Core Foundation, the developer of a yield-bearing Bitcoin token, has teamed up with Custodian BitGo, Copper, and Hex Trust and institutional loan protocol Maple Finance to penetrate the BTC staking market. With Core’s IstBTC token, institutional investors may profit from their holdings while retaining their reliable custodial partners and avoiding the operational difficulties and risks associated with smart contracts.
Maple plans to create a liquid staking token to enable trading companies and asset managers to use staked Bitcoin (BTC) as collateral for loans in DeFi and trading counterparties. With protocols such as Babylon entering the market, the prospect of earning a return on Bitcoin and releasing a fresh flood of liquidity into the Decentralized Finance ecosystem has gained a lot of attention.
Core’s Bitcoin Staking to Allow Holders to Receive More Yield
Maple CEO Sid Powell stated that Core’s dual-staking mechanism will allow a huge, untapped group of Bitcoin holders to receive a yield on their Bitcoin. Powell said Bitcoin’s security budget will run into issues when miners earn less money from block rewards in the next few years.
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Then, staking solutions like CORE will strengthen blockchain network security, providing miners additional revenue streams. As a result, holders of lstBTC will profit from the yield on their holdings.
This month, Maple established a BTC staking solution on CORE. This solution aims for a 5%+ annual percentage yield (APY) and locks up Bitcoin for 90 days. With plans to be the first to promote a yield-bearing Bitcoin liquid staking token, Powell stated that Core is putting itself in a great position to compete since there aren’t many Bitcoin yield alternatives available.
Australian Police Uncovers Stolen Bitcoin ATMs, Pokemon Cards
Following the bust of a local crime gang that targeted collector card and cryptocurrency ATM shops throughout Melbourne, Australian police have discovered a spot with stolen Bitcoin ATMs and collectibles. According to a statement released by Victoria authorities, local authorities said that a “significant network of offenders” had been responsible for several commercial thefts since mid-January, including the theft of six BTC ATMs and many thousands of dollars worth of collector cards.
According to the authorities, the investigation resulted in the discovery of a cache of stolen goods, including power equipment, a pill press machine, 100 car keys, and guns. These cards contained various collectibles such as Magic the Gathering, Pokemon, and Yu-Gi-Oh.
Investigators believe the gang was committing their crimes with stolen vehicles. Four males, believed to be involved in the crime, were taken into custody.
One has been convicted of various criminal acts, including handling stolen goods, unlawful possession of a trafficable number of firearms, and 14 counts of theft of business cryptocurrency ATMs and gaming businesses. His court date is May 2.
Another will appear in court on February 21 after being accused of five commercial break-ins, three charges of motor vehicle theft, unlicensed driving, and possession of a prohibited firearm. Australian police have released two other males while they continue their investigation.
The North West Metro Region Crime Squad’s Detective Patrick Watkinson stated that they had taken the criminals into custody and thought the gang might have affiliations with a more prominent syndicate. Furthermore, he claimed the police have identified the Organised Crime Syndicates in the Middle East who provide instructions to the arrested offenders and the lesser offenders who supply stolen goods.
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Australia: The hotspot for cryptocurrency ATMs
Meanwhile, on-chain data indicate that there are 313 Bitcoin ATMs in the territory where the criminals were operating. Australia noted an exponential growth in BTC ATM usage by the end of 2022 as private companies started entering the industry.
It is currently the third-largest Bitcoin and cryptocurrency ATM hub globally. Australia’s top cryptocurrency ATM providers include Coinflip, with 679 ATMs; Localcoin, with 543; and Cryptolink, with 98.
For context, the US has the most Bitcoin ATMs, with 29,740 machines, or 80% of the international market. Canada comes second with 3,074 cryptocurrency ATMs and 8.3% of this market share.
