WuBlockchain Weekly: Hong Kong’s ZA Bank Launches Cryptocurrency Trading Services, Brazilian Congressman Proposes Bitcoin as a National Reserve Asset, Altcoin ETFs Expected to Debut by Late 2025,etc

1. U.S. Q3 GDP Annualized Growth Rate Steady at 2.8%, Core PCE Revised Down to 2.1% link

The U.S. third-quarter real GDP annualized growth rate (revised) stood at 2.8%, aligning with expectations of 2.8% and matching the previous estimate. The third-quarter core PCE price index annualized growth rate (revised) was 2.1%, slightly below the forecast of 2.2% and the prior estimate of 2.2%.

2. Trump Administration Proposes Expanding CFTC Authority to Restructure Crypto Regulation link

The incoming Trump administration plans to expand the authority of the Commodity Futures Trading Commission (CFTC) to oversee the $3 trillion digital asset market. This initiative aims to curtail the Securities and Exchange Commission’s (SEC) jurisdiction over parts of the crypto industry, granting the CFTC regulatory oversight of digital assets like Bitcoin (BTC) and Ethereum (ETH), classified as commodities, along with their spot markets. The administration believes this move will provide a clear regulatory framework and foster innovation in the sector. Former CFTC Chairman Chris Giancarlo is reportedly a leading candidate for the administration’s proposed “Crypto Czar” position.

3. U.S. Customs and Border Protection Reportedly Seizes Bitmain Antminer Imports link

According to an exclusive report by Blockspace, the U.S. Customs and Border Protection (CBP) is detaining certain imported Bitmain Antminer devices at ports of entry across the United States. The detention of these shipments has reportedly lasted for two months and is occurring nationwide, including at ports in San Francisco and Detroit. The targeted products are Bitmain’s latest ASIC mining series, the Antminer S21 and T21.

The report notes that this unprecedented large-scale seizure and related investigation represent a significant disruption for Bitcoin miners. However, the specific reasons for the import detentions remain unclear. Notably, the CBP has not taken similar action against other ASIC manufacturers, such as MicroBT or Canaan.

Established in 2003 under the Department of Homeland Security, the CBP is tasked with regulating imports into the United States.

4. Court Rules Treasury’s Sanctions on Tornado Cash Immutable Contracts Exceed Authority link

The U.S. Federal Appeals Court has ruled that the Treasury Department exceeded its authority by sanctioning Tornado Cash’s immutable smart contracts. The court determined that these contracts, rendered immutable through a “trusted setup ceremony,” cannot be owned by any entity, failing to meet the definition of “property” and not qualifying as “services.” Despite the Treasury’s attempts to impose sanctions, these contracts remain freely accessible on the blockchain, allowing any user, including sanctioned individuals, to interact with them. The ruling clarifies the limits of the Treasury and its Office of Foreign Assets Control (OFAC) in regulating digital assets, though it does not exempt other aspects of Tornado Cash from sanctions. The debate centered on smart contracts without administrative keys.

5. Brazilian Congressman Eros Biondini Proposes Bitcoin Strategic Reserve Legislation link

Brazilian legislator Eros Biondini has introduced a bill proposing the creation of a “Bitcoin Strategic Sovereign Reserve” (RESBit), which would allocate up to 5% of the country’s international reserves to Bitcoin. The aim is to diversify national assets, mitigate exchange rate volatility, and address geopolitical risks. The bill stipulates that the reserve’s management should adhere to principles of transparency, utilizing secure storage methods such as cold wallets, with oversight by the Central Bank and the Ministry of Finance. Regular reports would be disclosed. Additionally, the proposal intends to support the development of blockchain technology and provide reserve backing for the future digital Brazilian real (Real Digital).

