- Crypto and traditional markets consolidated ahead of today's FOMC meeting at 2 pm EST. The market is currently pricing in a 98.7% chance of a 25 bps rate hike according to CME Group's Fed Watch tool. BTC and ETH are down 0.57% and 0.70%, respectively, and SPX and NDQ are down 0.57% and 0.32%. Despite the broader market consolidating, certain altcoins have continued to rally. ATOM is up 6.55% and INJ in up 2.10%. Injective (INJ) and Cosmos (ATOM) strong performance comes after the announcement of a $150M Injective Ecosystem Fund, which will support apps developed to work across blockchains based on the Cosmos ecosystem.
- ImmutableX (IMX), an Ethereum L2 focused on web3 games, announced the launching of its Immutable Passport in April of 2023, which will accelerate the onboarding of new gamers to the platform. Features will include plug-and-play, security, modes of onboarding, and help with compliance. The tool will operate like a non-custodial wallet and also function as a solution authenticator or gamer profile like an Apple ID or Xbox Gamertag. ImmutableX offers zero gas fees and fast transaction speeds, making it well-suited for web3 games. IMX formed a partnership with GameStop in February of 2021.
- Asset management giant Blackrock (BLK) disclosed a 7.2% stake in crypto bank Silvergate Capital (SIL) as of Dec. 31, pushing the stock sharply higher yesterday and today. Blackrock now owns 228,000 shares of Silvergate, up from a year ago of 187,000 shares. Silvergate is still down significantly from its 2021 highs after taking a hit from the crypto bear market and it's FTX exposure.
ImmutableX Announces Web3 Passport and Blackrock Increases Stake in Silvergate
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