Monat: Mai 2024

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MakerDAO unveils two new tokens in a major overhaul

  • The two new tokens teased by MakerDAO are NewStable (NST) and NewGovToken (NGT).
  • NST replaces Dai and offers upgraded features while NGT replaced MKR and empowers broader governance participation.
  • Existing Dai and MKR holders will have the choice to transition to the new tokens or continue using their current assets.

MakerDAO, the decentralized autonomous organization that oversees the Maker Protocol, has announced the introduction of two new tokens – NewStable (NST) and NewGovToken (NGT).

These tokens mark a significant milestone in MakerDAO’s evolution, offering enhanced stability and governance features within its ecosystem.

NewStable (NST) token

The NewStable (NST) token represents an upgraded version of Dai, designed to promote broader adoption and provide advanced stability features.

Existing Dai holders will have the option to seamlessly upgrade to NST while retaining the flexibility to convert their holdings back to Dai at any time.

Additionally, NST holders will be able to participate in farming activities to earn NewGovToken (NGT) from the moment of launch.

NewGovToken (NGT) token

The NewGovToken (NGT) token serves as the new governance token within the MakerDAO ecosystem, offering Maker (MKR) holders the opportunity to upgrade their tokens.

Each MKR token will convert to 24,000 NGT during the upgrade process, strategically redenominated to encourage broader engagement in governance activities. This initiative aims to enable more users to hold a significant number of NGT, empowering them to actively influence the future direction of the MakerDAO ecosystem.

MakerDAO expanding its offerings while maintaining flexibility

With the introduction of NST and NGT, MakerDAO is expanding its offerings while maintaining flexibility for users.

The upcoming brand reveal will mark the official introduction of these tokens into the ecosystem, providing users with access to new features and opportunities.

In addition to the token launch, MakerDAO is also exploring investment opportunities to further strengthen its ecosystem. Plans include a substantial investment of $600 million in DAI into USDe and staked USDe (sUSDe) through Morpho Labs’ DeFi lending protocol. These investments aim to support the development and growth of stablecoin assets within the DeFi space.

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Hon Kong’s asset management firm becomes the largest investor in BlackRock Bitcoin ETF

  • Yong Rong HK Asset Management emerges as the top holder in BlackRock Bitcoin ETF with $38M investment.
  • Ovata emerges as biggest buyer in Bitcoin ETF market, investing $74M in various funds.
  • Bitcoin price surpasses $61,000 amidst market dynamics, signaling resilience and potential.

Yong Rong HK Asset Management Ltd, a prominent investment firm based in Hong Kong, has emerged as the leading investor in the BlackRock iShares Bitcoin ETF (IBIT).

According to Bloomberg analyst Eric Balchunas, the firm has made a substantial investment of $38 million in IBIT, securing its position as the largest holder of the Bitcoin ETF.

This significant move reflects Yong Rong’s confidence in the potential of digital assets, particularly Bitcoin, as a store of value and investment opportunity.

Yong Rong’s potential impact on IBIT outflows

In an intriguing analysis by James Seyffart, an ETF analyst at Bloomberg, concerns were raised regarding the potential impact of Yong Rong Asset Management’s investment strategy on IBIT. Seyffart suggested that a significant selloff by Yong Rong could trigger major outflows from IBIT, potentially affecting market dynamics.

Furthermore, speculations were made about the possibility of Yong Rong migrating its investments from IBIT to a Hong Kong-based spot Bitcoin ETF, although potential gains taxes could present a hurdle to such a move.

Yong Rong HK Asset Management Ltd’s substantial investment in the BlackRock iShares Bitcoin ETF reflects growing institutional interest in Bitcoin and digital assets.

As Hong Kong emerges as a key player in the global Bitcoin ETF market, investors are closely monitoring developments in the space for potential opportunities and risks.

Ovata emerges as the top investor in the Bitcoin ETF market

Another Hong Kong-based firm, Ovata, has also made waves in the Bitcoin ETF market by securing holdings in four spot Bitcoin ETFs with a total investment of $74 million. This makes Ovata the largest buyer of Bitcoin ETFs to date, with Fidelity Wise Bitcoin ETF (FBTC), GBTC, and Bitwise Bitcoin ETF (BITB) among its top holdings.

Ovata’s strategic investments underscore the growing interest and demand for Bitcoin-related investment products in the global market.

BTC price recovers after testing multi-month lows

After recent fluctuations in the market, the price of Bitcoin has managed to recover, surpassing the $62,000 mark. At press time, BTC was trading at $62,042.15.

This price surge comes amidst cooling labour market conditions and an unexpected increase in unemployment rates to 3.9%, higher than the anticipated 3.8%.

Analysts speculate that the Federal Reserve may implement further rate cuts this year, as indicated by FED Swaps signalling two rate cuts of 25 bps each.

These market dynamics highlight the resilience of Bitcoin and its potential to serve as a hedge against economic uncertainties.

The post Hon Kong’s asset management firm becomes the largest investor in BlackRock Bitcoin ETF appeared first on CoinJournal.

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SEC delays decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF

  • SEC postpones decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF to June 24, 2024.
  • The ETF plans to invest 80% in Bitcoin and 20% in Carbon Credit Futures-linked financial instruments.
  • Gemini has been named custodian for the ETF.

The United States Securities and Exchange Commission (SEC) has announced a delay in its decision regarding the 7RCC Spot Bitcoin and Carbon Credit Futures ETF, a proposed exchange-traded fund focused on carbon credit futures contracts and Bitcoin (BTC).

The delay was announced in a filing made on Thursday and it extends the timeline for the U.S. SEC to evaluate the proposed exchange-traded fund until June 24, 2024.

During the extended timeline, the SEC aims to thoroughly review the proposal before making a final determination, citing the need for sufficient time to consider the potential impacts of the proposed rule change.

The 7RCC Spot Bitcoin and Carbon Credit Futures ETF

The 7RCC Spot Bitcoin and Carbon Credit Futures ETF plans to allocate 80% of its assets to Bitcoin and the remaining 20% to financial instruments linked to Carbon Credit Futures. This unique investment strategy aims to provide investors with a diversified portfolio that encompasses both digital assets and environmental sustainability.

The ETF’s approach is aligned with the evolving landscape of finance, offering a single-trade solution for those seeking exposure to both innovative technologies and progressive environmental initiatives. Gemini, a leading crypto exchange, has been named as the custodian for the ETF, signalling a significant partnership in the burgeoning digital asset space.

The postponement news reflects the ongoing scrutiny and evaluation by regulatory bodies like the SEC in navigating the intersection of traditional finance and emerging technologies.

As the deadline approaches, stakeholders eagerly await the SEC’s decision, which will have implications for the future of investment opportunities in both the digital asset and environmental sectors.

The post SEC delays decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF appeared first on CoinJournal.