Bitpush's Weekly Web3 News Highlights:
Fidelity International tokenizes money market funds through JPMorgan’s Onyx digital asset blockchain
Fidelity International has chosen JPMorgan ’s Onyx digital asset blockchain to tokenize money market funds, Coindesk reported.
Fidelity International, a separate entity from U.S.-based Fidelity Management & Research, said tokenization was achieved almost instantly through a connection between the Fund Transfer Agent (JPMorgan’s transfer agent business) and the Tokenized Collateral Network, an application between collateral receivers and collateral providers on the bank’s Onyx blockchain.
Fidelity International said the move was meant to improve efficiency in meeting margin requirements and reduce transaction costs and operational risks.
[Apple announced cooperation with OpenAI to integrate ChatGPT]
Apple announced a partnership with OpenAI to integrate ChatGPT . Apple announced that ChatGPT can be called directly in the system without creating an account, and existing accounts can be associated.
[US SEC adds ProShares’ Ethereum ETF filing to its website]
Bloomberg analyst James Seyffart posted on the X platform that the U.S. SEC has just added ProShares ' Ethereum ETF filing to its website (very fast). It was originally thought that this would not be launched on the first day with other ETFs, but who knows, this is interesting.
The analyst also explained: "A lot of questions were received. But this doesn't mean anything. This document has not been approved like other documents (at least not yet). It has just been approved by the SEC and added to their website."
[Tether investment arm plans to invest more than $1 billion in the next 12 months]
According to Bloomberg, Paolo Ardoino , CEO of Tether Holdings Ltd., revealed that its investment department expects to invest more than $1 billion in the next 12 months. Ardoino said in an interview that Tether Investments currently has 15 employees who evaluate up to hundreds of projects per month, most of which come directly from start-ups. Tether focuses on alternative financial infrastructure, artificial intelligence and biotechnology in emerging markets, and has invested about $2 billion in these areas over the past two years.
Ardoino said that while Tether plans to continue to keep 100% of its reserves and extract an additional 6% buffer from profits to ensure smooth redemption of USDT, Tether expects to use part of the remaining profits for investment.
[Former White House Press Secretary: If you are a Bitcoin enthusiast, Trump will be the best candidate for president this year]
According to Bitcoin Magazine , former Deputy Assistant Secretary of the Treasury and Deputy White House Press Secretary Brian Morgenstern said that one in four Americans own Bitcoin , which is more than Americans over the age of 65. President Donald Trump has been working hard to attract Bitcoin users during his 2024 campaign. At the recent Libertarian National Convention, President Trump vowed to "stop Joe Biden's crusade to crush cryptocurrency" and specifically assured Bitcoin holders that he supports self-custody rights.
Brian Morgenstern said: “President Trump will protect your right to own Bitcoin, mine Bitcoin, transact with Bitcoin, and, for many of us, work in the Bitcoin industry. We believe he will support the ability of Bitcoin miners to help revolutionize the U.S. financial and energy industries and maintain U.S. economic leadership in the future. He will ban CBDCs, protect self-custody, and stop out-of-control regulators from trying to bankrupt us. If you are a Bitcoin lover, Trump is the best choice for President this year and dare I say it, make Bitcoin great again in the eyes of the U.S. government.”
[Data: Crypto projects have issued airdrops worth about $4 billion since the beginning of the year]
According to The Block, crypto projects have distributed approximately $4 billion worth of airdrops to users since the beginning of the year.
The three largest airdrops, based on the number of tokens distributed and the average price, were Jupiter , Starknet , and Notcoin, each worth about $1 billion, followed by Solana and Ethereum-based projects such as Wormhole , Ether.fi , FriendTech, and Wen.
Multiple cryptocurrency airdrops are expected to take place this year, with Ethereum Layer 2 network ZKsync ’s airdrop set to take place next week. Solana-based decentralized exchange Zeta Markets’ airdrop will take place in June. Ethereum restaking protocol EigenLayer’s airdrop has already begun, but tokens won’t be transferable until later this year. In addition, cross-chain messaging protocol LayerZero is still preparing for its airdrop, but there’s no clear date yet.
[Gemini will pay $50 million to settle the New York Attorney General's fraud charges and is banned from operating crypto lending projects in New York]
Cryptocurrency exchange Gemini Trust has agreed to pay $50 million to settle a lawsuit filed by the New York Attorney General alleging that the company defrauded investors, according to Bloomberg. The New York Attorney General said the settlement allows "all defrauded investors to fully recover the assets they invested in the Earn scheme but were unable to withdraw when the investment scheme collapsed."
As part of a settlement with the New York Attorney General, Gemini was banned from operating a cryptocurrency lending program in New York.
[Bernstein raises Bitcoin's target price to $200,000 by the end of 2025]
Research firm Bernstein has raised its BTC price target for the end of 2025 by 33%, from $150,000 to $200,000. The company attributes this optimism to the growing demand for BTC spot ETFs.
In terms of the base case, Bernstein experts say that the price of Bitcoin could reach $500,000 by the end of 2029 and $1 million by 2033.
[Financial lawyer: Spot Ethereum ETF may be approved as early as the end of July]
Financial lawyer Scott Johnsson said on the X platform that there were no S-1 comments from the SEC this week. The SEC may handle the spot Ethereum ETF according to normal procedures (not accelerated). According to normal procedures, I think it will be launched at the end of July at the earliest. If it is later, it depends on the scope of the comments and the expected number of comment rounds.
[JPMorgan says demand for Bitcoin ETF is exaggerated by 2 times]
Watcher.guru reports that JPMorgan Chase said demand for Bitcoin (BTC) ETFs has been exaggerated by 2 times. The bank believes that not all inflows represent new money entering the crypto space. The bank said, "We believe that digital wallets on exchanges may have shifted significantly to new spot Bitcoin ETFs." The shift from digital wallets is reflected in the decline in BTC reserves on exchanges.
JPMorgan said the development could be due to the cost-effectiveness, deeper liquidity, regulatory protection, and convenience of ETF packaging. The bank also noted that ETFs have become the preferred choice for BTC investment.
[Source: Farcaster, valued at $1 billion, may launch tokens]
According to Fortune magazine, Farcaster announced last month that it had raised $150 million, led by Paradigm , with participation from a16z crypto , Haun, and USV. With a valuation of $1 billion, this is the largest investment in Web3 social media to date. One explanation for why the valuation is so high is that cryptocurrency venture capital firms are involved.
One source, who requested anonymity due to business constraints, said that like most protocols, he expects Farcaster to launch a token and investors will be eager to capture its fully diluted value.
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