Crypto Guides, Knowledge & Insights

The Philippines Issues its First $270 Million Tokenized Bonds Targeting Institutional Investors

The Philippines made history on Monday by conducting its inaugural sale of tokenized government bonds, signaling a potential widespread adoption of blockchain technology in the countrys government debt market. According to a statement, the Department of Finance sold 15 billion pesos (approximately $270 million) in debt that will mature in November 2024. These bonds were issued to institutional investors with an annual interest rate of 6.5%.　　The bonds were issued in the form of digital tokens and will be recorded in the Distributed Ledger Technology Registry, a blockchain-based registry under the Department of Finance. The agency will implement a dual registration structure, with the DLT Registry operating in parallel with the National Registry of Scripless Securities (NRoSS).　　

2023-11-21Deep Dive

OKX Web3 Wallet Launches Cryptopedia Event Series 10

According to an official announcement, the OKX Web3 wallet has recently launched the 10th edition of Cryptopedia. Users who engage in social media attention tasks and NFT minting tasks, and successfully complete and verify them, stand a chance to share a total reward pool of up to $1 million worth of KAS tokens. Users can immediately participate by accessing the Cryptopedia event section through the OKX Web3 wallet.　　Cryptopedia is a comprehensive DApp exploration and reward interaction platform. The platform regularly introduces activities themed around different blockchain networks and collaborates with relevant partners to jointly design DApp interaction tasks. Cryptopedia aims to discover and aggregate potential projects, reduce entry barriers to Web3, minimize user search costs, and enable precise interaction even during fragmented time periods.　　

2023-11-21Deep Dive

Grayscale GBTC Negative Premium Narrows to 10.11%

According to Coinglass data, the grayscale GBTC premium rate has narrowed to 10.11%, reaching its lowest level since August 12, 2021.　　GBTC stands for Grayscale Bitcoin Trust, which is an investment vehicle offered by Grayscale. The trust allows investors to indirectly invest in Bitcoin by purchasing its shares. The shares of GBTC represent ownership of the held Bitcoin. Grayscale holds the Bitcoin and enables investors to indirectly hold the value of Bitcoin by issuing GBTC shares.　　This structure allows investors who do not wish to directly buy and hold Bitcoin to participate in Bitcoin investment. However, the price of GBTC may differ from the price of Bitcoin itself as GBTC currently does not support redemption.　　

2023-11-20Deep Dive

Bitcoin (30%) and Ethereum (39%) Active Supply Hit Historic Lows

In the past year, both Bitcoin and Ethereum have reached historic lows in their active supply turnover. Compared to previous periods, the current turnover rate for Bitcoin is only 30.12%, whereas it was 59% between March 2017 and 2018. As for Ethereum, the current supply turnover is only 39.15%, while it was 86% between July 2016 and 2017.　　For Bitcoin, reaching a historic low in active supply turnover typically occurs before a block reward halving. The next anticipated Bitcoin halving is expected to take place on April 24, next year, which is 155 days away from now.　　

2023-11-20Deep Dive

Web3 Foundation CEO: Polkadot to Abandon Slot Auctions for Parallel Chains, Adopt New Mechanism

The newly appointed CEO of the Polkadot development organization, Web3 Foundation, Fabian Gompf, stated in an interview that Polkadot is undergoing a significant transformation. Polkadot is set to abandon the slot auctions for parachains and instead adopt a new mechanism that allows application developers to rent block space as needed.　　In previous announcements, the Web3 Foundation launched the “Decentralized Futures” program, a $20 million and 5 million DOT funding initiative for Polkadot ecosystem projects. The program is designed for profit-driven organizations centered around Polkadot, as well as non-profit entities with strategies to ensure ongoing funding through Polkadots on-chain funding system after 2024. The review process will commence in November, decision-making will start in December, and the application period will conclude in June 2024.　　

2023-11-20Deep Dive

Latin America's Web3 and crypto startup investments drop 83% YoY to $1.1 billion.

In 2023, Web3 and crypto startups in Latin America are facing funding challenges, with the funding for startups in the region decreasing by 83% compared to the previous year, totaling only $1.1 billion. Similarly, global venture capital funding for cryptocurrency companies saw a significant decline in the first quarter of 2023, plummeting by 80% compared to the previous year, dropping from $12.3 billion in 2022 to $2.4 billion in 2023.　　According to a survey by Goldman Sachs, only 12% of family offices expressed potential interest in cryptocurrencies for the future, a decrease from 45%. The extreme volatility in the cryptocurrency market over the past year seems to have cooled their interest, with 62% stating that they have neither invested nor are interested in future cryptocurrency investments, a higher percentage than the previous 39%.　　

