GM Brew Crew, we put Brewski in a headlock last night. He was sprinting in circles over yesterday’s electric market update (and dreaming of green candlesticks)…thankfully nobody got burned in the process. Let’s Dive In⬇️

On the menu today:

• 🪩 WARNER MUSIC AMPS UP THE BLOCKCHAIN

• 🪪 HONG KONG SAYS LICENSE AND REGISTRATION PLEASE

• ⛏ RIOT PLATFORMS ADDDING 33K BTC MINERS

Today’s Charts:

🪩 WARNER MUSIC AMPS UP THE BLOCKCHAIN

WMGroup and Polygon Labs announced a blockchain music accelerator that'll fund unique music projects, along with added benefits of mentorship and networking opportunities.

As stated in a press release, the program seeks to attract "companies and entrepreneurs operating at the intersection of music, technology and Web3."

Builders who get selected will focus on the following: artist-fan communities, decentralized music production + distribution, ticketing solutions, and integrating music with interactive tech and gaming.

(WEN Calvin Harris blockchain concert?? 🕺)

WMGroup joins a list notable companies who have recently partnered up with Polygon: Starbucks, Reddit, Nike, and Mastercard.

The co-founder of Polygon is jazzed up about the announcement #ofcourse 👇

🪪 HONG KONG SAYS LICENSE AND REGISTRATION PLEASE

Web3 companies in Hong Kong are investing 20 million to 200 million Hong Kong dollars ($2.55 million to $25.5 million) to obtain licenses as Virtual Asset Service Providers (VASPs)

On June 1, Hong Kong updated VASP requirements instating that firms must disclose user statistics and company financials to the Securities and Futures Commission for regulatory approval.

Exchanges such as OKX, BitgetX, HashKey Pro, OSL, and Gate.io have already initiated their operations. OKX in particular has raked in 150 million in trading volume and nearly 9,000 registered users in Hong Kong.

(Should the brew crew hop on a flight and setup an exchange in HK - Brewski’s BloXchain Pro perhaps ? sounds like a money machine - Mr. Powell, you jealous?)

Anyways…many view the VASP requirements as a big step forward in legitimizing crypto exchanges via transparent guidelines👇

⛏ RIOT PLATFORMS ADDING 33K BTC MINERS

Riot Platforms, one of the top Bitcoin mining companies in the world, has recently acquired 33,280 advanced Bitcoin miners for its Texas facility at a cost of $162.9 million.

The purchased rigs, sourced from mining manufacturer MicroBT, will increase Riot Platform’s self-mining capacity by 7.6 exahashes per second (EH/s).

The installation of these miners is scheduled for the first quarter of 2024, which is strategically timed ahead of Bitcoin’s next halving cycle in mid-2024.

Once these miners are deployed, Riot Platform’s self-mining capacity will be a total of 20.1 EH/s. Miners will have increased competition when the next halving cycle occurs as there will only be 3.125 Bitcoin mined per block.

The Brew Crew is cheffing up a juicy bet on who will win the Bitcoin mining competition 😏

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.