Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Fed to issue long-awaited guidelines for granting master accounts to crypto banks
Crypto’s continued journey into the mainstream has come with various levels of regulatory action across the globe. This week brought clarity in terms of expectations for crypto-focused banks seeking accounts with the United States Federal Reserve. A framework released by the Federal Reserve Board details expectations for such applicant banks, including the level of due diligence to be provided based on each applicant’s risk level. Giving crypto-focused banks access to the Fed’s so-called “master accounts” has been a slow process, but it suggests that regulators are gradually integrating digital assets into mainstream finance.
BlockFi tops the Inc. 5000 list with almost 250,000% revenue growth in three years
Centralized finance player BlockFi topped Inc. magazine’s 2022 list of U.S. companies showing the highest revenue growth over the past three years. Although the list showcases 5,000 companies posting revenue growth, making it into consideration for the list requires paying a small fee and submitting an application. Be that as it may, BlockFi has tallied a 245,616% increase in revenue — substantially higher than the company holding second place on the list.
Ethereum Foundation clarifies that the upcoming Merge upgrade will not reduce gas fees
Ethereum’s highly anticipated Merge, which involves a shift to proof-of-stake from the current proof-of-work consensus mechanism, should arrive before 2022 is over — possibly in September, according to expectations. The move is a significant piece of the puzzle regarding Ethereum’s forward progression. Although the Merge means lessened energy required for running the Ethereum blockchain, that does not mean the network’s gas fees will fall, according to the Ethereum Foundation.
“Gas fees are a product of network demand relative to the network’s capacity,” the foundation specified this week. “The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput.”
UK hits double-digit…
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