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Coinbase estimates the effect of creating a Bitcoin ETF at billions of dollars
The impact of ETF adoption could potentially be much larger than simply attracting new capital to the digital asset market
The approval of a Bitcoin ETF by the US Securities and Exchange Commission (SEC) will open the cryptocurrency asset market to a new class of investors, according to a new report from Coinbase, the largest US crypto exchange.
This group of investors includes investment advisors, pension funds and institutions that have not previously had access to the cryptocurrency market.
According to experts, the effect of ETF adoption could potentially be much larger than simply attracting new capital to the digital asset market.
The ETF will remove restrictions for large players who will be absolutely legally able to invest money in Bitcoin and keep it on the company’s balance sheet.
In addition, the report says, subsequent regulation of the industry will give impetus to the development of new investment instruments related to cryptocurrencies.
The authors of the report believe that in the long term, due to these factors, the total capitalization of the crypto market could increase by billions of dollars.
Currently, several large investment companies are awaiting approval of their own Bitcoin ETFs by the US Securities and Exchange Commission (SEC). The launch of such ETFs is considered in the crypto community to be a catalyst for a new bull cycle in the market.
In early November, it became known that the market's largest market makers Jane Street, Virtu Financial, Jump Trading and Hudson River Trading agreed with BlackRock to provide liquidity for Bitcoin ETF trading if it is approved by the American regulator.
According to Bloomberg Intelligence analysts, the likelihood that the SEC will approve the ETF in early January 2024 is estimated at 90%.
Horizen and Stable launch first stablecoin ZUSD on EON
Horizen Labs, the technology company behind the Horizen DAO, and Stable, a Washington-based fintech company, have teamed up to launch Zen USD (ZUSD), the first stablecoin on the EON Horizen blockchain.
With this launch, users can now mint or redeem ZUSD on the EON network using a variety of payment methods including ACH, Fedwire, Visa, Mastercard and other stablecoins such as USDC through Stable Ramp.
Stable Ramp is an on/off tool that can be integrated with third-party applications such as Web3 wallets and decentralized finance (DeFi) protocols.
Rob Viglione, co-founder of Horizen and CEO of Horizen Labs, said:
“This partnership with Stable is an important step towards creating a more connected and seamless blockchain ecosystem. Integrating Stable’s stablecoin infrastructure with the Horizen EON platform will not only improve the user experience, but also pave the way for a more robust and interoperable digital asset space.”
The main goal of this partnership is to promote blockchain interoperability and innovation in the stablecoin space. The ZUSD stablecoin offers a secure medium of exchange and store of value, maintaining a value very similar to the US dollar.
Notably, the stablecoin is issued in accordance with FinCEN Convertible Virtual Currency Guidelines, including BSA/AML regulations and OFAC sanctions.
ZUSD collateral is held in liquid US dollar denominated assets by a trustee appointed for the benefit of verified ZUSD holders.
Each ZUSD can be issued or redeemed at a 1:1 rate in US Dollars or USDC by users who have completed Stable's know-your-customer (KYC) verification process. Periodic validation will be conducted to verify that each ZUSD token in circulation is sufficiently backed.
In addition, the stablecoin will be operated by Stable's, a registered money services business (MSB) subsidiary based in Wyoming.
This partnership demonstrates the compatibility of the Horizen EON platform with the Ethereum Virtual Machine (EVM). Accordingly, the platform can be chosen by creative projects seeking speed, compatibility and low fees.
The network's developer-first approach allowed Stable to deploy ZUSD on Horizen EON in less than two months.
Bitfinex reported a phishing attack
Bitfinex cryptocurrency exchange, which previously bought bitcoins, warned users about a phishing attack.
According to the press release, the team eliminated the "insignificant information security incident." During the attack, a hacker or group of persons received partial access to user information, Bitfinex said. They deceived the support service, but could not access customer funds.
“None of the main Bitfinex systems have been hacked, customer funds are not lost. Access to the server, wallets or infrastructure of the database was not carried out. We reported what happened to law enforcement agencies, ”said the exchange representatives.
Also, Bitfinex added that the company regularly reviews safety procedures, and all personnel are undergoing compulsory training in cybersecurity.
In June 2023, she returned about $ 314,000 stolen during the hacking of the exchange in 2016. Later, Ilya Lichtenstein pleaded guilty to Bitfinex hack. In addition, representatives of the exchange offered injured users to buy out the company's shares for $ 150 million.
Hong Kong crypto exchange HashKey has released an application for retail users
The Asian cryptocurrency exchange with operations in Hong Kong, HashKey Exchange, has officially launched its application for retail trading, thus expanding its presence in a special admin. traditional region of China.
