There are seven days in a week so we have picked 7 top crypto news from this week in our weekly review. This week was marked by several key developments in the cryptocurrency landscape. On top of all, Grayscale has made headlines with its application to the US SEC for a spot BTC ETF named “Grayscale Bitcoin Mini Trust”. Secondly, the much-awaited Ethereum’s Dencun upgrade, has also gone live on the mainnet this week. Arbitrum’s introduction of compatibility with ArbOS 20 “Atlas” further amplifies the impact of this upgrade. Additionally, the London Stock Exchange’s plan to admit Bitcoin and Ethereum ETNs in Q2 2024 reflects a growing acceptance of cryptocurrencies in traditional financial markets. MicroStrategy’s $525M convertible notes sale reaffirms its commitment to Bitcoin, while DWF Labs’ Liquid Markets expansion adds further diversity with the listing of JOE, LADYS, FLOKI, and IOTX tokens. Moreover, Binance’s collaboration with Nigerian authorities underscores its dedication. Last but not least, PancakeSwap’s launch of v4 aims to elevate the DeFi experience for users.
This review is intended to provide all the important news which promised a week of significant strides and developments in the crypto sphere.
Grayscale Pursues Approval for Innovative BTC ETF with SEC
The first that we have shortlisted from this week is that Grayscale has filed an application with the US SEC for a spot BTC ETF named “Grayscale Bitcoin Mini Trust”. The ETF will have the potential ticker symbol of $BTC. If approved, the ETF would come with lower fees compared to Grayscale’s existing product, GBTC. In this way, it will provide more benefits to current GBTC investors. The innovative approach includes a spin-off mechanism, a departure from conventional ETF structures, marking an intriguing development in the industry’s evolution.
However, both the new ETF and the GBTC spin-off are currently under regulatory review. Grayscale reassures investors that no immediate action is required. The firm will provide further details as the process unfolds. The company has submitted a registration statement and prospectus with the SEC. Despite the filing, the product is not yet effective, pending approval from the regulatory agency. This underscores the ongoing challenges and uncertainties surrounding cryptocurrency investment vehicles in the traditional financial landscape.
Ethereum’s Dencun Upgrade Goes Live; Arbitrum Introduces Compatibility with ArbOS 20
The Dencun upgrade, hailed as the most significant enhancement since the Merge, has been successfully deployed on the Ethereum mainnet as of March 13. This eagerly awaited hard fork is anticipated to notably reduce transaction fees on layer-2 networks and bolster Ethereum’s scalability, following the introduction of the Shanghai upgrade last April 2023. Comprising nine Ethereum Improvement Proposals (EIPs), Dencun amalgamates enhancements from both the Cancun upgrade, targeting transaction management, and the Deneb upgrade, focusing on consensus layer improvements.
Arbitrum, a prominent layer-2 scaling solution, has unveiled its latest upgrade, ArbOS 20 “Atlas,” aligning with Ethereum’s Dencun update. Arbitrum, in this way, is the first one to support Ethereum Dencun upgrade. This integration enables Arbitrum chains to benefit from reduced transaction costs and improved security. With Ethereum Dencun support, ArbOS 20 “Atlas” introduces groundbreaking features like Blob posting and storage optimizations. Moreover, ArbOS 20 undergoes thorough auditing processes by the Arbitrum DAO, ensuring reliability and security.
London Stock Exchange to Admit Bitcoin and Ethereum ETNs in Q2 2024
The London Stock Exchange (LSE) has confirmed plans to accept applications for $BTC and $ETH Exchange Traded Notes (ETNs) in the 2nd quarter of 2024. This is detailed in the crypto ETN factsheet available on its website. To maintain market integrity, the LSE will consider only ETNs meeting stringent criteria, including physical backing. Moreover, the ETNs must be providing reliable market prices for Bitcoin and Ethereum. Following the Financial Conduct Authority’s ban on retail consumer sales of derivatives and unregulated cryptoasset ETNs, crypto ETNs on the LSE will be exclusively for professional investors.
Prospective ETN issuers are urged by LSE to initiate discussions with the LSE early, given the unique nature of crypto ETNs. Moreover, separate consultations with the FCA are recommended for listing applications. Issuers can propose up to three currency lines for each ETN, following documentation requirements akin to standard lines, with designated tradable mnemonics and London SEDOL codes. To streamline admission processes, the LSE has instituted specific timeframes for submitting draft Static Data Forms based on securities volume.