6. CZ: Blockchain-AI Integration Emerges as a Frontier, Demands Enhanced Tools link

CZ tweeted that AI labeling and data processing are well-suited to be done on-chain, enabling instant (micro) payments through cryptocurrency while leveraging global low-cost labor with no geographic restrictions. BNB Chain Greenfield offers storage capacity but requires more tools to support the initiative. Zignaly co-founder Abdul Rafay Gadit inquired about the best literature on the intersection of blockchain and AI, to which CZ responded that the field is relatively new, and he is currently learning through discussions with industry founders and developers. AI expert Elja acknowledged BNB Greenfield’s product, calling it excellent but emphasizing the need for improved user education and suggesting the creation of a new Twitter account. CZ responded with a “100” emoji to express agreement. Angel investor George Kikvadze asked about designing incentive mechanisms to reward consistent, high-quality labelers while preventing spam or low-quality submissions. CZ replied that high-quality labelers could be rewarded via a normal distribution curve, while low-quality submissions could be excluded. As for preventing bot attacks, he noted that additional considerations would be necessary.

7. Kraken Announces NFT Marketplace Closure to Prioritize New Ventures link

Cryptocurrency exchange Kraken announced that it will cease trading functionality on its NFT marketplace on November 27, 2024, with the full closure of the platform scheduled for February 27, 2025. Users will only be able to withdraw assets from the marketplace. Kraken stated that this decision is part of a strategy to redirect resources towards new products and services, some of which are yet to be disclosed. Kraken launched a beta version of its NFT marketplace in November 2022, but due to the persistent decline in NFT market activity this year, the platform has ultimately decided to shut down this business line.

8. Hong Kong ZA Bank Introduces Cryptocurrency Trading Services via Mobile App link

ZA Bank, Hong Kong’s virtual bank, has announced its status as the first bank in Asia to provide cryptocurrency trading services for retail customers. Starting Monday, the ZA Bank app allows users to trade Bitcoin and Ethereum using Hong Kong dollars (HKD) or U.S. dollars (USD).

Hong Kong residents can open an investment account with ZA Bank, complete a risk assessment, and begin trading the two cryptocurrencies. The entry thresholds are set at $70 or HK$600, with transaction fees of $1.99 or HK$15 per trade and a platform fee of 1.5% of the transaction amount (minimum $1.99 or HK$15 per transaction). To encourage adoption, the bank will waive commission fees and reduce the platform fee to 0.8% of the transaction amount until the end of June 2025.

Additionally, HashKey Exchange has officially launched **HashKey Pro**, a professional-grade comprehensive service tailored for institutions such as brokers, banks, and payment providers. HashKey Pro supports API trading, bulk trading services, and enterprise-level account structures with advanced permission management. Leveraging HashKey Pro, ZA Bank has successfully integrated virtual asset trading functionality into its app.

9. Bloomberg Analyst: Approval for Altcoin ETFs Like SOL and XRP May Take Until Late 2025 link

According to the latest report by Bloomberg ETF analyst James Seyffart, the approval decisions for altcoin ETFs such as SOL, XRP, LTC, and HBAR may be delayed until the end of 2025. Unlike the already-approved Bitcoin and Ethereum ETFs, these altcoins lack support from CME-regulated futures markets.

While firms like WisdomTree and 21Shares have submitted applications for XRP ETFs, current regulations prohibit their listing until compliance issues surrounding market manipulation, custody, and other concerns are resolved.

Seyffart also noted that a potentially crypto-friendly SEC leadership in 2025 could open the door for ETF products incorporating staking Features, signaling a significant shift in regulatory outlook for the crypto industry.

10. Industry Experts Explore and Discuss the Concept of the “World Computer” link

A paper written by Lei Yang, Robert Drost, and Namik Muduroglu from MegaETH and Eigen Foundation discusses the concept of a “world computer.” The paper argues that the world computer is a globally shared, decentralized host based on blockchain technology, capable of running smart contracts and applications. It provides a trustless, immutable, and programmable environment for collaboration. Key application areas include decentralized finance (DeFi), stablecoins, decentralized physical infrastructure networks (DePIN), and social networks. The paper calls on developers and communities to focus on building decentralized, trustless world computers to drive the next leap in human collaboration.

