Today's news tips:
Senator Lummis plans to announce legislation to make Bitcoin a strategic reserve asset at Bitcoin Conference
US Vice President Harris will not speak at 2024 Bitcoin Conference
Report: OpenAI could lose $5 billion this year and run out of cash within 12 months
Coinbase Asset Management Plans to Launch Tokenized Money Market Fund
Prediction market platform Polymarket’s total trading volume exceeds $1 billion
Ethereum spot ETF's second trading day trading volume was about $951 million, with a net outflow of $133 million
Baichuan Intelligent confirmed the completion of 5 billion yuan in Series A financing and will start Series B financing with a valuation of 20 billion yuan
Web3 infrastructure platform Caldera completes $15 million Series A financing, led by Founders Fund, with participation from Sequoia Capital and others
Regulatory News
Senator Lummis plans to announce legislation to make Bitcoin a strategic reserve asset at Bitcoin Conference
According to FOX Business, U.S. Senator Cynthia Lummis of Wyoming plans to announce legislation at the Nashville Bitcoin Conference that would require the Federal Reserve to hold Bitcoin as a strategic reserve asset. Lummis's plan is still uncertain and the announcement may be delayed. The move is aimed at making Bitcoin a mainstream financial asset and gaining support from the president and Congress. Lummis' team hopes that Trump will support the bill and announce it at the conference on Saturday.
US Vice President Harris will not speak at 2024 Bitcoin Conference
David Bailey, CEO of Bitcoin 2024, said on X Platform: “Vice President Harris will not speak at Bitcoin 2024. This is not surprising. What can she say to us when she is actively jailing developers, forcing our industry to go overseas, and attacking proof of work (PoW)... This would have been a disaster for her. Now, all eyes are on Trump.”
India to announce its crypto policy stance by September after consultation with stakeholders
According to CoinDesk, India plans to release a discussion paper outlining its cryptocurrency policy stance by September. Ajay Seth, secretary of economic affairs at the Indian Ministry of Finance, said the document will invite stakeholders to comment. Currently, an inter-ministerial group, including the Reserve Bank of India (RBI) and the market regulator (SEBI), is studying a broader cryptocurrency policy. Although India does not have comprehensive cryptocurrency legislation, it imposes high taxes on the industry and requires crypto entities to register and comply with anti-money laundering (AML) and terrorist financing standards.
Coinbase's CB Payments Limited fined $4.5 million by FCA for "high-risk" customer violations
According to Bloomberg, the UK regulator has taken control of cryptocurrency money laundering for the first time, and a subsidiary of Coinbase Global Inc. has been fined 3.5 million pounds ($4.5 million) for providing crypto asset trading services to high-risk customers. The Financial Conduct Authority (FCA) of the United Kingdom said on Thursday that CB Payments Limited repeatedly violated the voluntary agreement and provided services to 13,416 high-risk customers, of which about 31% of customers deposited about $25 million, and these funds were then traded for about $226 million through Coinbase Group entities.
“We believe our investments in compliance are among the best in the market and that our customers should feel safe and protected when using our platform,” Coinbase said in a blog post. CBPL does not offer crypto asset trading but acts as a gateway for customers to trade through other entities within the Coinbase Group. The agreement was reached in October 2020 after the Financial Conduct Authority expressed concerns about the company’s financial controls.
Coinbase has not publicly said how many customers it has in the UK, but the UK is its second-largest market after the United States. It has an e-money license and is on the Financial Conduct Authority's anti-money laundering register for crypto asset businesses. Therese Chambers, joint executive director of the UK FCA and market supervision, said: "The money laundering risks associated with cryptocurrencies are obvious and must be taken seriously by businesses."
