Welcome back to another edition of our cryptoasset newsletter, where we deliver the week's most important industry stories in a concise summary for your convenience!
This week, we're covering rising transaction fees due to Bitcoin meme coins, Solana's trade volume beats competitors as price begins to recover, and Goldman Sachs and other industry titans join a new global blockchain network.
As always, we bring you the latest updates on luxury real estate. This week's highlights include the launch of the US' first Bitcoin real estate marketplace. We also report on the surge of overseas buyers snapping up luxury properties in Singapore and reveal exciting plans from Accor and Erth Real Estate for a multi-branded luxury hospitality community in Riyadh.
Join us as we explore these stories in detail!
Bitcoin Meme Coins are Driving Up Transaction Fees & Causing Congestion
According to Coindesk, with the introduction of the new BRC-20 standard through Bitcoin's Taproot upgrade, several Bitcoin-based meme-coins have emerged, similar to those on other chains that have experienced wild price fluctuations, including Pepecoin. Despite some developers proposing a filter to block Bitcoin NFT projects, the censorship discussion has caused friction within the community and could oppose Bitcoin's open-source nature. However, rising transaction fees and blockchain congestion remain persistent issues.
Solana's Trade Volume Surpasses Competitors Ethereum, Arbitrum, and Polygon as Price Begins to Recover
Although Solana trails behind Ethereum, Arbitrum, and Polygon in daily on-chain activity, the increasing number of decentralised exchanges on the SOL blockchain is boosting the trade volume, which could lead to a potential price recovery and position Solana as a strong contender in the DeFi sector, reports FX Street. As SOL price bounces back, analysts predict it may encounter resistance levels at $27.97 and $30.72, while a drop below the 38.2% Fibonacci level of $19.86 could result in a further decline to $15.37 support at 23.6%.
Deloitte, Goldman Sachs and Others Join Digital Asset in Launching a Global Blockchain Network
Yahoo recently reported that Digital Asset, a financial technology company, revealed that it would launch the Canton Network, an interoperable blockchain network that offers a decentralised infrastructure for institutional clients. The network's participants include BNP Paribas (BNP), Deloitte, Goldman Sachs (GS), and S&P Global, among other global giants. The network enables financial market systems to operate and synchronise through applications built with Daml, Digital Asset's smart-contract language.
Luxury Real Estate News
US' First Bitcoin Real Estate Marketplace Allows Cryptocurrency Transactions for Properties
MyEListing.com has launched the first Bitcoin real estate marketplace in the US, allowing people to use cryptocurrency to buy and sell commercial and residential properties, with Texas properties already listed and "other select states" to follow in June. According to the company, the transactions can be completed within one business day, approximately 50 times faster than the current average.
International Buyers Snap Up the Majority of Luxury Homes in Singapore.
According to Bloomberg, before Singapore doubled taxes on foreign purchases, the number of luxury condominium units bought by non-residents rose to the highest in almost a decade. According to a report by OrangeTee & Tie Pte, foreigners purchased 159 non-landed luxury homes in Singapore's core central region in the first quarter, up from 71 units a year earlier. In addition, government data released on Monday, May 15th, revealed that home sales in Singapore surged by 80% in April compared to the previous month, hitting a seven-month high due to the launch of several new projects.
Accor and Erth Real Estate Unveil Plans for Multi-Branded Luxury Hospitality Community in Riyadh
Erth Real Estate Company has partnered with Accor, a leading hotel group, to develop a new project in Riyadh that will include three luxury hotels: a 230-room Raffles Hotel, a 250-room Sofitel Serviced Residence and an MGallery resort with 60 villas, all scheduled to open by 2027, as well as office towers, residential towers and retail space, all built around a centrally located garden area. Some of the world's top designers are involved in the design of Erth's new luxury hotels in Riyadh, including lead architect Foster + Partners.
We are happy to announce that Xerof has a busy schedule in May and June with several upcoming industry events.
On May 16th, Xerof's Marc Taverner and Alex Everhag will participate in the Ecosystem Cocktail Reception with the Circle Leadership Team in Zurich. The following day, May 17th, Marc will join CEOs from leading Swiss banks, technology infrastructures, fintech companies, venture capital firms and asset managers for Circle's Salon Dinner.
Later on the 24th, Xerof will participate in a panel discussion on "Best Regulatory Practices from Outside the EU: Switzerland, Liechtenstein, UK, Singapore, Dubai" at the European Web3 Summit in Brussels.
In June, Xerof will moderate a panel of experts on the topic of “MiCA: Green Light for Crypto Assets in Europe?” at the Crypto Valley Conference, which will take place June 1st and 2nd. The panel will address the good, the bad and the ugly of the new regulatory framework for crypto assets in Europe.
Keep an eye out for more on the above!
XEROF is a Swiss-licensed Crypto Gateway that offers exchange services for customers who possess crypto wallets and want to use them as fiat currency to purchase real estate properties and luxury goods.Learn more about XEROF