LianGuai Daily | Binance Labs invests in ARKM token; Blockchain.com completes $110 million financing.
Breaking News Binance Labs Invests in ARKM Token, While Blockchain.com Successfully Completes $110 Million Financing on LianGuai DailyToday’s headline highlights:
Binance Labs announces investment in Arkham’s native token ARKM
- Protect Your Crypto Assets: A New Threat is Looming!
- Poloniex Crypto Exchange Bounces Back Strong with Resumed Withdrawals Following $100M Hack
- Billions at Risk? Why Bitcoin Wallets Created Before 2016 May Be Vulnerable
BlackRock’s XRP spot ETF forged documents handed over to Delaware Department of Justice
OKX launches new ZK Layer2 network X1 using Polygon CDK
DYDX to unlock tokens worth $500 million on December 2nd
Bloomberg analyst: SEC likely to further postpone decision on Bitcoin spot ETF
Immutable plans to rebuild Immutable zkEVM testnet starting from November 20th
Regulatory news
Bloomberg analyst: SEC likely to further postpone decision on Bitcoin spot ETF
Bloomberg analyst James Seyffart tweeted that the deadline for the decision on three Bitcoin spot ETF applications by the US SEC is approaching, and it is highly likely that we will see an SEC delay. However, this does not change our view that the possibility of approval for 19b-4 before January 10, 2024 is 90%. Responding to a question from a Twitter user about the likelihood of a Bitcoin spot ETF being approved this week, Seyffart said the probability is less than 50% but greater than 0.
BlackRock’s XRP spot ETF forged documents handed over to Delaware Department of Justice
Rony Baltazar-Lopez, spokesperson for Delaware State Government Policy and Communications, stated that the forged BlackRock XRP Trust documents have been submitted to the Delaware Department of Justice. Earlier reports indicated that someone registered an entity called “iShares XRP Trust” on the Delaware State website yesterday, listing BlackRock Asset Management and its Managing Director Daniel Schwieger. The false document caused a short-term surge of over 10% in the price of Ripple, but a BlackRock spokesperson later clarified that the regulatory document was a forgery and that BlackRock has no plans to launch an XRP spot ETF.
MAS and Financial Industry Collaborate to Expand Asset Tokenization Plan in Singapore
The Monetary Authority of Singapore (MAS) has announced its collaboration with the financial industry to expand the asset tokenization plan and develop the foundational capabilities to expand the tokenization market. MAS is launching a new fund workflow within the Project Guardian industry group, focusing on the local issuance of Variable Capital Companies (VCC) funds on digital asset networks, with the aim of addressing tax, policy, and legal issues while expanding distribution channels for asset management companies. MAS will collaborate 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 consists of 17 Financial Institutions (FIs) and has initiated five additional industry pilots to test promising asset tokenization use cases. This could pave the way for the integration of the entire capital market value chain, including listing, distribution, trading, settlement, and asset servicing.
Citi, T. Rowe Price Associates, Inc., and Fidelity International are testing institutional-grade mechanisms for efficient pricing and execution of bilateral digital asset transactions and exploring real-time post-trade reporting and analysis for digital asset trades.
The Bank of New York Mellon and Oversea-Chinese Banking Corporation (OCBC) are piloting cross-border forex payment solutions for secure and interoperable payments across heterogeneous networks.
Ant Group is testing a liquidity management solution to enhance global liquidity management of funds. The solution will enable real-time multi-currency clearing and settlement through a global financial center in Singapore supporting over 40 currencies.
Franklin Templeton is exploring the issuance of tokenized money market funds through the Variable Capital Companies (VCC) structure, leveraging digital asset networks to maintain records of fund shares.
J.P. Morgan and Apollo are collaborating to utilize digital assets for seamless investment and management of discretionary portfolios and alternative assets, automated portfolio rebalancing, and large-scale customization. This will save time and reduce manual processes in asset servicing.
Project Updates
Commerzbank AG Receives Crypto Custodian License
According to Bloomberg, Commerzbank AG, headquartered in Frankfurt, has received a crypto custodian license, allowing the bank to “establish a broad range of digital asset services, particularly crypto assets.” The bank states that it is the “first German full-service bank to be licensed.”
The report suggests that this move indicates European banks, initially cautious due to associated risks and money laundering possibilities, are now cautiously entering the market for crypto assets.
