Pedro Solimano

Pedro Solimano

Specializing in cryptocurrency and economics, Pedro is the author of La Cadena, a popular finance newsletter in Latin America. Chilean, but having grown up in the U.S., he is also a translator, with over 10 years experience working with publishing houses such as Oxford and Cambridge University Press. Disclosure: No significant crypto holdings.

Stories by Pedro Solimano

Russia Drops Plans for State-Run Crypto Exchange
Russian lawmakers have decided to end plans for creating a state-owned cryptocurrency exchange, planning instead to set rules and regulations for already existing enterprises, a Russian news outlet reported Sunday. Colin Wu of Wu Blockchain broke the story on Twitter early Monday morning. He linked a translation of a Russian news outlet that explained that the country’s new focus would be to allow private companies to build crypto exchanges Russian lawmakers have said they will no longer move
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Pedro SolimanoMay 29, 2023
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PancakeSwap Launches Tower Defense Game—With CAKE Token Rewards
Let the CAKE games begin! Pancake Protectors, an immersive tower defense game, has been launched by the decentralized cryptocurrency exchange (DEX) Pancake Swap. The beta version emerged last week, but today marks the official launch on Mobox, a player versus player (PvP) Gamefi platform on Binance chain. 🎉 The official launch of Pancake Protectors has arrived! 🛡 Unite your heroes, protect your territories, and claim victory! 🦸🎮 Immerse yourself in the captivating world of tower defense g
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Pedro SolimanoMay 29, 2023
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Americans May Not Love Crypto, But These Top Brands Are Into It
To paraphrase Winston Churchill, don’t listen to what they say, just watch what they do. The refrain repeatedly echoes across the mediascape: “Bitcoin is dead,” crypto is a haven for criminals, and according to a recent poll, Bitcoin and catastrophically collapsed exchange FTX are among the least liked brands in America. But some of the most popular brands in North America don’t necessarily agree. The Axios Harris Poll 100 is a yearly reputation ranking survey done by news outlet Axios and 60-y
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Pedro SolimanoMay 29, 2023
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There's Now a Dollar-Backed Stablecoin on Bitcoin Using Ordinals Protocol
The controversial BRC-20 standard and Ordinals protocol that made it possible keeps growing its footprint in the Bitcoin ecosystem. The latest: Stably USD, which is being billed as the first BRC-20 stablecoin. After all, two of the largest stablecoins—Tether (USDT) and USDCoin (USDC)—do most of their volume on the Ethereum network as ERC-20 tokens. Although now both tokens are available on a handful of other networks like Solana, Avalanche, and TRON. Like ERC-20 tokens, BRC-20s are a lot like NF
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Pedro SolimanoMay 26, 2023
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Panic Over $1.5 Billion DeFi Bridge Multichain Shifts to Fantom
The crisis continues for blockchain bridge Multichain. Rumors have been swirling since yesterday morning that Chinese authorities arrested Multichain team members and that law enforcement now has control of a wallet containing upwards of $1.6 billion, according to several Twitter accounts. Whether the arrest happened or why remains unclear, although it has forced companies to act. Binance has stepped in to address the situation, suspending withdrawals for several of the bridge’s tokens. The worl
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Pedro SolimanoMay 25, 2023
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Bitcoin, Ethereum Lose Steam Amid Ledger Controversy and US Market Uncertainty
Bitcoin and Ethereum lost some momentum over the past week, cutting a three-week flatline amid the Ledger Recover controversy and growing concern over the U.S. debt ceiling deadline. Bitcoin, the largest cryptocurrency, saw a 3.5% loss over the past week and is currently trading at $26,328 dollars. ETH fell to $1,786, marking a 1.3% loss on the week, according to Coingecko. Amid the top 50 cryptocurrencies, the market saw a lot of movement over the past seven days, with a few notable winners and
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Pedro SolimanoMay 25, 2023
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FBI Warns of Fake Jobs Used to Turn Tourists Into Slaves at 'Pig Butchering' Compounds
