Blockchain Updates Morning Reference on July 9th 2024

News report:
00:00-08:40
Keywords: Banque de France and Hong Kong Monetary Authority announce cooperation on wCBDC, Coinbase International to launch BLAST ZRO and ZK perpetual futures contracts, Founder of Fairlead Strategies: Strongly believes in adding Bitcoin to investment portfolios, 21Shares submits revised spot Ethereum ETF S-1 form, Singapore court rules in favor of Fantom Foundation in lawsuit against Multichain, Report: Cryptocurrency vulnerabilities have resulted in losses of nearly $1.4 billion this year, Analysis: Final approval deadline for Solana ETF is mid-March 2025, Xai: Token unlocking for contributors delayed by 6 months, unlocking percentage reduced from 71% to 36% this month, Grayscale: ETHE to allocate 10% of ETH holdings to ETH Mini Trust with record date of July 18, Artificial intelligence startup Hebbia raises $130 million in funding led by a16z
1. Coinbase International Exchange and Coinbase Advanced will launch BLAST, LayerZero, and ZKsync perpetual futures contracts. BLAST-PERP, ZRO-PERP, and ZK-PERP markets will open on or after July 11, 2024, 17:30.
2. The German government transferred its holdings of 16,309 bitcoins to cryptocurrency exchanges and market makers on Monday (July 8). Blockchain data shows that this transfer led to the outflow of over $900 million worth of bitcoin assets from the German government’s wallet, causing a drop in bitcoin (BTC) on the European market on Monday afternoon. According to blockchain data platform Arkham Intelligence, these bitcoins were transferred in batches to external addresses, including cryptocurrency exchanges Bitstamp, Kraken, and Coinbase, as well as market maker Flow Traders. Arkham Intelligence data also shows that the German government’s related wallet still holds approximately 23,788 bitcoins, indicating that they have sold more than half of the seized assets.
3. The founder of investment portfolio manager Fairlead Strategies expressed strong belief in adding Bitcoin to investment portfolios during an interview with CNBC.
4. The Republican National Committee (RNC) expressed support for multiple cryptocurrency policy measures beneficial to digital asset companies and holders in its official party platform for the 2024 US presidential election. According to the official document released by the Donald Trump campaign team on Monday, the Republican Party’s “Make America Great Again” platform pledges to end “illegal and un-American attacks” on the US cryptocurrency industry. The platform also promises to “defend the right to mine Bitcoin” and allow cryptocurrency holders to self-custody their tokens, in addition to opposing the creation of central bank digital currencies (CBDCs). The document states, “We will defend the right to transact without government surveillance and control.”
5. Cboe has submitted a 19b-4 form to the SEC for the listing of the VanEck Solana ETF, according to a public filing. Nate Geraci, President of The ETF Store, commented that Cboe has submitted 19b-4 filings on behalf of VanEck and 21Shares Solana ETF, and once the US Securities and Exchange Commission confirms these filings, the decision clock will start ticking.
6. Grayscale has submitted an S-1 filing to the SEC for its Ethereum Mini Trust, according to a public filing. Bloomberg analyst Eric Balchunas stated that the filing discloses a zero expense ratio for the product.
7. According to Arkham Intelligence data, as of Monday afternoon at 4:15 Eastern Time, the German government address has received 2,898 bitcoins worth approximately $163 million refunded by exchanges, primarily from Coinbase, Kraken, and Bitstamp. Steven Zheng, Director of Research at The Block, said the exchanges likely returned the bitcoins because they could not sell them at the target price range. Zheng said, “Considering some bitcoins have returned from Coinbase to the German government address, one can assume that they are unsold bitcoins, part of a sales agreement between cryptocurrency exchanges and the country.” Data shows that the German government currently holds over $2 billion worth of bitcoins.
8. 21Shares has submitted a revised spot Ethereum ETF S-1 form to the SEC, according to The Block.
9. Dubai Customs has introduced a new blockchain platform to enhance transparency in commercial operations and facilitate collaboration between the government and the logistics industry. This move is part of Dubai’s wider blockchain strategy aimed at driving the adoption of digital transactions and web3. Sultan Ahmed bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation, stated that this marks a significant milestone in improving business operational efficiency in Dubai. The platform will streamline customs declarations and commercial transaction procedures, ensuring data security and tamper resistance, and enhancing trust and visibility in the supply chain. Abdullah Busnad, Director General of Dubai Customs, emphasized that the platform will benefit not only Dubai Customs but also facilitate collaboration with other government entities, simplifying and transparentizing Dubai’s business environment. This initiative will help consolidate Dubai’s position as a global trade and logistics hub.
10. Visa has conducted trials on tokenized deposits in collaboration with HSBC and Hang Seng Bank in the e-HKD pilot program in Hong Kong. The trial covers two major use cases: real estate transaction settlements and Visa card payments. Visa points out that tokenized deposits can improve settlement efficiency and innovate new business applications. Vincent Lau from HSBC stated that achieving the benefits of tokenized deposits requires further development of interoperability between different banks. The trial demonstrates that tokenized deposits can enhance business efficiency and transparency through simplified processes, reduced manual verification, and near real-time settlement, while blockchain technology strengthens data transparency. Despite regulatory evolution and infrastructure development challenges, Visa and HSBC are optimistic about the practical effects of tokenized deposits. This progress demonstrates Hong Kong’s proactive attitude in exploring and promoting new financial technologies, especially in the applications of CBDC and interbank settlement.
