2024-09-02 11:00

NEAR Protocol’s cross-chain signing feature will allow users on multiple blockchains to transact with Libre’s selection of tokenized credit and hedge funds. Users of the NEAR protocol will have access to a Hamilton Lane credit fund, the Brevan Howard Master Fund and Blackrock ICS Money Market Fund. The NEAR Protocol’s Chain Signatures tool will allow users to purchase assets on NEAR and then transfer them and manage them on any other blockchain without the need for cross-chain bridges. Libre’s collection of tokenized funds have crossed the $100 million assets under management mark since the startup went live four months ago. Libre, a startup focused on tokenizing financial assets in partnership with Nomura's Laser Digital, Brevan Howard’s WebN group and private markets giant Hamilton Lane, is adding several digitized funds to the NEAR blockchain, enabling tokenized real-world assets (RWA) to be transferred across multiple blockchains. Users of the NEAR protocol will have access to a Hamilton Lane credit fund, the Brevan Howard Master Fund and Blackrock ICS Money Market Fund, Libre said Monday. The startup has also crossed the $100 million assets under management milestone since going live four months ago. The creation of blockchain-based versions of financial assets has become popular among institutional firms with an eye on the crypto space. Adding RWA funds to NEAR is a key component to Libre’s multichain ambitions, thanks to that blockchain’s “Chain Signatures” feature, which allows users to transact on other ledgers without the need for cross-chain bridges. “Chain Signatures is a tool that allows you to purchase assets on NEAR, and then transfer them and manage them on any other blockchain,” said Libre CEO Avtar Sehra in an interview. Toward the end of the year, Libre is looking to introduce features like collateralized lending and secondary transfer of some assets, Sehra said. “We’re also launching a new fund with the Laser Digital team, and that's a market neutral fund across all the networks at the same time, which will be live in October this year,” he said. https://www.coindesk.com/business/2024/09/02/brevan-howard-backed-tokenization-firm-libre-arrives-on-near-blockchain/

2024-09-02 08:49

Harris led Trump in early August and betting odds reached 50-50 on the marketplace last month but shifted to Trump’s favor over the weekend. Trump pulled ahead with a 51% chance of regaining the U.S. presidency. Traders have placed $99 million in on-chain bets on Trump winning the election, with over $95 million put on Harris. Election punters on Polymarket are favoring Republican candidate Donald Trump once again as Democrat Kamala Harris’ odds slipped to 47% over the weekend from even odds earlier. Odds of Trump winning the November elections surged to highs of 71% in July before tumbling to lows of 44% in August as incumbent Joe Biden said he would not contest before Harris was announced as the candidate. Her chances rose to over 55% in early to mid-August to emerge as a favorite. Harris’ appeal has drifted lower in the past weeks among traders on Polymarket, while Trump’s has gradually climbed back over 50%. He is again in the lead after nearly two weeks of even odds. Traders have placed $99 million in on-chain bets on Trump winning the election, with over $95 million put on Harris. Harris’ odds have slipped amid outcry for a proposal to tax unrealized gains for people worth over $100 million. Meanwhile, Trump’s odds have increased as he promotes an upcoming decentralized finance project that could offer “high yields” for crypto users. https://www.coindesk.com/markets/2024/09/02/donald-trumps-harris-on-polymarket-once-again/

