Google Cloud Blockchain & Bitcoin Risks Explained

In today's edition of The Daily, adapted from The Block’s newsletter, we delve into several significant developments in the cryptocurrency world. Happy Wednesday! After some travel, I'm back at the helm of this newsletter. During my absence, Yogita Khatri, a staple at The Block, provided insights in her own edition and also covers crypto VC trends in The Funding. It's a must-read, just like today's newsletter, which you can subscribe to for free! Here’s what you need to know: 1. **Google Cloud Develops Its Own Blockchain:** Google Cloud is creating a blockchain called Universal Ledger (GCUL) to offer programmable payments and asset management solutions tailored for financial institutions, according to Rich Widmann, the Web3 Head of Strategy at Google Cloud. 2. **Bitcoin's Downside Risks:** K33 has issued warnings regarding Bitcoin's ongoing price struggles, noting possible further declines due to increased leverage and a notable shift in investment toward Ethereum, which leaves Bitcoin more vulnerable in the near term. 3. **Aave Labs Launches Horizon:** Aave Labs has introduced Horizon, a new platform designed for institutions to borrow stablecoins like USDC against tokenized U.S. Treasuries and other real-world assets. 4. **KindlyMD’s $5 Billion Equity Offering:** KindlyMD has filed a statement with the SEC for a massive equity offering, aiming to raise up to $5 billion to bolster its bitcoin treasury and support corporate operations. 5. **U.S. Economic Data and Blockchain:** The U.S. Commerce Secretary, Howard Lutnick, announced plans to publish key economic data, starting with GDP, on a blockchain to enhance transparency and access across government departments. **In the Next 24 Hours:** Keep up with The Block for the essential happenings in the digital asset ecosystem. *Disclaimer: This article has been crafted with the help of OpenAI’s ChatGPT and has undergone thorough editorial review.* *Disclaimer: As of November 2023, The Block operates independently while being supported by investment from Foresight Ventures and partnerships in the crypto space, including Bitget. We ensure to deliver neutral and insightful updates on the crypto industry.*