BlackRock launches blockchain industry ETF

Banks and Institutions

BlackRock launches blockchain industry ETF, names crypto as 1 of 3 big opportunities

BlackRock has launched a blockchain-focused ETF that provides investors with exposure to the crypto/blockchain industry without needing to directly own digital assets. BlackRock also pointed out that millenials are now the drivers of consumption with over 50% of global spendings. Their preference for DeFi and sustainable products is surging but are still underestimated and yet to be priced in.

Goldman Sachs offers first Bitcoin-backed loan and explores the tokenisation of real assets 

After offering crypto-related financial instruments, Goldman Sachs has offered its first Bitcoin backed loan and is exploring opportunities around tokenisation of real assets in a major step forward for institutional cryptocurrency adoption on Wall Street. Despite a pickup in government and regulatory scrutiny, US banks have become particularly bullish on Web3, with Goldman, JPMorgan, and Citi dishing out hefty projections.

El Salvador Bitcoin wallet shows ‘strong sign of adoption,’ exec says

The Chivo wallet was launched in conjunction with BTC becoming legal tender in El Salvador on Sept. 7, 2021. A study by the National Bureau of Economic Research found that 40% of those who downloaded the Chivo wallet continued to use it after they received their government incentives.

ECB, Eurosystem begins experimental prototyping of digital euro customer interface

Up to five banks or other payment services providers will be selected to participate without compensation in the development of the digital euro front end. The prototype providers will be expected to develop front-end applications in accordance with the specifications of the system’s existing backend and interface. Participants will not be paid for their efforts but may be included in further steps in digital euro development.

EU Commission report suggests rethink of regulatory approach to DeFi

Analysts from the European Commission showed an unexpected understanding of how DeFi actually functions, having defined it as something different from the traditional financial system and acknowledging that it would require rethinking the approach to regulation. They recognize DeFi can increase the security, efficiency, transparency, openness and interoperability of financial services.

Binance blocks crypto accounts of relatives tied to the Russian government

Binance has shut down several accounts tied to relatives of senior Kremlin officials over the past two months since Russia began military action in Ukraine. The affected persons included the daughter of Russian President Vladimir Putin’s spokesman, the stepdaughter of foreign minister and the son a Russian oligarch. According to Poyraz, the Global Head of Sanctions, Binance continues to monitor its platform for more people associated with sanctioned individuals who may be using its services.

Ecosystem

Kraken NFT marketplace opens waitlist for beta

Crypto exchange Kraken has opened a waitlist for its NFT marketplace which will allow users to buy, sell NFTs and reportedly, use tokens as collateral for loans. Users will not incur any gas fees for trading NFTs custodied with Kraken — only transferring tokens and NFTs off the platform.

ApeCoin integrates with Polygon amid NFT mint backlash and speculation

ApeCoin (APE) announced its integration with Ethereum (ETH) sidechain Polygon (MATIC) after the recent Yuga Labs’ Otherdeeds nonfungible token (NFT) minting incident led to speculation about a new chain for APE. ApeCoin DAO board member Yat Siu said that there is currently "no discussion" regarding an exclusive chain for APE.

Technology

Warning: Smartphone text prediction guesses crypto hodler’s seed phrase

A redditor highlighted the ease with which hackers can use the text prediction feature to drain a user’s funds just by being able to first word out of the BIP 39 list. He randomly discovered his mobile phone’s ability to predict his entire recovery seed phrase as soon as he typed down the first word. As in most cases, the best way to avoid troubles is to put long term holdings in a hardware wallet.

Plan for $1M bug bounties and double the nodes in wake of $600M Ronin hack

The Ronin Network and Sky Marvis are significantly upgrading their security measures after they vowed to ensure a hack “never happens again”. When the hack occured, there were 9 nodes. Two more were created since and the number should increase in the mid-long term with a target of over 100 nodes. Sky Mavis will also be launching bug bounties of up to $1 million for any white hat hackers who are able to find further vulnerabilities.

Figures

• More than $1.6 billion exploited from DeFi so far in 2022
• Eth2 deposit contract now holds 10% of the circulating ETH supply ($34.5B)
• Solana suffers 7 hour outage as bots invade the network
• Rari Fuze hacker offered $10M bounty by Fei Protocol to return $80M loot
• Bitcoin network difficulty breaks into a new all-time high of 29.794T
• One-fifth of businesses in El Salvador now accept Bitcoin: NBER study