Blockchainreporter Weekly News Review: Crypto Innovations and Flourishing Partnerships

This week, we bring our readers six news stories from across the crypto world. The week saw big steps in many areas, from institutional moves to rebrands and even a trip to the moon.

Here are the six stories:

• BlackRock, a major asset manager, is seeking approval for an Ethereum ETF on top of its Bitcoin ETF plans.
• OKX, Komainu and CoinShares are teaming up to cut counterparty risk in institutional crypto trading.
• Korean financial authorities are drafting listing standards for virtual assets to improve the user experience and transparency.
• Ankr and Optimism launched “Rollup as a Service,” a fast and flexible way to build OP Chains.
• The Dogecoin community partnered with Astrobotic to send a physical Dogecoin to the moon on December 23, 2023.
• Viction, formerly TOMO, is rebranding and working with Binance to swap TOMO for VIC.

BlackRock Aims for Ethereum ETF Approval Amid Bitcoin ETF Endeavors

Asset management giant BlackRock is seeking regulatory approval for an Ethereum-based Exchange Traded Fund (ETF). This comes alongside its work on a Bitcoin ETF. The company has filed an S-1 form with the SEC to launch a spot Ethereum ETF. A spot ETF holds the actual coin, not futures contracts. The filing points to strong demand in the crypto sector.

The S-1 filing gives investors details on the fund’s strategy and risks. Key points include:

• The fund is called the “iShares Ethereum Trust,” a Delaware statutory trust.
• It aims to track Ethereum’s market performance.
• Coinbase, a major crypto exchange, will hold the fund’s Ethereum.
• The launch depends on SEC approval.

The ETF would give investors a new way to invest in this popular digital asset. It also shows BlackRock’s growing role in crypto. To follow the coin itself, see our Ethereum price page.

OKX Teams Up with Komainu and CoinShares for Institutional Crypto Trading Transformation

OKX, a major crypto exchange, has partnered with two firms. Komainu is a licensed digital asset custody provider. CoinShares is a European alternative asset manager. Together, they aim to transform institutional crypto trading.

The deal focuses on counterparty risk, the risk that the other side of a trade fails to pay. Reducing it will make trading safer. The group also wants more institutional investors to use crypto.

Here is how the setup works:

• CoinShares gets trading access on OKX.
• Komainu holds the crypto fund’s assets in segregated accounts.
• Traders can reach OKX’s popular markets while their assets stay in Komainu’s regulated custody.

Clear frameworks meet industry standards for custody, settlement and liquidity. They spell out rights, duties and how disputes are settled. The project’s risk management know-how makes it attractive to institutional clients.

Korean Financial Authorities Develop Virtual Asset Listing Standards

Korean financial authorities and industry experts are drafting virtual asset listing standards. They plan to release them in the first half of the year. A task group under the Financial Supervisory Service (FSS) leads the work. It includes public and private sector members, outside experts and financial authorities.

The task force is discussing standards for listing, managing and delisting virtual assets like Bitcoin and Ethereum. The aim is to address user concerns and confusion caused by assets being added and removed too quickly.

The group’s main goal is to present its findings to the National Assembly. This should happen before the Act on the Protection of Users of Virtual Assets takes effect in July. The project stresses stronger strategy and self-regulation at financial firms. These policies aim to prevent cases like Wemix, where disputes arose over delisting and relisting coins.

Ankr and Optimism Unveil ‘Rollup as a Service’ for Quick Custom OP Chain Creation

Ankr and Optimism introduced “Rollup as a Service” at the Onchain Summit in Istanbul on November 14. The service uses Superchain technology and governance. It helps organizations and developers build custom OP Chains quickly. Ankr will provide the engineering and infrastructure.

Ankr’s Rollup as a Service uses the OP Stack. It lets teams build their own Layer 2 (L2) networks for their apps or projects. Layer 2 networks run on top of a main blockchain to make it faster and cheaper. Ankr is now an official implementation partner of Optimism. This makes OP Chains a practical choice for new clients.

Leaders from both firms welcomed the deal:

• Josh Neuroth, Ankr Head of Product, said it brings better scalability and new Layer 2 options for companies and dApps. He called it a major step forward for the industry.
• Tess Rinearson, Head of Product at Optimism, said she was pleased to work with Ankr. She said it will make onboarding easier for developers and users and help bring them into the Superchain.
• Rinearson also praised Ankr as a reliable provider of node infrastructure for Optimism.

Dogecoin Teams Up with Astrobotic for Historic Moon Mission

The Dogecoin (DOGE) community announced plans to work with Astrobotic to send a DOGE to the moon. The historic launch is set for December 23, 2023. It will use the DHL Moonbox and ULA’s Vulcan Centaur rocket. The idea began with a Dogecoin fundraising drive in 2015.

Astrobotic is an employee-owned company that builds spacecraft systems. It is a major player in space exploration. Its lunar landers and rovers provide access to space for clients around the world. Its navigation, operations and testing technology will support the Dogecoin launch. The DHL Moonbox, which will carry the Dogecoin, stands for the crypto community’s creativity and teamwork.

More on this topic: Ethereum News and Ethereum Staking Hits Record 43.8 Million ETH as Yields Fall: Bitwise Q4 Report.