July 21, 2024
Weekly: Latest Updates and Insights
SEC Approves Trading for Ether ETFs Starting July 23: The SEC has informed issuers of spot Ether exchange-traded funds (ETFs) that they can begin trading on July 23, following the submission of amended S-1 documents. This announcement has led to a surge in Ether’s price, with expectations of significant inflows into the ETFs, potentially reaching up to $20 billion in the first year.
MtGox Forum Poll Shows 55% of Participants Plan to Hold Bitcoin After Compensation: A recent poll on the MtGox forum found that 55% of respondents do not intend to sell their Bitcoin after receiving compensation, reflecting a strong inclination to hold their assets. This sentiment among the 467 voters highlights confidence in Bitcoin’s long-term value despite the ongoing volatility in the cryptocurrency market.
Bitcoin Conference Enhances Security Measures Amid Trump’s Speech: As former President Donald Trump continues to speak at the Bitcoin Conference, organizers have ramped up security efforts to ensure the safety of attendees. The heightened measures come in response to potential concerns surrounding high-profile events and the need to protect participants in the cryptocurrency space.
Trump Announces Fourth NFT Collection Amid Growing Embrace of Crypto: Former President Donald Trump revealed plans to launch a fourth NFT collection, stating that his previous collections were “very successful” and sold out quickly. As he increasingly engages with the crypto industry, Trump emphasized the importance of U.S. involvement in the space, warning that if the country does not act, China may take the lead.
Citi Predicts Fed to Cut Rates by 200 Basis Points Amid Economic Slowdown: Citi Research forecasts that the Federal Reserve may implement a series of interest rate cuts totaling 200 basis points over eight consecutive meetings, beginning in September and extending through July 2025. This projection comes as the economy shows signs of a sharper downturn, with rising unemployment and a decline in key economic indicators prompting concerns about a more pronounced recession.
Reassessing Political Alliances: The Risks of Aligning with “Pro-Crypto” Politicians: In a recent post, Vitalik Buterin cautions against choosing political allegiances solely based on candidates’ pro-crypto stances, emphasizing that such a narrow focus could undermine the broader values that originally motivated the crypto movement. He argues for a more comprehensive evaluation of politicians based on their commitment to individual freedoms and technological advancements, rather than merely their support for cryptocurrency.
Andreessen Horowitz Co-Founders Endorse Trump for 2024 Presidential Race: Marc Andreessen and Ben Horowitz, co-founders of venture capital firm Andreessen Horowitz, have announced their support for former President Donald Trump in the 2024 U.S. presidential election, citing his pro-tech policies and opposition to overregulation as key factors in their decision. The a16z co-founders believe that Trump’s policies are more favorable for the startup ecosystem and technological innovation compared to President Joe Biden’s administration.
BlackRock CEO Larry Fink Calls Bitcoin a Legitimate Financial Instrument: In a recent interview, BlackRock CEO Larry Fink expressed his belief that Bitcoin has evolved into a legitimate financial instrument, reflecting its growing acceptance in the financial markets. Fink’s comments highlight the increasing recognition of cryptocurrency as a viable asset class among institutional investors.
WazirX Hacked: Over $230 Million Stolen in Major Cyber Attack: Indian cryptocurrency exchange WazirX has confirmed a significant security breach, resulting in the theft of over $230 million in various cryptocurrencies, including 5.43 trillion SHIB and 15,298 ETH. The attack exploited vulnerabilities in a multi-signature wallet operated with Liminal’s custody services, prompting WazirX to halt all withdrawals and initiate recovery efforts while investigating the incident further.
Fundraising
Chainbase Secures $10 Million in Funding to Enhance Blockchain Data Infrastructure: Blockchain data network Chainbase has successfully raised $10 million in a funding round led by investors including 1kx and Coinbase Ventures. The funding will be used to expand its data infrastructure and improve services for developers and enterprises working with blockchain technology.
