The assets of the founder of Three Arrows Capital were frozen, PBS received support from Buterin and Coinbase

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, mining information, project trends, technology progress and other industry trends. This article is one of the weekly news articles, giving you an overview of the major events in the blockchain industry this week.

Headlines

▌The assets of the founder of Three Arrows Capital worth US$1.14 billion were frozen by the court

According to Teneo, the liquidator of Three Arrows Capital, announced that the British Virgin Islands court has frozen the global assets of the company’s co-founders Su Zhu and Kyle Davies up to US$1.14 billion. The order prohibits co-founders and Davies' wife Kelly Chen from dealing with their assets, including transferring or selling them.

▌PBS Foundation raises US$1 million, supported by Buterin, Coinbase, etc.

The non-profit organization PBS Foundation has raised US$1 million for Research and development of Ethereum Proposer and Builder Separation (PBS). PBS was originally proposed by Ethereum founder Vitalik Buterin. Sequentially organized transactions) separate concepts.   The pilot phase of the project is supported by Coinbase, Consensys, Fenbushi Capital, Flashbots, Paradigm, Uniswap Foundation, and Vitalik Buterin, and funds will be disbursed by a committee that includes representatives from Blocknative, Consensys, the Ethereum Foundation, and Flashbots, among others.

▌Ethereum developers plan to deploy the Dencun upgrade on the Goerli testnet on January 17th

Ethereum developers in the latest developer meeting It plans to run Dencun on the Goerli test network on January 17. This upgrade is expected to reduce the cost of second-layer rollup and expand the blockchain by increasing data blobs. The developers are also working on a testing schedule for the Dencun upgrade, planning to run another test network Sepolia on January 31 and the Holesky test network on February 7, and then expect to deploy the changes to the main network at the end of February. Dates may change depending on the outcome of the testnet fork.

Policy

▌Hong Kong Securities and Futures Commission: Virtual asset spot ETFs are only allowed in futures regulated by the Securities and Futures Commission Trading on exchanges

The Hong Kong Securities and Futures Commission pointed out in the updated "Joint Circular on Virtual Asset-related Activities of Intermediaries" that virtual asset futures are only allowed to be traded on traditional regulated futures. Exchanges conduct transactions, and the management company must demonstrate that (i) the underlying virtual asset futures have sufficient liquidity, (ii) the rollover costs of the underlying virtual asset futures are controllable, and how such rollover costs are managed. If a virtual asset fund authorized by the Hong Kong Securities and Futures Commission wants to handle spot virtual asset transactions and acquisitions, it should be processed on a virtual asset trading platform licensed by the Hong Kong Securities and Futures Commission or a recognized financial institution (or recognized locally registered subsidiary), especially involving the following two Require: (a) For cash subscriptions and redemptions, spot ETFs recognized by the Hong Kong Securities and Futures Commission should acquire and dispose of spot virtual assets through a licensed virtual asset trading platform; (b) For physical subscriptions, participating dealers (PDs) should transfer spot virtual assets held locally or overseas to spot virtual asset ETFs recognized by the Hong Kong Securities and Futures Commission.

▌Prometheum is recognized by the US SEC to test a fully compliant encryption platform

Prometheum announced that it has obtained the latest supervision under the rules of the US Securities and Exchange Commission (SEC) Recognized, it is about to test a viable encryption platform that fully complies with US SEC regulations. According to the expanded license document published by FINRA (Financial Industry Regulatory Authority), Prometheum has become a company licensed under SEC rules as a special purpose crypto broker-dealer to conduct digital asset securities trading and clearing and settlement. Prometheum plans to begin providing digital asset custody services to asset management companies, hedge funds and other financial institutions in the first quarter of 2024. By the second quarter, the company plans to offer trading and clearing services to clients, first institutional and then retail investors.