HashKey Chief Operating Officer Livio Beng said that HashKey has received approval from the Securities and Futures Commission to launch an application to serve as professional investors , and retail users.
The launch of the application occurred after the exchange began offering retail trading services on its website on August 28.
“We have seen a lot of trading volume since we started serving retail users,” Wen said, adding that just October 30, daily trading volume exceeded $10 0 million, with pairs BTC-USD, ETH-USD, BTC-HKD and ETH-HKD providing more than $2.7 million
According to Beng, according to their research, about 85% of users trade through applications. In the future, the exchange plans to issue its own ERC-20 token called HSK.
The HSK token will be used as a tool that will stimulate participants in the HashKey ecosystem to develop the ecosystem.
B HashKey plans to issue a total of 1 billion HSK tokens, of which 65% will be used for ecosystem development, 30% for staff incentives and 5% for fear. new fund of the company.
Wen added that the listing of HSK on centralized exchanges will not occur before the middle of next year.
KBank acquires Satang exchange to develop crypto business
Kasikornbank, Thailand's second largest bank by assets, today announced the acquisition of a local cryptocurrency exchange through a subsidiary.
In a filing with the Stock Exchange of Thailand today, Kasikornbank, also known as KBank, said it acquired a 97% stake in Satang Corporation Co. on October 27. Ltd, which operates a digital asset exchange. KBank plans to rename Satang to Orbix Trade Co. Ltd., the document says.
According to the filing, the acquisition was carried out through Unita Capital, a wholly owned subsidiary of KBank, with a registered capital of 3.7 billion baht ($102.8 million).
Last month, KBank announced a $100 million fund to invest in Web3 and artificial intelligence startups.
The fund, called KXVC, was created by KBank's technology arm, Kasikorn Business Technology Group.
According to KBank, the fund will target AI, Web3 and fintech startups around the world, with a potential focus on the Asia-Pacific region.
Mastercard plans to cooperate with crypto wallet manufacturers
The company believes that the presence of a payment card helps providers of such crypto wallets increase the number of active users.
But wallet companies face significant demands when introducing cards into a new region. This is where Mastercard can come to the rescue.
“Mastercard is bringing its trusted and transparent approach to the digital asset space through a range of innovative products and solutions, including the Mastercard Multi-Token Network, Crypto Credential, CBDC Partner Program and new programs that connect Web2 and Web3,” the company said.
According to Mastercard's presentation, once the proposed standards are approved, the next step will be to issue an EU or UK-focused card.
Binance Visa Cards Will Stop Working in Europe
Cryptocurrency exchange Binance announced that it will cease issuing and servicing its Visa debit card in the European Economic Area.
Owners of physical or virtual Binance Visas will be able to use them until December 20, 2023. The reissue can be ordered until December 6th. The company offers Binance Pay as an alternative.
Binance Card launched in spring 2020. It allowed users to make purchases in Bitcoin and BNB at 46 million merchants in 200 countries. In September of the same year, Binance Visa cards became available in Europe.
“While Binance users around the world enjoy using [the Binance Visa Debit Card] to make everyday payments using crypto assets, only about 1% of our users are affected by these changes,” an exchange spokesperson told Cointelegraph.
In August, Bloomberg learned about the termination of cooperation between payment companies Visa and Mastercard with Binance amid the latter’s regulatory problems. In March, the CFTC filed a civil lawsuit against the platform. In June, the SEC brought claims against Binance and its head Changpeng Zhao.
In October, European users of the exchange were able to deposit and withdraw funds in euros. This comes after former partner Paysafe abandoned the service in September.
Vitalik Buterin did not sell Ethereum for personal gain for five years
The creator of Ethereum (ETH), Vitalik Buterin, stated that he has not sold cryptocurrency for personal gain for five years. When you see the title of the article “Vitalik sent XXX ETH to [exchange]”, know that I do not sell coins, but almost always donate them to a charity or non-profit organization, or to another project.
Payees sell assets, well, because they need to cover their expenses. “I have not sold ETH for personal gain since 2018,” Buterin said.
One of the latest examples of Vitalik’s philanthropic activities was the transfer of Ethereum worth $14.93 to the Gemini crypto exchange.
Buterin donated virtual currency to the charitable organization Kanro, which helps solve problems caused by the coronavirus pandemic. Most likely, Vitalik published this message to reassure ETH owners in difficult times.
The cryptocurrency market is dominated by a flat, but many traders are afraid of a dump due to the behavior of whales who are getting rid of coins.