OKX Invests in zkLink to Unify Liquidity Across Aggregated Rollups: OKX, a leading cryptocurrency exchange, has announced its investment in zkLink, a project focused on unifying liquidity across aggregated rollups using zero-knowledge proofs. This strategic partnership aims to enhance the interoperability and efficiency of Layer 2 solutions, enabling seamless cross-chain transactions and improved user experience for DeFi applications.
Liquidium Secures $2.75 Million in Seed Funding: Liquidium has raised $2.75 million in a seed funding round, with participation from prominent investors including Asymmetric, DeGods, and Newman Capital. The funding will support Liquidium’s mission to enhance its offerings in the decentralized finance space.
Partior Raises Over $60 Million in Series B Funding to Transform Global Clearing and Settlement: Partior has announced the successful first close of its Series B funding round, raising over $60 million, led by Peak XV Partners with participation from Valor Capital Group and Jump Trading Group. The investment will enhance Partior’s unified ledger technology, aiming to improve real-time clearing and settlement processes for financial institutions worldwide while expanding its currency offerings and capabilities.
Token Distribution Protocol Zap Secures Funding at $50 Million Valuation: Zap, a protocol designed for token distribution, has successfully raised $10 million in a funding round, achieving a valuation of $50 million. The funding will be utilized to enhance its platform and expand its offerings in the decentralized finance space.
Argentinian Fintech Tapi Raises $22 Million from Kaszek and Andreessen Horowitz: Tapi, a fintech company based in Argentina, has secured $22 million in funding from prominent investors including Kaszek Ventures and Andreessen Horowitz. The investment will be used to expand Tapi’s financial services and enhance its technology platform to better serve the Latin American market.
Beoble Raises $7 Million to Enhance Multi-Chain Communication and Social Trading Features: Beoble, a Web3 messaging and social platform, has successfully raised $7 million in its Seed round, with key investors including Hashkey and Samsung. The funds will be used to launch beoble V2, which will introduce multi-chain integration, in-app social trading, and other advanced features aimed at revolutionizing Web3 social media interaction.
Haruko Secures $6 Million to Expand All-in-One Digital Asset Platform to Singapore: Haruko, a digital asset platform, has raised $6 million in funding to expand its operations to Singapore. The investment will enable Haruko to enhance its all-in-one platform, which offers a range of services including trading, lending, and staking, to better serve the growing demand for digital asset management in the region.
Caliza Raises $8.5 Million to Enable Real-Time Money Transfers in Latin America Using USDC: Caliza has secured $8.5 million in funding to enhance its platform for real-time money transfers across Latin America, utilizing the stablecoin USDC. The investment aims to improve financial accessibility and efficiency in the region, addressing the need for faster and more reliable payment solutions.
Crypto AI Startup Mira Secures Seed Funding to Enhance Blockchain Solutions: Mira, a startup focused on integrating artificial intelligence with blockchain technology, has successfully raised $3 million in seed funding. The investment will be used to develop its AI-driven solutions aimed at improving efficiency and security within the cryptocurrency ecosystem.
Allium Labs Raises $16.5 Million as Stablecoin Activity Sees Resurgence: Allium Labs, a blockchain data provider and partner of Visa, has raised $16.5 million in a Series A funding round led by Theory Ventures, bringing its total funding to $21.5 million. The company’s latest findings indicate a significant rebound in stablecoin activity in 2024, with the circulating supply nearing $150 billion and 27.5 million monthly active users across all chains.
Zivoe Raises $8.35 Million to Enhance Access to Credit Through Blockchain: Zivoe, a Real-World Asset credit protocol, has raised $8.35 million in funding from investors including Andrew Keys and Iceberg Capital, as it prepares to launch its innovative credit protocol on July 31. The protocol aims to connect on-chain liquidity with real-world borrowers, initially partnering with a regulated lending entity to offer better interest rates and eventually engaging directly with consumers to bridge the gap between decentralized finance and traditional lending.