Author: Michelle Lazo

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When news broke about the U.S. Federal Trade Commission’s decision to prohibit non-compete agreements, it brought back memories of my own experience leaving a blockchain startup to join another early-stage company. Upon my departure, my former employer sent a cease-and-desist letter alleging a breach of a non-compete clause in my employment contract.

Despite the weak legal grounds of their claim, I found myself entangled in a lengthy dispute, facing financial losses, emotional strain, and months of unemployment. My story is not unique. Nearly one in five Americans is bound by non-compete agreements, leading to unnecessary hurdles for both employees and employers.

The FTC’s move to ban non-compete agreements is a significant step forward, with Chair Lina M. Khan estimating it could spur the creation of 8,500 new startups through increased competition. As someone working in the blockchain and digital assets sector, I see this decision as aligning with the open-source ethos fundamental to our industry’s innovation.

It’s ironic that a blockchain startup, built on principles of decentralization and collaboration, would resort to enforcing restrictive non-compete clauses. Furthermore, the contrast between my experience and California’s long-standing ban on non-competes highlights the potential impact of such regulations on fostering innovation and entrepreneurship.

The FTC’s action signals a positive shift, not only for individual employees like myself but also for the broader crypto industry, where talent mobility and innovation thrive in an environment free from unnecessary constraints.

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Paystand (NASDAQ:PAYS) has made a strategic move by acquiring spend management software startup Teampay, aiming to establish a “no-fee B2B digital payment and spend powerhouse.”

While the financial terms of the deal were not disclosed, Teampay has successfully raised $65 million since its inception in 2016.

The merger brings together two entities servicing over 1 million businesses on a commercial blockchain, with a transaction volume exceeding $10 billion to date, representing close to 2% of annual U.S. business-to-business payments.

Jeremy Almond, CEO of Paystand, shared with TechCrunch that Teampay represents a new breed of fintech companies, offering innovative products to CFOs seeking to modernize their workflows. The acquisition aligns with Paystand’s vision of providing next-gen experiences to its customers amidst a significant modernization wave.

Maintaining the Teampay brand is a strategic decision due to its established reputation in the market, according to Almond.

The acquisition of Teampay marks Paystand’s second in two years, following the purchase of payment platform Yaydoo in 2022. With a valuation surpassing $1 billion and $98 million in venture capital funding since its inception in 2014, Paystand aims to leverage Teampay’s capabilities to enhance both accounts receivable and accounts payable processes.

Almond emphasizes the trend of consumerization in the enterprise space, aiming to replicate the seamless payment experiences seen in consumer finance apps like Venmo and CashApp within the B2B realm.

Despite fintech’s recent growth, the banking industry grapples with outdated payment rails, resulting in higher fees, increased intermediaries, and delays. Paystand addresses these issues by leveraging decentralized financial infrastructure powered by the Ethereum blockchain, offering zero-fee business-to-business payments through its Paystand Bank Network.

Almond believes that blockchain technology represents a paradigm shift away from traditional central banking systems, offering real value to businesses and finance teams. He asserts that the readiness of blockchain and decentralized finance networks lies in their ability to create tangible benefits for users.

In conclusion, Paystand’s acquisition of Teampay signifies a strategic move towards revolutionizing B2B payments within the decentralized finance landscape, offering businesses enhanced efficiency, reduced costs, and streamlined processes.

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Financial markets are experiencing a profound transformation with the rise of asset tokenization, signaling more than just a passing trend among technology enthusiasts. It represents a fundamental evolution in the management and transaction of assets on a global scale.

The distinction between crypto-native tokens and tokenized real-world assets is paramount. While crypto-native tokens like bitcoin and ether exist purely in the digital realm and serve various purposes within their ecosystems, tokenized RWAs bridge the gap between digital and traditional finance. They enhance liquidity and fractionalization, making previously illiquid assets more accessible.

The recent launch of BlackRock’s BUIDL, a tokenized private short-term treasury fund, is a significant milestone in the realm of tokenization. BUIDL attracted nearly $300 million in assets within its first month, signaling BlackRock’s endorsement of tokenization as the future of markets. Tokenized government treasuries, exemplified by products like BENJI and USDY, have seen exponential growth, with the market surpassing $1.2 billion.

Currently, on-chain RWAs represent a $7.5 billion market, but the pace of growth and the widening array of tokenized assets, including treasuries, commodities, real estate, and more, suggest a tipping point. Forecasts indicate that the market for tokenized assets could reach $16 trillion by 2030, facilitating the development of new financial ecosystems across DeFi protocols.

A new demographic of investors has emerged within the crypto-native space, accustomed to accessing financial products and services directly from their wallets. These investors have benefited from a decentralized ecosystem operating 24/7, with lower barriers to entry compared to traditional financial systems.

Geopolitical events can have a significant impact on tokenized assets, as demonstrated by the trading behavior of PAXG during heightened tensions between Iran and Israel. This underscores the importance of asset safety, a principle that applies to both traditional and digital markets.

The concept of “Bring Your Own Wallet” represents a paradigm shift, empowering individual investors to manage and access their assets without relying on intermediaries. As more assets transition to blockchain, asset managers will adapt

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CoinPoker, a crypto betting app, has recently abolished all withdrawal fees on its platform, aligning itself with industry trends seen in online gambling sites like Rollbit.

This strategic move is expected to enhance CoinPoker’s competitiveness and potentially attract more users over time, especially as it offers similar features to Rollbit and introduces unique propositions such as poker games against human opponents.