For example, on October 18, an unknown millionaire sold 13,871 ETH for $21.9 million. The moneylender purchased digital assets on January 27, 2021 at the rate of $1239 and for some reason did not sell them on time I'm in a bullish rally.
Bitcoin mining difficulty has reached its maximum
As a result of the next recalculation, the difficulty of mining the first cryptocurrency increased by 6.47%. The indicator reached a record high of 61.03 T.
The average hashrate for the period since the previous value change was 465.6 EH/s. The interval between mined blocks is less than 9.5 minutes.
According to Glassnode, the smoothed 7-day moving average peaked at 469.9 EH/s on October 12. At the time of writing, it has corrected to 440.8 EH/s.
According to the Hashrate Index, the hash price is $59.8 per PH per day. Over the past 24 hours, the value has fallen 3.4% from $61.9, reached amid a sharp jump in the price of Bitcoin to $30,000.
Let us remind you that ForkLog collected the results of the activities of the largest Bitcoin miners for September in a traditional digest.
Crypto company Genesis has suspended withdrawals
According to recent reports, Genesis has suspended the ability to withdraw funds from its site. Cryptocurrency blogger Scott Melker recently reported that New York courts have approved a settlement agreement between Genesis Global and FTX.
This agreement eliminates certain claims made by FTX in the amount of $3.9 billion. According to the specialist, a number of FTX's creditors expressed dissatisfaction with the original settlement plan. According to some experts, the suspension of withdrawals by Genesis Global highlights the importance of the fundamental problems that occur in the cryptocurrency industry.
It is worth noting that the trial of former FTX head Sam Bankman-Fried is ongoing, which adds to the uncertainty.
In parallel, experts suggest that further interaction between the crypto lender and the bankrupt FTX platform will be of strategic importance for the long-term development of the entire crypto segment.
Since the beginning of 2020, cryptocurrency whales have gotten rid of Ethereum worth $3.2 billion
Analyst James Strathan analyzed the behavior of cryptocurrency whales who own at least 1000 Ethereum (ETH) or bitcoins.
Despite the bullish rally in the ETH market in 2021, since the beginning of 2020, rich people have gotten rid of 20 million Ethereum worth $31.2 billion at the current rate. At the same time, over the last year they sold 12 million ETH for a total of $18.7 billion.
In the Bitcoin market, cryptowits behaved differently. They continued to increase coin reserves until 2021, and sold BTC to lock in profits. And this year, millionaires again began to accumulate BTC.
Straten believes that these statistics signal a continuation of the bearish trend in the Ethereum market. With 202s-gypatovali, it was 81%, the same in extensively in the case of the need for the clocks of the UCPEX and the new %.
But it’s too early to give up Ethereum. The altcoin rate fluctuates within a contracting triangle and is approaching the lower line of the figure, which is currently at $1,500. Accordingly, after reaching the bottom in the area of $1500, we should expect a correction and a decrease in the level of volatility.
Hardware wallet maker Ledger cuts 12% of staff
In his letter, Pascal Gauthier reported on the unfavorable macroeconomic situation and the ongoing crisis in the cryptocurrency industry.
He recalled the collapse of companies such as FTX and Voyager Digital, and said that in order to “continue business” it is necessary to lay off employees.
“Macroeconomic problems limit our ability to generate income. In response to current market conditions and business realities, we must reduce our role in global business.
Unfortunately, this means that we have made the difficult decision to eliminate 12% of positions at Ledger,” the company’s CEO wrote. Gauthier emphasized that all employees affected by the layoffs will receive the company's full support in finding new jobs.
“But know that we will come out of this period stronger. I expect everyone at Ledger to become leaders. We are at an important stage in the development of our industry and it is our duty to act seriously and responsibly to get through these difficult times,” added Gauthier.
It was recently reported that Ledger would provide free hardware wallets to select Sotheby's NFT collectors as part of its business promotion.
OpenAI in early talks to collaborate with Jony Ive on AI rival to the iPhone
OpenAI intends to produce an artificial intelligence-focused equivalent to the iPhone, according to a report from the Financial Times on Sept. 28.
That report indicates that OpenAI is working with LoveFrom, a design company founded by British designer Jony Ive. Ive was formerly responsible for various Apple designs but ended his contract with Cupertino firm in 2022.
Current design brainstorming meetings aim to produce a “natural and intuitive” way for users to interact with artificial intelligence. The Financial Times‘ sources stressed that details have not been finalized. They said that a formal partnership may not be announced for months, and that a product may not arrive on the market for years.
