Europe's Bitcoin ETF Debut, Zynga's Sugartown Sweetens Web3 Gaming
Binance Battles SEC's Demands, Prime Trust Files for Bankruptcy, and Coinbase Carves Out Canadian Crypto Niche
Welcome to Daily Digest, where we surface trending news in crypto-based on conversations we found on Twitter, news publications, blog posts, and other social media, powered by the Coinfeeds platform.
Here are the trending news items over the last 24 hours. If you’d like to see it’s realtime updated version, head over to our website here
Deep Dive: Layer Zero
Moving assets from one chain to the next is cumbersome and exposes users to bridge and smart contract risks. LayerZero is a protocol that connects different blockchains and allows for secure transactions between them. It improves user experience by making transactions easier and pooling liquidity across chains without needing a middleman. Read more about it in our deep dive here - https://coinfeeds.io/research/layerzero-pioneering-omnichain-transactions-across-chains
Market Updates
News
The Launch of Europe's First Bitcoin ETF
Jacobi Asset Management has listed Europe's first spot bitcoin exchange-traded fund (ETF) on Euronext Amsterdam. The ETF, regulated by the Guernsey Financial Services Commission, will trade under the ticker "BCOIN" and is custodyed by Fidelity Digital Assets. Unlike exchange-traded notes (ETNs), the ETF cannot be leveraged or use derivatives. This listing means that Europe will have a spot bitcoin ETF traded before the U.S., despite numerous rejected applications to the Securities and Exchange Commission (SEC). The ETF is green-friendly and aligns with the EU's sustainable finance guidelines. It has been over a year since the originally planned debut of the ETF.
Binance's Legal Battle with the SEC
Binance, a cryptocurrency exchange, has filed a motion for a protective order against the Securities and Exchange Commission (SEC) in response to what it calls a "fishing expedition" by the regulator. Binance claims that the SEC is demanding extensive communications and depositions from the company, including its CEO, that are unrelated to customer assets. The exchange argues that the SEC is overstepping its authority granted by a previous Consent Order. Binance seeks protection from the SEC's requests and asserts that it has cooperated in good faith.
Dubai's Efforts to Attract AI and Web3 Businesses
Dubai is offering a 90% subsidy on commercial licenses to attract artificial intelligence (AI) and Web3 businesses. The goal is to create the largest cluster of tech companies in the Middle East and North Africa region. The licenses will be issued by Dubai International Financial Centre (DIFC) and the city hopes to attract global talent and diversified investors. The Dubai AI and Web 3.0 Campus provides AI lab facilities, training programs, hardware, and accelerator programs. Dubai has also granted operational licenses to crypto exchanges, including Nomura's crypto arm Laser Digital Middle East FZE.
Coinbase's Expansion into Canada
Coinbase, the US-based crypto exchange, has announced its official expansion into the Canadian market. The exchange is integrating Interac payment rails and partnering with leading banks and payment providers to enable seamless fund transfers. Coinbase is also offering a 30-day trial program called Coinbase One, which includes zero trading fees, enhanced staking rewards, and priority support for Canadian users. Canada is considered the exchange's next "Go Deep Market" due to its strong crypto awareness, tech ecosystem, and progress in regulatory frameworks. Coinbase is investing in Canada's tech and developer sector to strengthen its presence in the country.
The Launch of Immutable's New Layer-2 Blockchain
Immutable, a web3 gaming platform, has launched a new layer-2 blockchain called Immutable zkEVM. This blockchain is a zero-knowledge rollup that aims to reduce gas fees and increase transactions. Developers can migrate their existing smart contracts from Ethereum to Immutable's zkEVM testnet seamlessly. The zkEVM is built with Polygon's Supernets, making it easier for developers to create application-specific blockchains. This launch is part of Immutable's effort to diversify its infrastructure and provide game developers with more options and flexibility.
Prime Trust's Bankruptcy Filing
Crypto custodian Prime Trust has filed for Chapter 11 bankruptcy in Delaware due to a shortfall in customer funds. The company has between 25,000 to 50,000 creditors and estimated liabilities between $100 million to $500 million. The filing includes Prime Core Technologies Inc., Prime Trust, LLC, Prime IRA LLC, and Prime Digital, LLC. The company believes that the bankruptcy filing will provide a transparent and value-maximizing process for its clients and stakeholders.
The Launch of Sugartown, a Web3 Game by Take-Two Interactive Software
Take-Two Interactive Software, the publisher of "Grand Theft Auto," is launching its first web3 game called "Sugartown" through its subsidiary Zynga. The game will be built on Ethereum and players will use Ethereum tokens to access it. They can stake tokens to earn energy and in-game currency for rewards. This move could have a significant impact on the video game industry and may inspire other major developers to enter the web3 gaming market.
The Launch of the "Stand with Crypto Alliance" by Coinbase
Coinbase has launched the "Stand with Crypto Alliance," an advocacy organization aimed at getting the crypto community involved in upcoming legislation in the U.S. Congress. The organization is described as "crypto's first true grassroots movement that will be organized onchain." Coinbase hopes to mobilize the decentralized crypto community to hold lawmakers accountable and advocate for common-sense legislation to protect consumers and their right to crypto.
As always, stay tuned for more updates in crypto!