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The Last Fortnight in Crypto - November (Part 2)

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Elliott Lyons
Elliott Lyons

LATEST NEWS

BlackRock Signals Crypto Evolution with Ether ETF Registration

Asset management giant BlackRock has taken initial steps towards launching an Ethereum Exchange-Traded Fund (ETF), as indicated by the registration of an iShares Ethereum Trust with Delaware’s Division of Corporations. This move mirrors BlackRock's previous strategy before filing for a Bitcoin ETF, suggesting a potential expansion into the world of Ethereum. Although the Securities and Exchange Commission (SEC) has not yet approved a Bitcoin ETF, BlackRock's foray into the space could signal a broader acceptance of digital assets in traditional finance, with the price of ether experiencing a notable 7% surge in response to the news.

SEC Enters Talks with Grayscale on Bitcoin ETF Conversion Amid Regulatory Review

The Securities and Exchange Commission (SEC) is reportedly in discussions with Grayscale Investments regarding the asset management firm's application to convert its flagship fund into a spot bitcoin exchange-traded fund (ETF). Following a court ruling mandating the SEC to re-review Grayscale's bid for a spot bitcoin ETF, talks have commenced between Grayscale and the SEC's Division of Trading and Markets, as well as the Division of Corporation Finance. The court decision, which addressed the SEC's differential treatment of spot bitcoin ETFs and those based on futures contracts, could potentially influence the approval of similar applications from other firms, including BlackRock and Fidelity. SEC Chair Gary Gensler has emphasized the agency's commitment to a thorough and time-tested process during this regulatory evaluation.

Proof Group Eyes FTX Relaunch in Crypto Comeback Bid

Silicon Valley investment firm Proof Group, known for its involvement in the successful bid for bankrupt cryptocurrency lender Celsius, is reportedly in contention to spearhead the relaunch of FTX, the crypto exchange that collapsed almost a year ago. FTX, once among the largest crypto exchanges, is currently assessing multiple bids for its potential revival, with Proof Group emerging as a key player. The relaunch plans also include considerations such as selling the entire exchange, involving a partner, or leveraging its valuable 9 million-strong customer base. The decision, expected by mid-December, comes amidst a complex bankruptcy process involving claims, token lockups, and compliance issues. Other entities, including fintech firm Figure and venture capital investor Tribe Capital, have also expressed interest in revitalizing FTX.

Coinbase Boosts Security with On-Chain KYC Launch on Base

Coinbase has introduced its Verifications platform, taking know-your-customer (KYC) policies onto the blockchain through its layer-2 Base. Leveraging the Ethereum Attestation Service's open standard, Coinbase Verifications aims to enhance security and transparency by providing a solution to common challenges associated with traditional KYC methods. With approximately 9,300 attestations from users already on Base, the platform is positioned to mitigate Sybil attacks, where hackers use a single node to create numerous fake identities. Coinbase's foray into decentralized identity underscores a strategic move towards leveraging open-source, public infrastructure for the broader adoption of on-chain interactions. This announcement follows a strong week for Coinbase shares, reflecting the company's continued growth and commitment to enhancing security measures in the crypto space.

Roblox CEO Envisions NFTs as Transcendent Digital Assets in the Metaverse

Roblox CEO David Baszucki has expressed a vision for integrating Non-Fungible Tokens (NFTs) into the popular metaverse gaming platform. In an interview with CNBC, Baszucki discussed the potential for NFTs, such as limited-edition digital items, to move from the Roblox platform to external markets and back. He offered a hypothetical scenario involving celebrities like Elton John launching exclusive digital items for charity on Roblox, which could then be traded as NFTs beyond the platform. Baszucki emphasized the role of creators, stating that individuals like Elton John or companies like Nike would play a key role and maintain control in this process. While Roblox has seen significant growth, especially among younger audiences, and has introduced Limiteds, a category resembling NFTs, there is no official indication that Roblox plans to integrate blockchain technology for its digital items. The CEO's remarks suggest an openness to the idea of interoperable NFTs, but concrete plans remain unconfirmed.

Stablecoin Pioneer Circle Considers 2024 IPO After Failed Merger

Circle, the issuer of the popular stablecoin USD Coin (USDC), is reportedly exploring the possibility of an initial public offering (IPO) in early 2024, according to sources mentioned in a Bloomberg report. Although talks are underway with advisers, there is uncertainty about whether these discussions will culminate in a public listing. Circle had initially intended to go public through a $4.5-billion merger with Concord Acquisition in July 2021, but the deal did not materialize. A Circle representative acknowledged the company's longstanding strategic goal of becoming a U.S.-listed public entity but refrained from commenting on specific details, citing a policy of not addressing rumors. If pursued, this IPO would mark Circle's entrance into the public market after being privately owned. Circle, valued at $9 billion in February 2022, has seen fluctuations in USDC's market capitalization, which fell from its peak of $55.9 billion in June 2022 to $24.6 billion. The company has secured investments from financial heavyweights such as BlackRock, Fidelity Management, Goldman Sachs, General Catalyst Partners, and Marshall Wace. Circle faced challenges when USDC temporarily depegged from the U.S. dollar in March 2022 due to exposure to the now-collapsed Silicon Valley Bank, experiencing a temporary drop to $0.87 before recovering to $1 on March 14.

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