Fundraising

  • Binance Labs has announced its investment in the multi-asset liquidity platform Astherus. link

  • Animoca Brands has revealed a strategic investment in Igloo, the parent company of Pudgy Penguins. link

  • TRON has declared a $30 million investment in World Liberty Financial. link

  • Binance Labs has also announced its investment in Kernel. link

  • Cross-border payment and settlement blockchain company Partior has successfully raised $80 million in its Series B funding round. link

  • Talus Network has completed a strategic funding round, securing $6 million, with Polychain Capital as the lead investor. link

  • OpenTrade has concluded a $4 million seed extension round. link

  • U2U Network has raised $13.8 million to advance DePIN and hardware technologies. link

  • Bleap, founded by former Revolut employees, has announced the completion of a $2.3 million pre-seed funding round. link

  • DeFi protocol Avant has secured $6.5 million in its seed round funding. link

  • Privacy-first social protocol Rarimo has completed a $2.5 million Vision funding round, with participation from Vitalik. link

Learn more, check out crypto-fundraising.info.

Follow us
Twitter: https://twitter.com/WuBlockchain
Telegram: https://t.me/wublockchainenglish

Comments

Post a Comment

Popular posts from this blog

Crypto market ‘dramatically underestimates’ bullishness of spot Bitcoin ETFs

Image
“It’s reckless not to aggressively accumulate BTC at current levels,” K33 senior analyst Velte Lund said in a recent report. The potential of a spot Bitcoin (BTC) exchange-traded fund (ETF) approval to drive prices up is dramatically underestimated by the crypto market , claim analysts from crypto research firm K33 — formerly Arcane Research.  In a Sept. 5 market report, K33 senior analyst Vetle Lunde and vice president Anders Helseth said the last three months had greatly improved the chances of a spot Bitcoin ETF approval despite the sentiment not being reflected in the price of Bitcoin or other mainstay crypto assets. The analysts explained while Bitcoin had all but given up its gains in the wake of Grayscale’s legal victory over the Securities and Exchange Commission — an approval would “attract enormous inflows” and significantly increase buying pressure for Bitcoin. Bitcoin returned its gains in the wake of Grayscale's victory. Source: K33 Research However, the downside of ...
Read more

Crypto Bias Blocks People from Seeing Coinbase as Goldman 2.0: Bitwise CEO

In a recent tweet, Hunter Horsley, CEO of Bitwise Asset Management, shared his frustration with the poor attention given to the US-based crypto, Coinbase, claiming that people are “sleeping” on the crypto business. Horsley argued that while big banks like Goldman Sachs attempt to avoid a “slow death” by investing in technology, APIs, and retail services, Coinbase has already achieved what many banks strive to attain. He points out that the exchange has an exceptional institutional team with 25% of the most significant hedge funds as clients, over 50% institutional volume, and a suite of first-class tech products. The Bitwise CEO also claimed that Coinbase co-invented the USDC payment rail, facilitating $2 trillion in transfers in 2022 Q4 alone. Rant — People are sleeping on Coinbase. Big banks like GS are working to avoid slow death by getting into technology, APIs (Apple deal), more retail services (Marcus), while grappling with the heft of legacy biz, rate exposure, ...
Read more

Komodo (KMD) Price Prediction 2023-2030: Will KMD Price Hit $ 0.7 Soon?

Image
Bullish Komodo (KMD) price prediction ranges from $0.4 to $0.7 Analysis suggests that the KMD price might reach above $0.68. The KMD bearish market price prediction for 2023 is $0.1775. What is Komodo (KMD)? Komodo is an open-source technology provider that provides the infrastructure and tools for the new decentralized financial system. With Komodo, anyone has the capability of launching a branded decentralized exchange, cross-protocol financial applications, and independent blockchains.   The project’s flagship end-user application is Komodo Wallet (formerly AtomicDEX). It is a non-custodial multi-coin wallet, crypto bridge, and DEX rolled into one app. Being compatible with 99% of cryptocurrencies, Komodo Wallet offers the widest cross-chain, cross-protocol trading support of any decentralized exchange. Komodo Wallet’s DEX feature is built using a peer-to-peer (P2P) atomic swap protocol with decentralized order books. Developers use ...
Read more