2024-09-02 08:47

WazirX co-founder Nischal Shetty said the numbers are as of today and the objective is to reduce the gap through various efforts. WazirX customers are unlikely to be made whole in crypto terms, the crypto exchange's legal advisers said on Monday. In terms of U.S. dollar recoveries, recovery is possible if the market improves. On Tuesday, the Singapore High Court will hear WazirX's request for six months' protection while it restructures its liabilities after losing $234 million to a hack in July. It is extremely unlikely WazirX customers will be made whole in crypto terms through the hacked cryptocurrency exchange's restructuring process, its legal advisers said. On a conference call with journalists that included the Indian company's co-founder Nischal Shetty, the advisers said customers will probably lose at least 43% of the money they had in WazirX. The best case scenario is a return of anywhere between 55% and 57% of the funds, said George Gwee, a director at restructuring experts Kroll. On Tuesday, the Singapore High Court will hear WazirX's request for six months' protection while it restructures its liabilities after losing $234 million, some 45% of customers' funds, to a hack in July. The request was made by Singapore-incorporated Zettai, whose subsidiary Zanmai India operates the exchange. Shetty said the numbers are as of Monday, and the objective is to reduce the gap. "You're not in a position to see it today because we're in negotiation, in ideation stage," Shetty said. "Over the next several weeks, it will be easier and clearer on each stage where we can fill the gap." Kroll managing director Jason Kardachi said the figures could change if a so-called white knight steps in or if the funds are recovered, among other options previously mentioned. "In crypto terms, it's extremely unlikely that we can make people whole," Kardachi said. "So, whatever profits we generate or contributions from white knights or third parties can help improve the recovery in crypto terms. But I don't think it's realistic to think that we could ever make people whole when half or thereabouts of the crypto has suffered from the cyber attack." If the crypto market improves, customers may retrieve more of their investments in dollar terms, Kardachi said. Improved profitability or cash inflows from white knights are unlikely to fill the gap, he said. The exchange's ownership dispute with Binance, the world's largest crypto exchange, also figures in the calculation. Shetty and the legal advisers said that confidentiality restrictions prevent them from saying anything about that wrangle. Even so, "55% of the funds can be made available before the ownership dispute with Binance is settled," Kardachi said. Read More: WazirX Asks Singapore Court for 6 Months to Restructure Liabilities as CoinSwitch Weighs Legal Action https://www.coindesk.com/business/2024/09/02/extremely-unlikely-wazirx-customers-will-be-made-whole-in-crypto-terms-legal-advisers/

2024-09-02 08:21

Memecoin DOGE led losses among major tokens with a 5% slide in the past 24 hours ahead of the Labor Day holiday in the U.S. Bitcoin rose by 0.5% to around $58,300, while cryptocurrencies like dogecoin and toncoin are seeing losses up to 3% on the Labor Day holiday in the U.S. Market analysis suggests a bearish trend for September historically, some traders noted, with bitcoin seeing a monthly decline of 6% on average. Bitcoin (BTC) recovered to around $58,300 after slumping to near $57,500 on Monday. The world's largest cryptocurrency remains 8.6% down over the past seven days. BTC rose by 0.5% in the past 24 hours, whilst majors xrp (XRP), Cardano's (ADA) and dogecoin (DOGE) fell by as much as 3%. The broad-based CoinDesk 20 Index (CD20), a liquid fund tracking the largest tokens, rose by 0.45% during the same period. U.S.-listed exchange-traded funds (ETFs) tracking BTC posted total net outflows of $175 million on Friday, extending a losing streak to four days. Ether (ETH) ETFs had zero net inflows or outflows despite $173 million in trading volume, data tracked by SoSoValue shows. Traditional markets will remain closed in the U.S. due to the Labor Day holiday. Some traders noted that BTC’s initial loss is in line with the bearish seasonality observed in September, but stated that interest-rate cuts by the U.S. Federal Reserve could break the trend. “September is a historically negative month for Bitcoin, as data shows it has an average value depletion rate of 6.56%,” Innokenty Isers, founder of crypto exchange Paybis, said in a Monday email. “Should the Feds cut the interest rate in September, it might help Bitcoin re-write its negative history as rate cuts generally lead to excessive US dollar flow in the economy – further strengthening the outlook of bitcoin as a store of value.” Seasonality is the tendency of assets to experience regular and predictable changes that recur during the calendar year. While it may look random, possible reasons range from profit-taking around tax season in April and May, which causes drawdowns, to the generally bullish “Santa Claus” rally in December, a sign of increased demand. “Overall, the macroeconomic indices, spot Bitcoin ETF adoption, and favorable hashrate might make September a relatively better month for BTC this quarter,” Isers wrote. (UPDATE Sept. 2, 13:47 UTC): Updates prices in headline and first two paragraphs. https://www.coindesk.com/markets/2024/09/02/bitcoin-drops-toward-575k-extends-weekly-loss-to-10-at-start-of-seasonally-bearish-september/