▌Russian President Putin approves digital ruble tax law

Russian President Putin signed a law to incorporate the digital ruble into national tax laws. According to Telesputnik, the new law adds the terms “digital ruble” and “digital ruble wallet” to the code. The law also allows bailiffs and other court-appointed individuals to “recover” CBDC funds from wallets “if there is insufficient fiat currency in the taxpayer’s bank account.” Additionally, the law allows tax authorities to suspend transactions on digital ruble wallets. Tax officials can also ask "platform operators" to "provide documentation proving that funds have been written off from taxpayers' accounts." Additionally, the law allows tax officials to transfer confiscated coins to the Russian Treasury.

▌Ministry of Industry and Information Technology: It will formulate a Web 3.0 development strategy document that is in line with my country’s national conditions and encourage the development of new business models such as NFT.

The Ministry of Industry and Information Technology announced on the 10th National Committee of the Chinese People’s Political Consultative Conference The reply to Proposal No. 02969 of the First Session of the Fourth Session stated that in the next step, the Ministry of Industry and Information Technology will strengthen collaborative interaction with relevant departments to promote Web3.0 technological innovation and high-quality industrial development. Improve top-level design. Strengthen the investigation and research of Web3.0, formulate a Web3.0 development strategy document that is in line with my country's national conditions, clarify the development path, technical focus, and application model of Web3.0, and properly handle the issues of inheritance and innovation, development and security, government and market, and supply and demand. relation. Focus on key areas such as government affairs and industry, encourage the development of new business models such as NFT and distributed applications (DApp), and accelerate the innovative application of Web3.0 and the construction of a digital ecosystem.

▌Nigeria is creating and regulating the cNGN stablecoin

Major Nigerian banks are collaborating to create and regulate the cNGN stablecoin, a new type of digital currency. Designed to bring advantages to token holders and the Nigerian economy. According to unnamed sources within the project, the cNGN token is fully supported, ensuring a direct link to every naira held by these leading banks.

▌SEC requires spot Bitcoin ETF issuers to confirm authorized participant information in the next S-1 update

Peng Eric Balchunas, a Bo ETF analyst, posted on the Confirmed in updates (next 10 days). This step is not easy and may prevent some issuers from being approved at the same time. But "confirm AP agreement" plus "cash purchase" may equal "approval". Earlier today, sources familiar with the matter revealed that the SEC has asked spot ETF issuers to submit revised documents by the end of next week that contain updates from yesterday’s conference call.

▌Hong Kong Securities and Futures Commission: The private key of the trustee/custodian of virtual asset funds must be safely stored in Hong Kong

The Hong Kong Securities and Futures Commission pointed out in the "Circular on Investment in Virtual Assets by SFC-authorized Funds" that the trustee/custodian of a virtual asset fund and any representative responsible for the custody of virtual asset holdings of SFC-authorized virtual asset funds should ensure that Virtual asset holdings are kept separate from its own assets and the assets it holds for other clients, and the majority of virtual asset holdings should be stored in cold wallets. The amount and duration of virtual asset holdings stored in hot wallets should be minimized. , unless the needs for subscription and redemption are met, it is also necessary to ensure that the mnemonic words and private keys are safely stored in Hong Kong, strictly limit authorized personnel, and fully resist speculation (for example, generated through non-deterministic methods) or collusion (through multiple measures such as signatures and key sharding), and appropriate backups to reduce any single points of failure.

▌The Central Bank: Properly deal with the risks of gold exchanges and "fake gold exchanges", and rectify illegal financial activities such as virtual currency trading and speculation

The People's Bank of China released the "China Financial Stability Report (2023)". The report mentioned that we will continue to clean up and rectify the financial order. Consolidate the results of shadow banking risk governance, promote the transformation of asset management business and orderly rectification of individual assets. Properly deal with the risks of gold exchanges and "fake gold exchanges", and rectify the chaos of third-party wealth management companies and illegal financial activities such as cross-border Internet securities firms and virtual currency trading speculation. Continue to do a good job in handling existing P2P online loan risks. The report stated that crypto-assets carry both financial and digital technology risks. Cryptoassets refer to private sector digital assets that mainly rely on cryptography, distributed ledgers or similar technologies for development and operation, creating new asset forms and business models. Crypto-assets are not issued by monetary authorities and do not have monetary attributes such as legality and compulsory nature. At the same time, they are not subject to supervision commensurate with the nature of their business, thus exhibiting dual risks in finance and digital technology. In addition, the report summarizes China’s regulation of crypto-assets and the dynamics of global regulation of crypto-assets. The report stated that my country had earlier carried out clean-up and rectification of risks related to the crypto-asset field. Currently, the scale of crypto assets accounts for a small proportion of global financial assets and has limited connection with the traditional financial system. However, its rapid development, complex business model, opaque governance structure, and active cross-border business may threaten the stability of the global financial system.

