CoinTelegraph Report:
00:00-08:40
Keywords: Banque de France and Hong Kong Monetary Authority announce cooperation on wCBDC, Coinbase International to launch BLAST, ZRO, and ZK perpetual futures contracts, Fairlead Strategies founder expresses strong belief in adding Bitcoin to investment portfolio, 21Shares submits revised spot Ethereum ETF S-1 form, Singapore court rules in favor of Fantom Foundation in lawsuit against Multichain, Report: Cryptocurrency vulnerabilities result in nearly $1.4 billion in losses this year, Analysis: Final approval deadline for Solana ETF is mid-March 2025, Xai: Token unlock for contributors delayed by 6 months, unlocking percentage reduced from 71% to 36% this month, Grayscale: ETHE to allocate 10% of ETH holdings to ETH Mini Trust with record date of July 18, Artificial intelligence startup Hebbia raises $130 million in funding led by a16z.
1. Coinbase International Exchange and Coinbase Advanced will launch Blast, LayerZero, and ZKsync perpetual futures contracts. The BLAST-PERP, ZRO-PERP, and ZK-PERP markets will open on or after July 11, 2024, at 17:30.
2. The German government transferred 16,309 bitcoins worth over $900 million from its wallet to cryptocurrency exchanges and market makers on Monday, causing a drop in bitcoin (BTC) in the European markets. According to blockchain data platform Arkham Intelligence, the bitcoins were transferred to external addresses, including cryptocurrency exchanges Bitstamp, Kraken, and Coinbase, as well as market maker Flow Traders. The German government still holds approximately 23,788 bitcoins, meaning they have sold over half of the seized assets.
3. The founder of investment management firm Fairlead Strategies expressed strong belief in adding Bitcoin to investment portfolios during an interview with CNBC.
4. The Republican National Committee (RNC) expressed support for multiple cryptocurrency policy measures beneficial to digital asset companies and holders in its official party platform for the 2024 US presidential election. The platform pledges to end “illegal and un-American attacks” on the US cryptocurrency industry, defend Bitcoin mining rights, allow cryptocurrency holders to self-custody their tokens, and oppose the creation of central bank digital currencies (CBDCs).
5. Cboe has submitted a 19b-4 form to the US SEC for the listing of the VanEck Solana ETF, according to publicly available documents. The ETF Store President Nate Geraci commented that Cboe has submitted 19b-4 filings on behalf of VanEck and 21Shares Solana ETF, and once the US Securities and Exchange Commission confirms these filings, the decision clock starts ticking.
6. Grayscale has submitted an S-1 form to the US SEC for its mini spot Ethereum ETF, according to publicly available documents. Bloomberg analyst Eric Balchunas stated that the filing discloses a zero expense ratio for the product.
7. According to Arkham Intelligence data, Germany’s government address has received 2,898 bitcoins, worth around $163 million, refunded by exchanges, mainly Coinbase, Kraken, and Bitstamp, as of Monday afternoon Eastern time. The exchanges likely returned the bitcoins as they were unable to sell them at the target price range. Germany’s government currently holds over $2 billion worth of bitcoins.
8. 21Shares has submitted a revised spot Ethereum ETF S-1 form to the SEC, according to The Block.
9. Dubai Customs has introduced a new blockchain platform to enhance transparency in business operations and strengthen collaboration between the government and the logistics industry. This is part of Dubai’s broader blockchain strategy aimed at driving the adoption of digital transactions and web3. Sultan Ahmed bin Sulayem, Chairman of Ports, Customs, and Free Zone Corporation, stated that this marks a significant progress in enhancing business operational efficiency. The platform will simplify customs declaration and commercial transaction procedures, ensure data sharing security and tamper-proofing, and enhance trust and visibility in the supply chain. This initiative will benefit not only Dubai Customs but also facilitate collaboration with other government entities, simplifying and transparentizing Dubai’s business environment. It will contribute to consolidating Dubai’s position as a global trade and logistics hub.
10. Visa, HSBC, and Hang Seng Bank are testing tokenized deposits as part of the e-HKD pilot program in Hong Kong. The trial covers two use cases: real estate transaction settlements and Visa card payments. Visa noted that tokenized deposits can improve settlement efficiency and enable new business applications. Vincent Lau of HSBC stated that achieving the benefits of tokenized deposits requires further development of interoperability between different banks. The trial demonstrates that tokenized deposits can enhance operational efficiency and transparency through simplified processes, reduced manual verification, and near-real-time settlement, with blockchain technology enhancing data transparency. Despite regulatory and infrastructure challenges, Visa and HSBC are optimistic about the practical effects of tokenized deposits. This progress demonstrates Hong Kong’s proactive approach in exploring and promoting new financial technologies, particularly in the applications of CBDC and interbank settlements.
