Umee and Osmosis Plan Merger; Brazil's Itau Unibanco Rolls Out Crypto Trading; Bitcoin Hits 19-month High
Summary:
Cosmos-based networks Umee and Osmosis plan to merge and establish a "DeFi Hub". Brazil's largest bank, Itau Unibanco, launches a cryptocurrency trading service. Meanwhile, Bitcoin reached its highest price level in 19 months, crossing the $40,000 mark. The merge plans and cryptocurrency developments suggest a bullish future for the blockchain and digital currency industries.
In a recent revelation, Umee and Osmosis, networks grounded on the Cosmos chain, have expressed their intention to come together, utilizing a software upgrade to establish a "DeFi Hub" for the extensive Cosmos fraternity. The pronouncement made on December 4 clarifies that the integration of protocols will permit the simultaneous existence of Umee's lending application and Osmosis's decentralized exchange on a shared chain.
This fusion will enable the exchange to introduce avant-garde traits that entail margin trading, shorting, interchain flash loans, and MEV markets among others. "The unification of both networks' functionalities will pave the way for flash loans and unprecedented MEV forms within the same DeFi Hub," declaimed Sunny Agarwal, co-founder of Osmosis.
In other significant news, Itau Unibanco, Brazil's premier bank, has launched a service allowing its clientele to trade in cryptocurrency as part of its investment platform, as per a report by Reuters on December 4. The banking giant, possessing the most substantial assets in Brazil, inaugurated its crypto trading services with Bitcoin and Ether, as affirmed by Guto Antunes, the digital asset head at the bank.
Bitcoin has made headlines by attaining a price of $40,000, a first since late April 2022. The principal cryptocurrency's value witnessed a surge from a little below $39,500 to exceed $40,000 on December 3, marking a 19-month high, as per data from CoinGecko. The digital currency continues to ride a bullish trend, its value having escalated by more than 140% since the commencement of the year.
Markus Thielen, the research head at Matrixport, expects Bitcoin to be valued at over $60,000 by April of the upcoming year and surmount $125,000 by the end of 2024. Thielen suggests another three-year run of the bull market, starting with 2023. He also indicated that the periods following halving events in Bitcoin's mining rewards were generally positive for Bitcoin's value; another such halving event is expected around mid-April 2024.
Published At
12/4/2023 7:48:16 PM
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