Global X has submitted a revised prospectus for the Bitcoin spot ETF
According to Bloomberg ETF analyst James Seyffart on the X platform, Global X has submitted a revised prospectus for the Bitcoin spot ETF. This means that WisdomTreeFunds and Franklin are the only remaining applicants (out of 12 applicants) who have not submitted revised prospectuses.
Earlier news in August, New York-based ETF issuer Global X has filed a Bitcoin spot ETF application with the Securities and Exchange Commission (SEC), and has designated Coinbase as its monitoring and sharing 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 has also submitted a Bitcoin futures ETF application that will track the CoinDesk Bitcoin Trend Index.
Optimism: Canyon hard fork activated on the testnet
According to official sources, Optimism has announced that the Canyon hard fork has been successfully activated on the testnet. It is reported that the Canyon upgrade includes support for Shanghai and Capella hard forks, as well as some minor bug fixes. Canyon has also made specific adjustments to the OP Stack. This upgrade will increase the denominator of EIP-1559 from 50 to 250, in order to reduce the speed at which block basefee rises when it exceeds the gas target. Users will not be affected by this testnet upgrade. Node operators will need to upgrade their nodes after the Canyon upgrade.
OKX introduces 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 serve as the native token for X1 to pay gas fees. OKX stated in a statement that the new ZK network X1 based on Ethereum will be built using the Polygon Chain Development Kit (CDK), and OKX will be a core contributor to the kit and plans to “invest heavily in engineering talent” to enhance the technical stack of Ethereum’s scaling solutions. The company added that X1 will serve as OKX’s new native network, leveraging ZK proofs to “make it highly secure and scalable, while reducing transaction costs.” According to the official roadmap, DApp integration, performance stress testing, and EIP-4844-based extensions will be carried out in Q4 2023, the mainnet will be launched in Q1 2024, and zkBridge, zkOracle, and zkDEX will be released. Major partners will deploy DApps on the X1 mainnet.
According to the announcement from the Hong Kong Stock Exchange, Hong Kong Listed Company Boyaa Interactive plans to increase its holdings in cryptocurrencies. They are expected to purchase approximately $45 million worth of Bitcoin and $45 million worth of Ethereum. Additionally, they will buy up to $10 million of stablecoins such as USDT and USDC. The highest premium they will pay for these cryptocurrencies will not exceed 10% of the market price. The cost of these potential cryptocurrency purchases will be paid in cash, using idle cash reserves generated by the company’s operations in Hong Kong and overseas.
The potential cryptocurrency purchases will be carried out on regulated and licensed trading platforms, including but not limited to HashKey Exchange. Boyaa Interactive may also explore potential cryptocurrency purchases on other regulated and licensed trading platforms within the authorized scope of purchase. Furthermore, the company has established a dedicated regulatory team that will regularly monitor the licensing and regulatory environment of the trading platforms to ensure that the platforms used by the company are secure and recognized.
In previous news, Boyaa Interactive, a Hong Kong-listed company, requested shareholder approval for a plan to purchase cryptocurrencies worth up to $100 million.
In another news, OSL, the parent company of licensed firm BC Technology Group, has resumed trading on the Hong Kong Stock Exchange. OSL is a licensed virtual asset trading platform based in Hong Kong. Before the resumption of trading, the closing price was at HK$4.92. Today, the stock opened at HK$4.97, reached a high of HK$5.1, and is currently trading at HK$4.73.
Immutable, the web3 gaming platform, plans to rebuild its Immutable zkEVM testnet starting from November 20th for a duration of three days. During this rebuilding period, the testnet and its services will be unavailable. The team will use this time to upgrade fiat gateways, DEX integrations, EVM monitoring, and transaction relayers to ensure the optimal functionality of the new client. After the rebuilding is complete, developers will need to redeploy their smart contracts on the testnet, and assets will need to be recast.
In previous news, Immutable released its mainnet launch roadmap. In November, they plan to rebuild the Immutable zkEVM testnet, upgrading the initial EVM client from Polygon Edge to Geth. This aims to make the Immutable zKEVM as close as possible to Ethereum while remaining fully compatible with the entire Ethereum tooling ecosystem. In December to January next year, the zkEVM mainnet will be launched and be open to the public, with developer invites sent prior to that. In 2024, Immutable will provide a dedicated application chain with the same technical stack and features as the Immutable zkEVM, but with customized levels. Finally, they 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 Second Quarter of Next Year
According to the official announcement, NFT lending platform BendDAO has released 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 test version in the first quarter of 2024 to collect user feedback; officially releasing the V2 version with new features and enhanced user experience in the second quarter of 2024, updating the V2 token economics and implementing on-chain governance in the third quarter of 2024 to encourage greater community involvement in decision-making.
