Week in Blockchain & Crypto

Bitcoin mixing a crime:

Developer Larry Harmon created bitcoin Mixer Helix, which sends bitcoin transactions in mixed batches, making transactions more difficult to trace.  

Helix is a bitcoin mixer, which charges a fee to customers and mixes their transactions to hide their point of origin/ source.

US Department of Justice called this type of bitcoin mixing a crime. For more details read: https://bit.ly/3bJI7j6

Implications: Use of bitcoin mixer is treated as money laundering crime. If this holds in the court of law. It may have wider implications in the cryptocurrency world. There are many such companies that offer this type of services to provide greater privacy to their customers, they may have to re-look at their business model.

Decentralized Finance DeFI:

BlockFi a crypto lending firm raises $30 million to facilitate mainstream adoption:

Cryptolending companies see a big opportunity where people who own cryptocurrency and want to earn out of that. Lenders earn compound interest on their cryptocurrency that they offer as loans. BlockFi annual percentage yield is 8.6% for bitcoin, Ethereum and Stablecoin backed assets.

Read more: https://bit.ly/37uYug1

DeFi Entering into mainstream finance:

In one year, the total value of ether locked in DeFi markets has increased more than three folds, from $371 million to $1 billion. Liquidity, Governance, and Usability are still some of the issues, that need to be resolved.

Read more: https://bit.ly/38ALcjo

Implications: The Decentralized Finance market is developing and those people who believe in hodling cryptocurrency and also want to earn some money out of that, have got an opportunity here. But for the wider adoption, the current issues of liquidity related, convenience and governance need to be sorted out.