Few if any other details have been publicized, and it is unclear how closely the device will resemble or share features with modern smartphones. OpenAI and LoveFrom seemingly intend to match the convenience of the iPhone rather than any specific functions.
OpenAI is also set to obtain funding from the Japanese banking giant SoftBank and its founder, Masayoshi Son. OpenAI will receive more than $1 billion in funding through that agreement, according to the report. The chip manufacturer Arm, a company in which SoftBank holds 90% stake, could become involved in the deal as well.
None of the above parties have confirmed their involvement publicly. The Financial Times instead obtained its information from three individuals familiar with the matter.
OpenAI is best known for its AI model, OpenGPT, and its related chatbot, ChatGPT. The company recently announced upgrades to ChatGPT that will allow it to handle images, video, and audio in limited ways. The app is also gaining access to the internet.
Other reports from late August suggest that the recent popularity of OpenAI will help the firm approach $1 billion in revenue in the coming year.
Apart from his artificial intelligence pursuits, OpenAI founder and CEO Sam Altman is involved in Worldcoin, a cryptocurrency-based biometric ID project.
A startup from a16z attracted $25 million in investments
Web3 company Bastion, founded by former a16z crypto executives, has closed a $25 million seed round of funding.
Investors include a16z itself, Laser Digital Ventures, Robot Ventures, Packy McCormick, Not Boring Capital and others.
The project is led by former a16z crypto CISO Nassim Eddekiouak and CTO Riyaz Faizullabhoy. They also worked for Meta Corporation for several years.
Bastion is designed to make it easier for firms to adopt blockchain-based technologies and attract new users.
“We see Bastion as the ideal place for consumer brands coming to Web3, like Nike and Starbucks, to create convenient and engaging experiences similar to Web2,” said startup co-founder Nassim Eddekiouak.
The company uses the funds received to scale its activities, attract new employees and obtain additional licenses for further diversification of services.
Bastion's "intelligent routing" system selects whether transactions occur on-chain or off-chain, providing scalability and efficiency for enterprise customers.
“Automatically routing off-chain interactions makes more transactions free, instant and completely private, ultimately leveraging the best elements of Web2 and Web3 for the ultimate user experience,” the project noted.
Previously, the blockchain startup Layer N raised $5 million in a seed round led by Peter Thiel's Founders Fund venture company and the decentralized investment group dao5.
Let's remember that in the second quarter, Web3 startups attracted about $1.8 billion in venture funding - a figure decreased by 76% compared to the same period in 2022.
Google allows ads for NFT-based games from September 15th
Google has announced an update to its policy on cryptocurrencies and related products, including games based on unique tokens (NFTs).
As of September 15, 2023, advertisers offering non-gambling NFT games will be able to advertise those products and services on the Google Ads platform if they meet certain requirements and are certified by Google.
NFTs are unique digital assets that can represent various objects such as art, music, videos, trading cards, etc.
They are stored on the blockchain and can be transferred or sold to other users. NFT games are video games that use NFTs as game elements such as characters, items, rewards, etc.
Google banned ads for cryptocurrencies and related products in 2018, but relaxed its policy in 2021 to allow ads for cryptocurrency exchanges and wallets in the US, subject to financial registration and legal compliance.
However, Google still bans advertisements for initial coin offerings (ICOs), decentralized finance protocols (DeFi), and any advertisements related to cryptocurrency or NFT gambling.
According to Google, the updated policy aims to “balance innovation and responsible advertising” in the cryptocurrency space. Advertisers wishing to promote NFT games must apply for certification from Google and prove that their products and services do not violate local laws in any region they target.
In addition, Google does not allow ads for NFT games where players can wager or win cryptocurrency or other NFT prizes. It is also prohibited to advertise sites, aggregators or consultants for cryptocurrency or NFT.
Google has warned that violation of this policy may result in the suspension of an advertiser's account. However, Google will not enforce this measure without prior notice seven days prior to a possible suspension.
MicroStrategy earned $1 billion thanks to the rise of Bitcoin.
MicroStrategy Inc. (NASDAQ: MSTR), which bills itself as the "largest independent publicly traded business intelligence company," has been investing in the first cryptocurrency for several years.
Yesterday's rise in Bitcoin brought the company a “paper profit” of $1 billion, the information resource Watcher Guru reported.
In October, the company acquired another 155 BTC worth more than $5 million. MicroStrategy now owns 158,400 BTC worth $5.6 billion at current rates.
MicroStrategy became the first public company to begin purchasing Bitcoin as a reserve asset in August 2020. Since then, the company has regularly increased its investments in the first cryptocurrency, using both its own funds and debt financing.
