Crypto Guides, Knowledge & Insights

Standard Chartered's Investment Arm Teams Up with SBI Holdings for $100M Crypto Startup Investment

Standard Chartereds investment arm, SC Ventures, has partnered with the Japanese financial giant SBI Holdings to establish a $100 million cryptocurrency fund in the United Arab Emirates.　　Announced on Thursday, the two companies are creating this fund as a joint venture to invest in cryptocurrency startups in areas such as decentralized finance, tokenization, infrastructure, payments, and the metaverse. The fund aims to invest globally across various funding rounds, from seed to Series C. (The Block)　　Prior news revealed that the Japanese financial powerhouse SBI Holdings plans to operate a fund for startups in Web3, AI, and the metaverse within the current year. Each investment is expected to range from several hundred million to several billion yen, with the fund likely targeting around 150 to 200 companies. The largest-scale fund is anticipated to reach 100 billion yen (approximately $663 million). Leading banks in Japan, including Sumitomo Mitsui Banking Corporation, Mizuho Bank, and others, have committed to investing over 50 billion yen in this fund.　　

2023-11-10Deep Dive

Fusionist Set to Launch Second Beta Test on November 22, Expanding to 3000 Participants

According to a recent report from the Japanese gaming magazine Famitsu, the blockchain game Fusionist is set to officially commence its second Beta test on November 22.　　This test is expected to accommodate up to 3000 participants, aiming to further enhance the games quality. It will take place on the Steam platform, and the 3000 test activation codes will be distributed through the Fusionist teams PvP web game, Expedition 3.0, and operational activities.　　In addition, through exclusive information from Odaily, its been revealed that the Fusionist team, responsible for developing the Endurance game, will soon disclose the development of its Layer 2 and AA wallet. Fusionist, in partnership with a South Korean gaming company, will be launching new gaming products on the Endurance ecosystem, aiming to establish a more comprehensive Endurance ecosystem.　　In June of this year, Fusionist completed a $6.6 million seed funding round, led by Binance Labs and FunPlus. Famitsu, the gaming magazine, has given Fusionists gameplay and visual quality exceptionally high ratings, with a 9/10 rating for its anticipated success.　　

2023-11-10Deep Dive

Expanding Sanctions on Hamas: U.S. Treasury Targets Cryptocurrency Use

Wally Adeyemo, the U.S. Deputy Secretary of the Treasury, stated on Thursday that, in the aftermath of Hamas attacks on Israel last month, the United States and its allies are set to enforce more sanctions in the coming days and weeks to prevent Hamas from accessing funds, including targeting their use of crypto assets.　　Adeyemo mentioned that while cryptocurrency isnt the primary source of funding for Hamas today, without proper safeguards and stringent adherence to anti-money laundering responsibilities in the cryptocurrency industry, the use of crypto by groups like Hamas to acquire funds could become more rampant over time.　　Additionally, Brian Nelson, the highest-ranking sanctions official at the U.S. Treasury Department, met with private sector entities, including cryptocurrency firms and payment processors on Thursday, to discuss techniques to combat Hamas fundraising methods.　　

2023-11-10Deep Dive

U.S. Treasury Targets Hamas Crypto Funding For Financial Disruption: Report

U.S. Deputy Treasury Secretary Wally Adeyemo recently announced that the United States, along with its allies, is planning to intensify its efforts to deny funds to Hamas, particularly by cracking down on Hamas crypto funding.　　In response to Hamass deadly attack on Israel in October, the U.S. government has already implemented two rounds of sanctions on the Palestinian militant group, as per Reuters.　　These sanctions have targeted Hamas‘s investment portfolio and included issuing an alert to financial institutions to counter Hamas financing. Senior officials have also been engaged in discussions regarding the group’s access to funds during trips abroad.　　To further counter Hamas‘s fundraising techniques, the Treasury’s top sanctions official, Brian Nelson, recently held a meeting with representatives from the private sector, including cryptocurrency firms and payment processors.U.S. Governments Efforts to Counter Hamas Crypto Funding　　The purpose of this meeting was to gain insights into the techniques employed by Hamas for raising and moving funds. The Treasury Department stated that Nelson has pledged to continue engaging with those who have taken proactive steps to investigate, identify, and disrupt Hamas-related financial activities.　　While crypto assets may not currently constitute the majority of Hamass assets, Adeyemo warned that if the crypto industry fails to implement necessary safeguards