The U.S. Federal Bureau of Investigations (FBI) has issued a stark warning for people traveling to Southeast Asia: Be wary of too-good-to-be-true job listings. It could be a scammer trying to lure travelers to cryptocurrency fraud compounds. The public service announcement claims criminals target individuals on social media platforms and online employment sites. The scammers offer jobs in areas such as customer service or tech support, then sweeten the deal by promising competitive salaries, att
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Pedro SolimanoMay 24, 2023
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'It Has Been a Humbling Experience', Says Ledger CEO as Key Recovery Rollout Is Paused
“Ledger’s mission is security and ease of use,” said Charles Guillemet, Ledger Chief Technology Officer, during a Twitter Spaces on Tuesday, explaining the company’s new roadmap to make its plans transparent to users of its hardware wallets. The one caveat: Some of its code needs to remain closed and proprietary due to the company’s security processes, Guillemet said. The cold storage crypto wallet company’s entire executive team hosted a town hall on Twitter to explain why the launch of the co
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Pedro SolimanoMay 23, 2023
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Binance Denies Commingling 'Billions' in Customer Funds
Three unnamed sources say Binance, the largest cryptocurrency exchange in the world, commingled billions worth of customer funds in 2020 and 2021, according to a new report from Reuters. The article cites interviews with three anonymous sources, one of whom claims to have direct knowledge of the Binance group's finances, according to Reuters. The insider said Binance used now-defunct Silvergate Bank to commingle billions of dollars on a nearly daily basis. This isn’t the first time Reuters has p
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Pedro SolimanoMay 23, 2023
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Polkadot Project Manta Network Rolls Out Privacy-Centric Soulbound Tokens
Manta Network, a layer-1 blockchain running on Polkadot, has teamed up with Linea, a rollup-based scaling solution, to offer users zero-knowledge soulbound tokens (zkSBT). Due to the inherent transparency of open blockchains, the team at Manta was to address one of the main concerns of cryptocurrency projects today, privacy. “The problem we are trying to tackle here is so that verification is only limited to certain on-chain activities, rather than share all data to an app,” Manta Network co-fou
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Pedro SolimanoMay 23, 2023
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MicroStrategy's Michael Saylor: Early Bitcoin BRC-20 Uses May Be ‘Illegal’
Michael Saylor, MicroStrategy co-founder and executive chairman, has become one of the few Bitcoin maximalists to publicly embrace Ordinals. Ordinal inscriptions are similar to NFTs, which primarily exist on rival network Ethereum. Inscriptions allow for arbitrary and non-financial information, such as images, to be included on the Bitcoin blockchain. Short for "Bitcoin Request for Comment," BRC-20 is an experimental framework for building fungible tokens on Bitcoin using the Ordinals protocol.
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André Beganski, Pedro SolimanoMay 22, 2023
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Pudgy Penguins Smash Amazon Debut, Sells Over 20,000 Toys
With the launch of its new “Phygital” Toy Collection & Experience on e-commerce giant Amazon, the popular NFT collection Pudgy Penguins saw explosive interest and sales. We’re thrilled to release the community-licensed, first-edition Pudgy Toys to the world. Purchase Pudgy Toys here and adopt your Forever Pudgy Penguin now: https://t.co/WODTtasf3d pic.twitter.com/F2h77P3Eid — Pudgy Penguins (@pudgypenguins) May 18, 2023 According to project CEO Luca Netz, Pudgy Penguins saw over $500,000 in p
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Pedro SolimanoMay 20, 2023
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Biden's 30% Tax on Bitcoin Miners 'Isn't Going to Happen,' Says Cynthia Lummis
The 30% excise tax that President Joe Biden has proposed for Bitcoin miners? "That isn't going to happen," said Sen. Cynthia Lummis. She was speaking to Chamber of Digital Commerce founder and CEO Perianne Boring during a fireside chat at the Bitcoin 2023 conference in Miami. Boring had just brought up the possible tax and how it might affect not only Bitcoin mining, but also have unintended consequences for the country’s national security. Lummis went on to say that “miners can mine anywhere,”
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Pedro SolimanoMay 19, 2023
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Bitcoin Companies Must Provide 'Proof of Reserves' in Texas
