U.S. Marshals Service Selects Coinbase as Digital Asset Custody and Trading Provider
According to the USMS announcement, the U.S. Marshals Service under the U.S. Department of Justice has selected Coinbase Prime as its "Class 1" large-cap digital asset custody and trading service provider. Coinbase stands out for its strong security record and institutional-level encryption service capabilities. Since its launch three years ago, Coinbase Prime has become the preferred platform for institutions and large crypto asset holders.
The US SEC has confirmed that it has received the Hashdex Crypto Index ETF application, which will hold both spot Bitcoin and Ethereum
Nate Geraci, president of The ETF Store, tweeted that the U.S. SEC has confirmed receipt of the 19b-4 application for the Hashdex Nasdaq Crypto Index US ETF. The fund will hold both spot Bitcoin and Ethereum.
Binance.US: The ruling on the continued US SEC lawsuit has been prepared, and the case will enter the further evidence discovery stage
Binance.US said on the X platform that the court ruled that the U.S. Securities and Exchange Commission (SEC) lawsuit against it will continue. The company is prepared for this and looks forward to the case going smoothly in the judicial process. Binance.US emphasized that it has been serving local customers in accordance with U.S. rules and regulations, maintaining a 1:1 customer asset reserve, and has a sound compliance and risk program. The company said that it has been operating in compliance with the SEC's limited guidance, but unfortunately became a victim of the SEC's enforcement-style supervision and politically motivated over-regulation. Next, the case will enter the further discovery phase. In the 11-month discovery process so far, the SEC has not found any misconduct by Binance.US. The company firmly believes that the SEC's lawsuit has no factual and legal basis, and the Commission lacks the corresponding authority. Binance.US said it will continue to serve customers and launch new features and updates. Its business foundation is solid and its commitment to providing Americans with access to digital assets will not change.
Silvergate to pay $63 million to settle with SEC, Fed and California regulators
According to CoinDesk, Silvergate Capital Corp., the parent company of crypto-friendly bank Silvergate Bank, has agreed to pay $63 million to reach a settlement with the U.S. SEC, the Federal Reserve and the California Department of Financial Protection and Innovation (DFPI). It is reported that Silvergate was fined $43 million by the Federal Reserve and $20 million by California regulators. The SEC also fined it $50 million, but the total fine is not expected to increase. The settlement agreement is subject to court approval. According to previous news, the U.S. SEC sued crypto bank Silvergate Capital in a federal court, accusing it of securities fraud. The SEC said that after the collapse of FTX in 2022, Silvergate misled investors about its bank confidentiality system, anti-money laundering compliance program and poor financial condition.
Circle has been granted an Electronic Money Institution (EMI) license by the French regulator
According to CoinDesk, stablecoin giant Circle has obtained an Electronic Money Institution (EMI) license issued by the French regulator, allowing it to issue EURC and USDC within the European Union to comply with the requirements of MiCA (EU Market Crypto Assets Regulation).
Robinhood acquires AI investment research company Pluto Capital to provide users with intelligent trading tools
According to Cointelegraph, Robinhood users will soon be able to use AI tools to make smarter trades after the company announced the acquisition of AI-driven investment research company Pluto Capital. Robinhood said in a statement on July 1 that Pluto's AI will provide Robinhood traders with personalized investment strategies, data analysis tools and real-time insights to help them "make smart decisions quickly and confidently." The acquisition will also allow Pluto's founder and CEO Jacob Sansbury to join Robinhood to assist in developing product roadmaps and integrating AI technology. According to Robinhood, the AI tool will help optimize investors' portfolios by assessing each Robinhood user's risk tolerance, investment goals and past trading records. Pluto's large language model is able to access global financial data in real time, including stock prices, news articles, company financials, and reports and filings from the U.S. Securities and Exchange Commission, thereby "identifying trends and opportunities faster and providing investors with a competitive advantage."