2023-11-10Deep Dive

BlackRock Ethereum Trust Successfully Registered, ETH Exceeds $2000

On November 9, BlackRock, the renowned $9 trillion asset manager, successfully registered the iShares Ethereum Trust in Delaware. This move has had a profound impact on Ethereums value, driving it to levels unseen since April.　　Ethereum price chart. Source: TradingViewBlackRock Ethereum Trust Registration Spurs Optimism　　The registration of the BlackRock Ethereum Trust is seen as a major vote of confidence in the cryptocurrency, potentially ushering in a new wave of institutional investors into the Ethereum market.　　Notably, BlackRocks previous move with the iShares Bitcoin Trust was to register it in a similar manner, seven days before filing an ETF application with the U.S. Securities and Exchange Commission (SEC). Analysts are speculating that BlackRock might soon file for a spot Ethereum ETF, following the pattern it established with Bitcoin. This prospect has fueled anticipation of a wave of applications from other major asset managers.　　The SEC‘s lack of approval for a spot Bitcoin ETF in the U.S. has not dampened optimism and enthusiasm surrounding the product, resulting in Bitcoin reaching an 18-month high. The news of an open approval window for BlackRock and several other applicants has further fueled this enthusiasm. BlackRock’s interest in offering an ether-based product is expected to generate similar excitement for

2023-11-10Deep Dive

UBS Crypto ETFs Are Now Available For Hong Kong Clients

According to BBG, Hong Kong clients are now able to trade UBS crypto ETFs. Three authorized ETFs will be accessible on UBSs platform. The crypto sector is recovering, with speculation of US spot Bitcoin ETFs.　　UBS Group AG has joined other banks, including HSBC Holdings Plc, in allowing clients in Hong Kong to trade crypto-linked exchange-traded funds (ETFs).　　Three crypto ETFs, namely Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures, have been authorized by the Securities and Futures Commission and will be accessible to wealthy clients on UBSs Hong Kong platform.　　 UBS Crypto ETFs Offering　　The news comes as Hong Kong aims to establish itself as a digital-asset hub and rolled out a digital-asset regulatory regime on June 1. While the citys crypto push suffered a setback due to the recent blowup of the unlicensed JPEX exchange, Hong Kong has tightened scrutiny of the crypto industry through a joint task force between the SFC and the police.　　The crypto sector is slowly recovering from a market rout and high-profile collapses, and speculation about the US allowing spot Bitcoin ETFs has contributed to the price increase of the largest token this year.　　Financial institutions, including DBS Group Holdings Ltd. and ZA Bank Ltd.,

2023-11-10Deep Dive

NEAR Foundation Rejects $11.2M USN Redemption, Sparks Crypto Controversy

NEAR Foundation has sparked controversy by declining to honor an 11.2 million USN redemption commitment tied to FTX.　　Wintermute, which had been working closely with the FTX bankruptcy estate since earlier this year, revealed that it had facilitated the liquidation of assets, generating over $11 million for FTX creditors. The transaction was executed with the understanding that USN could be redeemed for USDT at a 1-to-1 ratio. Wintermutes confidence in this exchange was bolstered by public statements from the NEAR Foundation, as well as assurance from Aurora in private conversations, confirming the feasibility of the redemption process within a few days.Wintermute‘s Efforts and NEAR’s Refusal: The Crypto Standoff Unraveled　　Wintermutes efforts and submission of the redemption, the NEAR Foundation refused to honor its commitments, leaving Wintermute without the anticipated USDT for the USN transferred in August. After a prolonged wait of 2.5 months, the final offer presented by the NEAR Foundation amounted to a mere 20% of the sum in question, leaving Wintermute disheartened.　　Wintermute attempted to propose an alternative solution that would contribute value to the NEAR ecosystem. This proposal involved Wintermute accepting a major portion of the owed sum as an investment in locked $NEAR tokens and a commitment to integrate

