NewsBriefs - Franklin Templeton and SBI team up to bring Bitcoin ETFs to Japan
07/26/2024 13:47![NewsBriefs - Franklin Templeton and SBI team up to bring Bitcoin ETFs to Japan](https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fcms-image-bucket-production-ap-northeast-1-a7d2.s3.ap-northeast-1.amazonaws.com%2Fimages%2F0%2F9%2F0%2F3%2F48023090-3-eng-GB%2FCropped-172190958020240725N+SBI+Franklin+Templeton.jpg?width=700&fit=cover&gravity=faces&dpr=2&quality=medium&source=nar-cms)
SBI Holdings and Franklin Templeton are partnering to create a digital asset management company in Japan, preparing for potential crypto ETF...
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Franklin Templeton and SBI team up to bring Bitcoin ETFs to Japan
SBI Holdings and Franklin Templeton are partnering to create a digital asset management company in Japan, preparing for potential crypto ETF approvals. SBI will hold a 51% stake in the venture. The new firm aims to offer crypto ETFs and digital asset securities upon regulatory approval. This move follows the success of spot Bitcoin ETFs in the US, which have seen over $16 billion in inflows since January. The partnership combines SBI's local presence with Franklin Templeton's global asset management expertise and recent foray into digital assets.
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Franklin Templeton and SBI team up to bring Bitcoin ETFs to Japan
SBI Holdings and Franklin Templeton are partnering to create a digital asset management company in Japan, preparing for potential crypto ETF approvals. SBI will hold a 51% stake in the venture. The new firm aims to offer crypto ETFs and digital asset securities upon regulatory approval. This move follows the success of spot Bitcoin ETFs in the US, which have seen over $16 billion in inflows since January. The partnership combines SBI's local presence with Franklin Templeton's global asset management expertise and recent foray into digital assets.
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Cardano network prepares for Chang hard fork with new validator node release
Cardano's network is set for the Chang hard fork with the release of Node 9.1.0 validator software. This upgrade marks a step towards the Voltaire era of decentralized governance. The hard fork will initiate when 70% of validators upgrade. It introduces on-chain governance mechanisms, including a constitutional committee and delegate representatives. This change is part of Cardano's planned evolution, following previous upgrades like Vasil and Alonzo. Cardano's market cap is around $14 billion.
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Marathon Digital acquires $100 million in Bitcoin as other miners sell
Marathon Digital bought $100 million worth of Bitcoin, increasing its holdings to over 20,000 BTC. The firm is now the second-largest Bitcoin-holding company after MicroStrategy. Marathon has readopted its "hold" strategy, aiming to retain all mined and purchased Bitcoin. This move contrasts with other miners who are currently selling their crypto. The company's CEO, Fried Thiel, expressed confidence in Bitcoin's long-term value as a treasury reserve asset. Marathon's actions reflect growing institutional support and favorable market trends for Bitcoin.
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Ether drops below $3200 as crypto market pulls back
Ether fell 7.9% to $3,166, with the overall crypto market down 3.45%. Bitcoin dropped 2.52% to $64,200. Analysts attribute the pullback to profit-taking after recent ETF-driven rallies, Mt. Gox asset distribution news, and US stock market declines. Despite the dip, some expect Ether to rally in the mid to long term as market sentiment improves.
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Bitcoin reward firm Fold to go public on Nasdaq via SPAC deal
Fold, a Bitcoin financial services company, is set to go public through a merger with FTAC Emerald. The deal values Fold at $365 million pre-money. Fold offers Bitcoin rewards on debit cards and bill payments, having processed over $2 billion in transactions and distributed $45 million in Bitcoin rewards since 2019. The company plans to expand its services, including credit and lending solutions, while maintaining over 1,000 BTC in its treasury. This move positions Fold as a key player in the growing Bitcoin adoption trend.
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Lummis plans to propose Fed to adopt Bitcoin as reserve asset
Senator Cynthia Lummis intends to introduce legislation for the Federal Reserve to hold Bitcoin as a strategic reserve asset. The proposal aims to diversify the Fed's foreign currency holdings with Bitcoin. Lummis seeks support from Senate Banking Committee colleagues and hopes for Donald Trump's endorsement. The US currently holds 210,000 bitcoins valued at over $66,000 per token. The bill faces challenges under the current administration's cautious approach to crypto. If passed, it could significantly impact US financial policy and Bitcoin's value.
