Top Blockchain News for Sep 07, 2023

September 07, 2023

Welcome to Morning Blockchain, where we’re serving up a refreshing blend of blockchain and cryptocurrency knowledge to stimulate your neurons. In today’s edition, we’ll dive into the battle for the first spot crypto fund, explore the intersection of art and blockchain, uncover the benefits of Crypto Separately Managed Accounts, and much more. So grab your energy drink and get ready to crack open a can of wisdom. Let’s dive in!

Top Stories

ARK Invest and 21Shares file with SEC for spot ether ETF Cathie Wood’s Ark Invest and 21shares have applied for a spot ether ETF, called ARK 21Shares Ethereum ETF, which would provide direct exposure to ether and trade on the Cboe BZX Exchange; this is relevant to blockchain and cryptocurrency as it represents the ongoing battle between the crypto industry and regulators for the first spot crypto fund. Crypto VC Sino Global changes name to Ryze Labs China-based venture firm Sino Global Capital has rebranded as Ryze Labs to reflect its global ambitions and expanding focus beyond the Asian region, including investments in top blockchain-based projects, and the new name also helps to distance itself from its close association with FTX, a disgraced cryptocurrency platform. Web3 arts startup TRLab raises $5 million from Hivemind Capital, OKX Ventures TRLab, a fine art-focused tech start-up, has raised $5 million in seed funding to promote digital art in the web3 space, highlighting the increasing interest and demand for digital-centric art experiences and the potential for blockchain and cryptocurrency to revolutionize the art industry. Why Wealth Managers Are Choosing These Crypto Accounts Summary: Crypto Separately Managed Accounts (SMAs) offer tax optimization opportunities, direct ownership with minimal tracking error, integration with reporting platforms, and the expertise of professional management, making them a valuable investment option in the volatile crypto market.

Relevance to blockchain and cryptocurrency: This article discusses how Crypto SMAs provide unique benefits for investors in the digital asset market, highlighting their relevance to blockchain and cryptocurrency by addressing tax optimization, direct ownership, reporting integration, and the need for professional management in this emerging asset class. Former Coinbase execs raise $8 million for fresh take on crypto lending Former Coinbase executives have launched Trident Digital Group, a crypto lending startup that aims to restore liquidity to the lending market by offering proper risk management and striking a balance between security and capital efficiency; the startup raised $8 million in a seed round to fund its “next generation” crypto lending business. SOMA Finance plans to launch retail-compliant digital security token SOMA Finance is planning to launch the SOMA token, which it claims to be the first legally issued and compliant digital security for U.S. and global retail investors, offering a financial stake in SOMA Finance and dividends of up to 10% from its profits, bridging the gap between DeFi and traditional financial systems. FDUSD stablecoin market cap grew 51% to $394 million over last 30 days The supply of the FDUSD stablecoin has increased by 51% in the past 30 days, making it the eleventh largest dollar-based stablecoin, and Binance has played a significant role in its adoption by listing it on the exchange and discontinuing support for BUSD in favor of FDUSD, though its presence in the wider cryptocurrency and DeFi sectors is still limited. Crypto Lenders Caused Crypto Contagion Last Year. How Is the Industry Rebuilding? Bitcoin, with its decentralized and transparent nature, needs a robust lending market to thrive in the financial landscape, just like the currencies that came before it. Google advertising unit permits promotion of NFT games, if gamble free Google has updated its advertising policy to allow companies to advertise NFT games that do not promote gambling-related content, but those with a gambling component are not permitted; this is relevant to blockchain and cryptocurrency as it reflects the growing adoption and recognition of NFTs and their associated games by major tech companies. Arkham identifies wallet addresses tied to Grayscale Bitcoin Trust Arkham Intelligence has identified over 1,750 wallet addresses linked to Grayscale Bitcoin Trust’s holdings, making it the second largest BTC entity globally, and it also holds 3.03 million ETH; this is relevant to blockchain and cryptocurrency as it highlights the significant holdings of a major investment vehicle and provides insights into the market demand for Bitcoin and Ethereum. Solana hackathon will award up to $1 million in prizes and funding The Solana Foundation is launching a hackathon called Hyperdrive, offering up to $1 million in prizes and seed funding, to encourage the development of new tools and apps on the Solana network, providing an opportunity for developers to compete and launch their startups on Solana, shaping the future of the ecosystem. Coinbase, Framework Venture Funds Invest $5M in Socket Protocol, in Bet on Blockchain Interoperability Socket aims to be a key player in connecting different layer-2 networks and layer-1 blockchains, allowing for seamless communication and transactions between them, thus enhancing the overall blockchain experience. Solana Labs COO Raj Gokal calls Visa pilot a ‘big step’ for digital payments Visa’s expansion of its USDC pilot to include the Solana blockchain is seen as a significant step towards making digital payments more accessible and inspiring confidence in the crypto market, with Solana’s high transaction throughput and cost-effectiveness making it a good fit for stablecoins. Accounting regulator will let firms report crypto at fair market value: report The Financial Accounting Standards Board (FASB) has approved new rules that allow companies to report their cryptocurrency holdings at fair market value, which will encourage institutional holdings of crypto and eliminate the poor optics of impairment losses on balance sheets, impacting major crypto-holding firms like MicroStrategy. Vitalik Buterin co-authors paper on Tornado Cash alternative Ethereum co-founder Vitalik Buterin and other researchers have co-authored a paper introducing a privacy protocol called Privacy Pools, which aims to enhance transactional privacy on blockchains while still adhering to regulatory requirements, potentially providing a solution to the troubles faced by Tornado Cash. This development is relevant to blockchain and cryptocurrency as it demonstrates ongoing efforts to find a balance between financial privacy and regulation in the industry. What are decentralized exchange aggregators? DEX aggregators are important in the cryptocurrency market as they provide a consolidated and simplified interface for users to access liquidity pools of various exchanges, helping users find the best trading conditions in terms of pricing and liquidity, which is crucial for efficient and effective trading in the decentralized exchange space. Looking at Uniswap and Crypto’s New Favorite Ruling Private investors have filed a lawsuit against Uniswap under the Securities Exchange Act of 1934, potentially setting a precedent for future cases involving the SEC’s jurisdiction over crypto token issuers and trading platforms.