Arthur Hayes: Holding cryptocurrency is the best way to preserve value in a new round of inflationary economic cycle
BitMEX co-founder Arthur Hayes wrote that we are at a critical historical turning point, and the global economic and geopolitical landscape is undergoing profound changes. Hayes emphasized that although the future is full of uncertainties, including which economic steady state will end, which country will lead the future, and the specific shape of the trade finance architecture, he is convinced that this transformation process has shown a clear general direction. Against the background of global inflation, Bitcoin's performance has been particularly impressive, not only outperforming stocks, but also effectively resisting the depreciation of fiat currencies, fully proving its potential as a safe-haven asset. Hayes reminded investors that in the new economic cycle, they should pay close attention to changes in the fiscal deficit and total non-financial bank credit. These indicators are crucial to understanding the current economic situation and future trends. Hayes believes that we are in the midst of a new state-centric and highly localized inflation cycle. According to the latest forecasts, the U.S. budget deficit will expand sharply to $1.915 trillion in fiscal year 2024, a record high, mainly due to a significant increase in government spending. That's good news for those worried that Biden won't keep the economy alive with more spending ahead of the election. The Atlanta Fed expects real GDP growth to be as high as +2.7% in the third quarter of 2024. For those who are worried about a recession in Pax Americana, if we encounter a crisis of the same level as in 2008 and 2009, the decline in private economic growth will hardly exceed that of government spending, and the overall recession is unlikely. However, it should be noted that the financial difficulties of civilians still exist, and the overall trend of Pax Americana is moving forward. In response to the current loose fiscal and monetary policy environment, Hayes recommended that investors consider cryptocurrency as a means of preserving value. He wrote: "Holding cryptocurrency is the best way to preserve value." He believes that with the continued expansion and centralized allocation of credit in the banking system, traditional currencies may face the risk of depreciation. Therefore, when conditions permit, flexibly adjusting asset allocation and moderately increasing the proportion of cryptocurrency holdings may provide investors with more protection.
Paxos receives approval from the Monetary Authority of Singapore to issue stablecoins and will cooperate with DBS Bank
According to The Block, Paxos announced that it has obtained full approval from the Monetary Authority of Singapore (MAS), and its Singapore entity Paxos Digital Singapore Pte. Ltd. can provide digital payment token services as a major payment institution. Paxos will be able to issue stablecoins based on the MAS's upcoming stablecoin framework. At the same time, DBS Bank will become Paxos' partner in cash management and stablecoin reserve custody. It is reported that Paxos has previously been approved to issue stablecoins in the United States and the UAE. So far, a total of 19 crypto companies have obtained Singapore's Major Payment Institution (MPI) license, including Paxos, Blockchain.com, Circle and Coinbase.
Uniswap Wallet and Transak Partner to Provide Fiat Currency Access Services
According to The Block, Uniswap Wallet has partnered with Web3 payment infrastructure provider Transak to provide fiat currency deposit services, enabling users to purchase cryptocurrencies with fiat currency directly in the Uniswap wallet. This move will simplify the process of users entering DeFi and support a variety of global and local payment methods from more than 160 countries, including Apple Pay and Google Pay.
Zeta Markets: Genesis Epoch will start on July 25, with an incentive pool of 8 million ZEX
Solana DeFi derivatives platform Zeta Markets announced that it has distributed 8% of the token supply (80 million ZEX) to 80,000 traders. Another 30% (300 million ZEX) will be used for platform incentives in the next 90 cycles. The Genesis Epoch will start on July 25, with an incentive pool of 8 million ZEX. Staking ZEX before July 25 will qualify for pledged airdrops (20 million ZEX).
Keith Gill has declared a 6.6% stake in Chewy
According to SEC documents, well-known investor "Roaring Kitty" Keith Gill has declared that he holds 6.6% of Chewy ($CHWY). Coinmarketcap market shows that CHWY has risen by more than 200% in the past 24 hours.
Mint Blockchain officially launches Public Mainnet, opening the network to the community
Ethereum L2 network Mint Blockchain has released Public Mainnet today, opening the network to community users. According to Mint Ecosystem, since the release of Dev Mainnet on May 15, after more than a month of development, more than 100 ecological partners have joined the Mint ecosystem, including Superchain, Routescan, ZAN, NFTScan, imToken, Owlto Finance, Supra, MintSwap, DeFiLlama, Token Pocket, GoldSky, Coin98, Revoke, ERC404, AlienSwap, Intract, Mintpad, Galxe, OmniHub, SpaceID, SocialScan and other high-quality blockchain infrastructure and protocols, which have completed support for Mint Mainnet. In addition, according to the Mint community, Mint Blockchain will launch the mainnet event in July to encourage Web3 developers and community users to participate in the construction of the Mint Blockchain mainnet.
Philippine users can now use Tether’s USDT to pay social security premiums on the TON chain
According to Tether’s official Twitter account, users in the Philippines can now use USDT to pay for Social Security System funds on the TON blockchain through Uquid.
Shared sorting network Astria completes $12.5 million financing, led by dba and Placeholder VC
According to CoinDesk, the shared sorting network Astria has completed a strategic financing of US$12.5 million, led by dba and Placeholder VC, and participated by RockawayX. Maven11, 1kx, Figment Capital and Batu are returning investors, angel investors include Yuki, DCBuilder, Hasu, Will Price and Jason Yanowitz, and Bankless Ventures also participated. The funds will be used to continue the development of the Astria sorting layer and Astria Stack, allowing anyone to deploy permissionless aggregation without relying on centralized sorters. The on-chain NFT network Forma has been launched on the Astria Stack.