HashKey Exchange Announces Token Listing Fees: Expected to be between 5-300,000 USD
Hong Kong licensed exchange HashKey Exchange has officially announced its token listing fee policy. HashKey states that applicants seeking to list their tokens should pay a non-refundable application fee of 10,000 USD or its equivalent in order to enter the token review process at HashKey Exchange. However, paying the application fee does not guarantee successful token listing on HashKey Exchange.
In addition, applicants are required to pay a one-time listing fee before their tokens are officially listed. The listing fee will vary significantly based on the token’s complexity, unique features, and trading structure, and it may be influenced by the participating team, expert opinions, and regulatory approval process. HashKey Exchange states that its platform’s token listing fees are expected to range from 50,000 USD to 300,000 USD, with the specific amount depending on factors such as token type, trading structure complexity, due diligence and compliance, as well as expert opinions and advisory services.
HashKey Exchange to Launch Cosmos (ATOM) for Professional Investors
According to the official announcement, HashKey Exchange will launch Cosmos (ATOM) for professional investors. Deposits and withdrawals are now open for users, and trading of the ATOM/USD trading pair will be available starting at 16:00 on November 17, Beijing time. According to the requirements of the Securities and Futures Commission (SFC) of Hong Kong, professional investors are individuals with an investment portfolio of not less than 8 million Hong Kong dollars.
US Court Dismisses Dfinity’s Defamation Lawsuit Against Arkham and The New York Times
A US court has dismissed the defamation lawsuit filed by DFINITY, the developer of the decentralized computing platform Internet Computer (ICP), against blockchain analytics platform ARKM Intelligence and The New York Times (NYT). Arkham and The New York Times published reports about the sharp decline of ICP in 2021, and The New York Times reported on the matter based on the content of the reports. DFINITY claimed that the reports were false. Presiding judge Lewis Kaplan stated, “Arkham alleges that DFINITY insiders defrauded billions of dollars by dumping ICP on exchanges. That does not amount to defamation, nor does The New York Times have any obligation for the same reason.”
DWF Labs and Kava Reach Cooperation for the Development of DeFi Ecosystem
Web3 investment company DWF Labs announced on 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, particularly its decentralized exchange (DEX).
As part of the partnership, DWF Labs will provide strategic insights covering risk management, liquidation, fee structure, trading products, and market-making plans for DEXs based on Kava Chain. DWF Labs will also integrate and launch up to 10 Kava Chain DEXs and perpetual DEXs for its proprietary trading. Additionally, DWF Labs commits to establish a significant trading position by targeting at least 7.5% of the total trading volume on Kava Chain DEXs.
Binance today published a report titled “Data Insights: Overview of Cryptocurrency Funding,” compiling financing charts and insights from the past year. Key points include: 1. Despite a downward trend in 2023, the market still demonstrated resilience, with trading and investment maintaining stable growth. Within this sustained growth, blockchain gaming and infrastructure projects held a considerable share. 2. Since the beginning of the year, the proportion of traditional VC participation in investments has increased to 45%, narrowing the gap between traditional VCs and Web3 investors. Hack VC leads among traditional venture capital firms, diversifying their investments across gaming and infrastructure sectors. 3. Infrastructure projects have consistently received the most funding in the past four quarters, 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 Almost Completed, Services to Fully Resume After Audit
LianGuaiNews on November 15th reported that the cryptocurrency exchange Poloniex stated that wallet maintenance work is almost completed, and Poloniex’s trading system is running smoothly. They are strengthening the security through an upcoming audit, and after the audit concludes, Poloniex will fully resume its services.
Earlier, on November 10th, the Poloniex hacker attack resulted in approximately $125 million in losses.
Circle Introduces Alliance Program to Drive Expansion of USDC and Enhance Cross-Border Payments
According to the official blog, stablecoin issuer Circle announced the launch of its alliance program, “Circle Alliance Program,” aiming to unite companies, institutions, and protocols using Circle stablecoins and Web3 services in the fields of fintech, traditional finance, consumer applications, payments, banking, and Web3 on an international scale. The common goal is to promote the development and growth of the internet financial system, expand the usage of USDC, enhance cross-border payments, and provide digital financial services.