2023-11-20Deep Dive

SEC Delays Decision on Global X and Franklin Templeton's Spot Bitcoin ETF

The SEC has postponed the decision date for the spot Bitcoin ETFs from Global X and Franklin Templeton.　　The SEC stated that it will wait until at least December 22nd before granting approval to Global Xs spot Bitcoin ETF on the Cboe exchange.　　For Global X Bitcoin Trust, which partnered with Cboe BZX Exchange for submission, the SEC has established a comment period lasting until the end of December. According to a press release from the SEC on Friday afternoon, it aims to receive public comments on the proposal in the next 35 days, setting the new deadline for December 22nd.　　Additionally, the SEC has extended the decision date for Franklin Templetons spot Bitcoin ETF, prolonging the original 45-day period and thereby delaying the decision until next year.　　

2023-11-20Deep Dive

This Week's Token Unlocking

Token Unlocks data indicates that this week, tokens such as AVAX, ID, LOOKS, and others will be unlocked. Here are the details:　　Avalanche (AVAX) is scheduled to unlock approximately 9.54 million tokens, valued at around $232 million, on November 24th at 8:00 AM.　　SPACE ID (ID) is set to unlock around 18.49 million tokens, valued at about $4.8 million, on November 22nd at 8:00 AM.　　LooksRare (LOOKS) is expected to unlock approximately 37.5 million tokens, valued at around $2.94 million, on November 27th at 7:01 AM.　　Euler (EUL) is planned to unlock about 13.5 thousand tokens, valued at approximately $46.7 thousand, on November 23rd at 12:00 PM.　　Acala (ACA) is slated to unlock around 4.66 million tokens, valued at about $268 thousand, on November 25th at 8:00 AM.　　

2023-11-20Deep Dive

Monetary Authority of Singapore Announces Measures to Ensure CBDC Security and Innovative Use

According to official sources, the Monetary Authority of Singapore (MAS) announced three initiatives today to ensure the safety and innovative use of digital currencies in Singapore. These initiatives include outlining the blueprint for the necessary infrastructure for the digital Singapore Dollar, expanding digital currency trials, and planning to issue a “real-time” central bank digital currency (CBDC) for wholesale settlements.　　The three forms of digital currency that MAS is promoting include wholesale CBDC, tokenized bank liabilities, and regulated stablecoins. MAS released the Orchid blueprint today, which outlines the technological infrastructure required to facilitate future digital currency transactions:　　Settlement Ledger: Records digital currency transfers and supports features such as local programmability and atomic settlement of digital tokens.　　Tokenized Bridge: Connects existing account-based settlement systems with ledgers compatible with tokenized forms of digital currency.　　Programmable Protocols: Specifies the conditions of use for digital currencies using Purpose-Bound Money (PBM) as a general protocol.　　Name Services: Converts between complex wallet addresses and readable and verification-friendly alternative name identifiers.　　To test the widespread applicability of PBM and digital currencies in Singapore, MAS will expand the digital currency trials of the “Orchid program” and conduct four new trials with industry partners to study relevant infrastructure components and business models.　　To complement digital currency trials

2023-11-17Deep Dive

PantherTrade Submits License Application to Hong Kong SFC

The list of applicants for crypto asset trading platform licenses from the Hong Kong Securities and Futures Commission shows that there are currently a total of 6 companies applying for virtual asset trading platform licenses. The latest application is from the fully-owned subsidiary of Futu Holdings, Cheetah Trading (Hong Kong) Limited, which submitted its license application on Wednesday (15th). The virtual asset trading platform operated by the company is named PantherTrade.　　According to the information, Chen Zhihu was appointed as a director of PantherTrade on September 14. He previously served as the Investment Director at Huobi Asset Management (Hong Kong) Limited. Huobi later changed its name to Nova Tech, and Chen Zhihus No. 4 license at Nova Asset Management concluded in May 2023. Another director is Hong Yimin. The company submitted the incorporation form on March 7 this year, with the first director being Fang Xingzhi. The information indicates that Fang Xingzhi served as a director at JD Securities Limited from September 2019 to July 2020.　　

2023-11-17Deep Dive

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