2023-11-09Deep Dive

Jump Crypto CEO Under Investigation For Alleged Secret Deal Amid TerraUSD Collapse

The SEC is investigating whether Kanav Kariya, the former Jump Crypto CEO, entered into a secret agreement with Do Kwon, the president of Terraform Labs, during the collapse of the stablecoin TerraUSD.Kanav Kariya, the former Jump Crypto CEO　　The investigation focuses on Jump Crypto‘s involvement in helping to restore UST’s peg by purchasing tokens. The SEC has alleged that Kwon engaged in a fraudulent scheme worth $40 billion through unregistered securities LUNA and UST.　　According to a deposition by SEC counsel Devon Staren, it is suggested that Kariya and Kwon made a deal on May 23, 2021, after UST had depegged. UST, Kwons algorithmic stablecoin, experienced a significant drop in value from around $1 to approximately $0.30 cents on May 9, 2021, and LUNA, the token intended to stabilize UST, plummeted by around 99% by May 12, 2021.　　 Alleged Agreement Terms and Jump Crypto CEOs Response　　Staren‘s questioning revealed that the terms of the alleged agreement were for Jump to help restore UST’s peg by purchasing the token, and in return, Kwon would amend Jumps LUNA loan agreement and lift the vesting conditions. However, Kariya invoked his right to resist self-incrimination and declined to answer the question during the deposition.　　These allegations align with

2023-11-09Deep Dive

The U.S. SEC Has Initiated Talks with Grayscale Investments on the Conversion to Spot Bitcoin ETF

The U.S. Securities and Exchange Commission (SEC) has initiated discussions with Grayscale Investments regarding the details of their application to convert the GBTC trust product into an ETF. This development could have a significant impact on the crypto industry, according to an individual familiar with the ongoing interactions between the two parties.　　The industry eagerly anticipates the SECs approval of one or more ETF applications, as it is believed that this moment could streamline the path for everyday investors to access digital assets. The anonymous source revealed that Grayscale has been in contact with the SECs Trading and Markets Division, as well as the agencys Division of Corporation Finance, ever since winning the legal battle. These discussions have been taking place in private. (Coindesk)　　

2023-11-09Deep Dive

SEC Opposes Binance’s Motion To Dismiss Lawsuit

The U.S. Securities and Exchange Commission (SEC) has filed opposition to a motion to dismiss the lawsuit against Binance.US, Binance, and CEO Changpeng Zhao (CZ), arguing that the defendants violated securities laws and committed fraud.SEC opposes Binance‘s motion in Securities Lawsuit　　The SEC also requested Judge Amy Berman Jackson sign a proposed order in favor of the regulator. The SEC opposes Binance’s motion outlines several reasons why the court should deny the motion to dismiss.　　Firstly, the SEC argues that the defendants actions violated the Howey test, which determines whether a transaction is an investment contract and therefore subject to securities laws. The SEC also asserts that the defendants violated investment contract rules by illegally listing unregistered securities in the form of cryptocurrencies.　　Furthermore, the SEC opposes Binances motion, claiming that the agency is overreaching its authority by regulating the crypto industry. The SEC maintains that it has the authority to protect investors under existing securities laws, regardless of the asset class involved.The Agency Reaffirms Authority to Regulate Crypto　　Additionally, the SEC accuses Binance.US of delaying and failing to cooperate with the SEC‘s investigation. The SEC highlights disputes related to document discovery and depositions, which have hindered the SEC’s ability to effectively investigate the

2023-11-09Deep Dive

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