Kategorie: Ethereum News

Ethereum news about the ETH blockchain and its crypto ecosystem.

Veröffentlicht am

Hong Kong’s largest online broker Futu Securities launches Bitcoin and Ethereum trading

  • Futu Securities launches Bitcoin and Ethereum trading in Hong Kong with zero fees.
  • New users can receive incentives like Bitcoin or shares of Alibaba and Nvidia.
  • Futu seeks a crypto exchange license for PantherTrade amid Hong Kong’s crypto hurdles.

Futu Securities International, Hong Kong’s largest online broker, has introduced retail cryptocurrency trading in the city, marking a significant advancement in its financial services.

The brokerage firm, known for its extensive reach and innovative offerings, now allows residents to trade Bitcoin and Ethereum on its platform. This initiative comes after a partnership with HashKey Exchange, one of only two licensed cryptocurrency exchanges in Hong Kong.

Bonuses and waived crypto trading fees

The launch comes with enticing bonuses. New account holders who deposit HK$10,000 (approximately $1,280) for 60 days can receive either HK$600 worth of Bitcoin, a HK$400 supermarket voucher, or a share of Alibaba.

Those who deposit HK$80,000 are eligible for HK$1,000 in Bitcoin or a share of Nvidia, whose stock has surged by about 130% this year.

Additionally, Futu has waived commission fees for crypto trading starting August 1st, enhancing the appeal of their new service.

Futu looking for a crypto exchange license in Hong Kong

Futu is also pursuing a cryptocurrency exchange license for its new platform, PantherTrade, which currently operates under a ‘deemed to be licensed’ status.

PantherTrade is among 11 platforms in Hong Kong awaiting full approval from the Securities and Futures Commission (SFC).

Hong Kong crypto industry challenges

Despite these advancements, Hong Kong’s aspiration to become a global crypto hub faces hurdles. The city has experienced the exit of major global trading platforms and low trading volumes for crypto ETFs.

Increased fraudulent activities, such as a recent scam involving counterfeit currency, have further complicated the situation.

In response, Hong Kong authorities are enhancing their regulatory measures and law enforcement capabilities to address these issues and boost investor confidence.

As Futu Securities deepens its presence in the cryptocurrency market, the success of its initiative will depend on balancing innovation with stringent oversight to ensure a secure trading environment.

The post Hong Kong’s largest online broker Futu Securities launches Bitcoin and Ethereum trading appeared first on CoinJournal.

Veröffentlicht am

M2 crypto exchange to allow UAE residents to trade crypto using bank accounts

  • M2 enables UAE residents to trade BTC and ETH directly with bank accounts.
  • Integration supports dirham deposits, withdrawals, and market-responsive trading.
  • UAE has strict regulations to ensure consumer protection and market transparency.

In a significant development for the digital asset market in the United Arab Emirates (UAE), M2, a prominent crypto exchange, has announced that UAE residents can now buy and sell Bitcoin (BTC) and Ethereum (ETH) directly using their bank accounts.

This new integration facilitates the direct conversion of UAE dirhams into BTC and ETH through M2’s spot market, marking a milestone in the accessibility of virtual assets in the region.

M2 users can seamlessly convert dirhams into BTC and ETH and vice versa

In an announcement shared with Cointelegraph, the M2 exchange highlighted that the new feature will enable users to convert dirhams into Bitcoin and Ether seamlessly through the trading pairs listed on M2’s spot markets.

Additionally, the platform supports the deposit and withdrawal of dirhams, offering users greater flexibility in managing their assets.

The M2 team emphasized that this integration would enable users to “swiftly adapt to market changes,” allowing them to easily convert their local currency into crypto.

This is particularly beneficial for everyday investors who may not be fully immersed in the complexities of the trading environment.

According to M2, the higher levels of familiarity and significant trading volumes of BTC and ETH make these cryptocurrencies ideal entry points for new investors looking to enter the digital asset space.

UAE has the strictest regulatory framework globally

Regulated by the UAE government, which is known for its stringent consumer protection measures, this move reflects the country’s commitment to safeguarding its residents in the evolving crypto landscape.

The UAE has established a reputation for having one of the strictest regulatory frameworks globally, prioritizing consumer protection. In 2022, Dubai’s Virtual Asset Regulatory Authority (VARA) mandated greater transparency in crypto advertisements to better protect consumers.

Moreover, in 2023, the UAE introduced a federal law aimed at preventing fraud in the crypto market, imposing fines of up to 10 million AED ($2.7 million) for violations.

Commenting on the integration, Kimmel, an executive at M2, noted that the ADGM’s licensing process was demanding due to its high standards for multilateral trading facility permits. However, he affirmed that this rigorous due diligence ensures that licensed platforms meet the country’s security and transparency standards, thereby fostering trust among UAE users.

