Today's Headline Highlights:
Binance Labs announces investment in Arkham's native token ARKM
Bloomberg analyst: SEC likely to once again delay decision on Bitcoin spot ETF
Immutable plans to rebuild Immutable zkEVM testnet from November 20
Regulatory News
Bloomberg analyst: SEC likely to once again delay decision on Bitcoin spot ETF
Bloomberg analyst James Seyffart tweeted that the deadline for the SEC to make a decision on 3 Bitcoin spot ETF applications is approaching, and it is very likely that there will be a delay from the SEC. However, this will not change our view that the probability of 19b-4 approval before January 10, 2024 is 90%. In response to a question from a Twitter user about the possibility of Bitcoin spot ETF approval this week, Seyffart stated that the likelihood is less than 50% but greater than 0.
Rony Baltazar-Lopez, head of government policy and communications at the Delaware government, stated that the forged BlackRock XRP Trust documents have been submitted to the Delaware Department of Justice for processing. Earlier reports indicated that someone registered an entity called "iShares XRP Trust" on the Delaware state website and listed BlackRock Asset Management and its Managing Director Daniel Schwieger. The false documents led to a short-term price surge of over 10% for Ripple, but a BlackRock spokesperson later clarified that the regulatory document was forged and stated that BlackRock has no plans to launch an XRP spot ETF.
The Monetary Authority of Singapore (MAS) announced that it is collaborating with the financial industry to expand the asset tokenization plan and develop foundational capabilities to expand the tokenization market. MAS is launching a new fund workflow within the Project Guardian industry group, focusing on locally issuing Variable Capital Company (VCC) funds on digital asset networks to address tax, policy, and legal issues, while increasing distribution channels for asset management companies. MAS will work with the Accounting and Corporate Regulatory Authority (ACRA) to better assess opportunities and risks in adopting digital native VCC fund shares.
The industry group of Project Guardian, consisting of 17 financial institutions (FIs), has initiated five additional industry pilots to test promising asset tokenization use cases. This may pave the way for the integration of the entire capital market value chain, including listing, distribution, trading, settlement, and asset services.
Project Updates
German commercial bank obtains cryptocurrency custody license
According to Bloomberg, Commerzbank AG, headquartered in Frankfurt, has obtained a cryptocurrency custody license, enabling the bank to "establish a broad range of digital asset services, especially in crypto assets." The bank stated that it is the "first German full-service bank to be licensed."
Reports suggest that this move indicates that European banks, initially cautious about entering the cryptocurrency market due to related risks and potential money laundering, are now cautiously entering the market.
Global X submits revised Bitcoin spot ETF prospectus
James Seyffart, an ETF analyst at Bloomberg, stated on the X platform that Global X has submitted a revised Bitcoin spot ETF prospectus. This means that only WisdomTreeFunds and Franklin are the remaining applicants (out of 12) who have not submitted a revised prospectus.
Previously in August, New York-based ETF issuer Global X submitted a Bitcoin spot ETF application to the U.S. Securities and Exchange Commission (SEC) and designated Coinbase as its monitoring shared partner. Investors will be able to indirectly gain exposure to Bitcoin through this fund. This is also the ninth active Bitcoin spot application submitted to the SEC. According to previous reports, GlobalX also submitted a Bitcoin futures ETF application to track the CoinDesk Bitcoin Trend Index.
Optimism: Canyon hard fork has been activated on the testnet
According to official sources, Optimism announced that the Canyon hard fork has been successfully activated on the testnet. The Canyon upgrade includes support for the Shanghai and Capella hard forks and fixes for some minor bugs. Canyon also made specific adjustments to the OP Stack. This upgrade will increase the denominator of EIP-1559 from 50 to 250 to reduce the speed of block basefee increase when the gas target is exceeded. Users will not be affected by this testnet upgrade. Node operators need to upgrade their nodes after the Canyon upgrade.