AI&ETF Application
Report: OpenAI could lose $5 billion this year and run out of cash within 12 months
OpenAI's costly business could see it lose up to $5 billion in 2024, putting the company at risk of running out of cash within 12 months, according to an analysis by The Information. The report, citing previously undisclosed financial data and people familiar with the matter, said OpenAI will invest about $7 billion in AI training alone and another $1.5 billion in staffing. That far exceeds the reported expenses of its competitors, such as Amazon-backed Anthropic, which expects a burn rate of $2.7 billion in 2024. The report said OpenAI's high expenses could force the company to complete another round of financing within 12 months to replenish its balance sheet. OpenAI has completed seven rounds of financing, raising more than $11 billion, according to Tracxn.
Hashdex submits S-1 filing for crypto index ETF to US SEC
According to The Block, Hashdex submitted the S-1 filing for the Hashdex Crypto Index ETF to the U.S. Securities and Exchange Commission (SEC) on Wednesday. The fund will hold both Bitcoin and Ethereum, but may hold more assets in the future depending on the development of the regulatory situation. Bloomberg ETF analyst James Seyffart tweeted on Wednesday that the fund may add other assets "if approved by the SEC." The Hashdex Crypto Index ETF will be listed and traded on Nasdaq, which filed a 19b-4 form for the fund last month. Coinbase Custody and BitGo Trust will serve as custodians.
Project News
Coinbase Asset Management Plans to Launch Tokenized Money Market Fund
Coinbase Asset Management is creating a tokenized money market fund, according to CoinDesk, citing four people familiar with the matter. Tokenization of real-world assets has become a hot area for cryptocurrencies. BlackRock's tokenized U.S. Treasury bond fund BUIDL, launched in March this year, has reached $500 million in asset management. Two people familiar with the matter said Coinbase Asset Management has been working with Bermuda-based Apex Group to help promote the development of its tokenized fund. Apex provides custody and depository services for more than $3 trillion in assets. In March 2023, Coinbase acquired One River Digital Asset Management and established Coinbase Asset Management.
The cross-chain service deBridge plans to issue the governance token DBR within the next month, and the activity snapshot has been completed
According to CoinDesk, the cross-chain transfer service deBridge plans to issue governance tokens DBR on the Solana blockchain in the next month. The distribution will depend on the points users have earned in the past few months, which are based on the fees paid by users to the protocol and the funds transferred through the protocol since April. DeBridge took a snapshot at 21:00 UTC on July 23 (05:00 Beijing time on July 24). DBR will allow holders to vote on the future strategy and implementation of the deBridge protocol. The project plans to introduce a staking function in the future.
Data shows that deBridge is widely used for fund transfers between blockchains such as Ethereum, Arbitrum, Solana, and Base. Since April, it has recorded more than 2.3 million transactions and $2 billion in bridge volume, creating 1.4 billion points for users.
According to previous news, the total supply of DBR tokens of the cross-chain protocol deBridge is 10 billion. The token distribution plan includes allocating 20% to community startup and its community, and the circulating supply at startup is 1.8 billion DBR.
Kraken Completes Return of BTC and BCH to Mt. Gox Creditors
Kraken CEO Dave Ripley said on X Platform: “Kraken has successfully returned the BTC and BCH received from Mt. Gox to Mt. Gox creditors. It has been nearly ten years since the trustee selected Kraken to facilitate the investigation and return of customer funds.”
In addition, Coinglass data shows that the current balance of Kraken's Bitcoin wallet is 111,123.20 BTC, a decrease of approximately 6013.71 in the past 24 hours.
In addition, Bitstamp has begun returning crypto assets to Mt. Gox creditors. Analysts said that the number of BTC to be distributed by Bitstamp is about 10,216.
Coinbase will list BLOCKLORDS (LRDS)
Coinbase Assets announced on the X platform that Coinbase will add support for BLOCKLORDS (LRDS) on the Ethereum network (ERC-20 token). Trading will begin later today if liquidity conditions are met. The LRDS-USD trading pair will be launched in phases once the supply of this asset is sufficient. Support for LRDS may be limited in some supported jurisdictions. Trading will begin later today if liquidity conditions are met. Coinbase will add support for LRDS through an experimental tag.