The elimination of withdrawal fees, coupled with the recent success of gambling coins like Rollbit, could drive positive momentum for CoinPoker’s native CHP token.

The platform’s official announcement emphasized that only blockchain network fees will apply to withdrawals, highlighting a user-centric approach aimed at fostering growth and stability.

Previously, CoinPoker imposed nominal withdrawal fees to support site security and stability. However, advancements in security measures now allow the platform to waive these fees without compromising user experience or safety.

Currently ranked 90th globally in the poker category by SimilarWeb, CoinPoker has seen steady growth, rising 14 places between February and March. With its strong user experience and unique offerings, CoinPoker is poised to climb further in industry rankings.

The platform’s Crypto Series of Poker tournament, featuring a guaranteed prize pool of $1 million, has garnered significant attention, attracting renowned players like Tony G. who recently won over $300,000.

As CoinPoker solidifies its position as a leading destination for crypto-friendly poker, it stands to gain market share from competitors like Rollbit. This potential growth trajectory could also bolster the value of CoinPoker’s CHP token.

Despite recent declines, CHP has shown resilience, prompting investor interest following the withdrawal fee announcement. With consistent platform expansion, CHP may mirror the success of Rollbit’s RLB token, which has surged by 670% over the past year.

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Turnkey, a company specializing in building wallet infrastructure for blockchain developers, announced a successful $15 million Series A funding round led by Lightspeed Faction and Galaxy Ventures.

Founded by former Coinbase (NASDAQ:COIN) employees who contributed to the development of the U.S. crypto exchange’s custody service, Turnkey aims to assist application developers in constructing user-friendly blockchain wallets. The funding round, disclosed on Tuesday, saw participation from notable investors including Sequoia, Coinbase Ventures, Alchemy, Figment Capital, and Mirana Ventures. This round, finalized last October, follows a $7.5 million seed round in 2022.

CEO Bryce Ferguson explained, “At its simplest level, Turnkey provides secure, flexible, and scalable wallet infrastructure, offering developers a comprehensive toolkit for wallet-related tasks and cryptographic transactions.”

Ferguson highlighted the inspiration behind Turnkey’s inception, stemming from the realization at Coinbase that many crypto custodians treated cryptocurrency solely as a “buy-and-hold investment,” lacking the flexibility for users to actively utilize their assets. Turnkey’s objective is to empower custodians with tools enabling end-users to exercise greater control over their assets securely.

Released to the public in August, Turnkey’s product suite caters to various needs, serving as the backbone for applications requiring wallets and transaction signing, both for individual users and businesses. Notable clients include Alchemy, utilizing Turnkey to power its “wallet-as-a-service” offering, and enterprise-focused wallets like Mural, facilitating user-friendly invoicing and global payments.

Turnkey also caters to financial firms, with trading terminals embedding Turnkey’s wallets for transactional purposes. Additionally, individual users leverage Turnkey for broad transaction signing.

Ferguson emphasized Turnkey’s comprehensive approach, stating, “We built all of the wallet infrastructure from the ground up,” highlighting the platform’s ability to generate cryptographic key pairs and provide extensive tooling for accessing and managing these keys.

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Welcome to “Epoch V” of Bitcoin. The fourth successful halving of Bitcoin occurred on April 20, marking a programmed reduction in the amount of new bitcoin entering circulation through mining. As celebrations ensue worldwide, attention turns to what lies ahead.

Coinciding with the halving was the launch of Runes, a protocol facilitating the creation of meme coins on Bitcoin. This launch saw hundreds of tokens introduced, contributing over $80 million in fees to bitcoin miners. This surge in trading activity has driven transaction costs on Bitcoin to over $70 on average, a staggering 1,395.8% increase over the trailing 30-day average, according to TokenTerminal.

Some foresee “Epoch V,” leading up to the next halving in 2028, as the period when Bitcoin layer 2 solutions like the Lightning Network will gain traction. Bitcoin fees hit an all-time high of $128 on April 20, prompting many to explore alternative solutions. Bitcoin Core developer Ava Chow stated, “High fee environments will prompt people to look into them,” referring to Lightning and other layer 2 options.

A recent Messari report emphasized the necessity of layer-2 solutions for Bitcoin amidst rising on-chain activity, signaling a shift from Bitcoin as merely “digital gold” to a platform for innovation.

The launch of the Ordinals protocol last year, enabling new data storage methods on Bitcoin’s smallest units (satoshis), has catalyzed this shift. BitVM allows off-chain computation, Babylon facilitates staking and earning yield on BTC, while layer 2s like Stacks and Merlin host decentralized apps and meme coins.

Post-halving, tokens associated with Bitcoin layer 2s have outperformed BTC. For instance, Elastos  rose 11%, SatoshiVM  climbed 5%, and Stacks  gained nearly 20% to $2.87, partly driven by the anticipated Nakamoto upgrade.

While market dynamics may drive action to Bitcoin’s secondary layers, challenges persist. Higher BTC fees may price out users with low balances from platforms like Lightning, necessitating workarounds such as custodial services. Concerns arise over the erosion of sovereignty and anonymity with custodial Lightning solutions.

This landscape reflects the legacy of the Blocksize Wars, where the decision to prioritize layer 2 scaling over block size increases set Bitcoin’s current trajectory.

As Chow remarks, the choice between block size and transaction size adjustments represents a fundamental divide in Bitcoin’s scaling debate, shaping its evolution to date.

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