OKX launches new ZK Layer2 network X1 using Polygon CDK
Cryptocurrency exchange OKX and Polygon Labs have launched a testnet for a zero-knowledge layer 2 network called "X1," where OKX's platform token OKB is expected to be used as the native token for paying gas fees on X1. In a statement, OKX stated that the new ZK network X1 based on Ethereum will be built using the Polygon Chain Development Kit (CDK), with OKX being a core contributor to the kit and planning to "invest a significant amount of engineering resources to enhance the technical stack of Ethereum's scaling solutions." The company added that X1 will serve as OKX's new native network, utilizing ZK proofs to "make it highly secure and scalable, while also reducing transaction costs." According to the official roadmap, DApp integration, performance stress testing, and extensions based on EIP-4844 are planned for the fourth quarter of 2023, with the mainnet launch and introduction of zkBridge, zkOracle, and zkDEX in the first quarter of 2024, and major partners deploying DApps on the X1 mainnet.
According to the announcement from the Hong Kong Stock Exchange, Hong Kong-listed company Boya Interactive plans to increase its holdings of cryptocurrencies. It is currently expected to purchase approximately $45 million worth of Bitcoin and $45 million worth of Ethereum, as well as an additional $10 million worth of stablecoins USDT and USDC. The highest premium percentage for the purchase of the related cryptocurrencies will not exceed 10% of the market price. The potential cost of purchasing cryptocurrencies will be paid in cash and will be funded by the idle cash reserves generated by the group's operations in Hong Kong and overseas.
The potential purchase of cryptocurrencies will be conducted on regulated and licensed trading platforms in the public market, including but not limited to HashKey Exchange. Boya Interactive may also continue to explore potential cryptocurrency purchases on other regulated and licensed trading platforms within the authorized scope. In addition, the group has established a dedicated regulatory team to regularly monitor the licensing and regulatory environment of the trading platforms and ensure that the platforms used by the group are safe and accredited.
Previous news reported that Hong Kong-listed company Boya Interactive requested shareholder approval for a plan to purchase up to $100 million worth of cryptocurrencies.
OSL's parent company BC Technology Group resumes trading on the Hong Kong Stock Exchange
OSL, a licensed virtual asset exchange in Hong Kong, has resumed trading on the Hong Kong Stock Exchange. The closing price before the resumption was 4.92 Hong Kong dollars, and the opening price today was 4.97 Hong Kong dollars, reaching a high of 5.1 Hong Kong dollars, and is currently trading at 4.73 Hong Kong dollars.
Immutable plans to rebuild Immutable zkEVM testnet from November 20
According to the official blog, Web3 gaming platform Immutable (IMX) plans to rebuild the Immutable zkEVM testnet for three days starting from November 20. During the rebuilding period, the testnet and its services will be unavailable. The team will use this time to upgrade fiat gateways, DEX integration, EVM monitoring, transaction relayers, etc., to ensure the optimal functionality of the new client. After the rebuilding is completed, developers will need to redeploy smart contracts on the testnet, and assets will need to be reminted.
Previous news reported that Immutable released the mainnet launch roadmap. In November, it plans to rebuild the Immutable zkEVM testnet, upgrading its first EVM client from Polygon Edge to Geth to ensure that Immutable zKEVM is as close to Ethereum as possible and fully compatible with the entire Ethereum tool ecosystem. From December to January next year, the zkEVM mainnet will be launched, with invitations to developers to join before being open to the public. In 2024, Immutable will provide a dedicated application chain with a technology stack and features similar to Immutable zkEVM but with a unique level of customization. Finally, it will introduce zk-prover and provide a trustless Ethereum-to-Immutable zkEVM cross-chain bridge.
BendDAO announces future roadmap, plans to launch V2 version in the second quarter of next year
According to the official announcement, NFT lending platform BendDAO has announced its future roadmap, with major milestones including completing the development and comprehensive upgrade of the V2 product prototype in the fourth quarter of 2023, launching a beta version in the first quarter of 2024 to collect user feedback, officially launching the V2 version with new features and enhanced user experience in the second quarter of 2024, and updating the V2 token economics and implementing on-chain governance in the third quarter of 2024 to encourage more community participation in decision-making.
HashKey Exchange announces token listing fee policy: expected to be between $50,000 and $300,000
The Hong Kong licensed exchange HashKey Exchange has officially announced its token listing fee policy. HashKey stated that applicants seeking listing should pay an application fee of $10,000 or the equivalent when submitting the listing application form to enter the token review process at HashKey Exchange. The application fee is non-refundable, and paying the application fee does not guarantee a successful listing on HashKey Exchange.
