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Noteworthy news today (03/11/2023)

1⃣. Georgia's National Bank Partners with Ripple for Digital Lari (GEL)

Georgia's National Bank (NBG) has selected Ripple Labs to implement and pilot their national digital currency, the Digital Lari (GEL), using Ripple's CBDC platform. The NBG aims to assess the potential benefits of digital currency for the government, businesses, and individuals.

2⃣. US Government Seizes $54 Million in Crypto from Drug Trafficker

The US federal law enforcement agency announced the seizure of $54 million in cryptocurrency from Christopher Castelluzzo, a notorious drug trafficker in New Jersey. The value of the seized Ethereum (ETH) had appreciated significantly from its initial purchase price of $9,000.

3⃣. Coinbase Exceeds Expectations in Q3 2023

Coinbase, a cryptocurrency exchange, reported strong Q3 2023 financial results with over $5.5 billion in cash, equivalent holdings, USDC, and custody accounts. The company's total for the quarter reached $674.1 million, slightly surpassing analyst expectations but showing a 5% decrease from the previous quarter.

4⃣. ProShares launches the first "short" Ethereum ETF in the US

ProShares introduces SETH, the world's first inverse exchange-traded fund (ETF) for Ethereum, designed to provide investors with profit opportunities when the price of Ethereum (ETH) declines. This ETF will be listed under the ticker symbol SETH on the New York Stock Exchange (NYSE) and offers performance inversely correlated to the CME Ethereum Futures Index.