Mustafa

We're excited to share our experimental solution on Paying Onchain Gas Fees with a Visa Card At @Visa, we've been exploring ways to simplify blockchain transactions Imagine paying for gas fees as easily as buying coffee with your card! But how did we get here? 🧵👇

No shortcuts. No noise. No overnight promises. Just consistency, clarity, and grit. This is WithGrit.

'A financial ecosystem is in sight, where blockchain and tokenisation technology stand to play pivotal roles', write Catherine Gu, head of CBDC and tokenised assets, and Mustafa Bedawala, product manager for crypto products at @Visa . Read full article: omfif.org/dmijournaljuly…

@OMFIF DMI has compiled a fantastic collection of articles on #Tokenization Thanks for featuring Visa’s insights DMI Journal: pdf.omfif.org/view/MalTo4Lo5

We are so thrilled to confirm that the SEC has approved, pursuant to Section 19(b) of the Securities Exchange Act of 1934, our exchange partner CBOE’s proposed rule change to list and trade a @vaneck_us spot #Ethereum ETF on the CBOE! 🥳🚀 TLDR: We expect the improved political backdrop will lead to further victories for digital asset investors & developers, via new laws & in the courts, that draw investment to #Bitcoin, Ethereum and other open-source blockchain software. We applaud this decision, as we believe the evidence clearly shows that #ETH is a decentralized commodity, not a security. ETH’s status as a commodity has now been recognized in a variety of circumstances, including the CFTC's regulation of ETH futures, public statements by Commission officials, rulings by federal courts, and now, hopefully, this ETF. The high degree of correlation between ETH spot prices and CME Ethereum futures prices, similar to the correlation seen with Bitcoin, proved that the spot ETH market is tightly linked to the regulated futures market. This tight linkage supports the listing of spot ETH ETFs, as it allows for the market surveillance the SEC requires. Additionally, the presence of liquid, regulated ETH futures trading on the CME and the approval of ETFs tracking those futures demonstrated to all neutral observers that Ethereum meets the same criteria as Bitcoin for an ETF holding the spot asset. The SEC approved the listing of spot Bitcoin ETFs based on these exact criteria, and we have long believed that Ethereum warrants the same treatment. Any claim that Ethereum's move to proof-of-stake has turned it into a security, or that staking itself is a securities transaction is misguided and harmful to innovation. Proof-of-stake is simply an alternative consensus mechanism to proof-of-work mining - it does not fundamentally alter Ethereum's decentralized nature or transform ETH into a security issued by a central entity. Since the DAO hack in 2016, Ethereum has become highly decentralized, with no centralized issuer or promoter controlling a material supply or percentage of validators. The Ethereum Foundation's ETH holdings have steadily declined to just 0.30% of the circulating supply, and Vitalik Buterin holds around 0.23%. This widespread distribution of ETH contradicts the idea of it being a security issued by a common enterprise. We have also heard arguments that Ethereum’s transition to proof-of-stake (PoS) was a securities transaction. This misunderstands the decentralized nature of Ethereum’s governance. Ethereum’s transition to PoS was driven by social consensus, involving broad community discussions, transparent development processes, and voting mechanisms within a decentralized network. This contrasts sharply with traditional financial systems, where decisions are made by centralized entities or a small group of registered stakeholders. Changes in Ethereum are proposed through Ethereum Improvement Proposals (EIPs), debated publicly, and adopted only with widespread community support, ensuring no central authority controls the network. This decentralized, community-driven process highlights that Ethereum remains a decentralized commodity, not a security, as its evolution reflects the collective agreement of its diverse global participants. As the UK Prime Minister on this topic just recently said: “We are pro-open source. Open-source drives innovation. It creates start-ups. It creates communities. There must be a very high bar for any restrictions on open source.” Many traditional finance market participants may not fully understand that ETH is not just a speculative asset but has extensive real-world utility underpinning a vibrant decentralized application ecosystem. Ethereum supports over 270 million unique user addresses and processes an average of 1.2 million transactions daily. On-chain value settlements exceeded $2.8 trillion over the last year, compared to global remittances of $860B, PayPal volumes of $1.5 trillion, and Visa network volume of $15 trillion. Ethereum boasts a robust developer community, with more than 2,300 monthly active developers contributing to 113,000 distinct Githib repositories. Thanks to the network effects from this decentralized community, Ethereum has become the foundational layer for a vast ecosystem of over 3,000 applications, including financial services, games and collectibles. Its smart contract functionality enables automated lending/borrowing, decentralized exchanges, NFT marketplaces, play-to-earn games, and tokenization of real-world assets. Major companies like Reddit, Ubisoft, Nike, and Visa have launched Ethereum-based projects. Regulating Ethereum NFTs differently from physical collectibles like baseball cards or Rolex watches is often absurd - both represent unique digital/physical scarcity and ownership. A Bored Ape Yacht Club NFT and a rare 1952 Topps Mickey Mantle rookie card can serve similar purposes as status symbols and stores of value. But governance structures like those enabled by Ethereum underpin much of the innovation happening in open-source databases, including real-world asset tokenization. Stifling this utility through misguided regulation would hamper technological progress and drive those talented entrepreneurs overseas. The situation has been made even more confusing by the inconsistent stances taken by different U.S. regulators. While the SEC has recently declined to clarify ETH’s status, the Commodity Futures Trading Commission (CFTC) allowed Ether futures products to trade as commodities. The Chairman of the CFTC has stated repeatedly under oath that ETH is a commodity. Even the SEC's own guidance has stated that a digital asset may transition away from being a security as it becomes sufficiently decentralized over time, though critical details are lacking. Adding to the contradictions, just last week the U.S. Attorney's Office for the Southern District of New York unveiled an indictment that referred to Ethereum as a "decentralized" blockchain. Needless to say, this regulatory discord has fostered harmful uncertainty and, contrary to the SEC's mandate of capital formation, has inflicted a lot of pain in the market. That’s why today feels particularly sweet to VanEck, the first traditional ETF issuer to file for both Bitcoin & Ethereum ETFs. It is so encouraging to observe the growing bipartisan support for digital assets in DC, reflecting widespread voter input, & culminating in today's ETF news and this week's congressional repeal of SAB 121, an accounting rule hostile to crypto that was enacted through unorthodox means. We expect this improved political backdrop will lead to further victories via new laws and in the courts that draw investment to Bitcoin, Ethereum and other open-source blockchain software. Stay tuned for further updates. PS - we expect to go FIRST. #ETH