Bloomberg: Northern Data considers valuing its AI unit at $16 billion in U.S. IPO
According to Bloomberg, Northern Data AG is in talks with potential advisers to merge its AI cloud computing (Taiga) and data center (Ardent) businesses for an IPO in the U.S. with a valuation of up to $16 billion, according to people familiar with the matter. The company has invited several institutions to bid for the advisory role and may appoint a lead bank in the coming months. It plans to land on Nasdaq as early as the first half of next year. The bank's valuation is recommended to be between $10 billion and $16 billion, and the company may also sell a minority stake in the business unit to investors before such a listing. People familiar with the matter said that discussions are still ongoing, details may change, and the company may decide not to continue considering strategic options. Representatives of Northern Data declined to comment.
Northern Data shares are down about 5% this year, giving it a market value of about $1.4 billion. The move comes amid a wave of investment in AI cloud computing. Northern Data told analysts and investors in November that it was considering a separate IPO for its cloud computing unit and planned to list its bitcoin mining business in the United States. According to a statement in May, the company's U.S. bitcoin mining unit Peak Mining is actively building or developing nearly 700 megawatts of data centers, which would make it one of the largest cryptocurrency miners in the United States. However, falling crypto mining profit margins have prompted miners to transform their high-energy data centers into digital infrastructure to support generative artificial intelligence applications. In November, Northern Data received a 575 million euro debt financing facility from stablecoin company Tether Group and completed the acquisition of Tether's 400 million euro investment vehicle in January. The company is using the funds to buy the most sought-after Nvidia chips and will deploy about 20,000 H100 AI chips by the end of this summer.
A whale/institution transferred 1,800 BTC to Binance in the early morning, equivalent to about 114 million US dollars
According to on-chain analyst Yu Jin, after a whale/institution transferred 1,800 BTC (about $114 million) to Binance at 1:40 a.m., the price of BTC began to fall, from $63,800 to the current $62,900. This whale/institution previously withdrew 6,725 BTC (about $457 million) from Binance and OKX during 6/20-21. However, perhaps because he was not optimistic about the market, he began to transfer BTC to Binance from 6/27. In the past 5 days, 3,481 BTC (about $217 million) were transferred to Binance at an average price of $62,300. He also holds 7,867 BTC (about $494 million).
Bitcoin hashrate drops to lowest level since December 2022, suggesting market may have bottomed
According to Cointelegraph, the Bitcoin hashrate decline indicator has reached its lowest level since December 2022, a trend that follows the FTX crash and the last bear market trough, suggesting that the market may have bottomed out. CryptoQuant data shows that the real Bitcoin hashrate decline rate is currently -7.6%, providing a strong signal for the market bottom. At the same time, several key indicators such as Bitcoin exchange reserves, miner position index (MPI) and Bitcoin miner reserves all show low selling pressure, further supporting the judgment of the market bottom. Capriole founder Charles Edwards pointed out that the Bitcoin hashrate band indicator issued a buy signal, reflecting the slowdown in network computing power. Market analyst Will Woo said that the market will not reach new highs until weaker miners are forced to shut down operations. Recently, the withdrawal volume of Bitcoin miners fell by 90% after the halving, further indicating that selling pressure has eased and Bitcoin prices are expected to continue to rise. Prices are expected to rise further.
Polkadot’s first half financial report: expenditures reached $87 million, and the treasury has about two years of funds in reserve
The Polkadot community recently released an operational overview report of its treasury in the first half of 2024. The key information is as follows: 1. In the first half of 2024, Polkadot treasury expenditures reached US$87 million (11 million DOTs), of which 13% were paid through executive agencies (bounties and collectives); 2. In the first half of 2024, Polkadot treasury expenditures reached US$87 million (11 million DOTs), of which 13% were paid through executive agencies (bounties and collectives); 3. Stablecoins: US$8 million of the cash reserves are USDT and USDC stablecoins, and another 2.5 million DOTs (approximately US$16 million) are used for the continued acquisition of stablecoins; 4. Designated assets: US$24.5 million (3.8 million DOTs) were allocated to Polkadot's multiple executive agencies (collectives and bounties) for strategic initiatives such as marketing, DeFi tools, games, and business development. Another $6.4 million (1 million DOT) was used for airdrop activities in the gaming sector; 5. Polkadot has injected 1.6 million DOTs (about $10 million) of its own assets as liquidity into the DeFi market in the ecosystem; 6. At the current spending rate, the Polkadot treasury has about two years of funds in reserve, but the volatility of cryptocurrency treasuries makes accurate predictions difficult, which has triggered widespread discussions ranging from stricter budgeting methods to adjustments to system inflation parameters.
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