Monat: September 2024

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Google Cloud rolls out new blockchain RPC service

  • Google Cloud announced the new blockchain remote procedure call service on Sept. 17
  • The blockchain RPC service is compatible with Ethereum and offers up to 100 requests per second.
  • Google Cloud targets developers in the web3 space, aiming to scale development and deployment of decentralized applications.

Google’s cloud computing platform has announced the launch of a new Remote Procedure Call service aimed at supporting developers in the web3 space.

According to details in an announcement, Google Cloud’s blockchain RPC service is fully-compatible with Ethereum. Developers will leverage the new service for a cost-effective, scalable and reliable access to blockchain data.

The RPC service targets developers building decentralized applications across the Web3 ecosystem, from startups to large enterprises. All these will have the opportunity to leverage Google Cloud’s reliability and performance, the company said.

“Google Cloud’s Blockchain RPC offerings deliver fast response times – exactly what you’d expect from them,” Kyle Quintal, head of engineering at 0xArc, said in a statement.

“Coupled with the fact that Google Cloud follows the EIP1474 standards and has the free-tier option, we integrated its service into our system right away and haven’t looked back,” Quintal added.

Initial support for Ethereum

Other than offering a free tier, the Blockchain RPC allows for up to 100 requests per second. While it will initially support the Ethereum mainnet and testnets, Google Cloud plans to expand the service to more blockchain networks over the next one year.

Google Cloud will host a webinar aimed at discussing its new RPC product on October 10, 2024

This is Google Cloud’s latest Web3 push, with recent inroads including the addition of 11 blockchain networks to its public datasets program ‘BigQuery.’

The platform has also inked partnerships with multiple blockchain platforms, including Polygon, Sui and Fantom.

The post Google Cloud rolls out new blockchain RPC service appeared first on CoinJournal.

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Bitcoin price jumps to a three-week high

  • Bitcoin price has surged 5.6%, hitting a three-week high of $61.1K on Tuesday morning.
  • Altcoins like Celestia, Immutable X, and Near have seen double-digit percentage gains.
  • Crypto stocks have risen modestly ahead of the Fed’s expected rate cut announcement.

Bitcoin price has surged to its highest level in three weeks, triggering gains across the cryptocurrency sector and related stocks. It soared 5.6%, reaching $61.1K by 11:55 a.m. ET before pulling back to around $61k.

Bitcoin price jumps to a three-week high

The surge marks a sharp reversal from the quiet start to the week, signalling renewed interest in digital assets.

Altcoins and Bitcoin price soaring ahead of Fed cuts

Besides Bitcoin, other major cryptocurrencies have also seen significant gains, with Ethereum (ETH) advancing 4.2% to $2.38K.

Notably, some altcoins have outpaced the larger tokens. For example, Celestia (TIA) has seen a 15.7% increase, Immutable X (IMX) has risen by 14.8%, Near Protocol (NEAR) is up 9%, Uniswap (UNI) has climbed 8.9%, and Sui (SUI) has gained 8.1%.

The rally comes just ahead of the Federal Reserve’s highly anticipated decision on interest rates.

Market analysts widely expect the central bank to lower rates for the first time in four years. With inflation largely under control and the labour market showing signs of cooling, many believe the Fed will adopt a more accommodative stance.

Lower interest rates are typically bullish for cryptocurrencies, as reduced borrowing costs make traditional savings and investment vehicles less attractive. As a result, investors often turn to riskier assets like cryptocurrencies in search of higher returns.

Crypto-focused stocks also surge

Crypto-focused stocks have also benefited from Bitcoin’s rally, though their gains were generally more modest compared to digital tokens.

MicroStrategy (MSTR), a company known for holding large reserves of Bitcoin, inched up by 0.6%.

Crypto exchange platform Coinbase Global (COIN) has risen by 3%, while crypto investment firm Galaxy Digital (OTCPK) has gained 5.4%.

In the crypto mining sector, Riot Platforms (RIOT) has advanced 2.4%, MARA Holdings (MARA) has risen by 1.9%, and HIVE Digital Technologies (HIVE) has climbed 4.3%. Bit Digital (BTBT) saw the largest jump, gaining 13%, followed by Hut 8 (HUT) with a 6.6% rise and CleanSpark (CLSK) up 3.1%.

As the broader stock market also experience buying pressure ahead of the Federal Reserve’s pivotal decision, the crypto sector continues to ride the wave of optimism surrounding the potential for lower rates and increased investment in digital assets.

The post Bitcoin price jumps to a three-week high appeared first on CoinJournal.

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Singapore’s DBS Bank to launch crypto options and structured notes in Q4 2024

  • DBS Bank to launch OTC crypto options trading linked to BTC and ETH in Q4 2024.
  • Clients can hedge against volatility through options and structured notes.
  • DBS continues integrating blockchain and Web3 for institutional-grade access.

Singapore’s DBS Bank is set to launch over-the-counter (OTC) crypto options trading and structured notes in the fourth quarter of 2024.

This initiative aims to cater to the needs of institutional clients looking for ways to manage the volatility associated with major digital assets like Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market capitalization.

DBS’s crypto options and structured notes

According to DBS, clients who wish to gain exposure to cryptocurrencies can now do so through options trading and structured notes.

A crypto options contract derives its value from the price of underlying digital currencies. It enables traders to lock in the right, but not the obligation, to buy or sell an asset at a predetermined price at a future date.

By purchasing put options, for example, clients can secure the ability to sell Bitcoin at a fixed price, regardless of market conditions at the time of execution, thus providing a layer of protection against price drops. This flexibility is particularly useful for investors seeking to manage the volatility of their crypto portfolios.

In addition to options, DBS will offer structured notes, which are debt securities whose returns are tied to the performance of underlying assets.

Structured notes provide investors with more customized opportunities, allowing them to capitalize on market movements while potentially reducing risk through tailored financial products.

DBS expanding its digital asset services

Announced on September 17, 2024, DBS’s new offerings will give institutional investors access to advanced financial products linked to BTC and ETH.

These products, which include crypto options contracts and structured notes, are designed to allow investors to hedge against the market fluctuations that have historically characterized the cryptocurrency space.

With this move, DBS is expanding its digital asset services to include more sophisticated strategies, aligning itself with the growing demand for institutional-grade access to digital assets.

According to Jacky Tai, DBS’s group head of trading and structuring, institutional clients are increasingly allocating funds to digital assets, and this expansion provides them with a new channel for incorporating advanced strategies into their portfolios.

DBS’s commitment to offering “trusted institutional-grade access” to digital assets is in line with its broader mission of integrating blockchain technology and Web3 infrastructure into its financial services.

As Singapore continues to lead in the global adoption of digital assets, DBS Bank remains at the forefront, leveraging regulatory support and technological innovation to provide cutting-edge solutions for its clients.

The post Singapore’s DBS Bank to launch crypto options and structured notes in Q4 2024 appeared first on CoinJournal.