Crypto exchanges that want to do business in Texas will need to maintain enough reserves to fulfill all obligations to their customers, according to a newly-approved piece of legislation. The Texas legislature today approved House Bill 1666 (HB1666) to establish “proof of reserves” rules requiring crypto exchanges to provide an audited or on-chain proof of assets at all times. Last week, the Texas House of Representatives sent the bill to the state senate. Discussion of the bill concluded today
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Pedro SolimanoMay 18, 2023
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Bitcoin Custody Services Are Coming to Custodia Bank, Says CEO Caitlin Long
Custodia Bank, a Wyoming-chartered special purpose depository institution, will soon be rolling out Bitcoin custody service, founder and CEO Caitlin Long at Bitcoin 2023 said during a panel at Bitcoin 2023. “There are certain types of businesses like investment companies, registered investment advisors, corporate treasurers, and other types of fiduciary that have to, by law, segregate the custody of the assets from the management of the assets,” she said during a Thursday morning panel. She adde
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Pedro SolimanoMay 18, 2023
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Seizing Upon Ledger Stumble, Hardware Wallet Competitors Offer Discounts
After yesterday’s controversial update, competitors are capitalizing on Ledger's terrible, horrible, no-good-very-bad day by attempting to court its disillusioned customers with discounted prices on their offerings. In a stroke of rapid strategic marketing, four of Ledger’s main rivals were quick to respond to the community’s pushback to the update, and slashed prices on their products. Blockstream is offering a 10% discount on its flagship wallet Jade, Trezor is offering a 15% discount, Cold C
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Pedro SolimanoMay 17, 2023
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Dogecoin Activity Surges With Ordinals—But a Core DOGE Dev Is Skeptical
Dogecoin hit a new all-time high of 719,000 daily transactions on Tuesday, thanks to their newly created standard–DRC-20–which allows for the creation of meme coins on the Dogecoin network. This number of daily transactions even surpassed BTC, which registered 566,000 daily transactions yesterday. Dogecoin users have copied the architecture enabled by Ordinals, and created their very own “Doginals.” These tokens, which are a lot like NFTs, are driving a surge in transactions on the blockchain, s
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Pedro SolimanoMay 17, 2023
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'Backdoor' in Ledger? Here's What's Going On—And How to Keep Your Crypto Safe
A contentious new feature has been added onto all Ledger hardware wallet devices. On Tuesday morning, the announcement had Crypto Twitter buzzing. Although advertised several weeks back in a Wired article, today’s release brought the fire from the crypto community. The feature in question is Ledger Recovery, an ID-based private key recovery service would allow users to backup their private seed phrase directly to their personal identity through three different custodians. The service will cost
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Pedro SolimanoMay 16, 2023
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DeFi Debt Tokens? They're Outperforming Bitcoin and Ethereum in 2023
Tokenized versions of real world assets, like commodities and real estate, have outperformed Bitcoin and Ethereum so far in 2023, according to a new report from blockchain analytics firm Nansen. The report delves into the terrain of real world assets, or RWAs, and how they are being onboarded onto blockchains through various instruments. It also marks the debut of Nansen’s Real World Asset Index, which tracks 22 different governance tokens created on Ethereum. Nansen used the price of BTC and ET
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Pedro SolimanoMay 16, 2023
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Gensler: SEC 'Stands Ready to Help' as Crypto Startups Face Wave of Enforcement Actions
“The rules have already been published,” asserted Securities and Exchange Commission chairman Gary Gensler during a keynote speech on Monday, strenuously pushing back on criticism that the SEC has not provided useful guidance for crypto companies looking to remain in compliance with federal law. The 27th annual Financial Markets Conference, held by the Atlanta Fed, is currently underway under the theme, “Old Challenges in New Clothes.” Speakers included Gensler and other prominent financial auth
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Pedro SolimanoMay 15, 2023
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