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🧎Spot Bitcoin ETF Applicants Bend Knee To Cash Redemptions
The Defiant Daily
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Spot Bitcoin ETF hopefuls Invesco and Galaxy Digital, Valkyrie, and Bitwise have all updated filings to say they will initially support fiat-based "in-cash" share redemptions. The new filings follows several meetings between the SEC and ETF applicants.
In other news, phishing approval scams have raked in $1B since mid-2021 and Chainlink launched its data oracles on Polygon zkEVM. Plus, we take a deep dive into the convergence between web3 and artificial intelligence.
✍️ In today’s newsletter:
- Updated Bitcoin ETF filings back in-cash redemption
- Ill-gotten gains from phishing approval scams skyrocket
- Chainlink expands onto Polygon zkEVM
- AI and crypto's burgeoning convegence
🙏Sponsored
📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $42,932 | ↗ 3.57% |
| ETH | $2,261 | ↗ 2.75% |
| S&P 500 | $4,720 | ↗ 0.26% |
| GOLD | $2,030 | ↗ 2.42% |
| Arch WEB3 | 1.27pts | ↗ +3.86% |
| ↳ FINANCE | 1.16pts | ↗ 3.17% |
| ↳ INFRA | 1.42pts | ↗ 5.32% |
| ↳ CONSUMER | 1.55pts | ↗ 2.53% |
Learn more about Arch Indices here.
🎬 WATCH
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ETFs
Spot Bitcoin ETF Issuers Kowtow To SEC Demanding In-Cash Redemptions
TLDR An increasing number of prospective spot Bitcoin ETF issuers are submitting to the SEC's preference for fiat-based "in-cash" redemptions. Invesco and Galaxy Digital, Valkryie, and Bitwise each submitted updating filings supporting in-cash share redemptions this month.
SO WHAT The updated filings follow several rounds of meetings between the SEC and spot Bitcoin ETF hopefuls centered around share redemptions. In contrast to in-cash delivery, in-kind redemptions would allow investors to receive underlying Bitcoin, offering tax and other efficiency benefits for holders.
READ MORE: Spot Bitcoin ETF Issuers Kowtow To SEC Demanding In-Cash Redemptions
Exploits
Approval Phishing Scams Raked In $1B Since May 2021
TLDR Research from Chainalysis found that approval phishing scams have been on the rise in the past two years. Hackers have taken in around $900M from the technique since the start of 2022.
SO WHAT Approval phishing scams seek to trick web3 wallet users into granting permissions allowing perpetrators to move assets from their control. Chainalysis said its estimate is likely low as romance approval scams typically go unreported.
Read More: Approval Phishing Scams Raked In $1B Since May 2021
SPONSORED SHOUTOUT
The Stellar Community Fund (SCF) has played a crucial role in the Stellar ecosystem since its inception in 2016. As we approach the groundbreaking Soroban Mainnet launch, which introduces smart contract functionality to the Stellar public network, SCF is set for its fifth iteration.
The recent expansion of SCF marks a significant stride in bootstrapping the ecosystem, on the Stellar native smart contract platform Soroban. This initiative has been crucial in fostering the development of innovative tools and applications within the Stellar network. With an impressive allocation of nearly $10M in XLM* to over 130 projects in 2023 alone, SCF demonstrates its commitment to scaling up support for blockchain innovation.
Read More: The Stellar Community Fund Evolves to Support New Projects built on the Stellar Network
Infrastructure
Chainlink to Power Polygon zkEVM’s Data Feeds
TLDR Data feeds from Chainlink, the largest web3 oracle provider, are now live on Polygon zkEVM. Developers can use Chainlink's data to power decentralized exchanges, protocols leveraging real-world assets, and other DeFi dApps.
SO WHAT The news comes as Chainlink is expanding its offerings across Ethereum's growing Layer 2 ecosystem. Chainlink launched its data feeds on ZkSync Era earlier this week, on Linea in October, and also deployed its cross-chain interoperability protocol on Arbitrum in September.
AI
There’s Actual Substance Behind the AI-Crypto Mashup
TLDR The bullish narratives surrounding cryptocurrency and artificial intelligence increasingly converging, with many researchers arguing that blockchain can help to decentralize AI. Digital assets claiming AI affiliation have recently swelled to a more than $9B market cap.
SO WHAT Crypto's intertwinement with AI has been brewing for several years, with early projects like Worldcoin and SingularityNET seeking to merge the emerging technologies.
Read More: There’s Actual Substance Behind the AI-Crypto Mashup
🔎 OUR REPORTERS ARE WATCHING
🌍 ELSEWHERE
- Gemini Earn users could see as little as 61% of their crypto investments returned (CryptoSlate)
- SafeMoon files for Chapter 7 bankruptcy after exec arrests, SEC charges (The Block)
- Brazil signs its overseas crypto tax bill into law (Cointelegraph)
