The much-debated crypto broker says it’s poised to start its SEC-compliant custody with Ethereum (ETH), then will soon add other names and begin a trading operation within months. If Promethum gets shot down by the SEC it proves undeniably that no company can “come in and register” as Gary Gensler has extensively argued. Hoever if Prometheum is allowed to continue then Ethereum because immediately tradeable by institutional firms, a win-win scenario. Meanwhile, development activity on ETH is skyrocketing.
~This episode is sponsored by Tangem~
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00:00 Intro
00:20 Sponsor: Tangem
00:44 Prometheum Drama Recap
02:25 Prometheum Listing ETH
03:15 ENS on CNBC
05:02 ENS domains for every chain coming!
05:41 ETH upgrades
07:18 Beam for Business
08:15 Offramps.eth
10:00 Robinhood x Metamask
10:23 ETH wallets & Farcaster growth
11:41 Ethereum chart & Sentiment
13:22 Outro
#ethereum #Crypto #bitcoin
~Ethereum Custody Launching! + MAJOR Updates!🔥~
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Some of the biggest news in ethereum Right now may be hitting our doorstep Today we're going to be breaking down a Lot that's happening in the eth Ecosystem but also on the long-term Outlook for eth so make sure and stay Tuned for that my name is Paul bar Welcome back in the tech path all right So I want to thank our sponsor today and That is tangum getting into self- Custody never been easier all you have To do is go to tm.com click on the Little blue button right there at the Top and it's going to give you an option To get the three card or the two Card Set Go with the three card it's the best Way to get into self- custody and get Your tokens off exchanges let's go into A few points I want to hit on and I Think everybody remembers the promethium Guy that was on in front of Congress and Made such a craziness um statement I'll I'll remind you let's bring a clip in to Give you a kind of a framework what's Happening right now listen it there is a Compliant path forward to for crypto in The United States that the SEC has Clearly laid out new legislation is not In the best interest of the investing Public or the blockchain industry can Prometheum customers trade in ether if Your answer is yes please explain how Not currently what assets do you plan to Offer digital asset
Securities um did you coordinate in any Way with uh either the SEC or house Representative staff before your Appearance at that hearing Um there's it's I think it's pretty Standard for there to be some Communication between um the entities That invite you and how will you get it Registered as a security um that's not That's not our requirement just but if It doesn't have like the disclosures in The registration then wouldn't you be Listing an illegally registered security Because you we will not support trading In anything that's in illegal asset so Now so now you're implying you won't List ether because you're saying it was We not made any announcements we had not Made any announcements as to the assets We will support and we will announce it In the near future I think it's very Telling that Aaron can only speak in Hypotheticals and in very vague Language I think everybody remembers the Maybe you do on the Lan uh discussion This guy was really um I think one of The most hated people in crypto there For a while it was the smugness of Promethium well it turns out that Promethium now is the only us registered Crypto platform that has picked ether as Its first product further in the article Right there first digital asset to Handle for its clients is going to be
Eth and when you look at that and you Think about all right the SEC kind of Propped this entity up to present so if This is the fact then we have a Registered security that is ethereum Have we already reached that and even if It is not and the secs okay hold on a Minute even in that kind of scenario It's it's going to showcase the fact That there's really no path to Registration which is the argument that Everybody is making including coinbase I Want to go to another clip real quick This gets into uh further things that Are happening on ethereum this was in Reference to ens now we talked about Enss earlier in the week both the token But also the project and there's a lot More happening under the hood here so Listen In an integration between ethereum name Service which you founded and GoDaddy Went live yesterday with the goal of Opening the door to more web three Adoption did you approach GoDaddy or Vice versa we've been sort of very Public about what we're working on in in Broad Strokes in terms of the guest list DN integration and so forth and we've Had had outreaches from a number of uh You know regist and Registries uh and Gody was one of those and we were very Enthusiastic to work with them on this And now those users can add ethereum to
Their website so essentially their web Two domains can now link to the ethereum Name ser service that's one major way to Open the door to more adoption of web 3 But what are some of the other benefits Tied to this new integration uh we're Excited about taking this a step further Beyond simply resolving DNS names into Ethereum addresses uh ens already Supports addresses for over 200 other Blockchains uh and so it'll be very easy To extend this and improve the user Interface to to allow nominating any of Those as your address as well what else Is in store for ens this year what can People back we're very uh intently Focused on on scaling to L2 it's now a Matter of putting the Polish on it and Making it more uh usable and and easier For people to Integrate so I don't know if you guys Realize this is one of the things that I Talk about often is the amount of Adoption opportunity that is really kind Of entering the market right now for the Very first time and what I mean by that Is GoDaddy is a you know that's a Household name for any business out There most likely has used GoDaddy in The past GoDaddy being one of the Biggest register stars out there but now You're talking about the connection of Ens along with look at this every other Token platform and blockchain having the
Ability to utilize this technology and Enter into a web two to web 3 transition That we're talking about this also does Uh really bring in a massive convergence Into the opportunity around web 3 and This was done on CNBC so this opened up I think a lot of people people's minds And for those who were paying attention Marketers big business Etc now they're Starting to get a dose of really what is Uh going to happen in web 3 I want to go To another clip under this uh during the CNBC interview they talk a little bit More about the eth upgrades which There's some interesting ones that are Happening listen in I understand you Think that 2024 is going to be a big Growth year why do you think that is uh I'm particularly excited this year Because uh we're like ly to see a couple Of major uh Improvement proposals go Through uh one of which is improving Support for uh layer twos via what's Called blob space and that will make it Uh much more cost effective and easier To uh build l2s on top of ethereum by Storing data on the ethereum blockchain For them uh and the second is uh a Little more esoteric it's around Temporary storage in contracts uh and it Will make a lot of common interactions That currently can be you know cost Prohibited in terms of guess phase a lot More
