FTX Receives Dubai Regulatory 'MVP License', Charles Schwab to Launch Its First Crypto-Related ETF

【Data Intelligence】

From July to now, the transaction volume of Ethereum NFT is about 495 million US dollars, a month-on-month decrease of 29%

On July 30th, Dune data showed that since the beginning of July, the value of Ethereum NFT transactions in US dollars has exceeded 495 million U.S. dollars, compared with 695 million U.S. dollars in June, a month-on-month decrease of 29%. In addition, about 1.61 million Ethereum NFTs have been sold on OpenSea so far in July, compared to 1.54 million in June as a whole, and the number of independent traders has increased slightly from nearly 393,000 in June to more than 400,000 in July so far people. This shows that people are still trading NFTs at a relatively steady pace, but at a much lower average price than before.

The total amount of transfer transactions on the Ethereum L2 solution Arbitrum chain exceeded 500 million US dollars

According to data from Dune Analytics, the total value of transfer transactions on the Ethereum Layer 2 solution Arbitrum chain has exceeded 500 million U.S. dollars. At the time of writing this article, it was 517,323,163 U.S. dollars, and the total market value of ERC-20 tokens on the chain reached 1,743,466,827 U.S. dollars. Arbitrum aims to improve the processing speed and scalability of Ethereum smart contracts. While Layer 2 processes EVM contracts and transactions, it still benefits from the security of the Ethereum chain. The number of new Arbitrum users increased to 309,481 in the past 30 days.

【 Regulatory News 】

Philippine President: Digital Transformation Plan Can Pave Way For Global Blockchain Hub

Philippine President Ferdinand Romualdez Marcos Jr shared a national digital transformation plan, suggesting the country could become a global hub for digital assets. In his first State of the Nation Address (SONA), the President said the government is looking to integrate breakthrough technologies into every aspect of daily life in the Philippines as part of the Southeast Asian nation's digitization efforts. Among them, breakthrough technologies in the fields of quantum computing, artificial intelligence, nanotechnology, Internet of Things, robotics, self-driving electric vehicles, 3D printing, and virtual and augmented reality will fundamentally change the way business is done. Marcos specifically plans to sign several bills , for the country to embrace these innovations, including blockchain technology, which it has been exploring. He revealed that the e-government law, internet transaction law and tax reforms to accommodate digital service providers are his top priorities. It is worth noting that the Philippines has already embarked on the path of digital transformation. Blockchain/Distributed Ledger Technology (DLT) is a technology that several government parastatals are focusing on.

【Industry Trends】

Source: Terraform Labs will build DAO infrastructure on Terra 2.0

On July 30th, according to sources, Terraform Labs is creating the infrastructure to build DAO on Terra 2.0. At present, the Twitter account "Enterprise Protocol" has been created, and the personal profile is "establishing a new standard for DAO on Terra". The source said that it aims to serve as a new standard infrastructure for building DAO on Terra. DAO's website and documents will be launched soon .

Upfront Ventures raises $650 million for three new funds

Los Angeles-based venture capital firm Upfront Ventures announced the completion of a $650 million fundraising, which will be distributed among its three different funds, mainly investing in financial technology, computer vision, and game infrastructure. Upfront Ventures' investment portfolio includes several blockchain and Web3 startups, including DFINITY ecological Web3 social network DSCVR, Web3 creator tool developer Tellie, and also participated in the non-profit organization Gold House's venture capital fund "Gold House Ventures" .

US FDIC: Bankruptcies of crypto companies are not covered by federal deposit insurance

The FDIC issued a broader warning to bankers that they need to get their crypto partners on the same page, a day after Voyager Digital was asked to remove its claim that client funds would receive government protection.The agency maintains an insurance fund to repay depositors if banks fail, but has not extended that protection to failed cryptocurrency firms using those banks, according to a letter to banks released Friday by the FDIC. The agency directed that FDIC insurance does not protect non-bank customers against the default, insolvency, or bankruptcy of any non-bank entity, including cryptocurrency custodians, exchanges, brokers, wallet providers, or others that appear to mimic banks but actually Not such an entity. The FDIC guidance added that if a bank’s crypto partner “makes a false statement about the nature and extent of deposit insurance,” the regulated lender could be at legal risk.

Crypto Hedge Fund Smrti Lab Launches New $90M Fund

According to news on July 29, encryption hedge fund Smrti Lab has launched a new fund with a scale of 90 million US dollars, which is mainly used to invest in Bitcoin and Ethereum. Wang Bowen, co-founder of the fund, said the new fund has no cap on size or investment period, and plans to raise more money from outside investors, including large financial institutions. It is reported that Smrti Lab was spun off from the family office of Xu Xiaoping, the founder of ZhenFund, in 2021. The current cumulative asset management scale is 145 million US dollars. Jianping Gan, founding partner of Strategy Capital.

Charles Schwab to Launch Its First Crypto-Related ETF

On July 29, Schwab Asset Management, the asset management arm of Charles Schwab, said it was launching its first cryptocurrency-related exchange-traded fund, the Schwab Crypto Theme ETF, which will launch in August. Trading starts on the 4th.

【Elite Viewpoint】

Changpeng Zhao: The regulatory framework is creating a good environment for cryptocurrencies

Binance CEO Changpeng Zhao said in an interview with CNBC that the regulatory framework is creating a favorable environment for cryptocurrencies. He pointed out that the regulatory environment has become good, and most countries and jurisdictions have begun to establish regulatory frameworks instead of banning Bitcoin or cryptocurrencies outright. He believes that it is difficult to say which area will trigger the next bull market, but the growth of the entire industry shows that we are "moving in a positive direction." In addition, Changpeng Zhao believes that the current macroeconomic environment (high inflation, recession, etc.) will drive the adoption of cryptocurrencies.

WisdomTree CEO: Encryption Winter Brings "Many Opportunities"

Asset management firmWisdomTree CEO Jonathan Steinberg said on Friday's earnings call that while the crypto industry has seen strong funding over the past year, ad sponsorships during the Super Bowl and some companies promising "too good to be true" product, but the situation has changed dramatically in recent months. While some firms are struggling with the realities of regulation and risk management, and some have completely lost the trust of customers and investors, for WisdomTree, the timing of this crypto winter has been very constructive and presents many opportunities . Steinberg said WisdomTree has already minted a U.S. dollar token, with gold tokens imminent, and expects to generate revenue from its digital asset program starting in 2023, but declined to comment on specific forecasts.

【What to watch today】

FTX Becomes the First Exchange to Obtain the "MVP License" Regulated by Dubai

On July 29th, FTX Exchange FZE, a subsidiary of FTX Europe, announced today that it has been licensed by the Dubai Virtual Assets Regulatory Authority (VARA) to enter the "Minimum Viable Product" program (Minimum Viable Product, MVP), and is a qualified exchange in the United Arab Emirates. Institutional investors provide spot and derivatives exchange services. According to the official introduction, FTX Exchange FZE is a subsidiary of FTX Europe. The company obtained a "temporary license" to provide derivatives transactions in the United Arab Emirates earlier this year. After passing the rigorous testing and evaluation of VARA, FTX Exchange FZE obtained the MVP license. The MVP program is a system specially designed for the encryption industry, and FTX Exchange FZE is also the first exchange approved to enter the MVP program.

Scan the code to follow the link to finance

All the latest information