Despite the challenges associated with the licensing process, the UAE continues to be a strategic region for the crypto industry.

Favourable tax policies, access to global markets, and a safe environment for innovation make the UAE an attractive destination for crypto businesses.

This new development by M2 is set to further enhance the accessibility and appeal of virtual assets in the UAE, making it easier for residents to participate in the burgeoning crypto market.

The post M2 crypto exchange to allow UAE residents to trade crypto using bank accounts appeared first on CoinJournal.

Veröffentlicht am

US SEC approves Ethereum ETFs, Grayscale spot Ether ETFs launch on NYSE Arca

  • US SEC approves Ethereum ETFs after years regulatory process.
  • Grayscale has launched two spot Ether ETFs on NYSE Arca after the SEC’s approval.
  • The SEC has also approved VanEck Ethereum ETF.

In a landmark decision for the cryptocurrency investment space, the US Securities and Exchange Commission (SEC) has granted approval for Grayscale and VanEck Ethereum exchange-traded funds (ETFs), paving the way for broader institutional and retail investor access to Ethereum (ETH).

This move marks a significant milestone in the regulatory landscape for digital assets in the United States.

‘Notice of Effectiveness’ for VanEck Ethereum ETF

The VanEck Ethereum ETF, which has been in the pipeline for over three years, received its “Notice of Effectiveness” on July 22, 2024.

This regulatory green light follows a protracted process of filings and amendments, including the crucial S-1 registration form and Rule 424(b)(3) prospectus, which were amended several times to meet SEC compliance requirements, detail the ETF’s structure and offerings.

VanEck’s approval comes amid a flurry of activity in the crypto ETF sector. Ether ETFs from BlackRock, Fidelity, 21Shares, Bitwise, Franklin Templeton, and Invesco Galaxy were also approved to begin trading on Tuesday, July 23.

This development further highlights the growing acceptance of cryptocurrency-based investment products in traditional financial markets.

Two Grayscale Ether ETFs launch on NYSE Arca after SEC’s greenlight

While a majority of the submitted Ethereum ETFs were approved on July 22, the Grayscale’s Ethereum ETFs remained unapproved until July 23 morning when they were approved.

Immediately after their approval, the two Ether ETFs were launched on NYSE Acra.

Grayscale’s ETFs, the Grayscale Ethereum Trust (ETHE) and the Grayscale Ethereum Mini Trust (ETH), began trading on July 23, 2024.

The ETHE, which is currently the world’s largest Ether-based ETF with $9.19 billion in assets, will charge investors a 2.5% management fee.

In contrast, the Ethereum Mini Trust has waived its fees for the first six months or until it accumulates $2 billion in assets, after which a 0.15% fee will apply, making it the most cost-effective spot Ether ETF available in the U.S.

John Hoffman, Grayscale’s managing director, emphasized the transformative potential of these ETFs, stating, “ETH and ETHE will allow investors to tap into Ethereum’s ability to create markets, reshape financial systems, and drive innovation through decentralized finance (DeFi) and other applications, all without the need to directly manage Ether.”

In preparation for the ETF launches, Grayscale transferred over $1 billion worth of Ether to Coinbase on July 22. This transfer was crucial for aligning with the new product structure and mitigating potential outflows from existing investors.

Notably, ETHE holders will receive the new Ether-backed product at a 1:1 ratio, avoiding any capital gains tax implications.

Analysts predict the approval of Ethereum ETFs could spur ETH price surge

The SEC’s approval and the subsequent launch of these ETFs signal a burgeoning acceptance of cryptocurrency assets in mainstream financial products.

Market analysts, including Bloomberg’s James Seyffart, anticipate that these ETFs could attract substantial investment flows, potentially driving Ether’s price higher.

Some experts, like Bitwise’s Matt Hougan, forecast that Ether’s price might surpass its all-time high, projecting a rise to over $5,000 by the end of 2024.

At press time, Ethereum (ETH) was trading at $3,513.09 up from a low of $3,384 on July 19.

The advent of these regulated Ethereum investment vehicles represents a significant step forward for the cryptocurrency market, offering new opportunities for investors and reflecting an evolving regulatory approach to digital assets.

The post US SEC approves Ethereum ETFs, Grayscale spot Ether ETFs launch on NYSE Arca appeared first on CoinJournal.

Veröffentlicht am

SEC directs final S-1 submissions for Ether ETFs with target launch on July 23

  • SEC mandates final S-1 filings for Ether ETFs by July 16, launch set for July 23.
  • Invesco, Galaxy set fees at 0.25%; VanEck, Franklin Templeton at 0.20% and 0.19% respectively.
  • Analysts predict Ether ETFs could attract $5 billion to $10 billion in new inflows.

