Headlines
Coinbase approved to offer compliant crypto futures trading to eligible US customers
According to official sources, Coinbase Financial Markets has obtained regulatory approval from the US Commodity Futures Trading Commission (CFTC) designated organization National Futures Association (NFA) to operate as a futures commission merchant (FCM) and provide federally regulated cryptocurrency futures trading to eligible US customers. Coinbase will now become the first cryptocurrency-native company to directly offer both traditional spot crypto trading and regulated and leveraged crypto futures to verified customers, providing a comprehensive trading solution.
In an email sent to some users on August 14, PayPal announced that due to new regulations introduced by the UK Financial Conduct Authority (FCA), PayPal will temporarily suspend crypto purchases in the UK starting from October 1, 2023, and will resume in early 2024 with no specific date provided. PayPal did not specify the exact rules involved but stated that these rules will require "additional steps before customers can buy cryptocurrencies." Despite the inability to purchase cryptocurrencies, PayPal stated that users will be able to hold and sell their cryptocurrencies during the service interruption. PayPal did not specify whether users will be able to transfer cryptocurrencies to other wallets and exchanges, but at present, this feature appears to be only applicable to US users. (Cryptoslate)
Cryptocurrencies
According to Spot On Chain monitoring, 5.53 billion ARB tokens were transferred from the Safe multisig address labeled "Arbitrum: Investors ARB Vesting" 7 hours ago to 151 designated contract addresses, equivalent to approximately $631 million. Among these, the contract address starting with 0xdb2 received 8.75 million ARB, the highest amount received; 15 contract addresses received 58,700 ARB each, the lowest amount received. This may be in preparation for the first ARB unlock on March 16, 2024. Token Unlocks data shows that on March 16, 2024, an estimated total of 1.11 billion ARB tokens belonging to the ARB team and investors will be unlocked, equivalent to approximately $1.26 billion.
A certain smart address made a profit of $4.36 million by purchasing RLB, UNIBOT, and other tokens
According to Lookonchain monitoring, a certain smart address made a profit of $4.36 million by purchasing RLB, UNIBOT, and other tokens. The address spent a total of 3915 ETH on the purchases, currently realizing a profit of $1.11 million on RLB, $1.46 million on UNIBOT, and $1.79 million on the meme token BITCOIN.
crvUSD supply surpasses 100 million tokens, current price at $0.9999
The official Curve page shows that the crvUSD supply has surpassed 100 million tokens, reaching 102,054,049 tokens, with the current price of crvUSD at $0.9999.
0x0A0 starting address transferred 288.6 million BLUR tokens to Coinbase over the past two months
According to Spot On Chain monitoring, since June 14 (2 months ago), the address starting with 0x0A0 has received a total of 288.6 million BLUR tokens (valued at approximately $89.2 million) from the locking address (starting with 0x3f1) and has transferred all of them to Coinbase. Approximately 40 minutes ago, 49.37 million BLUR tokens ($13.32 million) were deposited into Coinbase Custody from the address starting with 0x0A0. It is worth noting that these BLUR tokens were unlocked from the locking address (starting with 0x3f1) yesterday, as part of the token unlocking process that occurs on the 15th of each month.
Bittrex: No need to pay $24 million settlement fee
According to a Bittrex Global press release, Bittrex does not need to pay any settlement fees to resolve the enforcement action. Bittrex Global's legal advisor, Andrew Michaelson, stated: "The outcome is unusual but satisfying, our client Bittrex Global does not need to pay any settlement money." (The Block) Previously reported, the bankrupt cryptocurrency exchange Bittrex and its CEO reached a $24 million settlement with the SEC, which had previously accused them of operating as an unregistered exchange in April.
Valkyrie submits Ethereum futures ETF application
Bloomberg ETF analyst Eric Balchunas tweeted that Valkyrie has just submitted an additional filing for their Ethereum futures ETF, as part of their 497 filing, aiming to implement the strategy change for a Bitcoin + Ethereum futures ETF earlier. Previously reported, Bloomberg ETF analyst Eric Balchunas stated that Valkyrie submitted a filing, planning to convert the Valkyrie Bitcoin Strategy ETF (BTF) to a "Bitcoin + Ethereum futures ETF" on October 3, two weeks earlier than the planned release date for the other 13 ETF filing documents.