Circle’s Alliance program has over 250 partners in more than 40 countries, aiming to expand the use of digital dollars, enhance cross-border payments, and provide digital financial services. Circle states that this program will contribute to 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 decrease the maximum inflation parameter from 20% to 10%, reducing the current inflation rate of ATOM to 10% and lowering the staking annual return rate from 19% to 13.4%. The voting deadline is November 26th.
Funding News
Cryptocurrency exchange Blockchain.com has completed a $110 million Series E strategic financing round, led by UK investment company Kingsway Capital, with participation from Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures, and other companies. Blockchain.com has added two board members from Kingsway and Lakestar. According to an insider, the company’s valuation is now less than half of its $14 billion valuation in the spring of 2022. Last autumn, Blockchain.com completed a strategic financing round led by Kingsway Capital, and Kingsway Capital founder Manny Stotz became an advisor to the company. In March last year, Blockchain.com completed a Series D funding round with Lightspeed Venture Partners as the lead investor, resulting in a valuation of $14 billion after the round.
Binance Labs Announces Investment in Arkham’s Native Token ARKM
According to the official blog post, Binance Labs has announced its investment in Arkham’s native token ARKM. Arkham is an AI-driven blockchain intelligence and data platform that provides sophisticated information and visualization tools for on-chain activities.
The protocol introduces the world’s first on-chain intelligence exchange called Arkham Intel Exchange, which is a decentralized intelligence economy that facilitates the large-scale matching of buyers and sellers of blockchain intelligence and allows users who generate intelligence to earn value for their work. Through Arkham’s “Intel-to-Earn,” the platform incentivizes intelligence production as a public good through bounties and auctions, as well as transactions and rewards supported by the ARKM token. Additionally, its data program rewards users for submitting intelligence used to train its proprietary AI engine, ULTRA.
Former Genesis Executive Joins VersiFi as Co-CEO, Previously Completed $10 Million Financing
According to Bloomberg, Martin Garcia, the former Managing Director and Head of Trading and Loans at bankrupt cryptocurrency lending company Genesis Global, has joined VersiFi as Co-CEO. He will lead the expansion of this digital asset brokerage company into services such as lending. VersiFi also announced raising $10 million from Wall Street investment company Hunting Hill Global Capital (previously, in July, it was reported that VersiFi secured seed funding from Hunting Hill Group, but the specific amount was not disclosed at that time). The loan activity is expected to rebound due to the potential approval of a Bitcoin ETF allowing direct holdings in the United States.
It is reported that VersiFi was established in New York and is currently seeking registration in the British Virgin Islands. Sameer Shalaby, Co-CEO of VersiFi, stated that the company plans to launch its lending and trading business 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, valued at 1.36 billion dirhams ($370 million), will have its shares publicly traded for the first time through an IPO on the Abu Dhabi Securities Exchange (ADX). Phoenix Group is a data center and cryptocurrency mining company that has set its IPO price at 1.5 dirhams per share, making it the first private cryptocurrency and blockchain entity to be listed on a Middle East stock market. Phoenix Group offers a range of services, including cloud mining, data center hosting, cryptocurrency trading, and the release and distribution of Web3 games, and is the exclusive distributor of Bitmain mining equipment.
Important Data
The US Securities and Exchange Commission (SEC) has released its enforcement results for the 2023 fiscal year. The report shows that the SEC filed a total of 784 enforcement actions, a 3% increase compared to 2022. These actions resulted in fines totaling $4.949 billion, the second-highest in history, behind only the $6.4 billion fines in 2022. The SEC stated that the 2023 fiscal year was a fruitful year in terms of enforcement work. The cases investigated by the SEC focused on areas such as cryptocurrency, cybersecurity, false statements by publicly traded companies, and market manipulation.
Net capital inflows into the cryptocurrency market for the first time in 17 months
According to Glassnode data, funds flowing into the cryptocurrency market through stablecoins or tokens pegged to the US dollar have seen a net inflow for the first time in over a year. The net change in the supply of the four major stablecoins – tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI) – has turned significantly positive in the past 90 days. This is the first time since the mid-May 2022 Terra crash.
DYDX will see a massive token unlock worth $500 million on December 2nd
According to CoinDesk, DYDX tokens have risen by over 20% in the past 24 hours, with only 16 days left until the token unlock worth over $500 million for early investors and core team members on December 2nd at 8:00 AM 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 tokens. The unlock was originally scheduled for January this year but was postponed to December, a decision that fueled the price surge of DYDX tokens earlier this year.
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