The company is the largest institutional holder of Bitcoin and has surpassed even such well-known funds as the Grayscale Bitcoin Trust and Tesla in this indicator.
Immediately after the first purchase, Saylor explained the rationale for investing in the first cryptocurrency: “This investment reflects our belief that Bitcoin, as the world's most widely accepted cryptocurrency, is a reliable store of value and an attractive investment asset with longer-term growth potential than holding cash. money".
Saylor has repeatedly expressed his belief that Bitcoin is a reliable store of value and an attractive investment asset with great growth potential. He also encouraged other companies and investors to follow his example and transfer part of their reserves into Bitcoin.
MicroStrategy is an American company that specializes in developing and selling business analytics software. The company was founded in 1989 and is headquartered in Tysons Corner, Virginia.
MicroStrategy offers its clients solutions for business analytics, mobile analytics, cloud analytics, artificial intelligence, hyperintelligence and other areas.
OKX will delist 26 trading pairs
Cryptocurrency exchange OKX notified users of the delisting of 26 trading pairs that “do not meet the criteria” of the trading platform.
According to the OKX administration, the delisting of trading pairs will be carried out in two stages.
On November 9, the pairs CELO/USDC, AXS/USDC, ENS/USDC, IOST/USDC, THETA/USDC, OMG/USDC, GMT/USDC, YFI/USDC, DASH/USDC, XTZ/USDC, NEAR/ETH, IMX will be removed /USDC, GMX/USDC, APE/BTC, AAVE/ETH, CORE/USDC, ALGO/BTC, DYDX/BTC and XLM/ETH.
On November 10, the OKX exchange will continue delisting. The second stage will remove the pairs HNT/USDT, BTM/USDT, PICKLE/USDT, QOM/USDT, SAITAMA/USDT, COVER/USDT and DHT/USDT.
Trading positions not closed prior to the delisting date will be canceled automatically and funds may take up to 3 business days to be credited to user accounts.
The exchange team reports that the selection of tokens included in the delisting list was formed based on user reviews and the results of an analysis of the effectiveness of quoted trading pairs.
OKX previously announced that it had reached the final stage of obtaining a virtual asset service provider (VASP) license in Hong Kong.
German giant DWS is preparing to launch trading in cryptocurrency ETFs
The German financial giant DWS Group, which manages client assets worth $900 billion, is preparing to launch trading in cryptocurrency ETFs.
In April, DWS entered into a partnership agreement with Galax Digital, which provides services related to digital assets to institutions.
As part of the cooperation, the Germans plan to begin providing services for the purchase and sale of cryptocurrency exchange-traded funds, which residents of the European Union can use.
DWS management hopes to attract new clients with the help of ETFs. However, not all employees of the company liked this idea.
According to Investment Director Björn Jesch, the organization's employees are divided into two camps. Some consider digital assets useless and predict collapse for them.
Others, on the contrary, highly appreciate the potential of cryptocurrencies and prove their position by the fact that Bitcoin costs $35,000.
At the same time, Yesh noted that the main problem faced by traders of digital assets is the unpredictability of changes in their exchange rate.
Björn argues that the price fluctuations of most coins cannot be accurately predicted due to the short trading history, lack of a central regulator (e.g. bank) and assets that support their value.
Bank of Spain study: 65% of Spaniards are not ready to use the digital euro
The Bank of Spain conducted a survey among 1,606 individuals and 1,616 small shop and hotel owners in Spain, asking them how they feel about the European Central Bank Digital Currency (CBDC)? It turned out that Spaniards have a low level of trust in the digital euro.
65% of respondents answered that they would not use it because they were satisfied with cash. Only 20% are willing to use the digital euro along with other payment methods.
The researchers also found that after cash, credit and debit cards come next in popularity. Payment applications and electronic payments are not in great demand, although compared to last year, they have become more common.
The report also notes that despite the Anti-Fraud Law introduced in 2021, which caps cash payments at €1,000, and a reduction in the number of ATMs in the country, Spaniards still prefer cash.
In addition, residents of Spain know little about the digital euro: only 20% of the population have heard about the possible launch of a CBDC. In addition to low awareness of the government stablecoin, the majority of users surveyed did not like the idea of a CBDC.
Moreover, preference for the digital euro decreases as age increases: young people are more open to new solutions. 34% of surveyed citizens aged 18 to 24 are ready to use the new payment technology, while only 7% of users over 65 are ready to try the digital euro.
The European Central Bank (ECB) has not yet made a final decision on the launch of a digital euro. After two years of research, the pilot project moved to the next preparatory phase.
