Welcome to the first edition of Datawallet Daily for the week, as we kick off October after a volatile September. Here are the top stories shaping the crypto landscape in the last 24 hours:
- Babylon launches MVP at Cosmoverse for Bitcoin staking
- Grayscale Investments looking to convert its Ethereum Trust (ETHE) to an ETF
- Last quarter, $686 million was siphoned out by hacks and fraud
- Coinbase obtains payment license in Singapore
Before we delve into today's topics, let's take a moment to overview the current crypto market conditions.
Babylon launches Bitcoin Staking MVP at Cosmoverse
Babylon, a blockchain firm specializing in crypto security, has unveiled its Bitcoin staking protocol MVP at Cosmoverse in Istanbul. With 66% of Bitcoin's circulating supply remaining inactive, Babylon seeks to utilize this untapped wealth to fortify the security of proof-of-stake (PoS) networks.
The company previously launched a Bitcoin timestamping protocol and a litepaper focusing on Bitcoin staking, aiming to repurpose idle Bitcoin to bolster the security of PoS blockchains. The innovation could be a game-changer for emerging PoS networks struggling with limited staking resources, as they could benefit from Bitcoin's robust security features.
Co-founder David Tse emphasized that Babylon's modular approach enables Bitcoin holders to stake in a variety of PoS chains, broadening Bitcoin's utility and potentially accelerating its adoption. Post-launch, the team plans to focus on the Cosmos ecosystem for its protocol implementation.
Grayscale looking to convert its Ethereum Trust (ETHE) to an ETF
Grayscale Investments, in partnership with NYSE Arca, submitted Form 19b-4 to the United States Securities and Exchange Commission (SEC) in order to transform the Grayscale Ethereum Trust into an exchange-traded fund (ETF) focused on spot ether.
According to Grayscale, this filing follows the SEC's recent approval of the first ETFs based on Ethereum futures. VanEck and ProShares both introduced ETFs based on ether futures earlier today.
Last quarter $686 million was siphoned out by hacks and fraud
According to a recent report, the final quarter of this year witnessed the highest financial losses due to hacks and frauds. Cryptocurrency investors experienced a loss of $685.5 million in Q3 2023, which is a 59% increase compared to $428 million in the previous year. This information was shared by Immunefi, a platform that offers bug bounty and security services, and was obtained by Decrypt.
Compared to Q1 2023, the stolen amount saw a significant rise of 55.7%. Additionally, it surged by 158.2% when compared to the second quarter. Two specific hacks, namely in Mixin Network and Multichain, contributed to nearly half of the total stolen amount, accounting for a combined total of $326 million.
Coinbase obtains payment license in Singapore
Coinbase, the cryptocurrency exchange based in the United States, is expanding its operations in Singapore following the successful acquisition of a significant regulatory approval from the country's central bank.
On October 1, Coinbase announced that it had been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This new license received one year after Coinbase's initial approval in Singapore, allows the company to extend its digital payment token services to both individuals and institutions within the country. As stated by MAS, firms with an MPI license are authorized to provide payment services without being subjected to the transaction limits of 3 million Singapore dollars ($2.2 million) for any payment service.
Other breaking news
- Bitfarms increases mining pace
- Chainlink unveils ‘Data Streams’ to expand decentralized computing
- UBS trials tokenized money market fund on Ethereum
- Deus X Capital launches with $1 billion in assets
- SEC to charge FTX auditor
That’s all for today’s edition, folks. We've covered some pivotal moments today, from Coinbase's regulatory nod in Singapore to Babylon's MVP elevating staking options, and Grayscale eyeing an Ethereum ETF. Not to forget, the harrowing loss of $686 million to hacks. Keep an eye out for more updates. Thanks for joining us at Datawallet Daily.