MonoSwap: The platform has been hacked, please do not add liquidity and withdraw your staked positions
Blast Ecosystem DEX MonoSwap disclosed on the X platform that the platform has been hacked, reminding users not to add liquidity or make pledges. If there are any pledged positions, please withdraw them immediately to avoid capital loss.
Deutsche Telekom to expand its Web3 services to XDC network
According to CoinDesk, Deutsche Telekom announced that it will expand its Web3 services to the XDC network. The Deutsche Telekom subsidiary will run a backup master node on the XDC network as an infrastructure provider. The company already runs nodes on multiple blockchain networks, including Ethereum, Polygon and Polkadot, and plans to start Bitcoin mining. The XDC network focuses on tokenized real-world assets, trade finance, and decentralized physical infrastructure.
Decentralized exchange D8X will launch a leveraged trading market based on Polymarket
According to CoinDesk, decentralized exchange D8X is developing a leverage tool that enables users to trade leveraged in Polymarket's prediction market. D8X co-founder Caspar Sauter said that leverage can improve trading efficiency and potential returns and help with risk management. D8X plans to launch this feature on the mainnet in August.
The D8X platform, which focuses on crypto perpetual contract trading, was launched on Polygon’s zkEVM in January this year, and then expanded to OKX’s X Layer in May and entered Arbitrum in June. In August last year, D8X completed an initial financing of US$1.5 million.
SBI Holdings to Collaborate with Franklin Templeton to Establish Digital Asset Management Company
According to the Nikkei, SBI Holdings (HD) will cooperate with Franklin Templeton, a well-known American asset management company, to establish a management company that mainly handles digital assets within the year. The equity ratio of the new company is 51% held by SBIHD and 49% by Franklin Templeton. The United States has approved the inclusion of crypto assets such as Bitcoin in ETFs, and Japan is also preparing for possible regulatory relaxation.
SYS Labs CEO resigns amid mismanagement allegations
Syscoin, a crypto project that predates Ethereum, is expected to undergo leadership changes in the coming days due to allegations of mismanagement and lack of financial transparency, according to Decrypt. Core members of the Syscoin Foundation, a nonprofit organization established to promote the project, intend to resign and form a new entity, Syscoin Red. Sources said that internal disputes between the foundation and the independent for-profit entity SYS Labs over the allocation of funds have continued to erupt, causing people within the foundation to lose confidence. Willy Ko, a member of the foundation's board of directors and treasurer, said the new entity aims to restore transparency and trust within the Syscoin community and clearly demarcate who controls project funds.
Matthew Mappin, former business development manager at SYS Labs, revealed that Sys Labs executives Sidhu, Chris O'Shea and Michiel Naring are at the heart of these allegations. He said: "The Syscoin community has publicly expressed concerns to Sidhu, Naring and O'Shea about the lack of financial transparency, the unclear relationship between the Syscoin Foundation and SYS Labs, and especially the unclear management and use of the foundation's funds." A person familiar with the matter said Sidhu intends to resign as the foundation's CEO.
Multiple sources within the organization said that over the past decade, Syscoin's vision of being community-led and developing a Bitcoin fork platform has been hampered by internal issues, and the lack of experience and guidance of the management team has led to many problems that have prevented Syscoin from occupying a strong market position. There is a lack of transparency on how SYS Labs executives handle the funds of the Syscoin network. SYS Labs CFO O'Shea disputed this and said the foundation manages funds in accordance with its charter.
WazirX Co-founder: The recovery plan voting will be launched today or tomorrow, and plans to lock some of the user's tokens and find a solution to unlock them
In response to the recent security incident, WazirX co-founder Nischal Shetty said on the X platform: "We are working on the implementation of the vote. We will try to complete and review it today, and then go online today or tomorrow. If the voting results are positive, we will also confirm with the legal department how long the platform will be open and the date it can be opened. Our goal is to start with a portion of the value of everyone's cryptocurrency portfolio as locked tokens, but we will continue to look for solutions to unlock these tokens. We have received some suggestions from the community that will help unlock the tokens: 1. Recover stolen assets over time; 2. Destroy tokens with profits from the exchange; 3. Create new use cases for tokens; 4. Airdrop when new projects are available. In this process, we need everyone's support."