The ECB is now selecting companies that could develop a platform and infrastructure for the state cryptocurrency. In September, ECB President Christine Lagarde said it could take at least two years for the digital euro to fully launch.
The Turkish government plans to introduce a tax on cryptocurrencies
The Turkish government plans to introduce a tax on cryptocurrencies next year and will complete a study to define digital assets in the Turkish legal system. This is reflected in the President's 2024 Annual Plan linked here.
It sets out several provisions relevant to cryptocurrencies. Particularly regarding the taxation of digital virtual assets, studies will be completed to define these assets in the Turkish legal system.
In this way, crypto assets will be clearly defined, and those who trade cryptocurrencies will be taxed on the profits they make from them.
There is an important issue in the 2024 Presidential Annual Program file regarding the exchange of crypto assets. The article under code 383.1 mentions new regulation of crypto exchanges and investor protection.
Taking measures to protect investors in this sector is very important. The lack of any regulation in the markets has led to the emergence of fraudulent structures. At the same time, the number of cryptocurrency investors has increased in Turkey.
More than half of Turkey's adults have turned to cryptocurrencies as they seek to protect their wealth and savings from rapid inflation and currency devaluation, according to a recent report.
52% of Turkish citizens aged 18 to 60 have invested in cryptocurrencies, up 12% from 40% in November 2021. This growth is especially noticeable among young women: 47% of women are involved in cryptocurrency.
Sharjah Digital Office Introduces Sharjah NFT Platform
Sharjah Digital Office has launched “Sharjah NFT”, an initiative designed to change the way certificates are issued and tracked. The innovation using Non-Fungible Token (NFT) technology was demonstrated at GITEX Global 2023.
Sheikh Saud bin Sultan Al Qasimi, Director of the Digital Office in Sharjah, has led a pioneering initiative to enable public and private organizations in the United Arab Emirates (UAE) to issue digitally verified certificates.
Using Soulbound Tokens (SBT), a non-tradable NFT, Sharjah Digital Office provides a simple method of storing and retrieving documents via QR code using the blockchain.
The "Sharjah NFT Platform" is the embodiment of Sharjah's commitment to a digital and sustainable future. Launched at the Sharjah Government Pavilion during GITEX Global 2023 with an eye-catching presentation, the platform promises user-centricity at its core.
Organizations ranging from government departments to private businesses can now issue authenticated certificates.
These digital records store non-fungible codes, marking a dramatic shift from traditional paper certificates. Sheikh Saud bin Sultan Al Qasimi said his office is "unwavering in its mission to introduce advanced technologies for the benefit of society."
He attributed the initiative for such innovation to His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, highlighting his vision to develop technological innovation in Sharjah while ensuring adaptability and efficiency across all sectors. Sheikh Saud added:
“The move to Sharjah's NFT platform is a significant shift from paper certificates to secure digital certificates. Not only are they easy to release, but they provide unrivaled reliability.”
Crypto exchange Binance has resumed accepting payments in euros
On October 19, the Binance cryptocurrency exchange resumed accepting payments in euros from clients registered on the global platform. Binance has entered into partnership agreements with several European companies.
Thanks to this, users of the trading platform can again make a deposit in euros, withdraw this fiat currency, and also use it to purchase digital assets.
However, some Binance clients complained about the inability to top up their balance in euros. Exchange representatives ask users who are unable to make a deposit in fiat currency to contact online support to quickly resolve this problem.
The exchange had to disable the options for depositing and withdrawing euros in September after the payment operator PauSafe stopped working with the company. The organization severed relations with Binance due to regulatory pressure on the platform from European regulators.
However, due to the termination of the partnership with PowerSafe, Binance has disabled support for British pounds and has not yet restored the option of depositing and withdrawing this fiat currency. Apparently, the company has not yet managed to secure the support of a company ready to process transactions in pounds.
Fidelity files new bid to launch Bitcoin spot ETF
Investment firm Fidelity has filed an updated application to launch a spot bitcoin exchange-traded fund (ETF) called the “Wise Origin Bitcoin Trust” with the US Securities and Exchange Commission (SEC).
The company took into account the problems cited by the SEC in rejecting the proposal. The updated application offers increased transparency, liquidity and security.
According to it, a spot Bitcoin ETF will allow investors to easily buy and sell shares of the Fidelity fund, without having to own the cryptocurrency themselves.
Fidelity has previously said it plans to expand into digital assets. Fidelity Investments CEO Abigail Johnson has been a vocal advocate for integrating cryptocurrencies into traditional finance and strives to increase their accessibility for investors.
