🐳 Around 11,000 Entities Represent 55% of Bitcoin’s On-Chain Volume

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Around 11,000 Entities Represent 55% of Bitcoin’s On-Chain Volume

According to a research report published by the National Bureau of Economic Research (NBER), around 11,043 on-chain entities account for 55% of the volume on the Bitcoin network.

The study also found that cryptocurrency exchanges were estimated to represent three-quarters of on-chain volume.

Further findings from the report suggest that the top 1,000-biggest investors control around 3 million Bitcoin or 15.9% in circulation, while the next 9,000-biggest investors hold around 2 million Bitcoin combined or 10.6% in circulation.

The authors of the research report concluded that the network remains highly centralized regardless of the influx of new investors attracted to the bitcoin bull market in 2021, saying, “the Bitcoin ecosystem is still dominated by large and concentrated players, be it large miners, Bitcoin holders or exchanges.”

The study also found that individual investors collectively hold roughly 8.5 million Bitcoin or 45.1% of the supply.

Faze Clan Going Public at an Estimated $1 Billion Valuation

Faze Clan, the most popular esports and entertainment organization in the world is on the line to become a publicly-traded company.

The esports gaming giant is merging with B. Riley Principal 150 Merger Corporation in a transaction that takes the combined valuation of the companies at $1 billion.

As part of the merger, Faze Clan expects to get an estimated $291 million that will be used by the company to fund organic and inorganic growth as it expands its digitally native global multi-platform presence across content, gaming, entertainment, consumer products, and the metaverse, according to a post on the website of Faze Clan.

Faze Clan is well-known for its teams that compete in Call of Duty, Fortnite, PlayerUnknown’s Battlegrounds, Counter-Strike: Global Offensive, among others.

The company has an audience of about 350 million on social media, and the group has opened up Faze Studios in 2020.

To further improve its reputation, some celebrities like hip hop artist Offset, NBA star Ben Simmons, among other popular celebrities, have joined the group.

Twitter is Reportedly Working on a Blockchain-Linked ‘Collectibles’ Tab

Twitter is reportedly working on a tab that will show a user’s NFT collection, and it is starting to look a lot more complete. The micro-blogging platform first started to work on the feature in September.

A tweet posted by Mada Aflak, software engineer at Twitter, first showed off the early stages of its experiment in late September.

If you choose to make an NFT your profile picture, your profile picture will have a small badge that will verify that it is a real NFT. The company gave a hint of allowing its users to verify the NFTs they tweet back in September so that the launch doesn’t come as a surprise.

In addition to the Collectibles tab, Twitter is working on a view that allows you to get a close-up look at an NFT. Twitter will make detailed information accessible, including purchase details, transaction details, descriptions as well as information detailed information about the collectible.

Tesla Crosses $1 Trillion Market Cap After Hertz Deal

Electric car maker Tesla became the latest company in the United States to hit $1 trillion in market value as investors lauded a huge order from Hertz.

The shares of Elon Musk’s company rallied at $1,024.86, up 12.7 percent, and topped $1 trillion in market capitalization for the first time.

Hertz, the rental car company, has placed an order for 100,000 Tesla vehicles as it aims to electrify its rental fleet.

This deal by one of the leading car rental companies proves that electric vehicles are gaining a wider acceptance with environmentally minded consumers as a substitute to vehicles powered by petrol or diesel engines.

Hertz said that it will complete the purchase of the Tesla Model 3 small cars by the end of 2022.

The car rental company also announced that it will establish its own electric vehicle charging network as its attempts to produce the largest rental fleet of electric vehicles in North America.

Additionally, customers who rent a Tesla Model 3 will have access to 3,000 Tesla supercharging stations throughout the United States and Europe.

Around the Web

🗣️ Zoom Rolls Out Auto-Generated Captions For Free Users: To make its service more accessible, the popular video teleconferencing platform Zoom has followed through on its promise to add auto-generated closed captions to all free Zoom user accounts. Currently, the caption is available only in English; however, Zoom plans to expand to other languages in the future.

📷 Youtube is Rolling Out Personalized ‘New To You’ Feed: YouTube has finally rolled out the “New to you” feed tab on its platform to help its users see new creators and content beyond the video recommendations they usually see. The new tab is made available on the YouTube homepage across mobile, desktop, and TV devices.

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This installment of my newsletter covers all business, tech and finance. I send this email / post this daily.

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-Scott

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