We have collected the most important news from the participants of the crypto industry for the week.
One Trading has launched the first crypto derivatives exchange in the EU.New Jersey will allocate part of the city pension fund's portfolio for purchases of BTC-ETFs.SBI Holdings and Franklin Templeton will establish a joint digital asset management firm.The British division of Coinbase was fined $4.5 million for onboarding violations.Fireblocks has introduced a set of Web3 tools for startups.One Trading has launched the first crypto derivatives exchange in the EU
One Trading company received an organized trading platform (OTF) license and became the first platform in the EU to have such a status after a three-year break. Its services will comply with the requirements of the Financial Instruments Markets Directive (MiFID II).
Representatives of One Trading clarified that the license allows the exchange to offer legal products to customers, including those denominated in bitcoins and Ethereum, for which there is currently no regulated platform in the EU.
Initially, One Trading was a "daughter" of the Bitpanda crypto platform, but in July it separated from it and became an independent brand. Then the company announced the raising of financing in the amount of € 30 million.
In December 2023, ForkLog announced the firm's announcement of the launch of the "world's fastest digital asset trading platform" called FAST.
New Jersey to allocate part of the City Pension Fund's portfolio for purchases of BTC-ETFs
The mayor of Jersey City, Stephen Fulop, announced plans to direct part of the funds of the city pension fund to crypto-ETFs. The official noted that the municipal authorities are updating documents with the SEC to reflect investments in digital assets.
Not my normal subject matter in a post but I’ll share anyway - the question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won. The #JerseyCity pension fund is in process of updating paperwork to the SEC to allocate % of the fund to Bitcoin ETFs… https://t.co/5iNEqRqHGM
— Steven Fulop (@StevenFulop) July 25, 2024Fulop did not specify what percentage of the fund's AUM will be accounted for by cryptocurrencies. He explained that he takes 2% allocated by the Wisconsin Pension Fund as a guideline.
The latter, according to reports filed with the SEC, held shares of spot bitcoin ETFs totaling $163 million at the end of March.
Separately, it became known about the purchase of 66.9 BTC by the English football club Real Bedford.
Metaplanet from Japan also replenished its bitcoin reserves. By allocating 200 million yen ($1.27 million), the public organization increased its reserves by 20.38 BTC to 235.99 BTC.
SBI Holdings and Franklin Templeton to establish joint Digital Asset Management Firm
Japanese conglomerate SBI Holdings and financial giant Franklin Templeton have agreed to create an investment management company with a focus on cryptocurrencies by the end of the year.
A Wall Street representative has launched an ETF based on bitcoin and Ethereum, and is also considering filing an application for registration of an exchange-traded fund based on Solana. In Japan, preparations are underway to ease regulation on investments in digital assets.
SBI Holdings will own 51% of the new organization, and Franklin Templeton will own 49%.
In November 2023, SBI Holdings agreed with the venture capital division of Standard Chartered Bank to establish a company in the UAE with a capital of $100 million with a focus on investments in cryptocurrency projects.
The British division of Coinbase was fined $4.5 million for onboarding violations
The FCA fined the British "daughter" of Coinbase 3.5 million GBP ($4.5 million) for violating a voluntary agreement designed to stop the latter from attracting high-risk customers.
In October 2020, the organization entered into a voluntary agreement with the regulator. It assumed restrictions that prevented Coinbase from attracting new users with a high level of risk.
The FCA found that the platform offered services to 13,416 similar customers. About 31% of them deposited ~$24.9 million, which became the base for ~ $226 million worth of cryptotransactions.
Coinbase representatives said they took the agency's findings seriously and "will continue to actively improve control mechanisms to ensure compliance with regulatory requirements."
In March, Kraken UK managing director Bivu Das allowed the launch of a bitcoin ETF in the country.
Earlier, Chainalysis analysts estimated the UK crypto economy as the largest in Europe and the third in the world with an annual transaction volume of $252 billion.
Fireblocks has introduced a set of Web3 tools for startups
Fireblocks, a provider of cryptographic services, has launched a set of tools for Web3 startups.
Fireblocks for Startups is designed to help you create products quickly and includes solutions for treasury management, non-custodial storage, working with private keys and secure transfer of digital assets.
"Fireblocks for Startups provides a reliable and affordable infrastructure for blockchain developers so that they do not face technical and operational challenges," the press release says.
In February, Forbes included Chainalysis, Fireblocks and Gauntlet in the list of the 50 leading fintech companies in 2024.
Key indicators of the DeFi segment
The total amount of blocked value (TVL) in DeFi protocols decreased to $94.3 billion. Lido remains the leader with an indicator of $30.9 billion. EigenLayer is on the second line ($15.3 billion), Aave holds the third ($12.5 billion).
Data: DeFi Llama.TVL in Ethereum applications decreased to $56.3 billion. The volume of trading on decentralized exchanges (DEX) has increased to $124.7 billion over the past 30 days.
Uniswap continues to dominate the market of non—custodial sites - it accounts for 50.1% of total turnover. PancakeSwap is the second DEX in terms of trading volume (15.9%), Aerodrome moved to the third (7%), Dodo moved to the fourth (5.7%). Curve (5%) returned to the top 5.
Also on ForkLog:
Tether's net profit for the first half of the year reached $5.2 billion.M2 will provide customers in the UAE with the opportunity to purchase bitcoin from a bank account.The share of trading volume on DEX has reached a historic high.The developers have launched an alternative to the "synthetic dollar" from Ethena Labs.The Aave token has grown in response to the changing economics of the protocol.The on-chain indicators of Base have updated the highs again.The ZKX protocol closed a month and a half after the airdrop.What should I read on the weekend?
The market continues to worry about the fate of compensation to Mt.Gox customers, the scale of which exceeded the inflow of funds into ETFs, the issue of miners and the sale of the German authorities. Glassnode is convinced that most of the investors receiving payments can be attributed to hodlers. This potentially mitigates the scale of the pressure from sellers in the coming weeks. For a more detailed picture, read the special comment.