Earlier news reported that WazirX was hacked and the loss exceeded US$230 million.
Crypto-friendly bank Revolut receives UK banking license
According to CoinDesk, after more than three years of application, the fintech company Revolut finally obtained a banking license in its native UK. Revolut said on Thursday that the London-based company has entered the "mobilization phase" of the Prudential Regulation Authority (PRA), which is designed to allow new banks to operate under restrictions. This approval means that Revolut is about to become a full-fledged bank in the UK and is also authorized to provide cryptocurrency services. Revolut has allowed the buying and selling of cryptocurrencies for many years and launched an independent cryptocurrency exchange for experienced traders earlier this year. Earlier this week, the company announced plans to sell $500 million worth of employee shares, a transaction that would increase its value to $45 billion.
Financing News
Web3 infrastructure platform Caldera completes $15 million Series A financing, led by Founders Fund, with participation from Sequoia Capital and others
According to The Block, Web3 infrastructure platform Caldera has completed a $15 million Series A financing, led by Founders Fund, with participation from Dragonfly, Sequoia Capital, Arkstream Capital, Lattice, etc. The Series A financing brings Caldera's total financing to $25 million. The company raised $10 million last year. With the new funds, Caldera is building a "Metalayer" that aims to unify the decentralized Layer 2 and Layer 3 ecosystems. Caldera CEO Matt Katz said there are currently no plans to issue any tokens.
According to reports, Caldera is a Rollup-as-a-Service platform that helps developers quickly launch their own application chains based on technology stacks such as Optimism. Caldera said it has helped more than 50 projects launch their Rollups, including Manta Pacific, Injective, ApeChain, etc.
Baichuan Intelligent confirmed the completion of 5 billion yuan in Series A financing and will start Series B financing with a valuation of 20 billion yuan
According to Titanium Media, domestic AI large model company Baichuan Intelligence has confirmed that it has recently completed its A round of financing, with a total financing amount of 5 billion yuan, and will start its B round of financing with a valuation of 20 billion. The investors in the A round include Alibaba, Xiaomi, Tencent, Asia Investment Capital, CICC and other leading companies and market-oriented investment institutions, as well as state-owned industrial investment funds such as Beijing Artificial Intelligence Industry Investment Fund, Shanghai Artificial Intelligence Industry Investment Fund, and Shenzhen Capital Group.
Together with last year's 2.5 billion yuan in financing (US$50 million angel round + US$300 million A1 round), Baichuan Intelligence has completed a financing of up to 7.5 billion yuan, not only setting a record for the highest total financing amount in the domestic AI big model field, but also becoming the latest big model company to reach a "first-tier" valuation of 20 billion yuan after MiniMax, Dark Side of the Moon, and Zhipu AI.
Important data
Ethereum spot ETF's second trading day volume is about $951 million
Data from The Block showed that the cumulative trading volume of Ethereum spot ETFs on the second trading day was about $951 million. Among them, Grayscale Ethereum Trust Fund (ETHE) led with a trading volume of about $492 million, accounting for about 52% of the total trading volume. BlackRock iShares Ethereum Trust ($256 million) and Fidelity Ethereum Fund ($113 million) followed closely behind. The trading volume of these funds on their first day of listing on Tuesday was $1.054 billion.
Prediction market platform Polymarket’s total trading volume exceeds $1 billion
The prediction market platform Polymarket has surpassed $1 billion in total transaction volume, becoming the most successful crypto consumer application to date. Lukasschor.eth, co-founder of Safe Wallet, said the secret to its success lies in the use of Account Abstraction and Safe Smart Accounts, which provide easy user registration and frictionless user experience.
