Bitcoin Price: US$ 57,662.65 (+1.02%)
Ethereum Price: US$ 2,388.52 (+1.23%)
BitGo has deployed wrapped Bitcoin (WBTC) on Avalanche and BNB Chain using LayerZero’s Omnichain Fungible Token Standard to enable seamless cross-chain operations, following its recent move to multi-jurisdictional custody which reduces geographic risks but raises concerns about third-party involvement. State Street Global Advisors and Galaxy Asset Management have launched three new cryptocurrency ETFs that offer exposure to both blockchain-related stocks and cryptocurrencies, focusing on diversified investments to capitalise on the growth of Web3 and blockchain technologies with management fees ranging from 0.65% to 0.9%. Venmo and PayPal users can now transfer cryptocurrencies using Ethereum Name Service (ENS) names, replacing complex wallet addresses with customisable names, a move expected to reach over 270 million users and aligning with PayPal’s growing involvement in the blockchain sector, including the launch of its stablecoin PayPal USD.
ARPA Network is set to introduce restaking rewards in its native token ARPA by late September marking a milestone for EigenLayer’s third-party validated services as EigenLayer expands its staking pool now securing $11 billion in total value including ARPA and other tokens like tBTC. Merlin Chain has partnered with BitcoinOS to launch the ZK-powered Grail bridge enhancing cross-chain transactions without centralised security measures and improving scalability and security for Bitcoin-native assets through zero-knowledge proofs. Standard Chartered has begun offering crypto custody services in the UAE starting with Bitcoin and Ether through a partnership with Brevan Howard Digital as the bank aims to broaden its digital asset services positioning itself at the forefront of the crypto custody business.
Tether has partnered with TRM Labs and the Tron network to form the T3 Financial Crime Unit aimed at tackling illicit activities involving USDT on the Tron blockchain and since its launch T3 FCU has already frozen over $12 million in USDT linked to crimes like blackmail and fraud as Tron remains the largest network for USDT accounting for over 51% of its total supply. Polygon Labs has teamed up with Fabric Cryptography to integrate zero-knowledge proof technology into its AggLayer enhancing scalability and interoperability while accelerating ZKP adoption allowing for faster cheaper and more secure blockchain transactions despite recent security challenges this move is expected to strengthen decentralised finance and cross-chain functionality. A Consensys survey revealed that 86% of Web3 professionals are optimistic about the industry’s future driven by the potential for blockchain technology to create meaningful change with the majority preferring a flexible digital nomad lifestyle and a mix of crypto and fiat payments.
On September 9, U.S.-based spot Bitcoin ETFs saw net inflows of $28.6 million, ending an eight-day streak of outflows with the Fidelity Wise Origin Bitcoin Fund leading the way, while the Bitwise Bitcoin ETF and ARK 21Shares Bitcoin ETF followed. Despite this, BlackRock’s iShares Bitcoin Trust recorded a modest outflow of $9.1 million, and historically, while September is challenging for Bitcoin prices, the fourth quarter generally performs better. Conversely, U.S.-based spot Ether ETFs experienced $5.2 million in outflows on September 9, marking their seventh consecutive day of decline, with significant outflows seen from the Grayscale Ethereum Trust amounting to $2.69 billion despite BlackRock and Fidelity’s Ether products leading in inflows. NYDIG has forecasted a challenging September for Bitcoin, highlighting limited near-term catalysts with macroeconomic factors and U.S. presidential election outcomes being crucial, although historically the fourth quarter performs better. The SEC’s stance on its crypto custody rule, Staff Accounting Bulletin No. 121, remains unchanged, requiring entities to record liabilities for safeguarding crypto-assets held for others, and despite ongoing debate, the rule aims to ensure proper accounting for digital assets by financial institutions. These updates reflect the evolving crypto space, presenting both challenges and opportunities for investors and regulators.
Source: https://cointelegraph.com
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