Project News
Mantle Network's TVL exceeds $40 million within a month of launch
Odaily Planet Daily reports that Mantle Network's TVL exceeded $40 million within a month of launch, ranking seventh in Layer2, just behind Arbitrum One, OP Mainnet, zkSync Era, Base, Starknet, and Immutable X. The most prominent project in the Mantle ecosystem is the decentralized trading platform Agni Finance, with a TVL of over $23 million and a cumulative trading volume of $53.6 million. (The Block)
Bithumb Korea records operating loss of 3.442 billion KRW in Q2, sales decline by 60% year-on-year
Virtual asset exchange Bithumb's operating company, Bithumb Korea, recorded an operating loss of 3.442 billion KRW in the second quarter, turning from a profit of 38.42 billion KRW in the same period last year to a loss. Sales in the second quarter decreased by 60% year-on-year to 31.993 billion KRW. However, the net loss in the second quarter was 8.583 billion KRW, lower than the 43.3 billion KRW in the previous year. Bithumb's poor performance in the second quarter was due to a decline in virtual asset trading volume, leading to a slump in commission income. (Decenter)
Unibot launches unified trading terminal Unibot X
Unibot announced the launch of the unified trading terminal Unibot X, which can be accessed through the official link. Subsequent efforts will focus on separating the Telegram and web applications and implementing all features and expanding functionality in Unibot X. Future development content includes loyalty programs, security upgrades, documentation revisions, and multi-path routing support, among others.
Injective releases tokenomics upgrade, significantly increasing weekly INJ burn
Injective has released a tokenomics upgrade, significantly increasing the weekly INJ burn. All dApps built on Injective can contribute to the INJ burn auction, and there are no limits on the burn fees. This can make the on-chain economy driven by INJ more robust, and the burn auction can now derive value from all dApps in the Injective ecosystem.
DeFillama data shows that DackieSwap, the on-chain DEX of Base, has achieved a trading volume of $80.69 million in the past 24 hours, with a total trading volume of $233 million, surpassing SushiSwap ($142.95 million) and Uniswap ($56.6 million), becoming the DEX with the highest cumulative trading volume on the current Base chain. The total trading volume on the Base chain is currently $97.74 million. However, in terms of the TVL indicator, Uniswap still ranks first with a TVL of $6.61 million, followed by SushiSwap with a TVL of $6.36 million, and DackieSwap with a TVL of approximately $2.47 million, ranking third.
Investment and Financing
Cryptocurrency custody company BitGo has completed a $100 million financing at a valuation of $1.75 billion, with specific investor information not disclosed. BitGo stated that investors are from the US and Asia, with some from outside the cryptocurrency industry. This round of financing will be used for strategic acquisitions, with at least two transactions currently in progress. Previously, BitGo's investors included Goldman Sachs, DRW Holdings, and Galaxy Digital Ventures. BitGo is currently the custodian for FTX creditors, and other clients include financial services company Swan Bitcoin, blockchain developer Mysten Labs Inc., and apparel giant Nike Inc. (Bloomberg)
The South Korean metaverse platform Zepeto, in collaboration with Jump Crypto, has completed a $13 million seed round financing, with Jump Crypto leading the investment and Collab+Currency, Parataxis, MZ Web3 Fund, and Everest Ventures Group participating. Zepeto aims to integrate 3D environment ownership into its platform through the ZTX project to drive the adoption of cryptocurrencies.
Last month, ZTX conducted a beta test of its upcoming platform and recently partnered with Dust Labs (the developer of NFT projects DeGods and y00ts) to launch the community-centered project Partner Wearables, providing tools for IP holders to create 3D assets used in games. (Decrypt)
Layer 1 blockchain Linera, created by former Meta employees, has raised $6 million in new funding, with Borderless Capital leading the investment and participation from a16z, Laser Digital, ArkStream Capital, DFG, Jsquare, and CADENZA, among others. The project aims to introduce Web2-level scalability to Web3 applications through an infinite number of small user chains. The new funds will be used to expand the team, launch the protocol's development network and test network, and cultivate strategic influence in the Asia-Pacific region, as well as continue the development of its developer academy, among other initiatives. (CoinDesk)
The full-chain interoperable Layer 1 network ZetaChain has announced the completion of a $27 million equity financing round, with participation from Blockchain.com, Human Capital, VY Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, Kudasai, Krust, and others. (The Block)
ZetaChain aims to enable the transfer of messages and value between various blockchains, including non-smart contract chains such as Bitcoin and Dogecoin.
Web3 social data portal Port3 Network has announced the completion of a new round of funding worth millions of dollars, with participation from EMURGO, Adaverse Accelerator, Gate Labs, bringing the total financing to $10 million. Additionally, Port3 Network has received grants from Binance Labs, Mask Network, and Aptos. Port3 Network was founded in 2022 and is a portal website for acquiring and aggregating Web3 social data. Port3's SoQuest app allows projects to incentivize users to share their data through tasks and rewards. The Port3 team currently consists of 15 people.
Personalities* Voices
In response to previous reports citing sources that GSR is undergoing downsizing, GSR co-founder Rich Rosenblum responded, "GSR is operating well. We have successfully navigated three turbulent bear markets without raising external funds. The company's balance sheet is robust. Regardless of market conditions, we are continuously profitable and steadily increasing our market share. It is irresponsible to list personnel changes during the bear market and strategic changes in the same report."
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