Nasdaq's potential listing of Hashdex Ether ETF unfolds, a hefty sentence for OneCoin co-founder, and Electric Capital's new venture eyes a monumental fund target.
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Nasdaq Files to List Hashdex Ethereum ETF

Nasdaq Files to List Hashdex Ethereum ETF

Date:
Sep 14, 2023
| Issue
#
104

Welcome to another edition of Datawallet Daily, your source of crypto news, gossip, and developments. Today’s drop covers the following topics:

  • Nasdaq looking to list Hashdex mixed ether ETF
  • OneCoin co-founder sentenced to 20 years in prison
  • Web3 VC firm aiming to raise $300 million for a fund
  • Binance.US cuts third of staff

Nasdaq looking to list Hashdex mixed ether ETF

The Securities and Exchange Commission has received a filing from the Nasdaq stock exchange regarding the listing of an Ethereum ETF. This ETF is being proposed by Hashdex, an asset manager based in Brazil, and it aims to include both spot ether and futures contracts in its holdings.

The fund will be known as the Hashdex Nasdaq Ethereum ETF and it will be overseen by Toroso Investments. Toroso is registered with the Commodity Futures Trading Commission as a commodity pool operator and is also a member of the National Futures Association.

In recent applications for crypto ETFs, there has been a significant focus on whether these funds intend to hold futures contracts or spot funds. While the SEC has approved proposals that include futures contracts, they have not yet given approval for those that solely feature spot funds. As a result, fund managers are now opting for a middle-of-the-road approach in their submissions to increase their chances of acceptance.

OneCoin co-founder sentenced to 20 years in prison

Karl Greenwood, a co-founder of the OneCoin pyramid scheme, received a 20-year prison sentence for his involvement in the project, as stated by the attorney's office on Tuesday. This ruling was made by U.S. District Judge Edgardo Ramos in the Southern District of New York. Additionally, Greenwood has been instructed to surrender $300 million, which is an estimate of the money he gained from this fraudulent scheme.

Web3 VC firm aiming to raise $300 million for a fund

Electric Capital recently announced the establishment of a fresh venture fund. The web3 VC firm's objective is to secure $300 million for this fund, as reported in a filing with the Securities and Exchange Commission. Called the Electric Capital Venture Fund III, this fund will provide pooled investment fund interests as a form of security.

At present, no sales have taken place for this fund, and Electric Capital does not anticipate prolonging the offering beyond one year.

Binance.US cuts third of staff

Binance.US, the American division of the cryptocurrency exchange, has reduced its workforce by approximately one-third or 100 positions. The company's president and CEO, Brian Shroder, has also left the organization.

A spokesperson from Binance.US verified the layoffs and Shroder's departure to Cointelegraph. They explained that these measures were taken to secure a financial runway of more than seven years for the exchange during its transition into a crypto-only platform.

Other breaking news

Wrapping up

That’s all for today’s edition, folks. Today’s drop covered Binance.US employees continuing their exodus from the firm; meanwhile Electric Capital looking to raise $300 million for a new fund. OneCoin co-founder sentenced to 20 years in prison, and a new mixed Ether ETF likely to hit the Street. Stay tuned for more updates in our rapidly evolving space.