▌Bank of Spain: The number of licensed crypto-related companies in the country will increase by 50% in 2023

The Bank of Spain said, The number of licensed cryptocurrency-related companies in the country increased by 50% in 2023. The bank recently issued operating licenses to about 30 companies, according to data released by the bank and a report by Criptonoticias. The list of cryptocurrency operators approved by the Bank of Spain currently has 85 members. The list contains major cryptocurrency exchanges such as BitPanda as well as the Spanish branches of Crypto.com and Binance. In addition to these exchanges, there are smaller Web3 companies as well as cryptocurrency custodians. One notable name on the list is Madrid Stock Exchange-listed security provider Prosegur, which has entered the cryptocurrency custody space.

Blockchain Application

▌HashKey Exchange: Three new account opening identity authentication methods

HashKey Exchange issued an announcement announcing that it has added a new identity authentication method for account opening. Currently, it will provide users with three identity authentication methods for account opening, namely: 1. Bank transfer authentication: Users need to hold bank accounts in supported regions (including 17 regions including Hong Kong, Singapore, and the United States), and transfer no less than 10,000 Hong Kong dollars or the equivalent in US dollars to HashKey Exchange Hong Kong for verification; 2. Accountant/lawyer certification: certified offline by a licensed third-party accountant/lawyer; 3. Hong Kong employee certification: In Hong Kong HashKey Office, employees will conduct one-to-one offline certification.

▌Web3 fan platform Medallion completed $13.7 million in Series A financing

Web3 fan platform Medallion announced the completion of a $13.7 million investment jointly led by Dragonfly and Lightspeed Faction USD Series A financing. Funding from this round will be used to introduce new early access opportunities such as previews of unreleased music and offering pre-sale tickets, as well as other member benefits such as video premieres or new updates. Artists will also be able to sell new exclusive and limited edition digital collectibles/NFTs such as poster bundles and trading cards.

▌Magic Eden launches the inscription project "Open Solmap" that represents the ownership of block space on the Solana chain

NFT market Magic Eden announces the launch of a community-run The new inscription project "Open Solmap", in which "Solmap" provides users with digital ownership of more than 1,000 consecutive Solana slots and visually represents them, allows developers and holders to freely build on this basis. It is reported that the current total number of Solmap inscriptions is approximately 232,000, representing 232 million Solana soldes. Magic Eden said that users can regard "Solmap" as a kind of digital real estate. By owning "plots", holders can develop anything they want. It is reported that the potential application areas of "Solmap" in the future include Metaverse games, Generative art, etc.

▌Layer1 Blockchain Shardeum raises US$7.2 million in strategic funds

Layer1 Blockchain Shardeum issued a document stating that Shardeum successfully raised funds from nearly 50 investors in 9 countries. ECA participants raised $7.2 million in strategic funding at a valuation of $248.9 million. At its peak, the Shardeum testnet network had over 35,000 validators, 549,000 smart contracts, and 5 million transactions.

▌Yolo Investments launches new flagship fund, plans to raise US$100 million to expand into gaming, blockchain and other fields

December 22 news, assets Yolo Investments, a venture capital fund with over 600 million euros under management, announced the launch of a new flagship fund, Yolo Fund II LP, aiming to invest in global distributed gaming, financial technology and blockchain-related asset classes. The fund’s target financing The size will be 100 million euros.

