GM Brew Crew, it’s Wednesday: the day that’s like the middle child, overlooked and forgotten. Take a sip and don’t forget this one. Let’s dive in.

On the menu today:

• Microsoft and Goldman Sachs team up with others to create new blockchain network 🤝 

• Africa moves to lightning and stablecoins ⚡️

• Sports Illustrated debuts NFT ticketing platform 🎟

Today’s Charts:

Microsoft and Goldman Sachs team up with others to create new blockchain network 🤝 

On May 9th, an announcement revealed that the Canton Network is in the works. It aims to synchronize financial markets that were previously isolated, making it ideal for those working with institutional assets.

• The Canton network, equipped with strong privacy features and the ability to handle the scale and performance required by large financial institutions, will undergo testing in July. 🔐 

• Canton uses Daml, Digital Asset's smart contract language, to synchronize "assets, data, and cash" across linked applications.

• Network participants include BNP Paribas, Cboe Global Markets, Digital Asset, Paxos, Microsoft, Goldman Sachs, Deloitte and more.

• This is a MASSIVE step for larger financial institutions bridging into the digital asset world as it removes obstacles to blockchain adoption by balancing the decentralization of a network with privacy and control.🚨

Africa moves to lightning and stablecoins ⚡️

As Bitcoin transaction fees soar, the lightning network and stablecoins become an answer for people in Africa

• The Lightning network is a layer built on top of the Bitcoin network and allows users to process transactions more quickly, given the recent clogging of the Bitcoin network.

• African users have also shifted to stablecoins, cryptocurrencies pegged to the value of stable assets like the US dollar ($USDT, $BUSD, $USDC), as this helps with lower fees, faster transaction times, and price stability.

• Ghana is planning to launch their own stablecoin called $eCedi, which will be pegged to the value of the Ghanian cedi and will reduce reliance on foreign countries.

Sports Illustrated debuts NFT ticketing platform 🎟

Sports Illustrated partnered with Galaxy Interactive to launch Box Office, the first global NFT ticketing platform for events of all sizes

• This NFT platform will provide exclusive access to sports events such as college football and NFL games. 🏈 

• Fans will be able to purchase and trade NFT tickets that will give them access to exclusive experiences that are not available through traditional ticketing channels.

• Advantages of using NFTs include greater transparency, security, and authenticity of tickets. NFTs are unique and verifiable digital assets that are recorded on the blockchain, which means that they cannot be duplicated or tampered with. 🔒

• SI chose the Polygon blockchain because of its low transaction fees and fast transaction speeds that will allow for seamless and cost-effective NFT ticketing.

Take A Sip: Latest News And Updates

⬆️ Bitcoin is facing major congestion issues due to a significant increase in transaction volume. The article also highlights the impact this has on transaction fees and the overall efficiency of the Bitcoin network.

⬆️ Ethereum has reached a 2023 all-time high in gas fees due to the $PEPE mania that has taken over the platform. The article also includes reactions from the community regarding the issue.

⬆️ The SEC's proposal for the crypto custody rule has been criticized by JPMorgan, crypto firms, and a fellow agency. They argue that the proposal is too prescriptive and may lead to unintended consequences, including higher costs and reduced innovation in the crypto industry.

Special Blend: Morning Meme Roast

As the CryptoBrew Daily comes to a close, we invite you to join us on Twitter for more crypto chat. Think of it as a chill gathering of like-minded folks, minus Chad talking about his 1-rep deadlift max and your tipsy uncle who always shares TMI stories. Let’s keep the crypto conversation going!

***DISCLAIMER: Please note that the information provided in this newsletter is for educational purposes only and is not intended to be construed as financial advice or a solicitation to buy or sell any assets. We urge you to exercise caution and conduct your own research before making any financial decisions.