The United States Securities and Exchange Commission (SEC) has issued final directives to asset managers poised to launch Ethereum exchange-traded funds (ETFs). As reported by Bloomberg analyst Eric Balchunas, the SEC requires issuers to submit their finalized S-1 filings by July 16, with a targeted launch date for the new Ether ETFs set for July 23.

The filings must detail the management fees that will be charged.

This move follows the SEC’s approval on May 23 of issuers’ 19-b form, which proposed rule changes to permit crypto-based investment vehicles.

Now, asset managers are required to obtain approval for their initial securities registration S-1 forms, marking a significant step toward the official launch of Ether ETFs.

Several prominent financial institutions are competing for SEC approval and the opportunity to introduce Ether ETFs to the market. Notable names include BlackRock, Grayscale, Fidelity, ARK 21Shares, Invesco Galaxy, VanEck, Hashdex, and Franklin Templeton.

Firms have set varying Ethereum ETF fee structures

Invesco and Galaxy have set their management fees at 0.25%, slightly higher than those of VanEck and Franklin Templeton, which have disclosed fees of 0.20% and 0.19%, respectively.

However, these fees are considerably lower than the 2.50% management fees charged by Grayscale’s existing Ethereum Trust.

Grayscale, which plans to launch a new spot Ethereum ETF, has yet to disclose its new fee structure.

This competitive fee landscape is expected to benefit investors, making Ether ETFs an attractive option for those looking to gain exposure to Ethereum.

Lower fees can enhance overall returns, particularly in the long term, and are likely to attract a broad base of investors.

Potential market impact of Ether ETFs’ approval

The SEC’s approval process for Ether ETFs is anticipated to follow a trajectory similar to that of Bitcoin ETFs. Analysts predict that Ether ETFs could draw substantial interest from investors, potentially attracting up to $10 billion in new inflows in the months following their launch.

Tom Dunleavy, a managing partner at crypto investment firm MV Global, has suggested that the success of Bitcoin ETFs, which saw $15 billion in flows, indicates a promising future for Ether ETFs. He estimates that Ether ETFs could see inflows ranging between $5 billion and $10 billion.

The introduction of Ether ETFs marks a significant milestone in the cryptocurrency investment landscape. It represents a step toward greater mainstream acceptance and accessibility of digital assets, providing investors with new opportunities to diversify their portfolios.

As the July 23 launch date approaches, all eyes will be on the SEC and the asset managers vying for approval, eager to see the impact of these innovative investment products on the market.

The post SEC directs final S-1 submissions for Ether ETFs with target launch on July 23 appeared first on CoinJournal.

Veröffentlicht am

Dough Finance flash loan attack: What we know so far

  • Dough Finance lost $1.8M in a flash loan attack due to smart contract vulnerability.
  • Attacker exploited unvalidated calldata stealing USDC before converting the assets into 608 ETH.
  • Users urged to withdraw funds to secure wallets.

Dough Finance has fallen victim to a significant flash loan attack, resulting in a staggering loss of digital assets worth approximately $1.8 million.

The attack, which exploited vulnerabilities in the protocol’s smart contract, highlights ongoing security challenges within the cryptocurrency space, and specifically within the DeFi space.

What happed in the Dough Finance attack?

The attack, detected on July 12 by Web3 security firm Cyvers, targeted Dough Finance’s “ConnectorDeleverageParaswap” smart contract.

This contract, designed to facilitate transactions within the DeFi platform, failed to adequately validate call data during flash loan executions giving the attacker a chance to manipulate transaction details and illegally transfer of 608 Ether (ETH), valued at approximately $1.8 million at the time of the attack.

The funds, originally in the form of USD Coin (USDC), were swiftly converted into ETH using the zero-knowledge protocol Railgun, complicating efforts to trace and recover the stolen assets.

Who were affected by the flash loan attack?

The Dough Finance flash loan attack primarily affected users who had funds deposited in the exploited contract of Dough Finance.

While the lending pools of Aave, another prominent DeFi platform, remained unaffected, the incident underscores the vulnerability of smart contracts and the potential risks associated with decentralized finance protocols.

Security experts, including Olympix, emphasized the importance of users withdrawing their funds to secure wallets and refraining from interacting with Dough Finance until the platform issues clear guidance on safety measures.

Remarkably, the attack on Dough Finance adds to a concerning trend of security breaches plaguing the cryptocurrency industry in 2024.

According to a recent report by CertiK, on-chain attack incidents have already led to losses exceeding $1.19 billion in the first half of the year, with phishing attacks and private key compromises contributing significantly to these figures.

The post Dough Finance flash loan attack: What we know so far appeared first on CoinJournal.