Cryptocurrency

▌Coinbase is shutting down non-profit organization Givecrypto

Cryptocurrency exchange Coinbase announced that it is phasing out the Givecrypto initiative, a non-profit organization funded by its CEO Brian Armstrong that provides cryptocurrency to those in need. "While it has had a positive impact, we cannot create lasting change purely through unconditional cash transfers," the announcement details said. Givecrypto is one of Coinbase’s philanthropic projects dedicated to “increasing economic freedom around the world,” the company described, emphasizing: “After careful consideration, we recognized that we needed to take a new direction.”

▌Data: The number of inscriptions on the Polygon PoS chain has reached 161 million

According to data disclosed by Polygon founder Sandeep Nailwal on social media, the current number of inscriptions on the Polygon PoS chain has reached approximately 161 million. This is more than twice the number of approximately 77 million inscriptions on the second-place BNB chain. In terms of other Layer 2, the number of inscriptions on the Avalanche C-chain chain is about 60 million, Fantom is about 26 million, Celo is about 25 million, Gnosis is about 23 million, Arbitrum One is about 11 million, and zkSync Era is about 7 million.

▌Worldcoin will resume operations in Kenya in early 2024

Cryptocurrency project Worldcoin has reached an agreement with Kenyan authorities to allow it to resume operations in the African country. Worldcoin representatives are working directly with regulators to meet Kenya’s requirements.

▌The total circulation of PayPal’s US dollar stable currency PYUSD exceeds 260 million pieces

On-chain data shows that PayPal’s US dollar stable currency PayPal USD (PYUSD) A total of 260,580,305.72 coins are currently issued, an increase of 30 million coins in the past 5 days. The total number of addresses held on the chain is 4,645, and the number of transactions on the chain is 23,623.

▌Zhu Su: Consider migrating OX tokens to IBC

Zhu Su, co-founder of Three Arrows Capital, is on social media The platform issued a document stating that it seems reasonable to migrate the OPNX token OX to IBC.

▌Data, Bitcoin will surpass Ethereum in terms of market capitalization, NFT and miners in 2023

Root CMC archive data, closing in December 2022, BTC’s market dominance is 40.1%, while ETH’s share is 18.4%. Currently, BTC’s market share has surged to 51.5%, while ETH has dropped slightly to 16.6%. Currently, Bitcoin's market capitalization is as high as $856 billion, while Ethereum's market capitalization is $275 billion, which makes BTC's market capitalization approximately 3.11 times that of ETH. The latest data from cryptoslam.io shows that in November 2023, Bitcoin surpassed Ethereum in NFT sales and maintained its lead in the subsequent 30 days. During this 30-day period, Bitcoin-based NFT sales reached $761,951,324, while Ethereum sales reached $387,167,225. Additionally, Bitcoin continues to outperform Ethereum in terms of fee generation. In the past 24 hours alone, BTC miners collected $39,480,534 in fees from on-chain transactions, significantly higher than the $551,880 collected by ETH validators.

Important economic developments

▌Federal Reserve Bostic: There is no urgency to cut interest rates next year Interest rates will be cut twice in the second half of the year

On Tuesday (December 19) local time, Atlanta Fed President Bostic said that in view of the strong momentum of the U.S. economy and ensuring that inflation returns to 2% target level, the Fed currently has no urgency to cut interest rates. He also said he expects the Fed to cut interest rates twice in the second half of next year as inflation continues to decline. But he also stressed that policymakers have not yet had active discussions on this issue.

▌Fed Daley: Three interest rate cuts may be needed in 2024

Federal Reserve Daley said that its economic forecast is "very close" to the FOMC median , three rate cuts may be needed in 2024. If inflation continues to decline, the Fed should aim to minimize disruptions to the job market.

▌The probability that the Federal Reserve will cut interest rates in February next year is 14.5%

According to CME "Fed Watch": The Federal Reserve will cut interest rates in February next year The probability of keeping interest rates unchanged at 5.25%-5.50% is 85.5%, and the probability of cutting interest rates by 25 basis points is 14.5%. The probability of keeping interest rates unchanged by March next year is 17.1%, the probability of a cumulative 25 basis point interest rate cut is 71.3%, and the probability of a cumulative 50 basis point interest rate cut is 11.6%.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.