11. Fantom Foundation has successfully won the lawsuit against Multichain in the Singapore High Court, with the ruling finding Multichain in breach of contract and ordering them to compensate for $2.1 million in losses. The court noted that the actions of Multichain’s leadership in controlling the cryptocurrency assets violated the user agreement, and the background of the case was Multichain’s admission of a critical breach on social media. Fantom Foundation plans to proceed with the winding-up process of Multichain and provide support for the recovery and distribution of assets to affected parties.


12. Six US spot Ethereum ETF applicants have submitted updated S-1 filings, including Fidelity, VanEck, Franklin, 21Shares, Grayscale, and BlackRock.
13. According to the mid-year Web3 Security Report by cybersecurity firm Cyvers, the total amount of stolen cryptocurrency funds so far this year has reached nearly $1.4 billion, with centralized exchanges becoming new attack vectors. In the second quarter of 2024, cryptocurrency losses exceeded $600 million, a 100% increase compared to the same period last year. The report attributes the surge in stolen funds to a 900% increase in losses from centralized exchanges.
14. The market value of the BUIDL token, issued in collaboration between BlackRock, a global asset management company, and Securitize, supported by US government bonds, has exceeded $500 million on Monday, according to an announcement.
15. According to Farside Investors, data from US spot Bitcoin ETFs shows that GBTC had a net inflow of $25.1 million.
16. Bloomberg ETF analyst Eric Balchunas stated, “It appears the final deadline for the Solana ETF is mid-March 2025. But between now and then, the most important date is November. If Biden wins, these ETFs are likely dead. If Trump wins, anything is possible.”
17. Xai announced that Xai contributors have agreed to relock their tokens scheduled to unlock this month for an additional 6 months. As a result, the team’s unlocked share reduces from approximately 85 million to around 17.7 million tokens. The updated unlocking percentage will decrease to 36% of the current circulating supply.
18. A subgroup of the Republican National Committee (RNC) passed a platform draft outlining cryptocurrency and artificial intelligence (AI) policies on July 8. The draft platform was approved with 84 votes in favor and 14 votes against by the subgroup. The platform must be finalized in future votes at the convention. According to the platform, the Republican Party intends to “end illegal and un-American attacks on the cryptocurrency industry by Democrats” and prevent the creation of CBDCs. Additionally, the party aims to protect the right to mine Bitcoin, the right to self-custody cryptocurrency, and the right to transact without government surveillance and control. The party also intends to repeal President Biden’s executive order on AI, calling it “dangerous” and stating that it restricts AI innovation. The draft states that its goal is to support AI development “rooted in free speech and human flourishing” in stark contrast to Biden’s AI order, which “imposes radical left-wing ideology.”
19. Grayscale announced that July 18, 2024, has been set as the record date for the initial creation and distribution of Grayscale Ethereum Mini Trust (ETH Mini Trust) shares to Grayscale Ethereum Trust (ETHE) shareholders. Grayscale plans to list the ETH Mini Trust on the New York Stock Exchange Arca under the ticker symbol “ETH” upon regulatory approval. In the initial distribution, ETHE will contribute 10% of the Ethereum holdings it holds at 4:00 PM Eastern Time on the record date to the ETH Mini Trust, and each holder of ETHE shares as of the record date will be entitled to receive ETH Mini Trust shares on a 1:1 basis.
20. Artificial intelligence startup Hebbia has raised $130 million in funding led by a16z, with participation from Index Ventures, Google Ventures, and billionaire Peter Thiel. According to a source, the New York-based company is currently valued at around $700 million. Hebbia plans to use the new funds for research and hiring more software engineers. Founded in 2020, Hebbia utilizes artificial intelligence technology to help businesses sift through various documents to answer complex questions. Its clients include the US Air Force, asset management firms, and law service companies.
21. DigitalX Ltd. is set to launch a Bitcoin exchange-traded fund (ETF) on the Australian primary stock market, becoming the second asset management company to receive approval from the Australian Securities Exchange (ASX Ltd.) to launch such a product. According to a statement by the company on Tuesday, the DigitalX Bitcoin ETF will debut on July 12 with the ticker symbol BTXX. DigitalX stated that the fund was established in partnership with K2 Asset Management and 3iQ. Last month, the ASX approved the Bitcoin ETF from VanEck, which subsequently went live. Sydney-based fund manager BetaShares Holdings Pty has also applied to launch Bitcoin and Ether ETFs on the ASX.
22. Banque de France (BDF) and the Hong Kong Monetary Authority (HKMA) have announced cooperation on wCBDC. This collaboration includes the HKMA’s participation in the European Central Bank’s Eurosystem’s second wave of exploratory work. The two institutions have signed a Memorandum of Understanding (MoU) to innovate in wCBDC and tokenized markets, with a focus on interoperability between BDF’s DL3S and the HKMA’s Ensemble Sandbox infrastructures. The cooperation aims to strengthen real-time cross-border and cross-currency payments, optimize settlement efficiency, and promote interoperability among financial market infrastructures. Denis Beau, First Deputy Governor of BDF, and Howard Lee, Deputy Chief Executive of the HKMA, emphasized the potential of the initiative in promoting inclusive finance and advancing the development of global tokenized markets.