Practical all right so he did hit on a Couple of points there and obviously we Know denan is is one of the big um you Know the big achievements I think that Will happen this year but the fact that He's going after fees because this is to Me the one thing that holds back Ethereum from becoming a massive success In use of retail systems the ability to Be able to scale obviously he's talking About an L2 here for what ens is is Trying to do but if there is an Opportunity here for lowering gas fees This will be a major major advancement For ethereum and it means that eth will Now start to rival some of these lowcost Networks out there and everybody knows Which ones they are so it's a big deal I Think uh around all of this that is Happening right now if you look at what Jeremy aair is is starting to talk about Excellent step forward usdc ecosystem Solving real paino for startups and fexs Building the internet Financial system So they're doing this Beam for business So it's going to allow Beam for business Checking this is more advancement Remember usdc eth uh erc20 and then Further in here coinbase says right now We're talking about really transitioning A lot of savings 74 billion on credit Card fees with blockchain and this is The thing that I think a lot of people Miss is the opportunity here of what
Blockchain represents in terms of Lowering cost of the financial system Coinbase's latest state of the crypto Report basically says 74 billion on Credit card transaction fees amounting To an average savings about 600 per Dollars per household that's significant If you have something that you can use Out there in the modern-day Financial System that's faster and cheaper and That is what we are starting to move to Now there's a couple of things that are Happening here here's one with off ramp. Eth this is one of the new tool sets That is going to be able to get usdc From your wallet to offer abs. e and Then directly into uh usdc now what this Means is it circumvents the need from Going from a dii wallet or your regular You know self- storage wallet and moving It directly into your bank that's been One of the big fallbacks that I think a Lot of people have been challenged with This could open up a pretty big Opportunity all right so let me go to a Clip real quick because it gives an Example of how it works listen in hey Everyone my name is Alexander I'm one of The creators of off rams. the easiest Way to offramp I'm going to go ahead and Use the wallet that I connected okay so I'm going to send 10 usdc to this uh off Rams. address and as soon as it's Confirmed I can actually see it in my
Offrs history Tab 10 usdc uh was sent on Ethereum and it's still processing uh I'm also going to get an email that that Tells me that as well and we initiate an A transfer when we uh receive the 10 Usdc and those funds will be sent to my Bank Account all right so essentially this is Kind of like a 2.5 version of what we Will see in the solution around Traditional finance and what we now know Uh in the web 3 space but also in the Crypto space of being able to move money Into your bank directly without going to A a typical you know um exchange so all Of that I think plays into the future of Where eth is going but more importantly It starts to change the dynamic of how You're going to interface with banks That's a big deal another thing I want To hit on here is it's not just Happening with offramp there's also Things going on right here's Vlad Talking about Robin Hood now you can Transfer crypto directly from Robin Hood App while you're in your metamask wallet Uh so you can do that this is going to Be a very intriguing thing Robin Hood Continues to innovate I like what They're doing again there are some Limitations where I'm I know everybody Loves or hates it but um you know it is It is an advancement I think in terms of The use case also just to give you guys
A little bit of a an update here on What's happening with eth unique Addresses continuing to absolutely Explode not slowing down at all and then If you look at what we talked about Foraster the other day forecaster also Moving very very fast this was just Earlier the week uh it has already Started to move this is a decentralized Social network uh protocol that I think Will continue to do some very Interesting things in Social and with That happening you've got others that Are starting to kind of take a look at As to whether or not is this a fad one Of those things so here was kind of a Statement right here on hey frch you Know went from crypto darling to Basically a desert in about four months And then uh you had uh vitalic come back In and say wait a minute you know hey Bad game f is using Financial spec uh as A subtitute for fun blockchain games Need to be fun and he's pretty much Saying it and he believes his prediction Foraster and lens lens protocol will not Be uh deserted in four months or a year So are these the ones that could finally Break through the social media uh Platforms and be able to truly Decentralize social and if that does Happen we're in for a lot of new Projects starting to hit the uh the Streets I think for sure now don't
Forget you've got existing social media Including Blue Sky now all of a sudden Ironically timed uh dropping their Requirement for you to go in and get an Invitation now anybody can join blue sky So I don't know maybe a last desperation Attempt for for uh what's happening There don't forget meta is been very Very smart about this they've and maybe Threads could tie into this but remember Zuckerberg we've had it on the show many Times Zuckerberg has already kind of Showed that they're interested in a Decentralized model for the future and I Think that is the difference between What we're seeing out of dorsy and also Elon uh with of course X so we'll take a Quick look at the E chart here and if You take a look at the Lux algo uh this Is the indicator overlay by the way uh a Little bit of movement right here with Eth obviously over the last week we're Seeing right at almost 8% up right now It is moving on the day can this hold The 2400 is the question mark and is This one that you like to maybe dollar Cost average continue to dollar cost Average into let me know what you guys Think when you look at the market Sentiment index index this has been Showing a little bit of movement here Since about uh the 1st of February we're Seeing upside uh trend on eth sentiment So somewhat aligned here with what's
Happening all the way back to the 26th Where eth had kind of bought bottomed Out toward the end of January so what Does this mean this means that ethereum Is going to continue to grow I think now We're starting to see mainstream efforts Here that people are recognizing with What's happening with ens but also what Could be happening with payment rails so A lot of good things on eth right now so We're going to continue to cover it We'll cover all of that for you guys Here on the channel make sure and Subscribe now if you're not subscribed To the channel jump in be part of the Pbn family and of course if you're not The diamond circle make sure and get in That it's the best way to get additional Content catch me out there on X at Paul Baron we'll catch you next time right Here on Tech Bath