In addition, applicants are required to pay a one-time listing fee before the token is officially listed. The listing fee will be determined based on the complexity, unique features, and trading structure of the token, and the difference may be significant. It may also be influenced by the participating team, expert opinions, and the regulatory approval process. HashKey Exchange stated that the token listing fee on its platform is expected to be between $50,000 and $300,000, with the specific amount depending on factors such as the token type, trading structure complexity, due diligence, and compliance, as well as expert opinions and consulting services.
HashKey Exchange to launch Cosmos (ATOM) for professional investors
According to the official announcement, HashKey Exchange will launch Cosmos (ATOM) for professional investors. User deposits and withdrawals are now open, and trading of the ATOM/USD trading pair will be available from 16:00 Beijing time on November 17. As per the requirements of the Securities and Futures Commission (SFC) in Hong Kong, professional investors are defined as high-net-worth individuals with investment portfolios of at least HK$8 million.
US court dismisses Dfinity's defamation lawsuit against Arkham and The New York Times
A US court has dismissed the defamation lawsuit filed by decentralized computing platform Internet Computer (ICP) developer DFINITY against blockchain analytics platform ARKM Intelligence and The New York Times (NYT). Arkham and The New York Times published reports on the sharp decline of ICP in 2021, and The New York Times reported on the content. Dfinity claimed that the report was false. Chief Judge Lewis Kaplan stated that "Arkham claimed that Dfinity insiders defrauded billions of dollars by dumping ICP on exchanges, which does not constitute defamation, and for the same reason, The New York Times is not liable."
DWF Labs collaborates with Kava to promote the development of the DeFi ecosystem
Web3 investment company DWF Labs announced in its official blog that it has established a strategic partnership with Layer 1 blockchain Kava Chain. The partnership aims to accelerate the development and improvement of Kava's DeFi ecosystem, especially its decentralized exchange (DEX).
As part of the partnership, DWF Labs will provide strategic insights covering risk management, clearing, fee structures, trading products, and market maker plans for the DEX based on Kava Chain. DWF Labs will also integrate and launch up to 10 proprietary trades for Kava Chain DEX and perpetual DEX. Additionally, DWF Labs commits to establishing a significant trading position by targeting at least 7.5% of the total trading volume on Kava Chain DEX.
Binance has released a report titled "Data Insights: Overview of Cryptocurrency Financing," compiling financing charts and insights from the past year. The key points include: 1. Despite a downward trend in 2023, the market has shown resilience, with trading and investment maintaining stable growth. In this continued growth, gaming and infrastructure projects have occupied a considerable share. 2. Since the beginning of this year, the proportion of traditional VC participation in investments has increased to 45%, and the gap between traditional VCs and Web3 investors has gradually narrowed. Hack VC is a leading traditional venture capital firm, diversifying its investments in gaming and infrastructure. 3. In the past four quarters, infrastructure projects have consistently received the most funding, with the quarterly financing total gradually increasing from 26% in the fourth quarter of 2022 to 44% in the third quarter of 2023.
Poloniex: Wallet maintenance is almost complete, full service will resume after the audit
According to PANews on November 15, the cryptocurrency exchange Poloniex stated that wallet maintenance is almost complete, and the Poloniex trading system is running smoothly. It is strengthening security through an upcoming audit, and after the audit is completed, Poloniex will fully resume its services.
Circle launches Alliance Program to expand the use of USDC and enhance cross-border payments
According to the official blog, stablecoin issuer Circle has announced the launch of the "Circle Alliance Program," aimed at uniting enterprises, institutions, and protocols using Circle stablecoins and Web3 services in the international financial technology, traditional finance, consumer applications, payments, banking, and Web3 fields. Their common goal is to promote the development and growth of the Internet financial system, expand the use of USDC, enhance cross-border payments, and provide digital financial services.
The Circle Alliance Program has over 250 partners in more than 40 countries, expanding the use of digital dollars, enhancing cross-border payments, and providing digital financial services. Circle stated that the program will help drive the growth of blockchain and USDC.
The Cosmos Hub community is currently voting on the "ATOM Reduction: Setting the Maximum Inflation Rate to 10%" proposal, which aims to reduce the maximum inflation parameter from 20% to 10%, bringing the current inflation rate of ATOM to 10% and lowering the staking annual interest rate from 19% to 13.4%. The voting deadline is November 26.
