This week in the crypto business world, several key developments have taken place:
- BlockFi Emerges from Bankruptcy: Crypto lending platform BlockFi has emerged from bankruptcy and is now ready to start paying back some of its creditors. Withdrawals are available to nearly all wallet customers, with BlockFi aiming to recover assets from other firms it believes owe it money. This includes FTX and other entities. The total amount distributed depends on the success of litigation and other factors.
- BlackRock’s Spot Bitcoin ETF: The iShares spot Bitcoin ETF proposed by BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC), a positive sign for potential approval by the SEC. This listing indicates progress in the approval process for a crypto ETF, though final approval or denial is expected by January 10, 2024.
- Ledger’s Cloud-Based Recovery Tool: Ledger, a hardware wallet company, is launching a cloud-based private key recovery solution. Initially met with criticism from the crypto community, Ledger paused the service earlier in response to concerns. It is now being rolled out as a paid subscription service with open-source code available on GitHub.
- Worldcoin Payment Changes: Worldcoin, a project involving eye scanning technology, is transitioning to pay its Orb Operators with its native Worldcoin (WLD) token, phasing out USD Coin (USDC) payments as early as November. The shift is part of a transitional phase following Worldcoin’s launch.
These developments highlight the ongoing evolution of the cryptocurrency and blockchain business landscape, including regulatory approvals, recovery solutions, and changes in payment methods.