Recently, information appeared in the media and social networks about the SEC's approval of iShares' application to launch a spot Bitcoin ETF.
Against this background, the price of Bitcoin soared above $29,000, but the news turned out to be fake. Analysts at the Coinglass service calculated that due to the jump in the rates of Bitcoin and other cryptocurrencies, traders lost about $154 million per day.
As a result of three confiscations, the United States received 200,000 BTC
Currently, the United States federal government's Bitcoin assets include approximately $5 billion worth of coins.
According to the Wall Street Journal, three recent seizures that resulted in the discovery of more than 200,000 BTC have made the United States one of the largest holders of Bitcoin in the world.
Well-known Chinese reporter Colin Wu said that the seized bitcoins mainly belonged to cybercriminals associated with the darknet.
The coins are now stored in encrypted hardware wallets owned by government agencies, including the US Treasury, the Internal Revenue Service and the Department of Justice.
The Federal Government is now awaiting the final court decision on confiscation, which will give it legal ownership of the seized assets.
This will allow the US Marshals Service, which is responsible for the sale of confiscated assets, to conduct liquidations. Sometimes this process takes years.
The US government makes extensive use of intelligence information to track the illegal ownership of assets for their subsequent confiscation.
Cryptocurrency supporters and investors, seeing an increase in government assets, are very concerned about possible massive sales of BTC in the market. which will cause a rapid and deep drop in the exchange rate.
Galxe returns funds to victims
The Galxe team said it would return assets totaling $396,287 to affected users.
According to the report, the company will compensate all lost funds and pay an additional 10%. The assets are planned to be returned in stablecoins USDT on the Polygon network.
Galxe said the attack affected about 980 users.
The team also published a table showing all the addresses that were affected by the attack. The company urged users who believe they were affected, but are not on the list, to contact support with evidence to correct the situation.
On October 6, the Galxe team informed users that its website was down and urged them to limit interaction with wallets.
Analysts believe that the fall of the US dollar will attract interest in XRP
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In particular, analysts at the investment company Jefferies Group suggest that the US dollar could fall even further as the country struggles with its debt. The US recently reached a peak debt portfolio of $33 trillion, which worried financial industry participants.
The quantitative tightening of the Federal Reserve System and the increase in interest rates have raised concerns about the “debt spiral” of the currency. As a result, a negative economic situation may also lead to an increase in prices for crypto assets to the level of competition with gold.
As a result, the government will continue to print the dollar to save the situation, but this could lead to a further collapse of the currency. In this situation, investors will be forced to switch to crypto assets in order to protect themselves from the crisis.
Jefferies Group also notes that XRP, Bitcoin and Ethereum have attracted increased interest from institutions, led by the world's largest asset manager BlackRock, which has filed an application for a Bitcoin ETF in the US.
XRP became the focus of attention of organizations after the July victory of Ripple Labs in the court case against the US SEC. The judge's decision provided legal clarity on the status of XRP.
Hong Kong Crypto Exchange JPEX Launches DAO Stakeholder Dividend Plan Amid Scandal and Arrests
Hong Kong's troubled crypto exchange JPEX has announced plans to move forward with its DAO Stakeholder Dividend Plan.
This decision comes amid the ongoing investigation into the financial scandal worth over HK$1.5 billion ($191 million) and the arrest of multiple suspects associated with the platform.
The unfolding scandal first came to light when Hong Kong's securities watchdog identified JPEX as an unlicensed platform and raised concerns about suspicious activities.
JPEX had earlier floated the DAO (decentralized autonomous organization) Stakeholder Dividend Plan with its users.
The proposal was passed with 68% voting in favor, the exchange announced in a blog post.
Under the dividend plan, investors are given the option to convert their assets into DAO stakeholder dividends at a 1:1 ratio, with the ability to claim these dividends two years later.
The exchange says that users who add fresh assets to this plan can anticipate a potential doubling of their payouts.
These dividends will take various forms, including revenue generated from listing fees for new platform tokens, trading fees from spot and derivative products, and corresponding JPEX coins based on the shareholder's dividend proportion.
JPEX has committed to distributing 49% of the stakeholder dividends, totaling a value of $400 million.
What has raised concerns among users is the shift of their assets into JPEX's own digital currency, JPC (JPEX coin), without clear information about exchange rates and the inability to withdraw these assets.
The move has left some users feeling as though their assets have turned into "waste paper."
The proposed plan has received criticism from users and financial analysts who have questioned the economic viability of the plan.
The crypto exchange said that it is exploring options like peer-to-peer trading to boost platform revenue and enhance user involvement in shaping the platform's development and business strategies.
