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- Uzbekistan's Bank Joins Crypto Initiative 🇺🇿, Valkyrie Files For Ether Futures ETF 🔮
Uzbekistan's Bank Joins Crypto Initiative 🇺🇿, Valkyrie Files For Ether Futures ETF 🔮
BTC price will surge past $150k accoridng to analysts. Regulators are beginning to embrace crypto.
Manan Vora
August 17, 2023
Snapshot Web3
August 17, 2023
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Regulatory Updates
Uzbekistan's new private bank, JSV Ravnaq Bank, has joined the national crypto card initiative. The project aims to introduce the "CRYPTO CARD — UzNEX," a virtual bank card that automatically adds funds by converting crypto assets. The bank's integration with systems like Mastercard is being tested, with a planned launch by December. This initiative is part of Uzbekistan's efforts to strengthen its cryptocurrency ecosystem.
Regulators worldwide are gradually embracing cryptocurrency and blockchain technology. While Switzerland, Singapore, and the EU have been early leaders, countries like Japan and the UAE are catching up. Even the U.S. is showing signs of regulatory progress. Notable examples include the EU's MiCA framework and Japan's evolving approach. Despite differences, there's optimism that clear regulations will drive crypto innovation. Low- and moderate-income countries are watching to adopt suitable frameworks.
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Innovation and Launches
Stellar has launched an open-source "Stellar Disbursement Platform" for fast, cost-effective digital disbursements globally. This platform enables bulk digital asset disbursements, initially used for aid in Ukraine, and is now open-source. It integrates with Stellar's network for easy conversion of digital currency to cash. Stellar has also secured a minority stake in MoneyGram to aid the company's digital transformation. Despite these moves, Stellar's native token XLM has seen a decline in value recently.
CME Group and CF Benchmarks will launch new bitcoin and ether reference rates exclusively for the Asia-Pacific region on September 11. These rates, named BRRAP and ETHUSD_AP, will provide a daily reference for USD prices of these digital assets, announced at 4pm Hong Kong/Singapore time. The move aims to meet the needs of global participants in the growing digital asset space and enhance accurate cryptocurrency price hedging. CME Group noted that a significant portion of its crypto volume is traded outside US hours, including a notable portion from the APAC region.
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Funding
ZetaChain has raised $27 million in an equity round for its chain-agnostic platform. Investors include Blockchain.com, Sky9 Capital, and Jane Street Capital. The platform enables interoperability between networks, allowing non-smart contract chains like Bitcoin to interact with DeFi. It aims to solve the issue of contracts communicating between blockchains, enabling developers to build decentralized applications (DApps) that access assets and data from different blockchains. Over 27,000 DApp contracts have been deployed on the platform, and more than 13 million transactions have occurred on its testnet.
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Scams and Hacks
Over 500 scam tokens were deployed on Coinbase's layer 2 blockchain BASE between mid-July and August, according to Solidus Labs. These tokens allowed creators to mint endlessly and hindered reselling on exchanges. The scam tokens generated $3.7 million in trading volume and around $2 million in profits for scammers. Recent controversies include meme token inflation and DEX attacks on the platform, leading to user losses.
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NFT and Metaverse
McDonald's Singapore is launching 2,000 exclusive Grimace Digital Collectibles, merging the character with NFTs. Teaming up with Bandwagon Labs and local NFT artist 'The Hidden Walls', limited-edition digital collectibles of Grimace will be created using generative art. Collectors can acquire these via the McDonald's app through minting. This follows previous blockchain interactions in other locations.
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Resource of the Day
The Bitcoin fee-to-reward ratio represents the proportion of total block rewards from transaction fees in the Bitcoin network. Miners validate transactions and secure the network, earning both newly created BTC (block rewards) and fees from transactions. This ratio is crucial for miner incentives, network security, and economic sustainability. In scenarios where the ratio is greater than 1, fees exceed rewards, ensuring quick confirmations. As block rewards decrease over time due to halvings, transaction fees become vital for miner income. Post-mining, the fee-to-reward ratio will persist, impacting transaction prioritization and network efficiency. Users paying higher fees will have faster confirmations.
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Quick Links
Bitcoin's price could surge beyond $150,000 by late 2024 if US spot-Bitcoin ETFs gain approval, according to Tom Lee of Fundstrat. He predicts high demand compared to daily supply due to ETFs, potentially pushing the price to $150,000 or more. Even without ETF approval, Lee expects a price boost from Bitcoin's 2024 halving event, though not to six figures. Several firms have applied for Bitcoin spot ETFs, with their approval likely to impact the market significantly.
The FBI confiscated nearly $1.7 million worth of crypto assets between March and May, including Bitcoin, Ether, Tether, Monero, and Dai. The largest seizure was 428.5 ETH. These seizures resulted from violations of federal regulations. The FBI has also been alerting the crypto community about NFT-related scams, including account hijacking and fake job ads.
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Miscellaneous
Asset management firm Valkyrie has applied for an Ether futures exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The ETF won't directly invest in Ether but will buy ETH futures contracts. Investments will also include cash, cash-like instruments, and high-quality securities. The ETF's Ether futures contract investment will be limited to 8,000 contracts per month. Other firms have also filed for Ether futures ETFs amid hopes of a U.S. spot Bitcoin ETF approval.
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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
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