsbury's presence across England, Northern Ireland, and Scotland. The deal, valued at approximately 130 million pounds ($171 million), is set to conclude early next month. The first store is anticipated to open next summer, with all sites expected to be converted by the end of 2025.

REAL ESTATE

• 15-year: 5.97%

• 30-year: 6.44%

*Mortage rates via Mortgage News Daily

A straightforward response to data with no significant drama

Following the morning's initial response to the Initial Jobless Claims report, the rest of the day saw little movement, with markets remaining steady. By 9:00am, 10-year Treasury yields had risen by about 4 basis points to 3.866%, a level unchanged by the 3:00pm close. Mortgage-backed securities (MBS) showed stronger performance overall but experienced a notable dip just after 3pm.

Looking ahead, we are entering a period with regular releases of significant economic data, leading up to next Friday's jobs report. As a result, the potential for market volatility is increasing.

TECH

OpenAI and Anthropic collaborate with the US AI Safety Institute

On Thursday, the U.S. Department of Commerce’s National Institute of Standards and Technology (NIST) announced a new partnership with leading AI developers OpenAI and Anthropic. This collaboration aims to formalize engagement with the U.S. AI Safety Institute (AISI).

As part of the agreement, AISI will gain early access to major AI models from both companies, including Anthropic’s Claude and OpenAI’s ChatGPT, both before and after their public release.

QUICK RECAP

#1. German Economy Minister Habeck requests Thyssenkrupp delay Thursday's board meeting by four weeks to resolve worker-management conflict.

#2. Pipeline operator ONEOK (OKE.N) will acquire $5.9 billion in midstream assets from Global Infrastructure Partners, strengthening its U.S. presence.

#3. Britain's Harbour Energy (HBR.L) anticipates completing the Wintershall Dea acquisition by early September, not Q4; shares up 7.2% to 301.10p.

#4. Portuguese airline TAP reported a 10% drop in Q2 net profit to €72.2 million, despite a 3.4% rise in operating income.

#5. Summit Partners and Vista Equity are considering selling Trintech, potentially valuing it at around $2 billion, including debt.