11. Fantom Foundation has successfully won a lawsuit against Multichain in the Singapore High Court, with the judgment ruling that Multichain breached its contract and must compensate for $2.1 million in losses. The court noted that Multichain’s actions in controlling the cryptocurrency assets violated the user agreement, and the case was prompted by Multichain’s admission of a critical breach on social media. Fantom Foundation plans to continue with the liquidation process of Multichain and provide support for the recovery and distribution of affected parties’ assets.
12. Six applicants for spot Ethereum ETFs in the US have submitted updated S-1 forms, including Fidelity, VanEck, Franklin, 21Shares, Grayscale, and BlackRock.
13. According to Cyvers’ mid-year Web3 Security Report, the total amount of stolen cryptocurrency funds this year has reached nearly $1.4 billion, with centralized exchanges becoming new attack vectors. In the second quarter of 2024, cryptocurrency losses exceeded $600 million, a 100% increase compared to the same period last year. The report attributes the surge in stolen funds to a 900% increase in losses from centralized exchanges.
14. The market value of the BUIDL token, issued in collaboration between BlackRock and Securitize and backed by US Treasury, has exceeded $500 million on Monday, according to an announcement by BlackRock.
15. According to Farside Investors, the net inflow of funds to GBTC was $25.1 million for Bitcoin ETFs in the US on July 8.
16. Bloomberg ETF analyst Eric Balchunas stated on Twitter that “it looks like mid-March 2025 is the final deadline for Solana ETF. But the most important date between now and then is November. If Biden wins, these ETFs are likely toast. If Trump wins, anything goes.”
17. Xai announced that Xai contributors have agreed to relock their tokens scheduled for unlock in July, delaying the unlock by 6 months. As a result, the team unlock portion has decreased from approximately 85 million to around 17.7 million tokens. The updated unlock percentage will be reduced to 36% of the current circulating supply.
18. A subgroup of the Republican National Committee (RNC) passed a platform draft outlining cryptocurrency and artificial intelligence (AI) policies on July 8. The draft platform was approved by a vote of 84 to 14 by the subgroup and must be finalized in future votes at the convention. The platform intends to “end Democrat’s illegal and un-American crackdown on cryptocurrency,” and opposes the creation of CBDCs. Additionally, the party aims to protect Bitcoin mining rights, the right to self-custody cryptocurrencies, and the right to transact without government surveillance and control. The platform also seeks to repeal President Biden’s executive order on AI, calling it “dangerous,” and stating that it would limit AI innovation. The draft states that its goal is to support AI development “rooted in free speech and human flourishing,” in stark contrast to Biden’s AI order, which it claims imposes “radical left-wing ideology.”
19. Grayscale announced that July 18, 2024, will be the record date for the initial creation and distribution of shares of the Grayscale Ethereum Mini Trust (ETH Mini Trust) to shareholders of the Grayscale Ethereum Trust (ETHE). Grayscale plans to list the ETH Mini Trust on the Arca exchange in New York, subject to regulatory approval, with the ticker symbol “ETH.” In the initial distribution, ETHE will contribute 10% of its ETH holdings as of 4:00 p.m. Eastern Time on the record date, and each holder of ETHE shares as of that time will be entitled to receive ETH Mini Trust shares on a 1:1 basis.
20. Artificial intelligence startup Hebbia has raised $130 million in funding, led by a16z, with participation from Index Ventures, Google Ventures, and billionaire Peter Thiel. According to a source, the New York-based company is currently valued at approximately $700 million. Hebbia plans to use the new funds for research and to hire more software engineers. Founded in 2020, Hebbia uses AI technology to help companies sift through various documents to answer complex questions. Its clients include the US Air Force, asset management firms, and legal services companies.
21. DigitalX Ltd. will launch a Bitcoin exchange-traded fund (ETF) on the main Australian stock exchange, becoming the second asset management company to gain approval from the Australian Securities Exchange (ASX Ltd.) to launch such a product. According to the company’s statement on Tuesday, the DigitalX Bitcoin ETF will debut on July 12 with the ticker symbol BTXX. DigitalX stated that the fund is established in collaboration with K2 Asset Management and 3iQ. The ASX approved VanEck’s Bitcoin ETF last month, and DigitalX followed suit a few weeks later. Sydney-based fund management firm BetaShares Holdings Pty has also applied to launch Bitcoin and Ether ETFs on the ASX.
22. Banque de France (BDF) and the Hong Kong Monetary Authority (HKMA) have announced cooperation on wCBDC. This collaboration includes the HKMA’s participation in the European Central Bank’s Eurosystem’s second wave of exploratory work. The two institutions have signed a memorandum of understanding (MoU) to innovate in the wCBDC and tokenized markets, with a focus on interoperability between BDF’s DL3S and the HKMA’s Ensemble Sandbox infrastructures. The collaboration aims to enhance real-time cross-border and cross-currency payments, optimize settlement efficiency, and promote interoperability among financial market infrastructures. BDF First Deputy Governor Denis Beau and HKMA Deputy Chief Executive Howard Lee emphasized the potential of the plan in promoting inclusive finance and the development of global token markets.