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Bitstamp will begin distributing Bitcoin, Bitcoin Cash to Mt. Gox creditors on Thursday
Bitstamp is set to start distributing Mt. Gox proceeds on Thursday, marking a significant milestone for customers who lost funds in the 2014 hack. The payout includes Bitcoin, Ethereum, and Bitcoin Cash tokens received from Mt. Gox trustees. This distribution comes nearly a decade after the exchange's collapse, offering long-awaited compensation to affected users. UK customers are excluded from the initial distribution phase.
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Ferrari to launch crypto payments in Europe following US success
Ferrari is expanding its crypto payment system to Europe after a successful US launch. The Italian luxury car maker will roll out crypto payments to European dealers by July 2024, with plans for global expansion where legally accepted. Ferrari's system converts crypto to fiat, protecting dealers from price volatility. The move follows partnerships with crypto payment firms like BitPay in the US market.
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Trump leads Harris in Polymarket odds with swing state advantage
Polymarket predicts Trump has a 64% chance of winning the presidency compared to Harris's 34%. Trump leads in all key swing states, with Republicans holding significant advantages in Georgia, Arizona, and Nevada. The market forecasts a 40% likelihood of a Republican sweep across the presidency, Senate, and House. Harris remains the frontrunner for the Democratic nomination with 92% odds. Polymarket's predictions have proven accurate in the past, notably forecasting Biden's withdrawal from the presidential race.
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Toyota explores Ethereum blockchain integration for autonomous vehicles
Toyota is exploring Ethereum blockchain tech for its vehicles, developing a Mobility Oriented Account using the ERC-4337 standard. This initiative aims to support future autonomous driving and maintain account access if private keys are lost. Toyota Blockchain Lab seeks input from the Ethereum community, including proposals like EIP-7702, as they design this blockchain-based vehicle integration.
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Bitcoin dominance drops signaling potential altcoin bull run
Bitcoin dominance has fallen from 55.8% to 55.4%, while the altcoin market cap increased by 3.8% to over $1.05 trillion. This shift, coupled with positive investment inflows across various altcoins, suggests a potential bull run for non-Bitcoin cryptos. The TOTAL2 chart and a possible bullish EMA crossover further support this outlook. However, some analysts caution that it might take two more months before altcoins outperform Bitcoin. The altcoin rally could be invalidated if Bitcoin approaches $70,000.
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dYdX v3 website compromised, users warned to avoid access
dYdX's v3 interface has been compromised, prompting an urgent warning to users. The crypto exchange advised against visiting dYdX.exchange or clicking any associated links until further notice. This security breach is specific to the v3 platform and does not affect dYdX v4. The exchange is investigating the issue and will provide updates as they become available.
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Large Ethereum holders cashed out before ETF launch
Large Ethereum holders sold off ahead of US spot ETH ETF launch, causing a spike in realized profits. Wallets holding 10,000-100,000 ETH cashed out $626 million on July 22. Long-term holders and those holding for 6-12 months were primary sellers. This sell-off suggests caution before potential market volatility and may indicate a shift towards ETH ETFs for institutional investors due to regulatory oversight, tax benefits, and improved liquidity.
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Founders Fund leads $11 million round for Pudgy Penguins' parent to build new Layer 2 blockchain
Igloo, Pudgy Penguins' parent company, raised $11 million in a round led by Founders Fund to develop Abstract, a new consumer-focused Layer 2 blockchain. Abstract, built using ZK Stack and EigenDA, aims to simplify dApp development. The project is led by Michael Lee, Luca Netz, and Lorenzo Melendez, with a team of crypto personalities. Abstract's testnet is live, with mainnet launch expected by year-end. Founders Fund partner Joey Krug praised Pudgy Penguins' distribution edge, positioning Abstract to onboard mainstream users to crypto.
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Boden trader loses $8M as memecoin season gains momentum
A trader lost nearly $8M trading the Biden-linked BODEN token, with the investment down 99%. Despite this, the memecoin sector shows signs of growth. MOG reached a new all-time high with an $820M market cap, while MEW surged 39% in 24 hours. Traders anticipate a potential memecoin season, with many tokens expected to hit new highs. The memecoin index against Bitcoin suggests the next leg of the bull cycle may be approaching for these crypto assets.
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