However, some users have claimed they were compelled to accept the plan, as there was no voting option against it within the platform's app.
Earlier, South China Morning Post reported that some users complained that with this dividedn plan in action, they are unable to withdraw their funds.
Experts and investors alike are now keeping a close eye on the evolving situation, hoping that law enforcement can halt the platform's operations and protect user assets.
As investigations continue and more suspects linked to the case are arrested, the future of JPEX remains uncertain.
Grayscale Investments has applied to launch a futures ETF on Ethereum
Grayscale Investments has submitted a proposal to the SEC to launch an exchange-traded fund based on Ethereum futures traded on the CME . The Wall Street Journal writes about this.
The announcement is subject to the Securities Act of 1933, which regulates commodities and spot Bitcoin ETFs.
Grayscale previously filed for a similar product under the Investment Company Act of 1940, under which most exchange-traded funds are registered.
In September, digital asset manager Hashdex submitted a proposal to the SEC to launch an Ethereum-based ETF and CME-traded futures based on the second-largest cryptocurrency. The document is based on the Securities Act of 1933.
Grayscale took the initiative to launch an exchange-traded fund based on Ethereum futures after the court granted its request to convert GBTC into a spot Bitcoin ETF.
The appeals court agreed that the agency never explained why spot and futures exchange-traded funds based on the first cryptocurrency are significantly different.
In June 2022, the organization filed a lawsuit against the regulator for refusing to convert GBTC into an ETF. The company submitted a proposal to the SEC to convert the product in October 2021.
Earlier, JPMorgan analysts said that the court's verdict in the Grayscale case could bring closer the final approval of a spot exchange-traded fund based on digital gold.
As a reminder, Grayscale asked the SEC to “expeditiously” approve a spot Bitcoin ETF.
Coinbase asks Indian traders to withdraw funds by September 25
Cryptocurrency exchange Coinbase will stop serving Indian users who violate site standards. New users from India cannot register on the platform.
According to media reports, Coinbase sent emails to Indian traders saying that it would stop providing them with trading services after September 25th. By this date they must have time to withdraw all funds from their accounts.
Additionally, new users from India cannot register on Coinbase and are instead asked to download Coinbase Wallet.
A Coinbase spokesperson later clarified that the notice was not addressed to all Indian retail customers, but to those who no longer meet or have violated the exchange's updated standards.
The exchange representative noted that this will not affect the access of Indian citizens to Coinbase cloud services - they will still be able to use them through their account.
“It is possible that a recent routine review of our systems identified some accounts that no longer meet our updated standards.
Therefore, we will disable these accounts and customers can update their information later. Affected users' funds are safe and they can still withdraw their funds and send them to other cryptocurrency service providers until September 25th,” Coinbase said.
Coinbase opened a division in India in April 2022, but just a few days later the exchange stopped serving Indian users through the United Payments Interface (UPI) payment system due to pressure from local regulators.
Then Coinbase CEO Brian Armstrong said that the Reserve Bank of India (RBI) was interfering with the operation of the exchange in the country.
Lido Finance needs $1.5 million in funding
The P2P developers who manage the deployment of Lido Finance on Solana have submitted a funding proposal to the Lido DAO community.
They are requesting an investment of $1.5 million. Funds are needed to maintain and develop the project, in order to avoid the termination of activities based on this blockchain.
“We have made significant progress in the evolution of our product product. However, in order to continue our efforts and take Lido Finance on Solana to the next level, we are turning to Lido DAO for financial support,” said Yury Medyakov, Senior P2P Product Manager.
Representatives of the organization assured that they do not need the entire amount immediately, but within the next 12 months. The $1.5 million includes a $200,000 quarterly development fee, a $600,000 annual marketing budget, and $100,000 in customer support.
The P2P team expects to capture more than 1% of the staking market share on Solana and continue to develop the product. If Lido DAO is unable to provide the requested financial support, then there is an alternative.
Otherwise, a decision will be triggered to initiate the offer closing process, similar to what happened with Lido on the Polkadot and Kusama networks. If this happens, then the protocol will cease to work in Solana by February 2024.
P2P is an active participant in the Solana ecosystem, operating the validator on the network and maintaining the infrastructure for projects based on this blockchain. The startup team believes that scaling Lido Finance operations will be beneficial as the decentralized finance (DeFi) ecosystem grows on this blockchain.
According to DeFiLlama, Lido dominates the Ethereum-based liquid betting sector. The Total Value Locked (TVL) is about $14 billion, compared to only $50 million on Solana.