2024-09-02 07:48

The SEC said that it may challenge any transactions of distributions involving crypto assets to creditors. The SEC has sought a change in the FTX's bankruptcy plan. It wants the bankruptcy administrators to remove a discharge provision and said it may challenge distribution transactions involving crypto assets. The U.S. Securities and Exchange Commission (SEC) may have thrown a spanner in the wheels of the confirmation of the FTX bankruptcy plan, according to a court filing on Friday. The SEC said that it may challenge any distributions involving crypto assets to creditors. Earlier this year, the FTX bankruptcy estate proposed a plan, which would see 98% of creditors get back 118% of their claims – in cash – within 60 days of court approval. The SEC said a previous filing by the FTX bankruptcy estate defined “cash” to include U.S. dollar pegged stablecoin. That earlier FTX filing from Aug. 2 did define cash as "the legal tender of the United States of America or the equivalents thereof, including U.S. Dollar pegged Stablecoin, bank deposits, checks and other similar items." "FTX Debtors are exploring different distribution options, including potentially distributing stablecoins to certain creditors," the SEC said in Friday's filing. "The SEC is not opining as to the legality, under the federal securities laws, of the transactions outlined in the Plan and reserves its rights to challenge transactions involving crypto assets." The SEC also said "the Debtors have not identified the distribution agent, which may potentially distribute stablecoins to creditors under the Plan." "This is the height of jurisdictional overreach," Galaxy Digital's head of research Alex Thorn posted on X. "The SEC doesn’t even make a case here. they are just unwilling to let it go. it’s a bludgeon they must keep sharp, lest any legitimate actors deign to wield these (boringly above-board) instruments." The SEC also joined the U.S. Trustee in wanting a provision in the plan to discharge the Debtors deleted and said it reserves the right to object to confirmation of the plan if these changes are not made. https://www.coindesk.com/policy/2024/09/02/sec-might-challenge-ftx-bankruptcy-estate-from-paying-back-customers-with-stablecoins/

2024-09-01 21:45

The highly anticipated upgrade turns Cardano's ADA cryptocurrency into a governance token. Cardano, the layer-1 blockchain launched in 2017 by Ethereum co-founder Charles Hoskinson, activated its highly anticipated “Chang” upgrade on Sunday, marking the ecosystem's long-planned shift towards decentralized governance. With the Chang upgrade now live, ADA token holders will be able to shape Cardano's future by electing governance representatives and voting on development proposals. CIP-1694, an official "Cardano Improvement Proposal," describes the new community governance structure and establishes three user-led governance bodies: the Constitutional Committee, Delegate Representatives (dReps), and Stake Pool Operators (SPOs). Moving forward, Cardano's three founding entities—the Cardano Foundation, Input Output Global (IOHK) and Emurgo—will no longer have the keys to trigger chain upgrades or "hard forks." Instead, that responsibility will be delegated to the new governance groups. Cardano is the latest in a string of crypto projects to transition towards a more decentralized structure. The changes bring Cardano further in line with the blockchain industry's decentralized ethos, but they may also be viewed as a way to ward off securities regulators by bestowing ADA with extra utility. Despite being ranked as the 28th largest blockchain by DeFiLlama, Cardano has consistently drawn attention from the crypto world, not least because of Hoskinson’s colorful personality and routine outspokenness. He originally created the Ethereum blockchain in 2014 alongside co-founders like Vitalik Buterin, but he quickly moved on from the project to build rival Cardano. Hard forks—significant updates that render older versions of a blockchain obsolete—are a critical part of any blockchain’s evolution. The Chang hard fork is no exception, with its implementation spread across two phases. The first phase, already live, introduces an Interim Constitutional Committee to temporarily oversee Cardano's governance. This phase is designed to be cautious, limiting the committee’s power to make changes to the blockchain's code while the rest of the ecosystem's governance model takes shape. The second phase, expected to happen in 90 days, will fully empower the new governance bodies. “Once everyone is onboard and well-informed, they will be ready to actively participate in governance,” said Giorgio Zinetti, CTO of the Cardano Foundation, in an interview with CoinDesk. This upgrade is a pivotal milestone in Cardano’s roadmap, marking the beginning of the Voltaire era—a phase focused on achieving full decentralization that has been in the works since Cardano’s inception. “I would say it is the biggest event in Cardano history, and it really makes us different from many other chains,” Zinetti told CoinDesk. “I think we are the largest layer 1 with on-chain governance. There are some smaller players, like Tezos and Polkadot, who already have on-chain governance. But if there was a leaderboard, real decentralized layer-1s, we would be number one.” https://www.coindesk.com/tech/2024/09/01/cardanos-chang-hard-fork-goes-live-introducing-on-chain-governance/