Financing News
Cryptocurrency exchange Blockchain.com has completed a $110 million Series E strategic financing, led by UK investment firm Kingsway Capital, with participation from Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures, and other companies. Blockchain.com has added two board members, one from Kingsway and one from Lakestar. According to an insider, the company's valuation is now less than half of its $14 billion valuation from spring 2022. Last fall, Blockchain.com completed a strategic financing round led by Kingsway Capital, with Kingsway Capital founder Manny Stotz becoming an advisor to the company. In March last year, Blockchain.com completed a Series D financing round, led by Lightspeed Venture Partners, reaching a post-investment valuation of $14 billion.
Binance Labs announces investment in Arkham's native token ARKM
According to the official blog, Binance Labs has announced an investment in Arkham's native token ARKM. Arkham is an AI-driven blockchain intelligence and data platform that provides detailed information and visualization tools for on-chain activities.
The protocol introduces the world's first on-chain intelligence exchange—Arkham Intel Exchange, a decentralized intelligence economy that can match buyers and sellers of blockchain intelligence on a large scale and allow users generating intelligence to earn value. Through Arkham's "Intel-to-Earn," the platform incentivizes the production of intelligence as a public good through bounties, auctions, and transactions and rewards supported by the ARKM token. Additionally, its data program rewards users submitting intelligence for training its proprietary AI engine ULTRA.
Former executive from Genesis joins VersiFi as co-CEO, VersiFi completes $10 million financing
According to Bloomberg, Martin Garcia, former Managing Director and Co-Head of Trading and Loans at the now-bankrupt crypto lending company Genesis Global, has joined VersiFi as co-CEO and will lead the digital asset wholesale brokerage firm's expansion into lending and other services. VersiFi also announced raising $10 million from Wall Street investment firm Hunting Hill Global Capital (previously reported in July that VersiFi received seed funding from Hunting Hill Group, but the specific amount was not disclosed at the time). It is expected that lending activities will rebound due to the potential approval of a Bitcoin ETF in the US.
VersiFi, established in New York, is currently seeking registration in the British Virgin Islands. Sameer Shalaby, co-CEO of VersiFi, stated that the company plans to launch lending and trading operations in the first quarter of next year. Global left Genesis in August 2021, and prior to Genesis, he worked at SecondMarket for over seven years.
Mining News
Phoenix Group's $370 million IPO, the first listed crypto company in the Middle East
Phoenix Group, valued at 1.36 billion dirhams ($370 million), will conduct its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). Phoenix Group is a data center and crypto mining company, with an offering price set at 1.5 dirhams per share. It will become the first privately-owned cryptocurrency and blockchain entity to be listed on a stock market in the Middle East. Phoenix Group provides a range of services, including cloud mining, data center hosting, cryptocurrency trading, and Web3 game publishing and distribution, and is the exclusive distributor of Bitmain mining equipment.
Key Data
SEC filed 784 enforcement actions in the 2023 fiscal year, with fines of nearly $5 billion
The US SEC has released its enforcement results for the 2023 fiscal year. The report shows that the SEC filed 784 enforcement actions, a 3% increase from 2022. The enforcement actions resulted in fines totaling $49.49 billion, second only to the $64 billion in 2022, marking the second-highest in history. The SEC stated that the 2023 fiscal year was a fruitful year for enforcement work. The cases it focused on investigating involved areas such as cryptocurrency, cybersecurity, false statements by listed companies, and market manipulation.
Net capital inflows into the crypto market for the first time in 17 months
Data from Glassnode shows that funds flowing into the crypto market via stablecoins or tokens pegged to the US dollar have seen net inflows for the first time in over a year. The 90-day net change in the supply of the four major stablecoins—Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI)—has notably turned positive, marking the first time since the mid-May 2022 Terra crash.
DYDX to undergo a $500 million token unlock on December 2
According to CoinDesk, DYDX tokens have risen by over 20% in the past 24 hours, with only 16 days left until early investors and core team members unlock over $500 million worth of tokens, scheduled for 8:00 am on December 2 (Beijing time). Token.unlocks data shows that there are currently 179 million DYDX tokens in circulation, and the unlocking of tokens will increase the circulating supply to 395 million. The unlock was originally scheduled for January this year but was postponed to December, a decision that drove up the price of DYDX tokens earlier this year.
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