Data: Grayscale Ethereum Trust ETF had a net outflow of $326.9 million on July 24
According to Farside Investors, on July 24, Grayscale Ethereum Trust ETF (ETHE) had a net outflow of $326.9 million, Grayscale Ethereum Mini Trust (ETH) had a net inflow of $45.9 million, and Bitwise Ethereum ETF (ETHW) had a net inflow of $29.6 million. Fidelity Ethereum ETF (FETH) had a daily inflow of $74.5 million.
The U.S. Ethereum spot ETF had a total net outflow of $133 million yesterday
According to SoSoValue data, yesterday (July 24, Eastern Time), the total net outflow of Ethereum spot ETFs was $133 million. Yesterday, Grayscale's Ethereum Trust ETF ETHE had a single-day net outflow of $327 million, and the current historical net outflow of ETHE is $811 million.
Grayscale Ethereum Mini Trust ETF ETH had a net inflow of $45.9346 million in a single day, and the current total net inflow of Grayscale Ethereum Mini Trust ETH is $61.0815 million. The Ethereum spot ETF with the largest net inflow in a single day yesterday was Fidelity ETF FETH, with a net inflow of $74.4634 million in a single day, and the current total net inflow of FETH is $146 million. The second is Grayscale ETF ETH, with a net inflow of $45.9346 million in a single day, and the current total net inflow of ETH is $61.0815 million.
As of press time, the total net asset value of the Ethereum spot ETF was US$9.538 billion, the ETF net asset ratio (market value as a percentage of Ethereum's total market value) was 2.35%, and the historical cumulative net outflow has reached US$26.38 million.
The average drop of 30 famous MEME coins on Solana chain born in June is 94% from the high point.
Jupiter business expansion manager Slorg said on the X platform that last month, the Solana network gave birth to 30 MEME tokens launched by celebrities, including Andrew Tate, Soulja Boy and other celebrities, which were once very popular. Now each celebrity coin has fallen from its historical high, with an average drop of 94%. Even the best-performing tokens have fallen by more than 70%, but the extent of the loss is shocking. Half of them have fallen by more than 99%, which is only about a month in their life cycle. As of the time of writing, 22 of the 30 celebrity MEME coins have a market value of less than $1 million. Some of these tokens remain "active" because they are regularly talked about on Twitter.
A whale/institution deposited 4,500 BTC to Binance in the past 8 hours, equivalent to about 289 million US dollars
According to Lookonchain, a whale/institution deposited 4,500 BTC (about $289 million) into Binance in the past 8 hours. Two days ago, the whale/institution also deposited 2,100 BTC (about $142 million) into Binance.
Ark Invest Sells Its Own Spot Bitcoin ETF for $7.76 Million
According to The Block, on Wednesday, Cathie Wood's Ark Invest sold 118,209 shares of the ARKB spot Bitcoin ETF jointly issued by it and 21Shares from its ARKW fund, worth $7.76 million. This is the first time Ark Invest has sold ARKB shares since the launch of the spot Bitcoin ETF in January.
Ark's investment strategy aims to not have any single holding make up more than 10% of the ETF's portfolio. This is to maintain diversification within its fund -- meaning if ARKB rises relative to Ark's other holdings in the fund, it will likely continue to adjust its weighting.
According to the company's latest disclosure, ARKB is the largest holding in its ARKW exchange-traded fund, with a weight of 10.98% as of July 24, ahead of Tesla, Roku and Coinbase stocks, which have a market value of 9.5%, 8.48% and 8.23%, respectively. ARKW holds ARKB with a market value of $162.5 million, and the spot Bitcoin ETF has risen about 31% since its inception. Overall, the ARKW fund has risen 33% over the past year.
PANews APP has updated its functions, download and experience it now!
【Comment】Speak freely and exchange views
【Floating window】Reading interrupted, return at any time
【Search within the article】Quickly locate and get to the core