MicroStrategy Raises $525M for Further Bitcoin Purchases through Convertible Notes
MicroStrategy has unveiled plans to raise $525M through a new offering of convertible senior notes. The notes, maturing in 2031 with a nominal interest rate of 0.875%, target qualified institutional buyers under Rule 144A of the Securities Act of 1933. Initially set at $500 million, the offering has seen increased demand, with semi-annual interest payments slated to commence in September 2024. Convertible at holders’ discretion, the notes can be exchanged for cash, MicroStrategy class A common stock, or a combination thereof.
This strategic move underscores MicroStrategy’s commitment to Bitcoin as a primary treasury reserve asset and its ambition to integrate digital assets into corporate finance. By leveraging its expertise in software development and finance, MicroStrategy aims to solidify its position as a leader in Bitcoin development. The initiative reflects MicroStrategy’s confidence in Bitcoin’s value proposition and its strategic vision to foster innovation and adoption in the cryptocurrency space.
DWF Labs’ Liquid Markets Expands with JOE, LADYS, FLOKI, and IOTX Tokens Listing
DWF Labs’ Liquid Markets has made a significant move for OTC traders by officially listing four prominent tokens: Joe ($JOE), Milady Meme Coin ($LADYS), FLOKI ($FLOKI), and IoTeX ($IOTX). It is allowing users to engage in transactions against USDT pairs. Trader Joe’s JOE, Milady Meme Coin (LADYS), and FLOKI tokens are now accessible on Liquid Markets, enhancing liquidity and trading opportunities within the Trader Joe ecosystem. Additionally, the listing of FLOKI token sales and IoTeX (IOTX) aims to strengthen machine open economics and attract more users to their respective ecosystems.
With the addition of these tokens, Liquid Markets offers traders increased options and flexibility. It is enabling users to diversify and explore new investment opportunities. DWF Labs’ commitment to providing a comprehensive trading experience is evident through the continuous expansion of its token offerings, ensuring traders stay ahead in the ever-changing crypto market landscape.
Binance Teams Up with Nigerian Authorities for Responsible Crypto Growth
Binance, the leading cryptocurrency exchange, is taking steps to adhere to Nigerian regulations by partnering with law enforcement in Nigeria to enhance client protection. Through this collaboration, Binance aims to strengthen security measures and promote responsible growth in the Nigerian crypto market. The exchange shared statistics highlighting its commitment to fostering responsible crypto usage in Nigeria. Moreover, Binance plans to further invest in Nigeria and solidify its position as a trusted crypto company among Nigerian consumers.
With Nigeria emerging as Africa’s largest economy and most populous jurisdiction, Binance acknowledges the country’s remarkable growth in crypto usage and adoption. To ensure safety and responsibility in crypto growth, Binance conducted educational sessions for law enforcement officials in Lagos and Abuja. The sessions focused on practical aspects of crypto investigations and utilizing tracing tools to track funds on the blockchain. The top exchange intends to continue such efforts to enhance security measures and promote responsible crypto practices in Nigeria.
PancakeSwap Launches v4 for Enhanced DeFi Experience
PancakeSwap, a renowned decentralized exchange, has unveiled its latest version, v4. The move is aimed at enhance the experience for users, developers, and traders. V4 will offer a suite of diverse DeFi products. Since its inception in 2020, PancakeSwap has solidified its position in the market. With a total volume of 711B and 1.8M active users, PancakeSwap’s v3 version introduced improvements such as enhanced capital efficiency for traders and increased yield generation for liquidity providers.
However, despite these advancements, v3 lacked flexibility in utilizing PancakeSwap’s liquidity and did not offer seamless integration for DeFi protocols and developers. The new v4 version addresses these shortcomings, with PancakeSwap expressing enthusiasm for the potential outcomes. The platform invites developers to explore its open-sourced codebase and contribute. The official launch on BNB Chain and Ethereum is scheduled for the third quarter.
In conclusion, this week has been marked by significant advancements in the cryptocurrency landscape, showcasing the industry’s ongoing growth and innovation. From new investment opportunities to technological upgrades and regulatory developments, the crypto sphere continues to evolve rapidly. These developments signal a promising future for digital assets and their integration into traditional financial systems, underscoring the increasing importance of cryptocurrencies in global markets.