1/ After seeing this line chart created by @nic_carter showing stablecoin volume compared to established payment networks, we decided to partner with @AlliumLabs to create the Visa Onchain Analytics Dashboard as a public resource to take a closer look at stablecoin activity.

@DylanDocker @iam_preethi Beef has higher scores in both measures of protein quality. According to the chart, oatmeal has a PDCAAS score of 0.82 and a DIAAS score of 84. In contrast, beef has a PDCAAS score of 1.00 and a DIAAS score of 116.

Bioavailability scores of various foods. Hopefully this makes it clear why animal protein is superior to plant protein.

@iam_preethi enjoyed the thoughts expressed in this blog!

Indians Have To Work Almost 10x Harder Than White People To Be Healthy fitpreethi.com/indians-have-t…

@balajis The Earth is littered with the ruins of empires that believed they were eternal

All did fall.

@Jonas__Gross Rest in peace. I've had a few interactions with Philipp over the past years and would like to extend my condolences.

I am devastated about the news about the passing away of my colleague, mentor, and - most importantly - friend Philipp Sandner. I don’t have any words right now that could roughly explain how I feel. Philipp, you will always be in my heart. blog.digital-euro-association.de/in-memoriam-ph…

Jeff Bezos's inaugural shareholder letter truly sets the stage for Amazon's future. It's not just a lesson in smart business strategy; at its core, the letter is a profound manifesto on customer-centricity What stands out is Bezos's focus on solving real problems for customers, rather than just pushing products In his first shareholder letter, written in 1997, Bezos stated: “This is Day 1 for the Internet and, if we execute well, for Amazon. Today, online commerce saves customers money and precious time. Tomorrow, through personalization, online commerce will accelerate the very process of discovery. Amazon uses the Internet to create real value for its customers and, by doing so, hopes to create an enduring franchise, even in established and large markets. Our goal is to move quickly to solidify and extend our current position while we begin to pursue online commerce opportunities in other areas. We see substantial opportunity in the large markets we are targeting. This strategy is not without risk; it requires serious investment and crisp execution against established franchise leaders. It’s all about the long term." Truly, this is a masterclass in customer focused strategy media.corporate-ir.net/media_files/ir…

3/3 More than a picture, it's a clear insight, Into our Earth's beauty, so strong and right. Until next time, when I climb these peaks, A dream I hold, as the adventurer seeks.

2/3 Here, I stand small, in wonder and awe, In this place of snow and nature's law. More than a view, it's a feeling so deep, A secret of Earth that we quietly keep. This sight, so wide and shining bright, Makes us think of our world, so full of light.

I was journaling on my #Everest hike, sharing a poem I wrote along with some photos I captured of these giant mountains 1/3 Under Everest, so tall and wide, Snowy mountains side by side. They reach up high, touching the sky, In a land where dreams can fly.

@mert @heliuslabs Great list, Mert! One addition to this list: "The Amazon Way of Writing."

I always talk about the need for writing more and writing better — especially in crypto I shared a small list of resources for everyone at @heliuslabs to improve their writing thought I'd share it here as well incase it's useful: Write Simply (very short): paulgraham.com/simply.html Crash course: paulgraham.com/writing44.html Writing usefully: paulgraham.com/useful.html Write like you talk: paulgraham.com/talk.html The day you become a better writer: dilbertblog.typepad.com/the_dilbert_bl… The writing process seths.blog/2013/07/qa/ Write something seths.blog/2021/09/write-… Why you should write perell.com/essay/why-you-…

@SplitCapital Congrats!

It's been a long time coming but I'm thrilled to announce the official launch of Split Capital, a liquid digital assets fund. Split Capital, as a concept, has been in my mind for years now and it's been a dream to finally see it come to fruition. fortune.com/crypto/2024/01…

Everest winters are brutal. I rocked 13 days straight, reached 5645m at the highest, saw -34 degrees, trekking and scrambling for 9-10 hours daily in the Everest region. Summited Kala Patthar, chilled at EBC – just casually doing hard things and loving every bit of it

Everest Dream Life's full of changes, but one thing's for sure – I'll never be this young again, and right under the roof of the world!

This AI tool is just amazing, especially with its real time voice capabilities It definitely brings back some memories of simpler times, but with an AI twist. It's fun trying it out! Just wow! smarterchild.chat

Centralised databases act as attractive targets for cybercriminals, filled with critical data that is highly sought after for illicit sale on dark web markets If we shift to a decentralized data model and distribute the information across users personal devices, there will no longer be a single honeypot to target Targeting each user separately for their data becomes economically unviable for hackers business-standard.com/india-news/aad…

Tokenized assets on digital ledgers require digital cash for efficient DVP and PVP settlements, especially when these assets are issued regionally Banks, recognizing the economic upside of issuing tokenized cash, are now more motivated to develop non US centric stablecoins ft.com/content/cd733a…