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The Russian Central Bank Allows Financial Companies to Provide Cryptocurrency Derivatives Services to Qualified Investors

2 days ago

On May 29th, according to The Block, a Russian bank announced on Wednesday that it is currently enabling financial institutions to offer financial derivatives, securities, and digital financial assets linked to cryptocurrency prices to qualified investors. It is worthy of note that in its Wednesday announcement, the Bank of Russia stated that the conditions for allowing such issuance are that these issuances must be "non-deliverable," indicating that investors can be exposed to cryptocurrency price fluctuations but cannot access the actual digital assets. The Bank of Russia stated in the announcement: "Credit institutions are advised to adopt a conservative approach in assessing the risks associated with these instruments: provide them with full capital coverage and set separate limits for them." It also added that further guidance on such risks will be provided later this year.
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FTX has initiated the second round of over $5 billion USD redemptions, eligible creditors can expect to receive funds within 1 to 3 business days

On May 31st, FTX announced today that it has initiated the distribution of the second round of more than $5 billion in allocations to "Convenience" and "Non-Convenience" creditors who have fulfilled the upfront requirements. It is expected that customers will receive the funds within 1 to 3 business days starting from today.

4 minutes ago

REX Shares and Osprey Funds have submitted an application to the U.S. SEC to launch Ethereum and Solana staking ETFs.

On May 31st, as reported by The Block, REX Shares and Osprey Funds have submitted an application to the U.S. Securities and Exchange Commission (SEC) to initiate Ethereum and Solana staking ETFs. The newly proposed ETH and SOL funds will have "at least 80% of net assets allocated to their respective benchmark assets", which are ETH and SOL. Additionally, each fund will also set aside "at least 50% of holdings" for these cryptocurrencies. These funds will operate in the form of a "regular C corporation" to handle U.S. federal income taxes, rather than functioning as a "regulated investment company" like spot Bitcoin and Ethereum ETFs.

4 minutes ago

New York City Comptroller Opposes Mayor's Proposed Bitcoin Bond Plan

On May 31st - As reported by Bloomberg, the New York City Comptroller Brad Lander turned down Mayor Eric Adams' proposal to issue a municipal bond in support of Bitcoin. Brad Lander, who is jointly in charge of bond issuance along with the Mayor's Office of Management and Budget, declared that during his tenure, New York City will not issue Bitcoin-backed bonds. "The volatility of cryptocurrency is not adequate to finance our city's infrastructure, affordable housing, or schools." "Putting forward that New York City open its capital plan to cryptocurrency could subject our city to new risks and erode the trust of bond buyers in our city." Brad Lander is a Democrat and is the successor to Mayor Eric Adams, who won the November mayoral election. Eric Adams is currently running as an independent candidate.

4 minutes ago

A whale has transferred 20 trillion PEPE to Binance, equivalent to around $24.82 million

On May 31st, as monitored by Onchain Lens, a whale held 20 trillion PEPE tokens ($24.82 million) for one month and then deposited them all into Binance, achieving a profit of $6.85 million.

4 minutes ago

James Wynn went long on BTC and PEPE yesterday with $3.25 million. After multiple rounds of liquidation and stop-loss, he now has only $0.8 million left.

On May 31st, as monitored by on-chain analyst Yu Jin, James Wynn aggregated $3.25 million through multiple addresses the previous day and initiated a long position in BTC and PEPE. After undergoing multiple rounds of liquidation and stop-loss, the actual value (non-notional value) of his position is only $800,000. Currently, the $4 million worth of HYPE that is redeemable on June 2nd may be his "last hope."

4 minutes ago

Orange Cap Games has acquired Moonbirds, Mythics, and Oddities from Yuga Labs

On May 31st, the Blockchain Game Development Studio Orange Cap Games announced that it has acquired Moonbirds, Mythics, and Oddities from Yuga Labs. It is planning to integrate this series into its expanding Web3 gaming ecosystem. The future on-chain components of the Moonbirds IP will be deployed on the mainnet blockchain. The only L2 deployment consideration is ApeChain.

4 minutes ago

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